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No Comments on Shareholder, MD Says Moving Biz Out of Russia

No Comments on Shareholder, MD Says Moving Biz Out of Russia

Infosys chief executive officer and managing director Salil Parekh on Wednesday said that he can not comment on individual shareholder when asked about Akshata Murthy row. Murthy is the wife of Indian-origin United Kingdom finance minister Rishi Sunak and daughter of Infosys co-founder Narayan Murthy. The software giant has been caught in the cross hairs of the Russia-Ukraine war due to shareholders.

Infosys CEO and MD clarified that it has a small team of less than 100 of employees based out of Russia. The company also mentioned it doesn’t have any active business relationships with local Russian companies. Clarifying the stand of software behemoth on the ongoing Russia-Ukraine conflict, Parekh said that Infosys is is moving its business out of Russia.

“We are very concerned about the situation in Ukraine. We have started transitioning out business from Russia. Our approach was driven by what the work that we had at the location how we could manage the delivery and what were the impact of Russia-Ukraine war on our employees,” Infosys CEO said while announcing fourth quarter results.

Parekh also added that his company has launched relief efforts worth $1 million for the victims of war in Ukraine.

Infosys Akshata Murthy Row: How it Started

To retaliate Russian president Vladmir Putin’s special military operations in Ukraine, the West and major European economies had launched economic sanctions against Moscow. Sunak, UK finance minister has time and again asked the British companies to exit Russia to inflict maximum economic pain on Putin administration.

Sky News alleged in March that Infosys runs a small part of its operation in Russia. It had said that the software company has a delivery office in Russia and relations with the Russian Alpha Bank. Akshata Murthy, who is married to Sunak, holds less than 1 per cent stake in the IT behemoth.

The Opposition parties in the UK Parliament mounted pressure on Sunak to answer about Murthy’s stake in Infosys and why it had not shut operations in Russia amid Ukraine conflict.

Commenting on the allegations against Sunak and his family, UK finance minister earlier said that he has nothing to do with Infosys. Sunak’s spokesperson had earlier said that neither his wife nor her family members were empowered to make any operation decisions in Infosys.

Infosys Q4 Results: 

Infosys on Wednesday reported a 12 per cent year-on-year growth in consolidate net profit to Rs 5,686 crore for the fourth quarter ended March 2022. The consolidated profit after tax (PAT) came at Rs 5,076 crore for the corresponding quarter last year. Revenue also witnessed a 23 per cent year-on-year increase to Rs 32,276 crore during the quarter under review. The consolidated profit was recorded at Rs 22,110 crore for the full financial year. It also grew 14 per cent over the year from Rs 19,351 crore in FY21.

“Sustained momentum in FY22, large deal wins and robust deal pipeline give us comfort to provide guidance of 13-15% in FY23,” Salil Parekh said. “Will scale cloud capacities further, expand automation and strengthen employee value proposition,” he added.

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