Infosys to Exit Russia Due to Ukraine Invasion

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Infosys joined the corporate boycott of Russia over the invasion of Ukraine on Wednesday, saying it will shift its operations out of the country and seek other options.

The move brings India's No. 2 software services business into line with numerous global counterparts, including Oracle and SAP SE, and comes on the heels of a good earnings report.

In an interview with the media at its Bengaluru headquarters, Infosys stated that it expects yearly revenue growth of 13% to 15% in constant currency terms as it wins more contracts from worldwide corporations extending their digital footprint.

During the epidemic, rising expenditures in sectors ranging from cloud computing to cyber security boosted demand for services offered by Infosys and competitors Tata Consultancy Services and Wipro, allowing the businesses to win billions of dollars in contracts.

According to Infosys, significant transaction signings increased to $2.3 billion (approximately Rs. 17,525 crore) in the January-March quarter, up from $2.1 billion (about Rs. 16,000 crore) the previous year. The firm added 110 gross clients this year, up from 130 additions the previous year.

Revenue increased 22.7 percent to Rs. 32,276 crore, owing to the company's cornerstone financial services and insurance division, which increased 16.4 percent.

News by: NewsPen Added on: 14-Apr-2022

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