In a bad news for Infosys employees, the IT major has deferred the salary hikes that it usually rolls out from April for employees below the management level, according to a Moneycontrol report. The development points to stress on the company amid global macroeconomic environment. Many of Infosys’ projects are ramped down or cancelled.
Infosys, which is scheduled to declare financial results for the April-June 2023 quarter on July 20, has also not provided the salary hike to its senior management. The company provides the salary hike in the June quarter or Q1. According to the Moneycontrol report, employees have also not received any intimation on the delay or when they are likely to receive their pay increases.
In the previous quarter ended March 2023, Infosys posted a net profit at Rs 6,128 crore for the fourth quarter ended March 2023 (Q4 FY23), a jump of 7.8 per cent over the year-ago period. Its revenues during January-March 2023 increased 16 per cent to Rs 37,441 crore, compared with Rs 32,276 crore a year ago. The net profit of Infosys had stood at Rs 5,686 crore in the corresponding period last year.
Previously, Infosys froze the hikes in 2020 due to the pandemic impact. It rolled out the hikes in January 2021.
Comments
0 comment