6-K
Infosys Ltd (INFY)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the SecuritiesExchange Act of 1934
For the month of April 2023
Commission File Number 001-35754
Infosys Limited
(Exact name of Registrant as specified in its charter)
Not Applicable.
(Translation of Registrant's name into English)
Electronics City, Hosur Road, Bengaluru - 560 100,Karnataka, India. +91-80-2852-0261
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
TABLE OF CONTENTS
| DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
|---|
| SIGNATURES |
| INDEX TO EXHIBITS |
| EXHIBIT 99.1 |
| EXHIBIT 99.2 |
| EXHIBIT 99.3 |
DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIALCONDITION
Infosys Limited (“we” or “the Company”) hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter and year ended March 31, 2023.
The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On April 13, 2023, we announced our results of operations for the quarter and year ended March 31, 2023. A copy of the outcome of the board meeting is attached to this Form 6-K as Exhibit 99.1.
We issued press releases announcing our results under International Financial Reporting Standards ("IFRS"), copies of which are attached to this Form 6-K as Exhibit 99.2.
We have placed the form of release to stock exchanges concerning our results of operations for the quarter and year ended March 31, 2023 under Indian Accounting Standards (Ind-AS). A copy of the release to stock exchanges is attached to this Form 6-K as Exhibit 99.3.
The Board of Directors of the Company amongst other matters, declared a final dividend of ₹17.5/- per equity share which will be paid on July 3, 2023 and announced that the 42nd Annual General Meeting of the members of the Company will be held on June 28, 2023. The record date for the purposes of the Annual General Meeting and final dividend is June 2, 2023.
The Board took note of Uri Levine’s retirement effective April 19, 2023 upon completion of his term. Uri Levine was appointed as an independent director for a period of three years from April 20, 2020 to April 19, 2023. The Board placed its sincere appreciation on record for his contributions to the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Infosys Limited | |
|---|---|
| Date: April 13, 2023 | Inderpreet Sawhney<br><br> <br>General Counsel and Chief Compliance Officer |
INDEX TO EXHIBITS
| Exhibit No. | Description of Document |
|---|---|
| 99.1 | Outcome of the Board Meeting |
| 99.2 | IFRS USD press release |
| 99.3 | Form of Release to Stock Exchanges |
Exhibit 99.1
Outcome of the Board meeting
Exhibit 99.2
IFRS USD Press Release
Industry leading FY23 revenue growth of 15.4% with healthy 21.0% operating margins
Revenue growth guidanceof 4%-7% and operating margin guidance of 20%-22% for FY24
Bengaluru, India – April 13,2023: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $18.2 billion in FY23 revenues with industry-leading growth of 15.4% in constant currency and operating margins of 21.0%. Growth was broad-based across industry verticals and geographical regions. Digital comprised 62.2% of overall revenues and grew at 25.6% in constant currency.
Q4 year on year growth was 8.8% and sequential decline was 3.2% in constant currency terms. Operating margin for the quarter was 21.0%. Free cash flow conversion was 95.7% for Q4. Continuing the recent trend, attrition declined further in Q4.
“Our strong performance in FY23 is a testimony to the continued focus on digital, cloud and automation capabilities which resonated with our clients. We have launched exciting programs with our clients leveraging generative AI platforms" said Salil Parekh, CEO and MD. "As the environment has changed, we see strong interest from our clients for efficiency, cost and consolidation opportunities, resulting in a strong large deal pipeline. We have expanded our internal program on efficiency and cost to build a path to higher margins in the medium term. We continue to invest in our people and in supporting our clients“, he added.
Guidance for FY23:
| · | Revenue growth of 4%-7% in constant currency |
|---|---|
| · | Operating margin of 20%-22% |
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| 1. | Key highlights: |
| --- | --- |
| For the quarter ended March 31, 2023 | For the year ended March 31, 2023 |
| --- | --- |
| · <br> Revenues in CC terms grew by 8.8% YoY and declined by 3.2% QoQ<br><br> <br><br><br> <br>· <br> Reported revenues at $4,554 million, growth of 6.4% YoY<br><br> <br><br><br> <br>· <br> Digital revenues at 62.9% of total revenues, YoY CC growth of 15.0%<br><br> <br><br><br> <br>· <br> Operating margin at 21.0%, decline of 0.5% YoY and QoQ<br><br> <br><br><br> <br>· <br> Basic EPS at $0.18, growth of 0.2% YoY<br><br> <br><br><br> <br>· <br> FCF at $713 million, decline of 6.3% YoY; FCF conversion at 95.7% of net profit | · <br> Revenues in CC terms grew by 15.4% YoY<br><br> <br><br><br> <br>· <br> Reported revenues at $18,212 million, growth of 11.7% YoY<br><br> <br><br><br> <br>· <br> Digital revenues at 62.2% of total revenues, YoY CC growth of 25.6%<br><br> <br><br><br> <br>· <br> Operating margin at 21.1%, decline of 2.0% YoY<br><br> <br><br><br> <br>· <br> Basic EPS at $0.71, growth of 1.3% YoY<br><br> <br><br><br> <br>· <br> FCF at $2,534 million, decline of 17.1% YoY; FCF conversion at 85.0% of net profit |
Our
continued focus on cost optimization and operational efficiencies have helped in achieving operating margins of 21.0% in FY23, said NilanjanRoy, Chief Financial Officer. “Free cash generation in Q4, led by robust collections, was strong. Executing on our capital allocation
policy, we successfully completed the share buyback and have proposed a final dividend of 
17.50
for FY23”, he added.
| 2. | Capital Allocation |
|---|
For FY23, the Board has recommended
a final dividend of 17.50 per share ($0.21 per ADS*). Together with the interim dividend of 16.50 per share already paid,
the total dividend per share for FY23 will amount to 34.00 (app. $0.41 per ADS*) which is a 9.7% increase over FY22. With this,
the company has announced total dividend of approx. 14,200 crore (approx. $1.7 billion*) for FY23.
The company has completed the open
market share buyback on February 13, at an average price of approx. 1,539 per share (compared to maximum Buyback Price of 1,850
per share). Consequently, the share capital of the company has reduced by 1.44%.
Including the recently concluded buyback and final dividend for FY23, the company has returned approx. 86% of Free Cash Flow to shareholders under the current capital allocation policy.
*USD-INR rate of 82.00
| 3. | Client wins & Testimonials |
|---|---|
| • | Infosys and bp collaborated<br>to create 'Energy-as-a-Service' offering for holistic energy management that can enable energy savings, cost reduction, decarbonization<br>and supply reliability. Sashi Mukundan, President, bp India and Senior Vice President, bp Group, said, “bp and Infosys have<br>brought together their complementary capabilities, products, and services to create an integrated Energy-as-a-Service offering. This strategic<br>collaboration builds on our energy transition goals where we can deliver secure, affordable, lower carbon energy the world increasingly<br>needs, managed by AI/ML based digital platform to drive energy efficiency. With this engagement, we will aim to support our customers<br>in achieving their sustainability goals faster.” |
| --- | --- |
| • | Infosys extended its<br>collaboration with Microsoft to accelerate industry adoption of cloud. Anant Maheshwari, President, Microsoft India, said, “This<br>engagement with Infosys extends our trusted relationship over the past two decades and will accelerate the innovation and transformation<br>journeys of businesses worldwide. As we continue to shape the future of the industry cloud, we are pleased to bring together our complementary<br>strengths and serve our strategic customers better through Microsoft Azure-powered solutions with Infosys Cobalt.” |
| --- | --- |
| • | Infosys rolled out its<br>Private 5G-as-a-Service to accelerate business value for its enterprise clients worldwide. Mark Colaluca, Vice President/GM, CommunicationTechnology Group, HPE, said, “Enterprises see Private 5G as an enabler for their digital transformation, and the Infosys approach<br>of vertically aligned pre-integrated business solutions can accelerate 5G adoption. HPE and Infosys are working together by combining<br>HPE’s Private 5G solutions with Infosys as-a-Service offering and pre-integrated vertical use-cases for faster customer value realization.” |
| --- | --- |
| • | Infosys collaborated<br>with ZF Friedrichshafen AG to revamp their multi-echelon supply chain with SAP Integrated Business Planning® and Infosys Cobalt. RainerScheuring, Vice President IT AC Market and Materials Management, ZF Friedrichshafen AG, said, “Based on the holistic IBP planning<br>approach and the guidance of our implementation partner Infosys, we built the foundation for improved availabilities and reduced inventories<br>within our multi-echelon supply chain.” |
| --- | --- |
| • | Infosys Finacle implemented<br>the Infosys Finacle Liquidity Management Solution for ABN AMRO’s corporate customers, to empower them with a wide range of services<br>to better identify, manage, and enhance liquidity positions on the go. Xander van Heeringen, Director of Transaction Banking, ABN AMRO,<br>said, “We are excited to announce this collaboration with Infosys Finacle, the market-leading provider of banking technology. The<br>right technology investment for corporate banking customers is of great importance to ABN AMRO as smarter cash management is evolving<br>as a key priority for our customers, pushing the need for driving resilience in treasury operations. Together with Infosys Finacle, we<br>will further enable ABN AMRO to propel with its liquidity management business transformation.” |
| --- | --- |
| • | United Nations Development<br>Programme (UNDP) collaborated with Infosys Public Services (IPS) to deploy UNDP’s Quantum Global Digital Management System to provide<br>a unified and seamless platform for all UNDP business functions. Sylvain St-Pierre, Chief Information Officer, UNDP, said, “Digital<br>technology will allow us to rapidly evolve with the ever-changing development needs of people and our planet. Our previous systems were<br>difficult to change and often made it challenging to adapt to changing global development needs and world events. This new digital core<br>represents a quantum leap forward that enables UNDP with a modernized, integrated platform, allowing for truly transformative digital<br>capabilities combined with a first-rate digital user experience. Quantum, our new digital corporate management system implemented with<br>Infosys Public Services, underpins a #FutureSmart UNDP that leaves no one behind.” |
| --- | --- |
| • | Infosys collaborated<br>with GE Digital to accelerate grid transformation for the utilities sector. Together, GE Digital and Infosys will follow a joint go-to-market<br>approach to deliver value added solutions for grid related products and services, for their new and existing clients. “With energy<br>transition driving increasing complexity on the grid, alignment between IT and OT is becoming very important,” said, Mahesh Sudhakaran,General Manager, GE Digital Grid Software. “Our collaboration with Infosys will help accelerate adoption of grid software that<br>bridges these disciplines, equipping the next generation of grid operators with the tools they need to keep the grid stable, resilient,<br>and sustainable. The utility’s ability to not just manage but orchestrate the clean energy grid relies on a unique combination of<br>software and partnership for strategy building, as well as execution of solutions. Infosys’ clear understanding of GE solutions<br>and strong commitment to leadership will enable significant productivity and service level improvements, along with critical cost efficiencies.” |
| --- | --- |
| • | Infosys Compaz collaborated<br>with StarHub to enable their IT transformation to help boost the quality, performance, availability, responsiveness, and cost efficiency<br>of StarHub’s foundational technology platform, while improving customer satisfaction and minimizing cyber risks. Kee Yaw Yee,CIO, StarHub, said, “We are excited to collaborate with Infosys Compaz to strengthen key components of our IT application and<br>infrastructure landscape as we prepare for the future with a new IT operating model. StarHub’s technology leadership, coupled with<br>Infosys’ deep domain competencies, local presence, and proven digital capabilities, will definitely strengthen and accelerate StarHub’s<br>digital journey, which augurs well for our DARE+ strategy and promises to benefit our customers.” |
| --- | --- |
| 4. | Recognitions |
| --- | --- |
| • | Recognized<br> as one of the 2023 World’s Most Ethical Companies® by Ethisphere |
| --- | --- |
| • | Positioned<br> in the Leadership category of the Indian Corporate Governance Scorecard Assessment 2023 |
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| • | Recognized<br> as a Global Top Employer 2023 by the Top Employers Institute |
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| • | Won<br> the Gold Award at the Brandon Hall Group Excellence in Technology Awards |
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| • | Won<br> the Sustainability 100+ Award for Carbon Neutrality under Climate Action category |
| --- | --- |
| • | Won<br> the Asset Triple A ESG Awards 2022 for Diversity and Inclusion |
| --- | --- |
| • | Won<br> the ICAI Sustainability Reporting Awards 2021-22 for Gender Equality |
| --- | --- |
| • | Won<br> the Economic Times Best Organisations for Women Award, 2023 |
| --- | --- |
| • | Identified<br> as a leader in 2022 ISG Provider Lens™ Digital Business Enablement and ESG Services<br> in US, UK, Nordics, Germany, Australia and Brazil |
| --- | --- |
| • | Positioned<br> as a leader in Avasant’s CPG Digital Services 2022-23 RadarView™ |
| --- | --- |
| • | Positioned<br> as a leader in Avasant’s Hybrid Enterprise Cloud Services 2022-23 RadarView™ |
| --- | --- |
| • | Rated<br> as a leader in The Forrester Wave™: Multicloud-Managed Services Providers, Q1 2023 |
| --- | --- |
| • | Positioned<br> as a leader in Everest Application and Digital Services (ADS) in Life and Annuity (L&A)<br> Insurance PEAK Matrix® Assessment 2023 |
| --- | --- |
| • | Positioned<br> as a leader in Everest Advanced Analytics and Insights (AA&I) Services PEAK Matrix®<br> Assessment 2023 |
| --- | --- |
| • | Positioned<br> as a leader in Everest Digital Transformation Consulting Services PEAK Matrix® Assessment<br> 2023 |
| --- | --- |
| • | Rated<br> as a leader in IDC Worldwide Manufacturing Intelligence Transformation 2023 Vendor Assessment |
| --- | --- |
| • | Rated<br> as a leader in IDC Worldwide Manufacturing Intelligence Transformation Strategic Consulting<br> 2023 Vendor Assessment |
| --- | --- |
| • | Rated<br> as a leader in IDC MarketScape: Worldwide Professional Services Firms for Mining Operational<br> Process Optimization 2023 Vendor Assessment |
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| • | Rated<br> as a leader in IDC MarketScape: Asia/Pacific Intelligent Digital Workplace Services 2023<br> Vendor Assessment |
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| • | Ranked<br> as a leader in HFS Horizons: The Best Service Providers for Retail Banking, 2023 |
| --- | --- |
| • | Ranked<br> as a leader in HFS Horizons: Digital Engineering Service Providers, 2023 |
| --- | --- |
| • | Ranked<br> as a leader in HFS Horizons: Metaverse Services Providers 2023 |
| --- | --- |
| • | Positioned<br> as a leader in Constellation ShortList™ Innovation Services and Engineering |
| --- | --- |
| • | Positioned<br> as a leader in Constellation ShortList™ Learning Marketplaces |
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| • | Positioned<br> as a leader in Constellation ShortList™ Microsoft End-to-End Service Providers |
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| • | Rated<br> as a leader in NelsonHall Financial Services Cloud NEAT, BPaas NEAT, and SaaS NEAT 2023 |
| --- | --- |
| • | Recognized<br> as the Top Service Provider Across Nordics in the Whitelane Research and PA Consulting IT<br> Sourcing Study 2023 |
| --- | --- |
| • | Infosys<br> Finacle won the ‘Best Core Banking System Initiative in partnership with Bank Raya’<br> and ‘Best Retail Bank in partnership with Axis Bank’ at the Retail Banker International<br> Asia Trial blazer Awards 2023 |
| --- | --- |
| • | Infosys<br> BPM recognized as a Leader & Star Performer in Everest Group Capital Markets Operations<br> PEAK Matrix® Assessment 2023 |
| --- | --- |
| • | Infosys<br> BPM recognized as a Leader in Everest Group Marketing Services PEAK Matrix® Assessment<br> 2023 |
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| • | Infosys<br> BPM recognized as a Leader in the NelsonHall Financial Services Cloud, SaaS & BPaaS NEAT<br> 2023 |
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| • | Infosys<br> BPM and Rio Tinto won the SSON North America Impact Award 2023, in the Business Resiliency<br> category |
| --- | --- |
| • | Infosys<br> BPM won the Best CSR Impact Award at the Corporate Social Responsibility Summit & Awards<br> 2023 by UBS Forum |
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About Infosys
| Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.<br><br> <br>Visit www.infosys.com<br> to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next. |
|---|
Safe Harbor
This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
Contact
| Investor Relations | Sandeep Mahindroo <br>+91 80 3980 1018 <br>[email protected] | |
|---|---|---|
| Media Relations | Rishi Basu<br><br> +91 80 4156 3998<br><br> <br>[email protected] | Mary-Ellen Harn<br><br> +1 46999 63516<br><br> <br>[email protected] |
Infosys Limited and subsidiaries
Extracted from the Condensed ConsolidatedBalance Sheet under IFRS as at:
(Dollarsin millions)
| March 31, 2023 | March 31, 2022 | |
|---|---|---|
| ASSETS | ||
| Current assets | ||
| Cash and cash equivalents | 1,481 | 2,305 |
| Current investments | 841 | 880 |
| Trade receivables | 3,094 | 2,995 |
| Unbilled revenue | 1,861 | 1,526 |
| Other Current assets | 1,349 | 1,159 |
| Total current assets | 8,626 | 8,865 |
| Non-current assets | ||
| Property, plant and equipment and Right-of-use assets | 2,516 | 2,429 |
| Goodwill and other Intangible assets | 1,095 | 1,042 |
| Non-current investments | 1,530 | 1,801 |
| Unbilled revenue | 176 | 124 |
| Other non-current assets | 1,369 | 1,294 |
| Total non-current assets | 6,686 | 6,690 |
| Total assets | 15,312 | 15,555 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Trade payables | 470 | 545 |
| Unearned revenue | 872 | 834 |
| Employee benefit obligations | 292 | 288 |
| Other current liabilities and provisions | 3,135 | 2,766 |
| Total current liabilities | 4,769 | 4,433 |
| Non-current liabilities | ||
| Lease liabilities | 859 | 607 |
| Other non-current liabilities | 460 | 521 |
| Total non-current liabilities | 1,319 | 1,128 |
| Total liabilities | 6,088 | 5,561 |
| Total equity attributable to equity holders of the company | 9,172 | 9,941 |
| Non-controlling interests | 52 | 53 |
| Total equity | 9,224 | 9,994 |
| Total liabilities and equity | 15,312 | 15,555 |
Extracted from the Condensed ConsolidatedStatement of Comprehensive Income under IFRS for:
(Dollars in millions except per equity sharedata)
| 3 months ended March 31, 2023 | 3 months ended March 31, 2022 | Year ended March 31, 2023 | Year ended March 31, 2022 | |
|---|---|---|---|---|
| Revenues | 4,554 | 4,280 | 18,212 | 16,311 |
| Cost of sales | 3,164 | 2,955 | 12,709 | 10,996 |
| Gross profit | 1,390 | 1,325 | 5,503 | 5,315 |
| Operating expenses: | ||||
| Selling and marketing expenses | 202 | 179 | 776 | 692 |
| Administrative expenses | 231 | 226 | 902 | 868 |
| Total operating expenses | 433 | 405 | 1,678 | 1,560 |
| Operating profit | 957 | 920 | 3,825 | 3,755 |
| Other income, net ^(3)^ | 72 | 78 | 300 | 281 |
| Profit before income taxes | 1,029 | 998 | 4,125 | 4,036 |
| Income tax expense | 284 | 245 | 1,142 | 1,068 |
| Net profit (before minority interest) | 745 | 753 | 2,983 | 2,968 |
| Net profit (after minority interest) | 744 | 752 | 2,981 | 2,963 |
| Basic EPS ($) | 0.18 | 0.18 | 0.71 | 0.70 |
| Diluted EPS ($) | 0.18 | 0.18 | 0.71 | 0.70 |
NOTES:
| 1. | The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and year ended March 31, 2023, which have been taken on record at the Board meeting held on April 13, 2023. |
|---|---|
| 2. | A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com. |
| --- | --- |
| 3. | Other income is net of Finance Cost. |
| --- | --- |
| 4. | The quarter figures added up to the figures reported in previous quarters might not always add up to the year ended figures reported in this statement as all figures are taken from the source and rounded off to the nearest digits. |
| --- | --- |
Exhibit 99.3
Form of Release to Stock Exchanges
| Infosys Limited<br><br> <br>Regd. office: Electronics City, Hosur Road,<br><br> <br>Bengaluru – 560 100, India | CIN : L85110KA1981PLC013115<br><br> <br>Website: www.infosys.com<br><br> <br>Email: [email protected]<br><br> <br>T: 91 80 2852 0261, F: 91 80 2852 0362 |
|---|
Statement of Consolidated Audited Results of InfosysLimited and its subsidiaries for the quarter and year ended March 31, 2023 prepared in compliance with the Indian AccountingStandards (Ind-AS)
(in crore, except per equity share data)
| Particulars | Quarter endedMarch 31, | Quarter endedDecember 31, | Quarter endedMarch 31, | Year ended March 31, | |
|---|---|---|---|---|---|
| 2023 | 2022 | 2022 | 2023 | 2022 | |
| Audited | Audited | Audited | Audited | Audited | |
| Revenue from operations | 37,441 | 38,318 | 32,276 | 146,767 | 121,641 |
| Other income, net | 671 | 769 | 637 | 2,701 | 2,295 |
| Total Income | 38,112 | 39,087 | 32,913 | 149,468 | 123,936 |
| Expenses | |||||
| Employee benefit expenses | 20,311 | 20,272 | 16,658 | 78,359 | 63,986 |
| Cost of technical sub-contractors | 3,116 | 3,343 | 3,588 | 14,062 | 12,606 |
| Travel expenses | 426 | 360 | 309 | 1,525 | 827 |
| Cost of software packages and others | 2,886 | 3,085 | 2,268 | 10,902 | 6,811 |
| Communication expenses | 171 | 183 | 170 | 713 | 611 |
| Consultancy and professional charges | 387 | 401 | 521 | 1,684 | 1,885 |
| Depreciation and amortisation expenses | 1,121 | 1,125 | 890 | 4,225 | 3,476 |
| Finance cost | 82 | 80 | 50 | 284 | 200 |
| Other expenses | 1,146 | 1,307 | 916 | 4,392 | 3,424 |
| Total expenses | 29,646 | 30,156 | 25,370 | 116,146 | 93,826 |
| Profit before tax | 8,466 | 8,931 | 7,543 | 33,322 | 30,110 |
| Tax expense: | |||||
| Current tax | 2,260 | 2,195 | 1,825 | 9,287 | 7,811 |
| Deferred tax | 72 | 150 | 23 | (73) | 153 |
| Profit for the period | 6,134 | 6,586 | 5,695 | 24,108 | 22,146 |
| Other comprehensive income | |||||
| Items that will not be reclassified subsequently to profit or loss | |||||
| Remeasurement of the net defined benefit liability/asset, net | 25 | 29 | (13) | 8 | (85) |
| Equity instruments through other comprehensive income, net | (15) | 1 | 55 | (7) | 96 |
| Items that will be reclassified subsequently to profit or loss | |||||
| Fair value changes on derivatives designated as cash flow hedges, net | 36 | (57) | (12) | (7) | (8) |
| Exchange differences on translation of foreign operations | 61 | 676 | 137 | 776 | 228 |
| Fair value changes on investments, net | 42 | 48 | (65) | (256) | (49) |
| Total other comprehensive income/(loss), net of tax | 149 | 697 | 102 | 514 | 182 |
| Total comprehensive income for the period | 6,283 | 7,283 | 5,797 | 24,622 | 22,328 |
| Profit attributable to: | |||||
| Owners of the company | 6,128 | 6,586 | 5,686 | 24,095 | 22,110 |
| Non-controlling interests | 6 | – | 9 | 13 | 36 |
| 6,134 | 6,586 | 5,695 | 24,108 | 22,146 | |
| Total comprehensive income attributable to: | |||||
| Owners of the company | 6,276 | 7,268 | 5,787 | 24,598 | 22,293 |
| Non-controlling interests | 7 | 15 | 10 | 24 | 35 |
| 6,283 | 7,283 | 5,797 | 24,622 | 22,328 | |
| Paid up share capital (par value 5/- each, fully paid) |
2,069 | 2,086 | 2,098 | 2,069 | 2,098 |
| Other equity *^#^ | 73,338 | 73,252 | 73,252 | 73,338 | 73,252 |
| Earnings per equity share (par value 5/- each)** |
|||||
| Basic () |
14.79 | 15.72 | 13.56 | 57.63 | 52.52 |
| Diluted () |
14.77 | 15.70 | 13.54 | 57.54 | 52.41 |
| * | Balances for the quarter ended December 31, 2022 represent balances as per the auditedBalance Sheet for the year ended March 31, 2022 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 | ||||
| --- | --- | ||||
| ** | EPS is not annualized for the quarter ended March 31, 2023, quarter ended December 31,2022 and quarter ended March 31, 2022. | ||||
| --- | --- | ||||
| ^#^ | Excludes non-controlling interest | ||||
| --- | --- |
1. Notes pertaining to the current quarter
a) The audited interim consolidated financial statements for the quarter and year ended March 31, 2023 have been taken on record by the Board of Directors at its meeting held on April 13, 2023. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
b) Buyback of equity shares
The shareholders approved the proposal of buyback of
Equity Shares recommended by its Board of Directors by way of e-voting on the postal ballot, the results of which were declared on December
3, 2022. The buyback was offered to all equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in
Control of the Company) under the open market route through the stock exchange. The buyback of equity shares through the stock exchange
commenced on December 7, 2022 and was completed on February 13, 2023. During this buyback period the Company had purchased and extinguished
a total of 60,426,348 equity shares from the stock exchange at a volume weighted average buyback price of 1,539.06/- per equity
share comprising 1.44% of the pre buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of 9,300
crore (excluding transaction costs and tax on buyback). The Company funded the buyback from its free reserves including Securities Premium
as explained in Section 68 of the Companies Act, 2013. In accordance with section 69 of the Companies Act, 2013, as at March 31, 2023,
the Company has created ‘Capital Redemption Reserve’ of 30 crore equal to the nominal value of the shares bought back
as an appropriation from general reserve and retained earnings.
c) Board and Management changes
Board changes
| i) | The Board appointed D. Sundaram as the Lead Independent Director of the Company, effective<br>March 23, 2023 based on the recommendation of the Nomination and Remuneration Committee. |
|---|---|
| ii) | Kiran Mazumdar-Shaw retired as Lead Independent Director of the Company effective March 22,<br>2023 upon completion of her tenure. The Board placed on record its appreciation for Ms. Shaw's invaluable contribution, guidance, and<br>strategic vision, that has helped the Company build and execute a resilient growth strategy. |
| --- | --- |
| iii) | The Board took note of Uri Levine’s retirement effective April 19, 2023 upon completion<br>of his term. Uri Levine was appointed as an independent director for a period of three years from April 20, 2020 to April 19, 2023. The<br>Board placed on record its appreciation for his contributions to the Company. |
| --- | --- |
Other management changes
| i) | Shaji Mathew is appointed as the Group Head of Human Resources effective March 22, 2023 |
|---|---|
| ii) | Krishnamurthy Shankar retired as the Group Head of Human Resources effective March 21, 2023.<br>The Board placed on record its appreciation for the services rendered by him. |
| --- | --- |
| iii) | Mohit Joshi, President resigned from the Company. He is on leave from March 11, 2023 and<br>will stay on leave till the last date with the Company i.e June 09, 2023. The Board placed on record its appreciation for the services<br>rendered by him. |
| --- | --- |
d) Update on employee stock grants
The Board, on April 13, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved :
| i) | The following annual grants to Salil Parekh, CEO and MD as per his employment agreement approved<br>by shareholders: |
|---|---|
| a) | The grant of annual performance-based stock incentives (Annual Performance Equity Grant)<br>of Restricted Stock Units (RSU's) amounting to 34.75 crore for the financial year 2024 under the 2015<br>Stock Incentive Compensation Plan (2015 plan). These RSUs will vest 12 months from the date of grant subject to achievement of performance<br>targets as determined by the Board. ` |
| --- | --- |
| b) | The grant of annual performance-based stock incentives (Annual performance equity ESG grant)<br>in the form of RSU's covering Company’s equity shares having a market value of 2 crore as on<br>the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant subject to the Company’s achievement<br>of certain environment, social and governance milestones as determined by the Board. |
| --- | --- |
| c) | The grant of annual performance-based stock incentives (Annual performance Equity TSR grant)<br>in the form of RSU's covering Company’s equity shares having a market value of 5 crore as on<br>the date of the grant under the 2015 Plan, which shall vest after March 31, 2025 subject to the Company’s performance on cumulative<br>relative TSR over the years and as determined by the Board. |
| --- | --- |
| d) | The grant of annual performance-based stock incentives in the form of Restricted Stock Units<br>(RSU's) covering Company’s equity shares having a market value of 10 crore as on the date of<br>the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from the date of the grant<br>subject to the Company’s achievement of certain performance criteria as laid out in the 2019 Plan. |
| --- | --- |
| The above RSUs will be granted w.e.f May 2, 2023 and the number of RSU's will be calculated<br>based on the market price at the close of trading on May 2, 2023. | |
| --- | |
| ii) | The annual performance-based grant of RSUs amounting to 0.87<br>crore for the financial year 2024 under the 2015 plan to a Key Managerial Personnel (KMP). These RSUs will vest in line with the current<br>employment agreement based on the achievement of certain performance targets. The RSUs will be granted w.e.f May 2, 2023 and the number<br>of RSU's will be calculated based on the market price at the close of trading on May 2, 2023. |
| --- | --- |
| iii) | The grant of 4,500 one time RSUs to two eligible employees under the 2015 plan w.e.f May<br>2, 2023. These RSUs will vest over a period of three to four years. |
| --- | --- |
2. Information on dividends for the quarter andyear ended March 31, 2023
For financial year 2023, the Board recommended a final
dividend of 17.50/- (par value of 5/- each) per equity share. This payment is subject to the approval of shareholders in
the Annual General Meeting (AGM) of the Company to be held on June 28, 2023. The record date for the purpose of the payment of final dividend
is June 2, 2023. The dividend will be paid on July 3, 2023. For the financial year ended 2022, the Company declared a final dividend of
16/- per equity share.
The Board of Directors declared an interim dividend
of 16.50/- (par value 5/- each) per equity share. The record date for the payment was October 28, 2022 and the same was
paid on November 10, 2022. The interim dividend declared in the previous year was 15/- per equity share
(in )
| Particulars | Quarter endedMarch 31, | Quarter endedDecember 31, | Quarter endedMarch 31, | Year endedMarch 31, | |
|---|---|---|---|---|---|
| **** | 2023 | 2022 | 2022 | 2023 | 2022 |
| Dividend per share (par value 5/- each) |
|||||
| Interim dividend | – | – | – | 16.50 | 15.00 |
| Final dividend | 17.50 | – | 16.00 | 17.50 | 16.00 |
3. Audited Consolidated Balance Sheet
(in crore)
| Particulars | As at | |
|---|---|---|
| March 31, 2023 | March 31, 2022 | |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 13,346 | 13,075 |
| Right of use assets | 6,882 | 4,823 |
| Capital work-in-progress | 288 | 416 |
| Goodwill | 7,248 | 6,195 |
| Other Intangible assets | 1,749 | 1,707 |
| Financial assets | ||
| Investments | 12,569 | 13,651 |
| Loans | 39 | 34 |
| Other financial assets | 2,798 | 1,460 |
| Deferred tax assets (net) | 1,245 | 1,212 |
| Income tax assets (net) | 6,453 | 6,098 |
| Other non-current assets | 2,318 | 2,029 |
| Total non-current assets | 54,935 | 50,700 |
| Current assets | ||
| Financial assets | ||
| Investments | 6,909 | 6,673 |
| Trade receivables | 25,424 | 22,698 |
| Cash and cash equivalents | 12,173 | 17,472 |
| Loans | 289 | 248 |
| Other financial assets | 11,604 | 8,727 |
| Income tax assets (net) | 6 | 54 |
| Other current assets | 14,476 | 11,313 |
| Total current assets | 70,881 | 67,185 |
| Total Assets | 125,816 | 117,885 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 2,069 | 2,098 |
| Other equity | 73,338 | 73,252 |
| Total equity attributable to equity holders of the Company | 75,407 | 75,350 |
| Non-controlling interests | 388 | 386 |
| Total equity | 75,795 | 75,736 |
| Liabilities | ||
| Non-current liabilities | ||
| Financial liabilities | ||
| Lease liabilities | 7,057 | 4,602 |
| Other financial liabilities | 2,058 | 2,337 |
| Deferred tax liabilities (net) | 1,220 | 1,156 |
| Other non-current liabilities | 500 | 451 |
| Total non-current liabilities | 10,835 | 8,546 |
| Current liabilities | ||
| Financial liabilities | ||
| Lease liabilities | 1,242 | 872 |
| Trade payables | 3,865 | 4,134 |
| Other financial liabilities | 18,558 | 15,837 |
| Other Current Liabilities | 10,830 | 9,178 |
| Provisions | 1,307 | 975 |
| Income tax liabilities (net) | 3,384 | 2,607 |
| Total current liabilities | 39,186 | 33,603 |
| Total equity and liabilities | 125,816 | 117,885 |
The disclosure is an extract of the audited ConsolidatedBalance Sheet as at March 31, 2023 and March 31, 2022 prepared in compliance with the Indian Accounting Standards (Ind-AS).
4. Audited Consolidated Statement of Cash Flows
(in crore)
| Particulars | Year ended March 31, | |
|---|---|---|
| 2023 | 2022 | |
| Cash flow from operating activities | ||
| Profit for the year | 24,108 | 22,146 |
| Adjustments to reconcile net profit to net cash provided by operating activities: | ||
| Income tax expense | 9,214 | 7,964 |
| Depreciation and amortization | 4,225 | 3,476 |
| Interest and dividend income | (1,817) | (1,645) |
| Finance cost | 284 | 200 |
| Impairment loss recognized / (reversed) under expected credit loss model | 283 | 170 |
| Exchange differences on translation of assets and liabilities, net | 161 | 119 |
| Stock compensation expense | 519 | 415 |
| Other adjustments | 628 | 76 |
| Changes in assets and liabilities | ||
| Trade receivables and unbilled revenue | (7,076) | (7,937) |
| Loans, other financial assets and other assets | (3,108) | (1,914) |
| Trade payables | (279) | 1,489 |
| Other financial liabilities, other liabilities and provisions | 4,119 | 6,938 |
| Cash generated from operations | 31,261 | 31,497 |
| Income taxes paid | (8,794) | (7,612) |
| Net cash generated by operating activities | 22,467 | 23,885 |
| Cash flows from investing activities | ||
| Expenditure on property, plant and equipment and intangibles | (2,579) | (2,161) |
| Deposits placed with corporation | (996) | (906) |
| Redemption of deposits placed with Corporation | 762 | 753 |
| Interest and dividend received | 1,525 | 1,898 |
| Payment towards acquisition of business, net of cash acquired | (910) | - |
| Payment of contingent consideration pertaining to acquisition of business | (60) | (53) |
| Escrow and other deposits pertaining to Buyback | (483) | (420) |
| Redemption of escrow and other deposits pertaining to Buyback | 483 | 420 |
| Other receipts | 71 | 67 |
| Other payments | – | (22) |
| Payments to acquire Investments | ||
| Tax free bonds and government bonds | (27) | – |
| Liquid mutual fund units | (70,631) | (54,064) |
| Target maturity fund | (400) | – |
| Certificates of deposit | (10,348) | (4,184) |
| Commercial paper | (3,003) | – |
| Non convertible debentures | (249) | (1,609) |
| Government securities | (1,569) | (4,254) |
| Others | (20) | (24) |
| Proceeds on sale of Investments | ||
| Tax free bonds and government bonds | 221 | 20 |
| Liquid mutual fund units | 71,851 | 53,669 |
| Certificates of deposit | 10,404 | 787 |
| Commercial paper | 2,298 | – |
| Non-convertible debentures | 470 | 2,201 |
| Government securities | 1,882 | 1,457 |
| Equity and preference securities | 99 | – |
| Others | – | 9 |
| Net cash (used in) / from investing activities | (1,209) | (6,416) |
| Cash flows from financing activities: | ||
| Payment of lease liabilities | (1,231) | (915) |
| Payment of dividends | (13,631) | (12,652) |
| Payment of dividend to non-controlling interest of subsidiary | (22) | (79) |
| Shares issued on exercise of employee stock options | 35 | 21 |
| Payment towards purchase of non-controlling interest | – | (2) |
| Other receipts | 132 | 236 |
| Other payments | (479) | (126) |
| Buyback of equity shares including transaction cost and tax on buyback | (11,499) | (11,125) |
| Net cash used in financing activities | (26,695) | (24,642) |
| Net increase / (decrease) in cash and cash equivalents | (5,437) | (7,173) |
| Effect of exchange rate changes on cash and cash equivalents | 138 | (69) |
| Cash and cash equivalents at the beginning of the period | 17,472 | 24,714 |
| Cash and cash equivalents at the end of the period | 12,173 | 17,472 |
| Supplementary information: | ||
| Restricted cash balance | 362 | 471 |
The disclosure is an extract of the audited ConsolidatedStatement of Cash flows for the year ended March 31, 2023 and March 31, 2022 prepared in compliance with Indian Accounting Standard (IndAS) 34 Interim Financial Reporting.
5. Segment reporting (Consolidated - Audited)
(in crore)
| Particulars | Quarter endedMarch 31, | Quarter endedDecember 31, | Quarter endedMarch 31, | Year ended March 31, | |
|---|---|---|---|---|---|
| 2023 | 2022 | 2022 | 2023 | 2022 | |
| Revenue by business segment | |||||
| Financial Services ^(1)^ | 10,818 | 11,235 | 10,096 | 43,763 | 38,902 |
| Retail ^(2)^ | 5,537 | 5,480 | 4,617 | 21,204 | 17,734 |
| Communication ^(3)^ | 4,411 | 4,710 | 4,132 | 18,086 | 15,182 |
| Energy, Utilities, Resources and Services | 4,825 | 4,957 | 3,872 | 18,539 | 14,484 |
| Manufacturing | 5,078 | 5,099 | 3,816 | 19,035 | 13,336 |
| Hi-Tech | 2,989 | 3,095 | 2,649 | 11,867 | 10,036 |
| Life Sciences ^(4)^ | 2,681 | 2,695 | 2,140 | 10,085 | 8,517 |
| All other segments ^(5)^ | 1,102 | 1,047 | 954 | 4,188 | 3,450 |
| Total | 37,441 | 38,318 | 32,276 | 146,767 | 121,641 |
| Less: Inter-segment revenue | – | – | – | – | – |
| Net revenue from operations | 37,441 | 38,318 | 32,276 | 146,767 | 121,641 |
| Segment profit before tax, depreciation and non-controlling interests: | |||||
| Financial Services ^(1)^ | 2,600 | 2,678 | 2,578 | 10,843 | 10,314 |
| Retail ^(2)^ | 1,634 | 1,646 | 1,516 | 6,396 | 6,130 |
| Communication ^(3)^ | 958 | 1,042 | 884 | 3,759 | 3,372 |
| Energy, Utilities , Resources and Services | 1,302 | 1,457 | 1,111 | 5,155 | 4,225 |
| Manufacturing | 902 | 1,035 | 426 | 3,113 | 2,408 |
| Hi-Tech | 750 | 813 | 672 | 2,959 | 2,495 |
| Life Sciences ^(4)^ | 705 | 684 | 583 | 2,566 | 2,380 |
| All other segments ^(5)^ | 147 | 12 | 76 | 339 | 167 |
| Total | 8,998 | 9,367 | 7,846 | 35,130 | 31,491 |
| Less: Other Unallocable expenditure | 1,121 | 1,125 | 890 | 4,225 | 3,476 |
| Add: Unallocable other income | 671 | 769 | 637 | 2,701 | 2,295 |
| Less: Finance cost | 82 | 80 | 50 | 284 | 200 |
| Profit before tax and non-controlling interests | 8,466 | 8,931 | 7,543 | 33,322 | 30,110 |
| ^(1)^ | Financial Services include enterprises in Financial Services and Insurance | ||||
| --- | --- | ||||
| ^(2)^ | Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics | ||||
| --- | --- | ||||
| ^(3)^ | Communication includes enterprises in Communication, Telecom OEM and Media | ||||
| --- | --- | ||||
| ^(4)^ | Life Sciences includes enterprises in Life sciences and Health care | ||||
| --- | --- | ||||
| ^(5)^ | All other segments include operating segments of businesses in India, Japan, China, InfosysPublic Services & other enterprises in Public Services | ||||
| --- | --- |
Notes on segment information
Business segments
Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.
Segmental capital employed
Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
(in crore)
| Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended<br><br> <br>March 31, | Year ended March 31, | |
|---|---|---|---|---|---|
| 2023 | 2022 | 2022 | 2023 | 2022 | |
| Revenue from operations | 30,531 | 32,389 | 27,426 | 124,014 | 103,940 |
| Profit before tax | 7,957 | 8,295 | 6,908 | 31,643 | 28,495 |
| Profit for the period | 5,904 | 6,210 | 5,177 | 23,268 | 21,235 |
The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the Stock Exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone financial statements as stated.
| By order of the Board | |
|---|---|
| for Infosys Limited | |
| Bengaluru, India<br><br> <br>April 13, 2023 | Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director |
The Board has also taken on record the consolidatedresults of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2023, prepared as per International FinancialReporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:
(in US$ million, except per equity share data)
| Particulars | Quarter endedMarch 31, | Quarter endedDecember 31, | Quarter endedMarch 31, | Year ended March 31, | |
|---|---|---|---|---|---|
| 2023 | 2022 | 2022 | 2023 | 2022 | |
| Audited | Audited | Audited | Audited | Audited | |
| Revenues | 4,554 | 4,659 | 4,280 | 18,212 | 16,311 |
| Cost of sales | 3,164 | 3,230 | 2,955 | 12,709 | 10,996 |
| Gross profit | 1,390 | 1,429 | 1,325 | 5,503 | 5,315 |
| Operating expenses | 433 | 428 | 405 | 1,678 | 1,560 |
| Operating profit | 957 | 1,001 | 920 | 3,825 | 3,755 |
| Other income, net | 82 | 94 | 84 | 335 | 308 |
| Finance cost | 10 | 10 | 6 | 35 | 27 |
| Profit before income taxes | 1,029 | 1,085 | 998 | 4,125 | 4,036 |
| Income tax expense | 284 | 285 | 245 | 1,142 | 1,068 |
| Net profit | 745 | 800 | 753 | 2,983 | 2,968 |
| Earnings per equity share * | |||||
| Basic | 0.18 | 0.19 | 0.18 | 0.71 | 0.70 |
| Diluted | 0.18 | 0.19 | 0.18 | 0.71 | 0.70 |
| Total assets | 15,312 | 15,226 | 15,555 | 15,312 | 15,555 |
| Cash and cash equivalents and current investments | 2,322 | 2,456 | 3,185 | 2,322 | 3,185 |
| * | EPS is not annualized for the quarter ended March 31, 2023, quarter ended December 31,2022 and quarter ended March 31, 2022. | ||||
| --- | --- |
This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.