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Infosys delays Q2 earnings announcement to 24 October

LiveMint logoLiveMint 06-09-2017 PTI

New Delhi: 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 24 October.

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

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

Also, Infosys will hold investor/analyst calls on 24 October 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 24 August.

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 12 October while Wipro numbers are due on 17 October.

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

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