Now, Infosys looking to sell controversy-ridden Vishal Sikka-linked Panaya

Software services major Infosys is looking to sell Panaya, its Israeli automation subsidiary along with Kallidus and Skava by March 2019. Notably, former CEO Vishal Sikka had drawn flak from co-founder N R Narayana Murthy over the 2015 acquisition of Panaya, and not releasing the full probe report relating to the deal. "In the quarter ended March 31, 2018, on conclusion of a strategic review of its portfolio of businesses, the company initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava (together referred to as "Skava”) and Panaya (collectively referred to as the “disposal group”)," informed Infosys in a filing to BSE.  

"The Company anticipates completion of the sale by March 2019 and accordingly, assets amounting to Rs 2,060 crore ($316 million) and liabilities amounting to Rs 324 crore ($50 million) in respect of the disposal group have been reclassified and presented as "held for sale"," the IT major added. 

On reclassification, an impairment loss of Rs 118 crore ($18 million) in respect of Panaya has been recognized in the consolidated profit and loss for the quarter and year ended March 31, 2018, it said. 

The corresponding write down in the investment value of Panaya in the standalone financial statements of Infosys is Rs 589 crore ($90 million), it added. 

Infosys on Friday announced its March quarter results with the net profit coming in at Rs 3,690 crore, a 28.2 per cent drop quarter-on-quarter. The IT major had reported a net profit of Rs 5,129 crore in the December quarter and Rs 3,603 crore in the same quarter last year. 

This was the first full quarter under Chief Executive Officer Salil Parekh, who replaced former CEO Vishal Sikka on January 2, though the announcement had been made earlier by Infosys on December 2.

The company announced total dividend of Rs 33.50 per share for FY18, which is approximately 30 per cent higher than total dividend of Rs 25.75 per share for financial year 2017. 

Infosys added 73 new clients in Q4 FY18 with the client count standing at 1204. The tech major reported gross addition of 12,329 employees in the quarter under review. As of Mar 31, 2018, total employee figure stood at 204,107.  Revenue per employee crossed $52,500, informed the company.