Infosys Chief Executive Officer and Managing Director Salil Parekh said on Wednesday that he could not comment on the individual shareholder when asked. Akshata Murthy queue. Murthy is the wife of the Finance Minister of the United Kingdom of Indian origin. Rishi Sunak and is the daughter of Narayana Murthy, co-founder of Infosys. The software giant is caught in the cross hairs of the Russo-Ukraine war because of shareholders.
Infosys CEO And the MD clarified that it has a small team of less than 100 employees from outside Russia. The company also noted that it has no active business relationships with local Russian companies. Clarifying the software giant’s stand on Russia-Ukraine conflict, Parekh said Infosys was taking its business out of Russia.
“We are very concerned about the situation in Ukraine. We have started to move business out of Russia. Our outlook was driven by the fact that we have that location,” the Infosys CEO said while announcing the fourth quarter results. But what was the job, how can we manage the delivery and what was the impact of the Russo-Ukraine war on our employees.
Parekh also said that his company has launched $1 million relief efforts for victims of war in Ukraine.
Infosys Akshata Murthy row: How it started
To counteract Russian President Vladimir Putin’s special military operations in Ukraine, Western and major European economies launched economic sanctions against Moscow. Sunak, the UK finance minister, has repeatedly asked British companies to exit Russia in order to inflict maximum economic pain on the Putin administration.
In March, Sky News alleged that Infosys operated a small part of its operations in Russia. It had said that the software company has a delivery office in Russia and links with Russian Alpha Bank. Akshata Murthy, who is married to Sunak, holds less than 1 per cent stake in the IT giant.
Opposition parties in the UK parliament have pressed Sunak to respond about Murthy’s stake in Infosys and why it has not stopped operations in Russia amid the Ukraine conflict.
On the allegations against Sunak and his family, the UK Finance Minister had earlier said that he had nothing to do with Infosys. Sunak’s spokesperson had earlier said that neither his wife nor his family members have the right to decide any operation in Infosys.
Infosys Q4 Results:
Infosys on Wednesday reported a 12 per cent year-on-year growth in consolidated net profit at Rs 5,686 crore for the fourth quarter ended March 2022. The consolidated profit after tax (PAT) stood at Rs 5,076 crore in the corresponding quarter of last year. During the quarter under review, revenue grew by 23 per cent year-on-year to Rs 32,276 crore. The consolidated profit for the full financial year was registered at Rs 22,110 crore. It grew by 14 per cent from Rs 19,351 crore in FY11.
Salil Parekh said, “Continued momentum in FY12, big deal wins and strong deal pipeline give us comfort to provide guidance of 13-15% in FY13. Will further enhance cloud capacity, expand automation and Employees will strengthen the value proposition.” ,
read all Breaking News , today’s fresh news And IPL 2022 Live Updates Here.