In the midst of the ongoing crisis with Ukraine, IT services firm Infosys is planning to suspend operations in Russia and relocate its operations to another country.
With this, Infosys has joined a number of major global competitors, such as Oracle Corp and SAP SE, in exiting Russia.
In a press conference following the company’s Q4 results, Infosys CEO Salil Parekh stated that the company is not currently doing business with Russian clients and has no plans to do so in the future.
“As a result of the situation, we have begun to shift our business and all of our work from Russian centres to centres outside Russia,” Parekh added.
The announcement comes just days after UK finance minister Rishi Sunak was accused of having a conflict of interest because his wife Akshata Murty owns a roughly $1 billion investment in the IT firm. N R Narayana Murthy, the founder of Infosys, has a daughter named Akshata.
Sunak was accused of profiting financially from Infosys’ operations in Russia through his wife’s interest, despite the fact that Britain had imposed heavy sanctions on Moscow in reaction to the invasion of Ukraine.
Following Sunak’s demand for corporations to boycott Russia, Infosys’ Russia operations came under scrutiny.
Parekh also stated during the conference that the company has less than 100 employees in Russia and will assist them with the transition.
“In Russia, we don’t have any clients. We work for a handful of our international clients with operations in Russia. Working with our clients, we’re in the process of figuring out how to move some of that work, if not all of it, outside of Russia ” Says Parekh,” says.
He went on to say that the corporation is concerned about the region’s development and that it will assist its Russian employees in relocating and working in other parts of the world, particularly in East Europe.
The Bengaluru-based firm earned Rs 5,686 crore in net profit (after minority interest) in the most recent quarter, compared to Rs 5,076 crore in Q4 FY21.
While the Q4 results scorecard shows a 12% increase in net profit year over year, the numbers are 2% lower than the December quarter.
