New Delhi: In a bid to protect the interests of the company, India’s second largest IT services provider, Infosys on Wednesday said the company is shifting its business from Russia due to conflict in the region.
According to news ANI, Salil Parekh, CEO and MD of Infosys said, “Looking at the situation, we have started the transition of our business and all our operations from Russia to centers outside Russia.”
Read also: World Bank cuts India’s FY23 GDP growth forecast to 8 percent from 8.7 percent
Speaking to the media after the announcement of FY2012 results on Wednesday, Infosys CEO and MD Salil Parekh was quoted in a Moneycontrol report as saying, “We do not do any business with Russian customers today and our There are no plans to do business.”
The development comes at a time when Infosys founder’s son-in-law Narayan Murthy, Rishi Sunak, who is the UK’s Chancellor of the Exchequer, has come under fire over wife Akshata Murthy’s stake in the company.
According to the BBC report, the company operating in Russia has closed its Moscow center.
Parekh said Infosys has less than 100 employees in Russia. “We don’t have customers in Russia. Most of the work we do in Russia is for global clients, which we have started a transition to. Infosys’ approach at this stage doesn’t impact our business,” he said. said.
However, he added that the company is concerned about developments in the sector. “We are deeply concerned with what is happening on the ground,” Parekh said.
He added that the company will help its employees in Russia move and work in other geographies, especially in Eastern Europe.
Infosys reported a consolidated net profit of Rs 5,686 crore in its fourth quarter as against Rs 5,076 crore in the corresponding quarter of the previous year, registering a growth of 12 per cent year-on-year. The company’s revenue grew 23 per cent to Rs 32,276 crore in the January-March 2022 quarter as against Rs 26,311 crore in the corresponding period of the previous year.