Infosys co-founder NR Narayana Murthy met investors after a gap of eight years. This was Mr Murthy's first such meeting since he returned from retirement to take charge of the struggling IT major in June.
Infosys co-founder NR Narayana Murthy met investors after a gap of eight years. This was Mr Murthy's first such meeting since he returned from retirement to take charge of the struggling IT major in June.
Mr Murthy, now an executive chairman of Infosys, said he has created a three-year roadmap to guide the company and change the mindset of employees.
"Change in company culture will take time to implement." Mr Murthy told investors.
Mr Murthy candidly admitted that lack of focus on large deals led to growth deterioration at India's second largest IT outsourcer. Infosys will focus aggressively on winning large deals and maintaining its market share, Mr Murthy added.
A focus on proprietary software at the expense of IT outsourcing contracts prompted India's second largest IT exporter to post two years of disappointing results and left it struggling to compete with local rivals Tata Consultancy Services and HCL Technologies.
Infosys will continue to focus on costs to improve margins by managing on-site costs, he added.
Mr Murthy's three pronged strategy to recharge Infosys includes,
1) Improving sales efficiency,
2) Increasing automation and boosting employee productivity, and
3) Cost rationalization.
Infosys shares traded 1 per cent higher at Rs 2,989 on the BSE as of 12.11 p.m. and outperformed the broader BSE IT benchmark, which traded with 0.3 per cent gains.
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