Infosys will return to industry growth by 2016

Global software major Infosys Ltd would return to industry growth (13-15 percent) and catch up with its peers by end of fiscal 2016-17, its chief executive Vishal Sikka said Friday.

"As our former chairman and founder N.R. Narayana Murthy had stated earlier, we will return to the industry growth in the next two years (fiscal 2016-17) and be on par with our peers," Sikka told reporters here.

Though turn around in the company's fortunes began since the second quarter and it posted better than expected performance for third quarter, it has maintained its annual revenue guidance of 7-9 percent in dollar terms at Sep 30 exchange rate (Rs.61.75/$) in view of volatility in cross currencies.

"We have returned to strong growth path, as evident from our performance in the last two quarters and are committed to grow as much as the industry and our peers to be the next generation services firm with consistent profitable growth," Sikka said.

Addressing shareholders at the 43rd annual general meeting (AGM) June 15, 2013, Murthy said the company would take at least 36 months (three years) to rebuild and return to double-digit growth.

Sikka said: "We have seen early signs of turn around. Clients working with us require new kinds of services. Our renew and new strategy of offering traditional and new services through artificial intelligence, automation and increased efficiency will drive growth."

The outsourcing major reported 4.2 percent sequential volume growth, claiming to be the best in last three years, while operating margins at 26.7 percent was an increase of 60 basis points sequentially and 170 basis points YoY.