Infosys Technologies Ltd has posted a net profit after tax and exceptional item of Rs 1,730 crore for the fourth quarter ended March 31, 2011 compared with Rs 1,430 crore for the quarter ended March 31, 2010.
During the quarter under review, the company’s total income has increased to Rs 7,055 crore from Rs 5,690 crore during the corresponding quarter previous fiscal.
For the year ended March 31, 2011, the company has posted a net profit after tax and exceptional item of Rs 6,443 crore compared with Rs 5,803 crore during the year ended March 31, 2010. Also, the company’s total income has increased from Rs 22,050 crore to Rs 26,532 crore.
On a consolidated basis, the Group has posted a net profit of Rs 1,818 crore for the fourth quarter ended March 31, 2011 compared with Rs 1,600 crore for the quarter ended March 31, 2010. The total income has increased from Rs 6,196 crore to Rs 7,665 crore.
For the year ended March 31, 2011, the Group has posted a net profit of Rs 6,823 crore against Rs 6,219 crore for the year ended March 31, 2010. The total income has increased from Rs 23,732 crore to Rs 28,712 crore.
Meanwhile, the board of directors of the company at its meeting held on April 15, 2011, inter alia, has recommended a final dividend of Rs 20 per share for fiscal 2011.
Also, the board has transacted the following: Appointment of Mr Ravi Venkatesan as an additional director of the company, resignation of Mr T.V. Mohandas Pai and retirement of Mr K. Dinesh.
The company also announced BSE that the board meeting will be held on April 30, 2011, to finalise plans for the company's leadership succession, post Mr N.R. Narayana Murthy's retirement as Chairman of the board in August 2011.
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| TV Mohandas Pai |
Why did Mohandas Pai resign?
TV Mohandas Pai is looking at a larger role in public life and the resignation has nothing to do with succesion plan.
Earlier, speculation was that the succession plan may have prompted the move.TV Mohandas Pai is looking at a larger role in public life and the resignation has nothing to do with succesion plan. This was clarified by S. Gopalakrishnan, CEO and Managing Director.Infosys Technologies Ltd, soon after the results.
Pai, has decided to relinquish the position of Member of the Board and has requested the Board to relieve him of the responsibilities after the company’s annual general meeting on June 11, 2011.
The Board of Directors considered and accepted the resignation of T. V. Mohandas Pai. The resignation is effective June 11, 2011, post the company’s annual general meeting.
The Members of the Board placed on record their deep sense of appreciation for the services rendered by Mohandas Pai during his tenure as the Member of the Board, Chief Financial Officer of the Company and then as the Director in-charge of the Human Resources Department.
N R Narayana Murthy, Chairman and Chief Mentor said “Mohan has been an early adopter and a keen anchor builder of Infosys. It is difficult to imagine Infosys without Mohan’s passion, commitment, joie-de-vivre and intellect. We all know that he is taking this painful decision, since he has much bigger projects in the horizon - nation building. The Board and every Infoscion thank Mr. Mohandas Pai for his wonderful contribution and wish him great success in his future endeavors.”