Infosys Limited (NYSE: INFY) reported its financial results for the quarter ended March 31, 2020 today.
Infosys reported a 1.7% increase in earnings for the fourth quarter of 2020 helped by higher revenue. The majority of the top-line growth came from the financial services segment while the communication segment showed a decline. The company said 93% of its employees are undertaking remote working in countries that are still under lockdown after the COVID-19 pandemic outbreak.
Considering the business uncertainty emanating from COVID-19, the company is unable to provide guidance on revenues and margins for fiscal 2021 at this stage. The company will provide an outlook after visibility improves.
DN Prahlad, the independent director, has resigned from the company to devote more time to his other business commitments with effect from April 20, 2020. Infosys appointed Uri Levine as an independent director effective April 20, 2020, based on the recommendations of the nomination and remuneration committee of the board. The appointment is for a period of three years and is subject to the approval of shareholders.