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India's Infosys posts bumper quarter, to move business out of Russia

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FILE PHOTO: An employee walks past a signage board in the Infosys campus at the Electronics City IT district in Bangalore
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By Sethuraman N R

BENGALURU (Reuters) -Infosys Ltd on Wednesday joined the corporate boycott of Russia over the invasion of Ukraine, saying it would move its business out of the country and pursue alternate options.

The move aligns India's No.2 software services firm with several global peers such as Oracle Corp and SAP SE and was disclosed alongside a strong earnings report.

Speaking to media at its Bengaluru headquarters, Infosys said it expected annual revenue growth of 13% to 15% in constant-currency terms as it wins more contracts from global businesses expanding their digital presence.

Rising investments in areas from cloud computing to cyber security during the pandemic have propped up demand for services provided by Infosys and rivals Tata Consultancy Services Ltd and Wipro Ltd, helping the companies rake in billions of dollars in contracts.

Infosys said large deal signings in the January to March quarter rose to $2.3 billion, from $2.1 billion a year earlier. The company posted 110 gross client additions, compared with 130 additions last year.

Revenue rose 22.7% to 322.76 billion rupees due to the strong performance of the company's mainstay financial services and insurance business, which grew 16.4%.

Consolidated net profit climbed to 56.86 billion rupees ($746.87 million), from 50.76 billion rupees a year earlier.

($1 = 76.1310 Indian rupees)

(Reporting by Nallur Sethuraman in Bengaluru and Munsif Vengattil in New Delhi; Editing by Shounak Dasgupta and Aditya Soni)