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Infosys to Announce June-Quarter Results on July 13

Infosys, the country’s second largest IT services company, is scheduled to announce its financial results for the June quarter on July 13.

The meeting of the board will be held on July 12 and 13 to consider the audited consolidated financial results of the company and its subsidiaries for the quarter ending June 30, 2018, Infosys said in a BSE filing.

“The financial results will be presented to the board of directors on July 13, 2018 for their approval,” it added.

Investors will not only be keen on the company’s scorecard for the June quarter and its take on the demand environment for tech services, but will eagerly also watch out for the management’s narrative and operational strategy, given the backdrop of governance-related issues.

Infosys had, yesterday, said the US Securities and Exchange Commission (SEC) is not investigating it, and that it has sufficient time to file a key regulatory document.

Responding to reports of an anonymous whistleblower questioning delay in filing of Form 20F with US SEC, Infosys had termed speculation that the Form 20F is not filed in time as “baseless and incorrect”.

Infosys’ clarification to the BSE on Tuesday over Form 20F – a key US regulatory document outlining the financials and key risks to the company – came after an anonymous whistleblower, in a letter to SEC, questioned “undue” delay in its filing of the mandatory document, and asked the company to confirm whether any ongoing investigation with the agency is pending.

“This is to clarify that the company will file the Form 20F within the stipulated time and has sufficient time to do so. Speculation that the Form 20F is not filed in time or there is an ongoing SEC investigation is baseless and incorrect,” Infosys had stated.

On June 23, Infosys’ non-executive Chairman Nandan Nilekani has said that Infosys would deal with concerns raised by shareholders with regard to a whistleblower’s letter complaining about alleged governance issues.

“The shareholders keep on raising such issues from time to time and the company will deal with them. We are focused on our business and customers,” he had said on the sidelines of Infosys 37th annual general meeting.

Once considered a posterboy of Indian IT success story, Infosys has seen months of protracted standoff between its founders led by N R Narayana Murthy and the previous management over issues of corporate governance and compensation to former key executives.

The tussle had led to the sudden resignation of the then CEO Vishal Sikka in August last year, followed by R Seshasayee and some other directors. – Business Today

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