Nandan Nilekani's Selfless Act Continues, Infosys Chairman Chooses Not to Receive Pay for the 6th Time
Infosys' Resilience Shines as Annual Report Highlights Strong Positioning Amid Global Challenges
6 June 2023
Infosys' annual report for FY23 highlights its resilience and strong positioning in the face of global economic challenges.
CEO Salil Parekh emphasizes Infosys' strengths in digital, cloud, automation, and cost-efficiency.
Chairman Nandan Nilekani voluntarily forgoes his salary, demonstrating his dedication to Infosys' growth and success.
In its recently published annual report for the fiscal year ending on March 31, 2023, the prominent IT powerhouse Infosys demonstrated its resilience and strong positioning amidst global economic challenges. Despite factors such as inflation, CEO Salil Parekh highlighted Infosys' prowess in digital technology, cloud computing, automation, and cost-efficiency, which have effectively navigated the turbulent economic landscape.
The annual report also provided insights into the remuneration received by top executives, including CEO Salil Parekh, CFO Nilanjan Roy, and non-executive Chairman Nandan M Nilekani. While Parekh experienced a 21% decline in pay during FY23, Nilekani, who is also a co-founder and chairman, voluntarily decided to forgo his salary as a testament to his dedication and commitment to the growth and success of Infosys.
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Infosys demonstrated robust financial performance in the March 2023 quarter, with a noteworthy 7.8% year-on-year increase in consolidated net profit, amounting to Rs 6,128 crore. Additionally, the company's consolidated revenue for the same quarter witnessed a substantial growth of 16% year-on-year, reaching Rs 37,441 crore. Throughout the entire fiscal year, Infosys reported a remarkable revenue growth of 20.7% YoY, totaling Rs 146,767 crore.
Nandan Nilekani, the co-founder and Chairman of Infosys has made significant contributions to the company's achievements. Notably, as the founding chairman of the Unique Identification Authority of India (UIDAI), Nilekani played a pivotal role in implementing the Aadhaar project. Furthermore, his commitment to social causes is exemplified by his role as Chairman of EkStep, a non-profit initiative dedicated to leveraging technology to enhance basic literacy and numeracy skills for millions of children.
Under the leadership of CEO Salil Parekh, Infosys has been guided toward its strategic objectives. Despite the challenging global economic conditions, Parekh's visionary focus on digital transformation, cloud adoption, and automation has fortified the company's position. In his message to shareholders, Parekh acknowledged the prevailing uncertainty in today's world while emphasizing the continued significance of digital technology, cloud computing, and automation capabilities for Infosys' success in an ever-evolving economic landscape.