IT major announces $500 million fund, gives 3k iPhones and 100% variable bonus
GN Bureau | January 9, 2015
Infosys back in action, read a tweet on Friday, and it indeed was back with a bang. The tech major reported net profit of Rs 3,250 crore for the third quarter ended December 31, 2014, up 4.9% from Rs 3,096 crore in the quarter ended September 30, 2014. On a year-on-year basis, Infosys' net profit was up 13%.
For the first time the IT major reported the results during the share market hours and it seemed to have every reason to do so.
There were many interesting points in this quarter: Infosys announced 100 percent variable bonus for its employees, it has gifted 3000 of its top staff with iPhone 6s and the most important announcement came in the form of $500 million global innovation fund.
Infosys has expanded its innovation fund to $500 million from $100 million. This fund will be used to invest into young companies worldwide innovating in areas such as AI, Automation, Internet of Things, Collaboration and Design. It will focus on new ideas and products, and has appointed Deepak Padki to lead its engagement with startups.
"The company has expanded its innovation fund ....to support the creation of a global eco-system of strategic partners,” the company said in a statement.
The company also managed to increase its utilisation. Excluding trainees, the utilisation at 82.7% for the quarter was the highest in 11 years. (Including trainees it has improved to 75.7% from 75.2% at the end of second quarter.)
Meanwhile, Infosys was the top gainer in the 50-share Nifty index and drove markets higher. Other IT stocks also gained sharply post Infosys result announcement. The IT sub-index jumped 4 per cent, outperforming the broader Nifty, which was up just 0.5 percent. The company was also the darling of brokers on BSE.
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