Infosys will pull out of business from Russia due to invasion of Ukraine

Infosys on Wednesday joined Russia’s corporate boycott over the invasion of Ukraine, saying it would move its business out of the country and pursue alternative options.

The move aligns India’s No. 2 software services firm with several global peers such as Oracle and SAP SE and was disclosed with a strong earnings report.

Speaking to media at its Bengaluru headquarters, Infosys said it expects annual revenue growth of 13 per cent to 15 per cent in constant-currency terms as it wins more contracts from global businesses while expanding its digital presence.

Rising investments in areas ranging from cloud computing to cyber security during the pandemic have fueled demand for services provided by Infosys and rivals Tata Consultancy Services and Wipro, helping companies win billions of dollars in contracts.

Infosys said the signing of major deals in the January-March quarter rose to $2.3 billion (about Rs 17,525 crore) from $2.1 billion (about Rs 16,000 crore) a year ago. The company added 110 gross customers as compared to 130 additional customers last year.

Revenue up 22.7 per cent to Rs. 32,276 crore, a growth of 16.4 per cent due to strong performance of the company’s core financial services and insurance business.

Consolidated Net Profit Rs. 5,686 crore from Rs. 5,076 crore a year ago.

© Thomson Reuters 2022


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