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Infosys suspends all hiring, promotions and salary hikes

India’s second-largest software exporter by revenue, Infosys Ltd. is following a similar path set by its fellow companies to refrain from projecting revenue growth for the 2021 financial year.

Earlier, last week Wipro has announced that it is refraining from giving quarterly guidance. Other companies such as Cognizant has also followed the same trend.

Infosys released a statement saying that considering the current business uncertainty due to the COVID-19, the company will be unable to provide revenue guidance and margins for FY2021. Once the situation improves, the company will participate again in the revenue projection.

The management of Infosys has said that it has suspended all the hirings, promotions, salary hikes this year to control costs. But the company is planning to honor all the job offers already made, which are around 35,000 in number

In the fourth quarter, Infosys’ net profit is at Rs. 4335 crores which is down nearly 3% q-o-q. It was up by 6.3% annually, though helped by the higher income and lower taxes. The revenue during the March quarter grew by 0.8% sequentially.

CEO & MD of Infosys have said that even though the immediate short term will be challenging, going forward there could be huge interest from the investors due to agile service delivery and high-quality financial resilience. The attrition rate in the October-December quarter was 19.6% and grew up to 20.7% in the fourth quarter.

Recently, Infosys has come out of an internal crisis after receiving a clean chit from the US SEC in a case that accused the firm’s top executives getting involved in unethical practices to increase the company’s revenue.

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