Infosys will leave no stone unturned in its efforts to evolve an approach that matches the dynamics of the market, Infosys Chairman Nandan Nilekani, said at the company’s Annual General Meeting, held on Saturday.
He said corporate leaders have ing to deal with the complexities and challenges of the post-pandemic world, along with slowing growth, supply chain disruptions, soaring inflation, rapidly rising interest rates, and fears of a recession.
“Yet, every one of these challenges presents a tremendous opportunity to transition to new ways to gain market share. Infosys is a trusted navigator for our clients, and there is great potential to leverage our expertise to steer them forward,” he added.
Nilekani announced that the fiscal year 2022 saw 19.7 per cent growth in constant currency, bringing in $16.3 billion, which is the fastest growth Infosys has seen in 11 years.
The operating margin for the year stood at 23 per cent and free cash flows crossed $3 billion. Infosys’s digital business grew at 41 per cent for the year and currently accounts for 59 per cent of its total revenues. Revenues from the North America region crossed $10 billion. Infosys won 94 large deals, with a total contract value of $9.5 billion, of which 40 per cent was net new, setting a strong foundation for growth in the months ahead, Nilekani said.
The reappointment of CEO Salil Parekh and the approval of his increased salary were on the agenda for the AGM, in addition to the approval of financial accounts. Parekh’s salary has been hiked to Rs 79.75 crore per annum, up by 88 per cent. With the approval of the salary hike by shareholders, Parekh is now one of the highest paid IT heads in India.
The Chairman, at the AGM, expressed gratitude to Sudha Murthy for her service. Murthy retired from the office of Chairperson of Infosys Foundation on December 31, 2021, after a 25-year journey of service to social causes.