infosys: Infosys sees huge growth opportunity in post-pandemic era

sees “tremendous opportunity” to spur growth even as global companies grapple with post-pandemic challenges from rising interest rates and fears of a U.S. recession, senior executives told shareholders on Saturday.

second largest in India THIS IS The company is looking to drive digital and technology transformation for its customers, with demand for such services forecast to remain strong even amid global business disruptions.

“Corporate leaders have to contend with post-pandemic complexities and challenges, as well as slowing growth, supply chain disruptions, soaring inflation, rapidly rising interest rates and fears of a recession. However, each of these challenges presents a huge opportunity to move to new ways to gain market share,” Non-Executive Chairman Nandan Nilekani said.

“Digital acceleration across industries opens up so many new opportunities for Infosys to explore,” the 67-year-old co-founder said at the company’s 41st annual general meeting, which is being held for almost the third year in a row due to the ongoing pandemic.

Nilekani’s comments reflect analysts’ views on the future demand for technology services around the world. Spending on digital transformation is expected to continue even in the event of a recession in the US and Europe, Mrinal Rai, chief analyst at global research firm ISG, told ET earlier.

Pointing out that Infosys posted a ten-year high of 19.7% revenue growth in dollar terms in fiscal 2022, Nilekani said the Bangalore-headquartered company also returned $3.1 billion to shareholders during the year in dividends and repurchase of shares.

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Extended the term of office of the CEO

Praise for the role of the CEO Salil Parekh in delivering “industry-leading performance for the company,” Nilekani emphasized
reappointment of Parekh for another five years.

“It is in the interests of Infosys and stakeholders to ensure continuity and stability of the current leadership,” he said, pointing to “Parekh’s success in managing enterprise digital transformation, driving business transformation and managing acquisitions.”

Parekh, 57, is set to extend his term as the non-founder CEO of Infosys, the longest-serving CEO with $16.3 billion in revenue for fiscal 2022.

Speaking to the gathering, Parekh noted that Infosys has won 94 major deals worth more than $50 million over the past 12 months, totaling $9.5 billion, which will fuel growth in the near future.

At the end of 2021, the company signed major deals worth $14.1 billion. It also added six clients with over $100 million in transactions, bringing the total to 38 clients.

The Bangalore-based company shared five strategic elements for achieving growth – scaling the cloud business, sustained digital intensity, accelerating the seeding of the next generation by expanding its business in Europe, and creating opportunities in new technology areas such as the metaverse and Web 3.0.

In addition, this new strategy was presented at an analyst meeting last month. It also includes a focus on advanced automation and modernization, as well as the importance of caring for people (employees) and developing their careers.

“We see good opportunities in the digital and cloud space. As a company, we are well positioned and we can continue to grow market share and create value for all of our stakeholders,” Parekh said at the meeting.

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