Infosys to announce Q2 results on 24 October
New Delhi: The country’s second largest software services firm Infosys Tuesday said it will announce financial results for the second quarter on 24 October.
“Infosys will announce the results for its second quarter ended September 30, 2017 on Tuesday, October 24, 2017 around 3:45 pm Indian Standard Time,” Infosys said in a BSE filing. In a departure from its usual practice, Infosys has delayed the announcement of results by a couple of days—it typically announces its financial numbers at the beginning of the earnings season.
Moreover, the company has opted to release results after trading hours, against the usual drill of a morning announcement. Its larger rival, Tata Consultancy Services (TCS), announced its second quarter earnings last week, while others are slated to do so in the coming days.
The Bengaluru-based firm had been in the eye of a storm over the past few months, with founders and erstwhile board members clashing over allegations of corporate governance lapses and irregularities in Infosys’ $200 million Panaya acquisition.
The spat—often public—culminated in the sudden resignation of the then chief executive officer (CEO) Vishal Sikka and exit of four board members, including ex-chairman R. Seshasayee. They blamed founder N. R. Narayana Murthy’s “misguided campaign” for the abrupt exit of Sikka.
Infosys, on 24 August, then named co-founder Nandan Nilekani as its new non-executive chairman, bowing to the demands of co-founders and large institutional investors. Nilekani, at the time of taking over had promised that bringing stability to Infosys would be on the top of his priority list. He had also stated that he would review the strategy and present in October the future blueprint for Infosys.