In the wake of coronavirus, IT firm Infosys said pressure on margins could be visible in near term.
However, its CEO Salil Parekh said the company is seeing increased client interest in cloud services.
Infosys CFO Nilanjan Roy, through a video conferencing call, said the company has stopped hiring, promotions and salary hikes to manage costs in order to offset the damage caused by the pandemic.
"Infosys will honour all hiring commitments it has made," said Roy.
He further said that retail, travel and hospitality, energy and oil segments have been the most affected in the current environment. Roy said cards and payments sectors will also struggle.
COO Pravin Rao said that the IT major is not looking at any Covid-19-related layoffs "at this stage".
Rao said that the firm's employees will return to offices in a phased manner. “We are in no hurry to get employees back to offices. Our first phase of returns, when it happens, will likely get 5% employees returning, and in the next phase will total about 15%," he said.
Rao said that the company will make 35,000 job offers in FY21.
Infosys said it will honour the job offers it has extended to the markets, in order to enhance the skill-sets it can bring to recovery-focused client environments.
"Considering the business uncertainty emanating from Covid-19, the company is unable to provide guidance on revenues and margins for FY21 at this stage. The company will provide guidance after visibility improves," the company said in its stock exchange filing.
Parekh said Infosys team has achieved 93 per cent remote working on Monday and ensuring consistent service delivery for clients in this rapidly changing environment.
"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. I am confident we will emerge from this stronger," he added.
