INSUBCONTINENT EXCLUSIVE:
Vishal Sikka.
The controversy eventually led to the exit of Sikka, former SAP executive, from Infosys on August 18, 2017
The Indian IT bellwether had acquired the Israeli firm for $200 million.
Infosys on Friday reclassified Rs 118 crore as impairment loss with
respect to Panaya in the consolidated profit and loss for the quarter and year ended March 2018 and lined up the company for sale.
After
conclusion of a strategic review of its portfolio of businesses, the company has initiated identification and evaluation of potential buyers
software behemoth on Friday reported a 28.2 per cent drop in sequential net profit at Rs 3,690 crore for the March quarter
The results were announced post market hours.
Earlier in the day, Infosys stock settled 0.58 per cent up at Rs 1,169.
The company has
projected completion of the sale by March 2019 and accordingly, assets amounting to Rs 2,060 crore and liabilities of Rs 324 crore in
asset in the books of a company which is no longer fully recoverable
These charges may relate to goodwill or fixed assets.
Such assets may be the ones acquired in business deals or major capital projects of
Impairment charges arise either because the current fair value of the asset has declined, or the future cash flows that will be generated
fair value less cost to sell and consequently, an impairment loss of $18 million in respect of Panaya has been recognised in the
consolidated profit and loss for the quarter and year ended March 31, 2018
The disposal group does not constitute a separate major component of the company and therefore has not been classified as discontinued
