Infosys bets on new services to push sales to $20b by 2020
Infosys Ltd, India's second-largest software services exporter, on Friday posted quarterly net profit that lagged most analyst expectations, dampening hopes of a quick turnaround after top management changes.
Bengaluru-based Infosys, once seen as the bellwether of India's $150 billion IT services industry, has in recent years struggled to innovate and retain market share due to a staff exodus that also impacted its ability to win lucrative deals.
Infosys, however, said it was on track to revive growth and expected its revenue to rise to $20 billion by 2020 up from $8.7 billion now, as it focuses on acquisitions and wins more new technology services.
Under Chief Executive Vishal Sikka, brought in last year to chart a new strategy, Infosys has been making bets on automation and other high-margin services like artificial intelligence to regain some ground lost to rivals including sector leader Tata Consultancy Services Ltd.
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