Infosys Q4 Results: Revenue Slides by 2.9% in March 2020 Quarter Amid COVID-19 Crisis, Company Says It Will 'Honour Job Offers'
Due to the lockdown imposed in most economies across the world, software services firms like Infosys are recording a sharp dip in their revenues. Most of their clients - from financial services, manufacturing and communications sectors - are staring at a roadblock due to the sudden collapse of demand.
New Delhi, April 20: Infosys Limited, the multinational IT giant headquartered in India, recorded a dip in revenue in the quarter ending in March 2020. The Q4 results released on Monday showed the company's annual net profit growing by 6.3 percent, but the quarterly profit sliding by 2.9 percent. The deceleration is credited to the coronavirus pandemic, which has hit all sectors of the economy due to the lockdown measures imposed.
The company's net profit was recorded as 4,335 crore by end of the quarter. The revenue in this quarter rose by 0.8 percent, as compared to last year, in terms of the Indian rupees. On dollar basis, however, the company faced a revenue loss of 1.4 percent to $3,197 million. TCS Q4 Results: Net Profit Dips Marginally to Rs 8,049 Crore in March 2020 Quarter.
Due to the lockdown imposed in most economies across the world, software services firms like Infosys are recording a sharp dip in their revenues. Most of their clients - from financial services, manufacturing and communications sectors - are staring at a roadblock due to the sudden collapse of demand.
“While the immediate short term will be challenging, looking ahead, we can see that there is a strong interest to consolidate with partners with high-quality and agile service delivery and strong financial resilience,” said the statement issued by Infosys CEO Salil Parekh.
Despite the commercial strain, Infosys would "honour" the job offers it had extended to freshers and other applicants ahead of COVID-19 lockdown. "Infosys intends to not only nurture its vast pool of digital talent in a high-productivity environment, but also honour the job offers it has extended to the markets," the company said in its stock-filing exchange.
(The above story first appeared on LatestLY on Apr 20, 2020 06:38 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).