Keep faith, we are on right track, Infosys boss S D Shibulal tells staff

BANGALORE: Infosys chief executive S D Shibulal is reprising his message from three months ago, reassuring the company's 1.5 lakh employees in a letter, that India's second-largest software exporter is on the right track.

The email communication, sent two days after the company reported second-quarter results below expectations, once again touted the merits of the so-called 'Infosys 3.0' strategy. Shibulal also sought to portray V Balakrishnan's exit as CFO in the light of a "tradition of grooming leaders."

Here are excerpts from the letter:

'While global economic uncertainty and delays in client decision-making continue, I am happy to report that we are witnessing momentum on the Infosys 3.0 strategy. The acquisition of Lodestone has given a boost to our consulting capabilities and our presence in Continental Europe.'

'The size and quality of new deals, this quarter, in the Business IT services space validate the success of our innovative and differentiated approach to IT outsourcing. Our products and platforms business continues to scale at a rapid pace with 21 new client wins.'

'Continuing our tradition of grooming leaders, V Balakrishnan, Member of the Board, has decided to hand over the baton of Chief Financial Officer to Rajiv Bansal.'

'Bala has been continuously recognized as the finest CFO in the country. His financial acumen has been universally acknowledged by clients and the market alike. I would like to express my appreciation for his contributions in helping us create a robust financial model and an enviable balance sheet.'

'I would like to reiterate that the strategic direction we have embarked on is steadily gaining traction. What we have accomplished, despite the turbulent environment, is a clear demonstration of the wisdom of this course. I believe this path will deliver greater value for our clients and sustainable, high-quality growth for Infosys.'