The last few weeks have been difficult for software major Infosys as the second wave of the coronavirus swept through India and impacted some of its employees. But the company is fairly comfortable with the annual growth guidance that it gave for the current financial year and doesn't see reasons for a rethink, a top executive told Moneycontrol.
COVID-19 second wave: Infosys sticks to guidance
"Our assessment is there is no material impact which calls for a relook of guidance. We are fairly comfortable, we have the bench strength and every project has teams in India and abroad, so we are seeking support wherever people are available," Infosys COO UB Pravin Rao said in an interview.
Clients have been supportive
Rao said while the company has pushed out non-critical deliverables, it was making sure that all critical deliverables and commitments are met.
"Clients have been extremely supportive. We have also augmented teams onsite. We are also using sub-contractors and recruiting new people," Rao said.
Infosys had given a revenue guidance of 12-14 percent in constant currency for FY22, with operating margin guidance of 22-24 percent.
Also Read: Exclusive | Infosys has vaccinated 11,000, to get 1.6 million more doses, says COO UB Pravin Rao
"We see continued strong demand from our clients, especially in the digital, cloud, and in data. We have a strong foundation of our large deal success in FY21," Infosys CEO Salil Parekh had said in April 2021, after the company's earnings for the fourth quarter of the fiscal year 2021.
Hiring plans on track
Infosys had also said it will hire 25,000 freshers this fiscal to meet the rising demand for its services. Rao said its hiring and onboarding plans haven't been impacted by the second wave of the pandemic.
"The only adjustment we may have to make is to make fresher offers conditional as their final year results have not come out yet. We are in the middle of rolling out a second hike for employees effective July, we will be focusing on segments where attrition is high," Rao said.
Impact of the second wave
Talking about the impact of the second wave of COVID-19, Rao said it has been 'pretty stressful' compared to the first wave as the challenge was completely different this time around.
"The second wave has been pretty stressful. In the first wave, it was about getting people to work from home, this time has been different. Few employees have tested positive, majority of employees have friends or families who have been impacted. It has been tough but things are getting better now."
11,000 people vaccinated
"We have set up vaccination centres in 8 campuses. We have completed 11,000 vaccinations, which includes 3,000 for employees and 8,000 for dependents. We recently started covering those aged above 18. We have tie-ups with hospital chains and a commitment to procure 250,000 doses so far," Rao said. Infosys estimates that it will need over 1.6 million to cover all its employees and their dependents.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
