Infosys to announce June-quarter results on 13 July; investors watch out for management's narrative on governance issues
Investors will not only be keen on Infosys's scorecard for the June quarter and its take on the demand environment for tech services,
New Delhi: 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 12-13 July to consider the audited consolidated financial results of the company and its subsidiaries for the quarter ending 30 June 2018, Infosys said in a BSE filing.
"The financial results will be presented to the board of directors on 13 July, 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 on Tuesday 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 23 June, 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.
What Infosys crisis reveals: Poor succession planning, hesitance to innovate mar India Inc on world stage
After NR Narayana Murthy stepped down as CEO in 2002, three co-founders succeeded him -- mostly unsuccessfully in maintaining the company's growth trajectory
Besides answers to the controversies, Infosys stakeholders will be looking at dates for the its Rs 13,000 crore share buyback plan
For the current year, Vishal Sikka's yearly compensation has been fixed at $11 million, sharply higher than $7.08 million in 2016