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Nandan Nilekani becomes Co-Chairman of Infosys

By SiliconIndia  |   Friday, 13 April 2007, 00:00 Hrs
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Bangalore: Infosys Technologies announced Nandan M. Nilekani as the Co-Chairman of the Board of Directors.

The other changes in the board include, Kris Gopalakrishnan as the CEO and Managing Director and S. D. Shibulal as the COO. The changes in the Board would be effective June 22, 2007. However, N. R. Narayana Murthy would continue to be the Chairman and Chief Mentor.

Talking about his new role Nandan Nilekani said, "I will focus on key client relationships, be a brand ambassador, deal with broad industry issues, provide global thought leadership, lead some transformation initiatives and contribute to strategy."

The company has yet again beat market expectations by clocking a net profit of Rs 1,144 crore (on consolidated basis) for the fourth quarter ended March 2007. The company earned consolidated revenues of Rs 3,772 crore in the recently concluded quarter as against Rs 3,655 crore (q-o-q). The Earnings Per Share (EPS) for Q4 stands at Rs 20.3 as against Rs 12.23 in the corresponding period last fiscal. The company added 34 new clients in the fourth quarter. "The numbers have taken most expectations by surprise, the upward bias is very evident in the short term," said Atul Suri, CEO, Marathon Trends.

The Board has recommended a final dividend of Rs 6.50 per share (130 per cent on par value of Rs 5 per share) for fiscal 2007. The company has made a tax reversal provision for year at Rs 125 crore. For the full-year ended March 2007, the revenues stands at Rs 14,265 crore as compared to Rs 9,521 crore in the last fiscal. The net profit at Rs 3,856 crore surged 56.8 per cent from Rs 2,458 crore compared to an last fiscal.

"Our revenues grew by around $1 billion this year. The global IT services industry continues to show strong growth with exciting opportunities, and Infosys is well positioned to take advantage of this," said Nandan Nilekani, CEO and MD, Infosys.

Infosys and its subsidiaries added 5,992 employees (net addition at 2,809) during the quarter and 30,946 employees (net addition at 19,526) during the year ended March 2007.

However, for the first quarter of 2007-08, Infosys expects the income to be in the range of Rs 3,896 - 3,913 crore, translating into a y-o-y growth of 29.2 ? 29.8 percent.EPS before exceptional item is expected to be Rs 17.84, y-o-y growth of 24.2 percent. The company expects the income to range between of Rs 17,038 - 17,308 crore translating into a y-o-y growth of 22.6 - 24.6 percent.

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