India's Infosys says reassessing long-term goals due to tougher market

Infosys said that the manner of the 130 billion rupee (RM8.91bil) payout will be decided by the board. It also appointed independent director Ravi Venkatesan as co-chairman of the board. — Reuters

BENGALURU: Infosys Ltd, India's second-biggest software services exporter, is re-evaluating its long-term targets because tougher market conditions have made them appear "daunting", the company's chairman said on Saturday.

Infosys Chief Executive Officer Vishal Sikka had said earlier that the IT services company was likely to struggle to reach its ambitious $20 billion revenue target by 2020 due to a challenging market environment.

"The 2020 goals certainly appear daunting in the timeframe in which these goals have been talked about because of the kind of headwinds and the shift in marketplace that we have seen," company chairman R. Seshasayee told his last annual meeting before his planned retirement in May next year.

"But we are re-evaluating our long-term goals," he added.

India's IT sector is facing new challenges in its biggest market, the United States, as President Donald Trump and his administration lean towards changing visa rules and hiking minimum wages tied to those visas that could hit outsourcing firms. - Reuters