Infosys to Move Business Out of Russia Over Ukraine Invasion

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

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

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

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

Infosys said large deal signings in the January to March quarter rose to $2.3 billion (roughly Rs. 17,525 crore), from $2.1 billion (roughly Rs. 16,000 crore) a year earlier. The company posted 110 gross client additions, compared with 130 additions last year.

Revenue rose 22.7 percent to Rs. 32,276 crore due to the strong performance of the company’s mainstay financial services and insurance business, which grew 16.4 percent.

Consolidated net profit climbed to Rs. 5,686 crore, from Rs. 5,076 crore a year earlier.

© Thomson Reuters 2022


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