Infosys to move its business out of Russia: CEO Salil Parekh
Apr 13, 2022
Bengaluru (Karnataka) [India], April 13 : India's second-largest IT services provider Infosys said on Wednesday it is moving its business out of Russia due to the ongoing conflict in the region.
"Seeing the situation we have started the transition of our business and all of our work from the centres from Russia to outside Russia," Infosys CEO and MD Salil Parekh said while replying to a question on the impact of the Russia-Ukraine crisis on the company's business in Russia.
Parekh said Infosys has less than 100 employees in Russia. "We don't have clients in Russia. The work we do in Russia is for the global clients, which we have started a transition. At this stage we have no impact on our business from an Infosys perspective," he said.
However, he said the company is very concerned about the development in the region. "We are very concerned about what's going on, on the ground," Parekh said.
He said the company would help its employees in Russia to relocate and work in other geographies, especially in East Europe.
Parekh was talking to reporters at an event to announce the financial results of the company for the fourth quarter of the financial year ended March 31, 2022.
Infosys reported a consolidated net profit of Rs 5,686 crore for the fourth quarter of 2021-22 against Rs 5,076 crore in the corresponding quarter of the previous year, registering a year-on-year growth of 12 per cent.
The company's revenue surged by 23 per cent to Rs 32,276 crore in January-March 2022 quarter as against Rs 26,311 crore recorded in the corresponding period of last year.
