Infosys CEO Vishal Sikka is targetting a visa independent strategy involving more local hiring in major markets like the US to achieve the company’s goal of hitting $20 billion in revenues by 2020 from the existing $ 8.7 billion range. Addressing shareholders at the 34th annual general meeting of Infosys on Monday, Sikka, who took over the reins of the company from its founders last year said that the company is pursuing a vise independent delivery strategy while renewing its vigour in its core services business.
“We are battling in a challenging climate and we have set the foundation for realignments,” he said. Sikka said that Infosys has been rapidly differentiating itself in client engagement. “We need to be more competitive in our large deals,” he said.
Infosys and other Indian IT companies have concerns on H-1B visas for onshore projects. Infosys non-executive chairman of the board, R Seshasayee, denied reports that the company is under probe in the US over usage of H-1B work visas. “The (US) labor department has only done an audit and we have received no communication on any investigation,” he said.
In his address to the shareholders Seshasayee said the IT industry and Infosys were in “the midst of tremendous changes”. Traditional business models are beginning to be disrupted by new technologies and new ideas,” he said.
“Vishal Sikka and his team have articulated a clear and cohesive strategy to exploit these emerging opportunities …,” Seshasayee said.
Infosys recorded a revenue of Rs 53,319 crore with a growth of 6.4 per cent last fiscal. The net profit during this period was Rs 12,329 crore — a rise of 15.8 per cent.