India’s top mobile operator Bharti Airtel Ltd said on Wednesday it had tied up with Infosys Technologies to deliver its direct-to-home (DTH) television service.
As part of the agreement, Infosys will provide technology products that will help Bharti to offer digital and interactive applications on its DTH TV service.Bharti launched its DTH satellite TV service on Oct. 9, initially in 62 cities.
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Notwithstanding the pressure on the IT job market from fears of an economic slowdown, IT major Infosys has become the secondtechnology firm in the country to cross the one-lakh employee mark after industry leader TCS.
“We reached the milestone of crossing 1,00,000 employees,” said T V Mohandas Pai, Head HRD and Education Research and Member of Board.
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Infosys Technologies Ltd reported a 30.2 per cent rise in net profit for the September quarter, beating its own and street estimates. It, however, pared revenue outlook in dollar terms for the fiscal due to currency volatility and the economic crisis in the US, which accounts for 61.5 per cent of its business.
Aided by a weak rupee, Infosys raised its revenue outlook for the year by half a per cent to Rs 21,731 crore, up from the July forecast of up to Rs 21,622 crore. Net profit for September quarter stood at Rs 1,432 crore on revenues of Rs 5,418 crore, as compared to Rs 1,100 crore on revenues of Rs 4,106 crore in the year-ago quarter.
Tracking the results, shares of Infosys hit an intra-day low of Rs 1,040 before recovering to close at Rs 1,226.70 on the Bombay Stock Exchange, a fall of 2.2 per cent over the previous close. It announced an interim dividend of Rs 10 per share. “We have revised our US dollar revenue guidance to reflect the current economic situation and the drastic depreciation of major global currencies against the US dollar,” said Mr S. Gopalakrishnan, CEO, Infosys.
Terming the second quarter performance as “excellent”, Mr Gopalakrishnan said the sequential revenue growth in rupee terms was at 11.6 per cent and 5.3 per cent in dollar terms. Infosys saw a volume growth of 6.5 per cent during the quarter, while its operating profit margins improved by three per cent to 33 per cent.
Infosys cut its dollar revenue forecast for fiscal 2009 by six percentage points. It now expects revenue to be between $4.72 billion and $4.81 billion. For December quarter, the revenue expectation is between $1,175 million and $1,220 million.
“Even after so much turmoil in the market, Infosys has arbitrarily cut only 3 per cent of its revenue because of the uncertainty, which can be appreciated,” said an analyst with the Mumbai-based brokerage Motilal Oswal Securities.
The company added 40 new clients during the quarter. It signed five transformation deals and five large outsourcing deals of which three were about $100 million each. “There is no problem in winning deals, but delayed decision-making and ramp-ups continue to be an issue,” said Mr S.D. Shibulal, Chief Operating Officer, adding that Infosys was pursuing 12 deals of reasonable size with a 9-12 month incubation period.
Despite adverse market conditions, the company maintained that pricing environment was stable. “We benefited from the depreciation of the rupee against the dollar, which was partially offset by the sharp appreciation of the dollar against all other major currencies,” said Mr V. Balakrishnan, Chief Financial Officer.
The rupee depreciated against the dollar by six percentage points during the quarter and the average rate was Rs 44.50. “Our liquidity position continues to be strong with cash and cash equivalents reaching $1.9 billion,” Mr Balakrishnan said.
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The Wall Street crisis could result in the loss of 20,000 to 25,000 jobs in India, says the Times of India, with the leading IT companies likely to announce huge layoffs in the next few years.
Satyam is planning a substantial cut in its labour force, and a couple of weeks ago Infosys reduced its workforce by about 3,000 employees. HP has also laid off 24,600 workers. An HR professional at another leading IT firm, who wished to remain anonymous, said that during the mid-year appraisal to be held between October-November, large-scale job cuts may be announced.
Many other companies have ordered recruitment firms not to hire any more professionals, according to Rajiv Mehrotra, country GM of hiring firm Kelly Services India. Already, he said, the Indian job market has already been affected by the troubles of Lehman Brothers and Merrill Lynch.
The banking, financial services and insurance (BFSI) sector, the largest outsourcing vertical for Indian technology players, contributes up to 40 per cent of revenues for some top IT firms.
Almost 350,000 industry staff are employed in the BFSI space. Amongst these, the top six players – TCS, Infosys, Cognizant, HCL, Wipro and Satyam – account for 180,000 jobs. This sector records $10 billion of the total $32 billion revenues posted by the industry during the last financial year.
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Infosys Technologies Ltd has subscribed India’s biggest-ever group life insurance policy worth Rs 24,000 crore, from Life Insurance Corporation of India (LIC), covering around 97,000 employees of the organization.
With the latest initiative, Infosys will cover all its employees with the insurance cover ranging between Rs 20 lakh and Rs 80 lakh per employee. The policy also has an accident cover of Rs 10 lakh.
However, the company didn’t disclose the premium amount, but according to sources, it will pay around Rs 200 per month at the highest level per employee.
The company said in an official statement, that 40% of its employees are from the lower income group, and the company wants to offer social security to all its employees. The company had increased the total sum insured to Rs 11,792 crore in 2007, from Rs 7,981 crore in 2006.
Infosys had 35 deaths in fiscal 2006-07, for which the total claim was Rs 4.5 crore, while in 2007-08 there were 36 deaths and the claim amount was Rs 8.24 crore.
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Experience Certainty.
“This is something that our clients already know; now we are letting the Cat out of the Bag”
Vision: “To be Global Top 10 by 2010″
INFOSYS TECHNOLOGIES LTD
These are the two leading Indian IT companies that are set to lead the IT world globally. Both are basically “Computer Services Companies” even though they have their own Products like “Infy Finacle” and “TCS Quartz”.
Even though they compete in the same area, Even though they have many common clients,
Even though they do a lot of similar work, these two are totally different in the way they work, their policies, the way they see the clients/employees, the way they handle projects.
TCS is a 39 year old $4 billion company compared to Infosys which is 25 year old $3 billion company. Let’s compare from two perspectives:
1) Customer
As a Customer to these two companies, you won’t find much differences. Both deliver things on time, both deliver code of same quality etc. But TCS may be a bit cheaper than Infosys, but latter may guarantee more quality for that price.
2) Employee
As an Employee, one can see a lot of differences.
1) Work Pressure
This is the first and foremost thing an employee looks for. Here obviously TCS scores. You will rarely see people slogging in TCS whereas there is no Infy without Slogging. Of course this difference to certain extent comes from some extra quality things that are done at Infy, but still TCS do not mind saying “No” when it’s difficult. Infy manager rarely has the world “No” in their dictionary.
Note: No matter what facilities a company provides, if the workload is high, your life will be miserable.
2) Remuneration
Infy have a well defined compensation policy. They have increments every year and everything follows proper process. At the end, TCS guy too have the same salary, but there are no processes as such. One good thing about TCS is their Variable pay is less compared to infy i.e. TCS gives what they promises but Infy may not.
Infosys is a company that loves to make Employees pay tax. In a way, Infy is more patriotic.
TCS is more practical and loves to be in the side of employees.
3) Infrastructure
Well, this point, don’t even think of comparing. They are miles apart. Infosys has world class facilities which only a few companies can boast of. TCS infrastructure is pathetic say even it is Buildings, Computers, Internet, Transport or Food courts. Computers @ TCS are generations behind.
4) Security
“Too much security” is an apt phrase for TCS. It is good from customer point of view, but very very bad from an Employee point of view. You need to get lot of permissions to login to a system and need a lot of access to make it working. Half your life will go in TCS raising tickets or you will become too lazy that you will stop using some of the facilities instead of raising tickets. Life is so much better at Infy where things are “Hare paced’ not “Tortoise paced” like TCS processes.
5) Work Culture
Infy has a lot of team building activities, cultural programs etc from the HR side where as a TCS guy will see an HR only when he is in bench. But sometimes the Infy activities end up treating a lot of pressure which finally ends up in dissatisfaction which was actually intented Employee satisfaction. But Infy do score here.
6) Ethics
Infy is really a company with a conscience. It is very transparent and manages things in a beautiful way. It is indeed the “BEST MANAGED COMPANY”. TCS has to go a long way in this to achieve this level of Transparency even though they are trying.
7) Initiatives
There are a lot of initiatives that happens in Infy like for example “The Ozone initiative”. It aims at reducing the paper usage. Infy will never use paper unless it’s very necessary. “Online” rules Infy.
In TCS, one can see paper paper every where. Even for a survey, they don’t have a proper “Survey” tool, which in turn leads them to the Manual paper survey which not only leads to inefficiency but also it wastes lot of paper, which in turn wood, which in turn trees, which in turns harms the Nature.
Btw, sometimes i do prefer certain things in Paper.
Then there are very active Bulletin Boards, Writer’s Forums etc in Infy which you will never find in any another company.
8) Brand Name
Infy shows the ordinary things as Extra ordinary. That is their way of Branding while TCS was not bothered about branding till now as they had a strong Backbone from “TATA”. Now they have realized the importance of branding and they have started a good campaign for better branding.
9) Code Quality Vs Documentation
Code Quality is the keyword of TCS while Infy will bore people with the word “Documentation”. Even though the word “Documentation” is boring, it is very important in the long run.
10) Average Age
Average age of employees in Infy is much less than that of TCS. TCS runs mainly with Experienced people where as Infy is a “Fresher” driven company making it more like college.
11) Processes
Too many Processes spoil the Code. This happens only in Infy.
Each company has its Prons and Cons. It’s the Employee who should decide what they want.
samsung
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Amid Tatas continuing to suspend work at their Nano plant in Singur, IT major Infosys on Monday said it is watching the developments closely and will reconsider its plans in West Bengal if needed.
Infosys’s views followed Tata Motors’ announcement earlier in the day that they would keep work suspended at the Nano plant as they were “distressed” at the limited clarity on the outcome of talks between the state and agitators to end the protest disrupting the low-cost car project.
Reacting to the developments, Infosys’ board member and human resources chief Mohandas Pai said, “Singur has created a fear in the minds of India Inc. We are watching the development very closely.”
“We have neither pulled out nor planning to. We will rethink and reconsider the situation if need be,” he added.
Earlier in the day, a private TV channel reported that Infosys was having a rethink over its plans in the state in the wake of Singur controversy.
“Singur has happened and we have seen what the impact is. It is very sad what has happened in West Bengal… People are scared, employees are scared… It is causing a rethink at this point of time, as is for all companies in India,” channel quoted Pai as saying.
He said fear element was high in the state and anyone not agreeing with the government could create a problem.
“We have seen what is happening there and obviously there is a fear psychosis. We are watching and waiting to see what will happen finally,” Pai said, adding, “it will take some time for anybody to come to a conclusion.”
Tata Motors on Monday sought to know from West Bengal the actual position concerned over Trinamool leaders’ claim that land would be given back from inside the main project site.
However, the government ruled out any change related to plant of Tata Motors or other vendors.
Infosys is all set to buy UK based Axon group for 407 mn euros(753.10 Million). The deal is to be completed by November 2008. The UK based Axon Group is into consultancy services.
Infosys said the acquisition would “accelerate the achievement of some of Infosys’ current strategic corporate objectives, including the continued expansion consulting capabilities”.
Axon Group has 2000 employees. The Q1 revenue for Axon was 204.5 mn pounds in 2007. The profit after tax for the same period was 20.2 mn pounds. According to sources in Infosys, transfer of ownership will be completed by November.
Ahead of the announcement, shares in Infosys, which the market values at $22 billion, ended 0.5 percent higher at 1,703.05 rupees in a Mumbai market that closed up 0.3 percent.
Axon Group is a well known company engaged in the delivery of Business Transformation programmes for large organisations that use SAP as their strategic platform.
It is estimated that Axon Group has revenues of $378.3 million. According to Infosys the Axon group transfer will take place by November.
Commenting on the transaction, the CEO of Infosys, Kris Gopalakrishnan said, “We are excited about this acquisition. The strategic combination of our groups will accelerate the realization of our common aspirations – that of becoming the most respected provider of business transformational services in the global market place. We hold the management and employees of Axon in high regard and look forward to welcoming them to the Infosys Group.”
Axon provides consultancy services to multinational organizations that have chosen SAP as their strategic enterprise platform and has about 2000 employees.
Specializing in the delivery of change through technology-enabled transformation programs, Axon’s consultants bring in-depth industry expertise alongside best practice functional knowledge to address the strategic, operational, information management and organization effectiveness challenges organizations face today.
Founded in 1994, Axon today has offices in the UK, North America, Malaysia and Australia. For the year ended December 31, 2007, Axon reported profit after taxation of £20.2 million (Rs 1.6 billion) on revenues of £204.5 million (Rs 16.6 billion).
A Press conference will by held by Infosys Technologies today at 6:00 PM. More information will be made public in the conference.
N R Narayana Murthy, chief mentor and chairman of the board, Infosys Technologies, delivered a pre-commencement lecture at the New York University (Stern School of Business) on May 9. It is a scintillating speech, Murthy speaks about the lessons he learnt from his life and career.
Dean Cooley, faculty, staff, distinguished guests, and, most importantly, the graduating class of 2007, it is a great privilege to speak at your commencement ceremonies.
I thank Dean Cooley and Prof Marti Subrahmanyam for their kind invitation. I am exhilarated to be part of such a joyous occasion. Congratulations to you, the class of 2007, on completing an important milestone in your life journey.
After some thought, I have decided to share with you some of my life lessons. I learned these lessons in the context of my early career struggles, a life lived under the influence of sometimes unplanned events which were the crucibles that tempered my character and reshaped my future.
I would like first to share some of these key life events with you, in the hope that these may help you understand my struggles and how chance events and unplanned encounters with influential persons shaped my life and career.
Later, I will share the deeper life lessons that I have learned. My sincere hope is that this sharing will help you see your own trials and tribulations for the hidden blessings they can be.
The first event occurred when I was a graduate student in Control Theory at IIT, Kanpur, in India. At breakfast on a bright Sunday morning in 1968, I had a chance encounter with a famous computer scientist on sabbatical from a well-known US university.
He was discussing exciting new developments in the field of computer science with a large group of students and how such developments would alter our future. He was articulate, passionate and quite convincing. I was hooked. I went straight from breakfast to the library, read four or five papers he had suggested, and left the library determined to study computer science.
Friends, when I look back today at that pivotal meeting, I marvel at how one role model can alter for the better the future of a young student. This experience taught me that valuable advice can sometimes come from an unexpected source, and chance events can sometimes open new doors.
The next event that left an indelible mark on me occurred in 1974. The location: Nis, a border town between former Yugoslavia, now Serbia, and Bulgaria. I was hitchhiking from Paris back to Mysore, India, my home town.
By the time a kind driver dropped me at Nis railway station at 9 p.m. on a Saturday night, the restaurant was closed. So was the bank the next morning, and I could not eat because I had no local money. I slept on the railway platform until 8.30 pm in the night when the Sofia Express pulled in.
The only passengers in my compartment were a girl and a boy. I struck a conversation in French with the young girl. She talked about the travails of living in an iron curtain country, until we were roughly interrupted by some policemen who, I later gathered, were summoned by the young man who thought we were criticising the communist government of Bulgaria.
The girl was led away; my backpack and sleeping bag were confiscated. I was dragged along the platform into a small 8×8 foot room with a cold stone floor and a hole in one corner by way of toilet facilities. I was held in that bitterly cold room without food or water for over 72 hours.
I had lost all hope of ever seeing the outside world again, when the door opened. I was again dragged out unceremoniously, locked up in the guard’s compartment on a departing freight train and told that I would be released 20 hours later upon reaching Istanbul. The guard’s final words still ring in my ears — “You are from a friendly country called India and that is why we are letting you go!”
The journey to Istanbul was lonely, and I was starving. This long, lonely, cold journey forced me to deeply rethink my convictions about Communism. Early on a dark Thursday morning, after being hungry for 108 hours, I was purged of any last vestiges of affinity for the Left.
I concluded that entrepreneurship, resulting in large-scale job creation, was the only viable mechanism for eradicating poverty in societies.
Deep in my heart, I always thank the Bulgarian guards for transforming me from a confused Leftist into a determined, compassionate capitalist! Inevitably, this sequence of events led to the eventual founding of Infosys in 1981.
While these first two events were rather fortuitous, the next two, both concerning the Infosys journey, were more planned and profoundly influenced my career trajectory.
On a chilly Saturday morning in winter 1990, five of the seven founders of Infosys met in our small office in a leafy Bangalore suburb. The decision at hand was the possible sale of Infosys for the enticing sum of $1 million. After nine years of toil in the then business-unfriendly India, we were quite happy at the prospect of seeing at least some money.
I let my younger colleagues talk about their future plans. Discussions about the travails of our journey thus far and our future challenges went on for about four hours. I had not yet spoken a word.
Finally, it was my turn. I spoke about our journey from a small Mumbai apartment in 1981 that had been beset with many challenges, but also of how I believed we were at the darkest hour before the dawn. I then took an audacious step. If they were all bent upon selling the company, I said, I would buy out all my colleagues, though I did not have a cent in my pocket.
There was a stunned silence in the room. My colleagues wondered aloud about my foolhardiness. But I remained silent. However, after an hour of my arguments, my colleagues changed their minds to my way of thinking. I urged them that if we wanted to create a great company, we should be optimistic and confident. They have more than lived up to their promise of that day.
In the seventeen years since that day, Infosys has grown to revenues in excess of $3.0 billion, a net income of more than $800 million and a market capitalisation of more than $28 billion, 28,000 times richer than the offer of $1 million on that day.
In the process, Infosys has created more than 70,000 well-paying jobs, 2,000-plus dollar-millionaires and 20,000-plus rupee millionaires.
A final story: On a hot summer morning in 1995, a Fortune-10 corporation had sequestered all their Indian software vendors, including Infosys, in different rooms at the Taj Residency hotel in Bangalore so that the vendors could not communicate with one another. This customer’s propensity for tough negotiations was well-known. Our team was very nervous.
First of all, with revenues of only around $5 million, we were minnows compared to the customer.
Second, this customer contributed fully 25% of our revenues. The loss of this business would potentially devastate our recently-listed company.
Third, the customer’s negotiation style was very aggressive. The customer team would go from room to room, get the best terms out of each vendor and then pit one vendor against the other. This went on for several rounds. Our various arguments why a fair price — one that allowed us to invest in good people, R&D, infrastructure, technology and training — was actually in their interest failed to cut any ice with the customer.
By 5 p.m. on the last day, we had to make a decision right on the spot whether to accept the customer’s terms or to walk out.
All eyes were on me as I mulled over the decision. I closed my eyes, and reflected upon our journey until then. Through many a tough call, we had always thought about the long-term interests of Infosys. I communicated clearly to the customer team that we could not accept their terms, since it could well lead us to letting them down later. But I promised a smooth, professional transition to a vendor of customer’s choice.
This was a turning point for Infosys.
Subsequently, we created a Risk Mitigation Council which ensured that we would never again depend too much on any one client, technology, country, application area or key employee. The crisis was a blessing in disguise. Today, Infosys has a sound de-risking strategy that has stabilised its revenues and profits.
I want to share with you, next, the life lessons these events have taught me.
1. I will begin with the importance of learning from experience. It is less important, I believe, where you start. It is more important how and what you learn. If the quality of the learning is high, the development gradient is steep, and, given time, you can find yourself in a previously unattainable place. I believe the Infosys story is living proof of this.
Learning from experience, however, can be complicated. It can be much more difficult to learn from success than from failure. If we fail, we think carefully about the precise cause. Success can indiscriminately reinforce all our prior actions.
2. A second theme concerns the power of chance events. As I think across a wide variety of settings in my life, I am struck by the incredible role played by the interplay of chance events with intentional choices. While the turning points themselves are indeed often fortuitous, how we respond to them is anything but so. It is this very quality of how we respond systematically to chance events that is crucial.
3. Of course, the mindset one works with is also quite critical. As recent work by the psychologist, Carol Dweck, has shown, it matters greatly whether one believes in ability as inherent or that it can be developed. Put simply, the former view, a fixed mindset, creates a tendency to avoid challenges, to ignore useful negative feedback and leads such people to plateau early and not achieve their full potential.
The latter view, a growth mindset, leads to a tendency to embrace challenges, to learn from criticism and such people reach ever higher levels of achievement (Krakovsky, 2007: page 48).
4. The fourth theme is a cornerstone of the Indian spiritual tradition: self-knowledge. Indeed, the highest form of knowledge, it is said, is self-knowledge. I believe this greater awareness and knowledge of oneself is what ultimately helps develop a more grounded belief in oneself, courage, determination, and, above all, humility, all qualities which enable one to wear one’s success with dignity and grace.
Based on my life experiences, I can assert that it is this belief in learning from experience, a growth mindset, the power of chance events, and self-reflection that have helped me grow to the present.
Back in the 1960s, the odds of my being in front of you today would have been zero. Yet here I stand before you! With every successive step, the odds kept changing in my favour, and it is these life lessons that made all the difference.
My young friends, I would like to end with some words of advice. Do you believe that your future is pre-ordained, and is already set? Or, do you believe that your future is yet to be written and that it will depend upon the sometimes fortuitous events?
Do you believe that these events can provide turning points to which you will respond with your energy and enthusiasm? Do you believe that you will learn from these events and that you will reflect on your setbacks? Do you believe that you will examine your successes with even greater care?
I hope you believe that the future will be shaped by several turning points with great learning opportunities. In fact, this is the path I have walked to much advantage.
A final word: When, one day, you have made your mark on the world, remember that, in the ultimate analysis, we are all mere temporary custodians of the wealth we generate, whether it be financial, intellectual, or emotional. The best use of all your wealth is to share it with those less fortunate.
I believe that we have all at some time eaten the fruit from trees that we did not plant. In the fullness of time, when it is our turn to give, it behooves us in turn to plant gardens that we may never eat the fruit of, which will largely benefit generations to come. I believe this is our sacred responsibility, one that I hope you will shoulder in time.
Thank you for your patience. Go forth and embrace your future with open arms, and pursue enthusiastically your own life journey of discovery!
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