Infosys Delays Q2 Earnings Announcement To October 24

Infosys, which witnessed months of acrimony between founders and former board members, has delayed announcement of its July-September quarter earnings by almost two weeks to October 24.

Large Indian IT firms like Infosys and Tata Consultancy Services usually announce their results in the first fortnight after the closure of the quarter under review.

Infosys yesterday (5 September) notified stock exchanges that its board will meet on October 23-24 to consider the financial results and payment of interim dividend for the September 2017 quarter.

Also, Infosys will hold investor/analyst calls on October 24 to discuss the financial results and business outlook, the notice said.

This will be first earnings announcement after Vishal Sikka and R Seshsayee quit Infosys, making way for co-founder Nandan Nilekani to return as non-Executive Chairman on August 24.

When contacted, an Infosys spokesperson said the delay was on account of non-availability of dates of some board members and holidays in the following week for Diwali.

Infosys larger rival, TCS is slated to announce its September quarter results on October 12 while Wipro numbers are due on October 17.

Once considered a bellwether, Infosys went through a crisis in the past few months involving founders and former board members clashing over issues, including allegations of poor governance, ex-CFO being paid large severance as "hush money" and alleged irregularities in Panaya acquisition.

Sikka, who was brought into Infosys by co-founder N R Narayana Murthy, quit on August 18 citing slander. The Infosys board -- which was headed by Seshasayee at that point -- then accused Murthy of running a "misguided" campaign and held him responsible for Sikka’s resignation.

However, a week later on August 24, Seshasayee as well as three other directors quit the board, giving in to Murthy’s demand for Seshasayee and other board members to resign.

(PTI)