BackInfosys eyes 12-14% revenue growth in FY22, 22-24% margin: Parekh at AGM
Large deals bagged by Infosys in FY21 rose to a record high of $14 billionThe number accounts above $100 million per year increased to 32 in FY21 from 28 in FY20
PremiumInfosys aims to achieve revenue growth of 12-14 per cent during the financial year 2021-22 and a margin of 22-24 per cent, Chief Executive Officer Salil Parekh stated at the 40th Annual General Meeting (AGM) on Saturday.
Large deals bagged by the Indian IT bellwether rose to a record high of $14 billion in FY21, Parekh informed the shareholders, out of which 66 per cent were net new. As digital adoption grew during Covid times, Infosys' digital business also rose to account for 48.5 per cent of its total revenues.
The company established two strategic partnerships last fiscal. One was with Vanguard for digital transformation of its defined contribution recordkeeping business. The second was with Daimler for hybrid cloud-powered innovation and transforming its IT infrastructure.
The number accounts above $100 million per year increased to 32 in FY21 from 28 in FY20.
Addressing the AGM, Chairman Nandan Nilekani stated that Infosys is equipped d in several ways to deliver on technology transformation aspirations spurred by the new normal.
"Unprecedented technology transformation driven by cloud, and the digitalization of business models are shaping the next normal for us all. Whether it’s the uptick in online demand, mastery over digital demand fulfillment or tackling the threat of cyberattacks, technology has become an urgent and critical business capability. Adjusting to this new reality can be daunting,"Nilkeani said.
Listing measures taken by Infosys to attract clients in the new nomal, Nilkani said that CEO Parekh and the company's global leadership team has been relentlessly focused on transforming it into a highly client-relevant, client-focused company.
"This has amplified the trust that our clients repose in us, and has ensured that Infosys is their partner of choice when it comes to delivering even the most complex digital projects in rapidly changing ecosystems. This is evident in the number of large deals we have won over the year – it is the highest in Infosys history," he added.
Along with this, Infosys has been investing in building digital capacity to deliver business value to clients in their digital transformation journey, the Infosys Chairman said. The changes in Infosys' own digital infrastructure is working well too, as its global workforce continue to work remotely, he added.
Infosys has also been investing in bolstering its talent pool. The IT major hired 19,230 graduates in India and 1,941 – both graduates and associate degree holders – outside India, Nilekani informed.
The company has expanded its US hiring commitment to 25,000 by 2022 with an additional 12,000 new American jobs across a variety of roles. Infosys will also double its Canadian workforce to 4,000 employees by 2023 as part of its expansion in the country. Infosys plans to create 1,000 digital jobs in the UK to fuel post-pandemic growth, Nilekani said.
The IT veteran mentioned that Infosys has expanded its financial commitment towards COVID-19 relief to ₹200 crore, extending support to several communities and its own employees.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
