COVID-19: Infosys to 'Honour job offers made so far' amid slowdown due to pandemic

Amid the economic backlash faced due to the Coronavirus Pandemic, IT major Infosys has assured to honour the job offers that have been made so far. According to reports, the company has taken this decision in order to enhance the skill-sets it can bring to recovery-focused client environments. Meanwhile, the company has also anticipated a continued slowdown in the near term influenced by a broad-based global economic recession.

In its stock exchange filing, the company stated that it will work to optimize its cost structure and operational rigour while continuing to invest in strengthening its digital capabilities. It also stated that the company 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. 

Meanwhile, a few Infosys employees across the world have been tested positive for the Coronavirus. According to reports, the company is providing continuous support to help the employees through recovery. Along with it, the company has undertaken contact tracing measures. 

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Infosys suspend FY21 guidance 

Due to the business uncertainty amid the COVID-19 outbreak, Infosys has suspended the guidance on revenues and margins for FY 21. According to reports, Infosys on Monday reported a 6.3 percent rise in consolidated net profit to Rs 4,335 crore for March 2020 quarter. The company stated that it will provide guidance after visibility improves. 

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The company had posted a net profit of Rs 4,078 crore in the year-ago period as per IFRS accounting norms, Infosys said in a BSE filing. Further, its revenue grew 8 percent to Rs 23,267 crore in the quarter under review from Rs 21,539 crore in the corresponding period last fiscal. 

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