Infosys' 38th annual general meeting (AGM), which was held on Saturday, saw multiple shareholders raised questions on Panaya and Skava, the investments made under Vishal Sikka’s regime.
However, current CEO Salil Parekh said that these entities are no longer assets for sale and that the company has appointed a senior leader to each of these entities to look at repurposing these businesses especially in the segments of consumer product, retail and manufacturing.
There were also questions raised as to why the investigation report on Panaya and Skava were not shared with shareholders. To this, chairman Nandan Nilekani said that it was a confidential report that could not be shared and added that the board was satisfied with the report.
Shareholders also raised questions on the operating margins of Infosys. Infosys has lowered the FY20 guidance for operating margins to 21-23 percent from 22-24 percent in the previous fiscal. On this, Parekh said that after certain investments made in the previous fiscal are completed in Q1 of FY20, there will be no new investments and the company will focus on improving operating performances.
The company reiterated that it will continue to make investments in localisation and onsite hiring.