Nandan Nilekani: Infosys on verge of something momentous

Infosys Non-Executive Chairman Nandan Nilekani today said the company has taken several steps during the year to remedy the concerns raised on the matter of stability and is on the verge of something momentous. "When I stepped for the second time into Infosys in August last year, one of the concerns that you raised was about the company's stability. We have taken several steps during the year to remedy this," he said at the company's 37th Annual General Meeting here.

"We have a very stable management team and board, and everybody is united, and agrees that we are really on the verge of something momentous. The focus is now on relentless execution," he added. Infosys faced 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 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.

Speaking at the AGM, Nilekani assured that the company would spare no effort to do all it can to realise its aspirations, with the generous support of all stakeholders and his colleagues on the board. It was the resilience of this team that helped Infosys get through some rather testing times in the year gone by and helped it deliver strong financial performance, he said. "I am grateful for this and for the privilege and opportunity to serve this iconic company once again," he added.

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Nilekani further said even as the company brings in new digital capability to its landscape, it also has a gameplan to bring its traditional core systems into the modern era. Hence, he said a very important aspect of the company which it is doing is energising the core for its clients in as big a way as it is powering its digital transformation. The company has evolved from leveraging classic software development methods to approaching software creation in more agile and digital ways, Nilekani said.

The board has recommended a final dividend of Rs 20. 50 per share for the year ending March 31, 2018, he said. The Board also has recommended a special dividend of Rs 10 per share, he added. In October 2017, the company paid an interim dividend of Rs 13 per share, Nilekani said.

The total dividend for this year, excluding the special dividend, is Rs 33.50 per share and including the special dividend, is Rs 43.50 per share, he added. "Total dividend paid last year was Rs 25.75 per share," he said.