In 1981, a group of seven individuals founded a company in Pune dedicated to providing IT support and services to other businesses. This marked the inception of what would evolve into the present-day Infosys, a journey that has been nothing short of remarkable. By 1993, Infosys went public, opening its ownership to public investors. In 1999, it achieved another milestone by becoming the first Indian company to list on the Nasdaq stock exchange.
Following this, Infosys embarked on a significant expansion, both geographically and in terms of its business offerings, diversifying from software to include consulting and BPO services. Today, Infosys stands as the second-largest tech giant in the market, trailing only TCS in terms of market capitalization. It also holds the highest weighting in the IT sector among the Nifty 50 and Nifty IT indices.
As of December 31, 2023, the company's promoters collectively own 14.78% of the company's stake, with domestic institutional investors holding 35.76%. Within this category, mutual funds and insurance companies possess 18% and 14.77%, respectively. Foreign portfolio investors (FPI) hold a significant stake of 33.69%, while the government holds a minimal 0.02% stake.
Infosys has pursued growth through strategic acquisitions and partnerships, with a focus on enhancing its digital capabilities. Notable examples include the acquisition of Panaya, aimed at improving its service offerings through automation, innovation, and artificial intelligence. Additionally, a partnership forged with Microsoft in September 2023 emphasis of Infosys's commitment to advancing AI adoption in the industry.
The company has a track record of substantial investments in research and development to drive innovation. In the fiscal year ending March 31, 2023, Infosys allocated approximately 640 crores towards developing cutting-edge solutions in digital technologies such as AI, ML, and IoT, aiming to maintain competitiveness in the industry.
At present the company is led by:
Nandan Nilekani, who co-founded the company and has served as chairman since 2017. Nilekani previously held the position of chairman for UIDAI from 2009.
Salil Parekh currently serves as the CEO and Managing Director, bringing with him a background in Aeronautical Engineering from IIT Bombay and prior experience at Capgemini and EY.
Jayesh Sanghrajka is set to assume the role of CFO starting April 2024, bringing with him 25 years of experience, including stints at Infosys from 2000 to 2007 and since December 2012.
Date : 13th Mar'24; Source - Web, Annual reports
LR