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 quarter ended June 30, 2024

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
EXHIBIT 99.4
EXHIBIT 99.5
EXHIBIT 99.6
EXHIBIT 99.7
EXHIBIT 99.8
EXHIBIT 99.9
EXHIBIT 99.10

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 ended June 30, 2024.

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 July 18, 2024, We announced our results of operations for the quarter ended June 30, 2024. We issued press releases announcing our results under International Financial Reporting Standards (“IFRS”) in U.S. dollars and Indian rupees, copies of which are attached to this Form 6-K as Exhibits 99.1 and 99.2, respectively.

On July 18, 2024, we held a press conference to announce our results, which was followed by a question and answer session. The transcript of this press conference is attached to this Form 6-K as Exhibit 99.3.

We have also made available to the public on our website, www.infosys.com, a fact sheet that provides details on our profit and loss account summary for the quarter ended June 30, 2024 and 2023 (as per IFRS); revenue by client geography, business segment; information regarding our client concentration; employee information and metrics; consolidated IT services information; and cash flow information. We have attached this fact sheet to this Form 6-K as Exhibit 99.4.

On July 18, 2024, we also held a teleconference with investors and analysts to discuss our results. The transcripts of the teleconference are attached to this Form 6-K as Exhibit 99.5.

We placed form of releases to stock exchanges and advertisements in certain Indian newspapers concerning our results of operations for the quarter ended June 30, 2024, under Ind AS. A copy of the release to the stock exchanges and the advertisement is attached to this Form 6-K as Exhibit 99.6.

We have made available to the public on our website, www.infosys.com, the following: Audited Interim Condensed Financial Statements in compliance with IFRS in US dollars and the Auditors Report; Audited Interim Condensed Financial Statements in compliance with IFRS in Indian Rupees and the Auditors Report; Audited Interim Ind AS Condensed Standalone Financial Statements and the Auditors Report; Audited Interim Ind AS Condensed Consolidated Financial Statements and the Auditors Report for the quarter ended June 30, 2024. We have attached these documents to this Form 6-K as Exhibits 99.7, 99.8, 99.9 and 99.10, respectively.

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
	/s/ Inderpreet Sawhney
Date: July 24, 2024	Inderpreet Sawhney<br><br> <br>General Counsel and Chief Compliance Officer

INDEX TO EXHIBITS

Exhibit No.	Description of Document
99.1	IFRS USD press release
99.2	IFRS INR press release
99.3	Transcript of July 18, 2024 press conference
99.4	Fact<br> Sheet regarding Registrant's Statement of Profit and Loss for the quarters ended June 30, 2024 and 2023 (as per IFRS); revenue by<br> Business Segment, Client Geography, information regarding Client Concentration; Employee Information and Metrics, Consolidated IT<br> Services Information and Cash Flow Information
99.5	Transcript of July 18, 2024 earnings call
99.6	Form of release to stock exchanges and advertisement placed in Indian newspapers
99.7	Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its Subsidiaries in compliance with International Financial Reporting Standards (IFRS) in US Dollars and the Auditors Report thereon
99.8	Audited Interim Consolidated Financial Statements of Infosys Limited and its Subsidiaries in compliance with IFRS in Indian Rupees and the Auditors Report thereon
99.9	Audited<br> Interim Condensed Financial Statements of Infosys Limited for the quarter ended June 30, 2024 in compliance with Indian Accounting<br> Standards (INDAS) and the Auditors Report thereon
99.10	Audited<br> Interim Condensed Consolidated Financial Statements of Infosys Limited and its subsidiaries in compliance with INDAS for the quarter<br> ended June 30, 2024 and the Auditors Report thereon

Exhibit 99.1

IFRS USD Press Release

Stellar all round performance with 3.6% sequential revenue growth in cc, 1% operating margin expansion

Revenue guidance at 3%-4% and operating margin guidance at 20%-22%

Highest Free Cash Flow at $1.1 billion; Record number of large deals at 34 with $4.1 billion TCV

Bengaluru, India – July 18, 2024: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $4,714 million in Q1 revenues with a sequential growth of 3.6% and year on year growth of 2.5% in constant currency. Operating margin was at 21.1%, a sequential expansion of 1%. Free cash flow was highest ever at $1,094 million, an increase of 56.5% year over year. Number of large deal wins were highest ever at 34 with TCV of $4.1 billion, 57.6% being net new.

“We had an excellent start to FY25 with strong and broad-based growth, operating margin expansion, robust large deals, and highest ever cash generation. This is a testimony to our differentiated service offerings, enormous client trust, and relentless execution”, said Salil Parekh, CEO and MD. “With our focused approach for generative AI for enterprises working with their data sets on a cloud foundation, we have strong traction with our clients. This is building on our Topaz and Cobalt capabilities” he added.

growth percentage

Guidance for FY25:

·	Revenue growth of 3%-4% in constant<br> currency
·	Operating<br> margin of 20%-22%
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1.	Key highlights:
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For the quarter ended June 30, 2024
---
<br> ·<br> <br> <br> Revenues in CC terms grew by 2.5% YoY and by 3.6% QoQ<br><br><br> <br><br> <br><br><br> <br><br> ·<br> <br> <br> Reported revenues at $4,714 million, growth of 2.1% YoY<br><br><br> <br><br> <br><br><br> <br><br> ·<br> <br> <br> Operating margin at 21.1%, growth of 0.3% YoY and 1.0% QoQ<br><br><br> <br><br> <br><br><br> <br><br> ·<br> <br> <br> Basic EPS at $0.18, increase of 5.4% YoY<br><br><br> <br><br> <br><br><br> <br><br> ·<br> <br> <br> FCF at $1,094 million, growth of 56.5% YoY; FCF conversion at 143.2% of net profit<br><br><br> <br><br> <br>

“Our relentless drive on cost optimization through Project Maximus, a comprehensive margin expansion program, is reflected in the all-round improvement in key operating metrices leading to 1.0% growth in operating margin in Q1”, said Jayesh Sanghrajka, CFO. “We had the highest ever FCF generation at $1.1 bn and ROE increased to 33.6% due to higher payouts to investors”, he added.

2. Update on in-tech acquisition

Infosys has completed the acquisition of in-tech, a leading Engineering R&D services provider focused on German automotive industry. This follows the announcement the company made on April 18, 2024.

Headquartered in Germany, in-tech, is one of the fastest growing Engineering R&D services providers that shapes digitization in the automotive, rail transport and smart industry sectors. in-tech develops solutions in e-mobility, connected and autonomous driving, electric vehicles, off-road vehicles and railroad. in-tech brings to Infosys, marquee German original equipment manufacturers, deep client relationships, and an extensive industry expertise with a multidisciplinary team of 2,200 people across locations in Germany, Austria, China, UK, and nearshore locations in Czech Republic, Romania, Spain, and India.

The entire shareholding in in-tech Group India Private Limited, a step-down subsidiary of in-tech Holding GmbH, will be acquired by Infosys Limited. Infosys is delighted to welcome in-tech and its leadership team.

3. Client wins & Testimonials

·	Infosys<br> announced a strategic multi-year collaboration with Telstra to accelerate its software engineering and IT transformation journey<br> and further enhance their customer experience. Kim Krogh Andersen, Group Executive, Product and Technology, Telstra, said,<br> “Consumers around the world have significantly increased their expectations when it comes to the seamless, digital delivery<br> of their products and services. As we approach the tipping point of Generative AI and an avalanche of digital adoption, strategic<br> partnerships with global leaders such as Infosys are critical to support our shared ambitions for digital leadership.”
·	Infosys<br> launched Infosys AsterTM – a set of AI-amplified marketing services, solutions and platforms that deliver engaging brand<br> experiences, enhanced marketing efficiency, and accelerated effectiveness for business growth. Tom Portman, Group VP, Online Transformation and Group Head of Digital Channels, ABB, said, “Infosys Aster™ is bringing expertise to help us<br> reimagine, engineer, and activate best-in-class omnichannel experiences for our customers, partners, and prospects enabling them<br> to quickly access the relevant and up to date information they need. We see the potential of AI to amplify these capabilities and<br> significantly raise the bar in the delivery of personalized content, ensuring predictability of engagement. We are elevating the<br> way we connect with our customers and how our customers connect with us.”
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·	Infosys<br> collaborated with La-Z-Boy to establish a Testing Center of Excellence. Infosys will provide comprehensive Quality Engineering<br> services by leveraging modern technologies and AI automation tools. Carol Lee, CIO, La-Z-Boy, said, “We chose Infosys<br> as our strategic partner due to their impressive track record of establishing strong testing center of excellence along with providing<br> comprehensive testing services by leveraging their QA methodologies, industry leading tools, transforming QA powered by Gen AI,<br> AI/ML led tools and accelerators.”
---	---
·	Infosys<br> announced a strategic three-year partnership with the ABB FIA Formula E World Championship as its official Digital Innovation Partner.<br> Jeff Dodds, Chief Executive Officer, Formula E, said, “Infosys' expertise in cutting-edge technologies makes them<br> the ideal partner to help us drive the future of electric motorsport. We are excited to work with them to deliver exceptional experiences<br> for our global fan base and further strengthen Formula E's position as a leader in sustainable, digital-first sports. Infosys'<br> commitment to sustainability and innovation aligns perfectly with our vision, and we are confident that this collaboration will<br> unlock new avenues in our key focus areas."
---	---
·	Infosys<br> announced a multi-year strategic collaboration with First Abu Dhabi Bank (FAB) to optimize and modernize FAB’s IT infrastructure<br> services. Suhail Bin Tarraf, Group Chief Operating Officer, First Abu Dhabi Bank (FAB), said, “At FAB, we are committed<br> to transforming our IT organization and delivering world-class services that drive tangible business outcomes. After a thorough<br> evaluation, we selected Infosys as our strategic partner due to their proven expertise, innovative solutions, and the strong trust<br> they built at all levels. Infosys’ outcome-oriented managed services model coupled with their automation-powered delivery<br> approach will help us significantly improve service quality, compliance, and operational efficiency.”
---	---
·	Infosys<br> and Posti extended their strategic collaboration to help Posti enhance its customer experience and operational efficiency, leveraging<br> Infosys Topaz. Petteri Naulapää, CIO & SVP, ICT and Digitalization, Posti Group, said, “We are pleased<br> to announce the renewal of our collaboration with Infosys for another seven years. This decision is underpinned by a robust service<br> delivery coupled with a spirit of continuous innovation by leveraging enterprise AI capabilities through Infosys Topaz. Infosys'<br> continuous commitment to delivering customer satisfaction and a sharp focus on emerging technologies such as cloud, data, and AI<br> will help in catalysing Posti’s digital transformation journey in line with its larger corporate strategy of delivering on<br> an industry-leading operational efficiency.”
---	---
·	Infosys<br> collaborated with Proximus to revamp their ServiceNow platform by leveraging Infosys Cobalt. Antonietta Mastroianni, Chief Digital and IT Officer, Proximus, said, “Our collaboration with Infosys marks a transformative leap in reshaping the telecom<br> realm. Infosys' technical expertise in transforming legacy environments with the ServiceNow platform makes it an ideal choice for<br> collaboration. Together, we will continue to revolutionize service delivery and provide enhanced customer experience.”
---	---
·	Infosys<br> announced successful completion of the technology landscape separation program of Team Global Express. Danny Gravell, CIO of Team Global Express, said, “Our partnership with Infosys enabled us to successfully set up an independent technology<br> capability and transform our foundation technology platforms. We value Infosys’ thought leadership, collaborative approach,<br> and experience in implementing infrastructure and cloud transformation programs as a true strategic partner. By using the ready-to-use<br> templates from Infosys Cobalt, we could complete the transformation at speed with maximum efficiency. This program has enabled<br> us to work towards providing the best possible experience for our customers."
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·	Infosys<br> collaborated with Commerzbank to consolidate their trading ecosystem on a unified Murex platform to help the bank accelerate its<br> digital transformation journey. Sebastian Kauck, CIO Corporate Clients, Commerzbank, said, "The successful platform<br> consolidation is a major achievement after three years of hard work. Throughout this project, the collaboration of our internal<br> teams with Murex, Infosys and other external partners has always been an integral part to its success. The new setup enables Commerzbank<br> to significantly enhance process efficiency and simultaneously reduce costs. Additionally, it lays the foundation for future business<br> growth as adapting to market changes can be done more swiftly.”
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4. Recognitions & Awards

Brand

·	Rated as Top 100 most valuable brand in the world by Kantar BrandZ; Ranked among<br> the most-trusted brands<br> in India and the US
·	Recognized as one of India’s Best Employers Among Nation-Builders 2024 by<br> the Great Place To Work®<br> Institute
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·	Recognized as one of India’s Best Companies to Work for 2024 by the Great<br> Place To Work® Institute
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·	Infosys was recognized as one of the “Most Honored” companies,<br> receiving multiple awards at<br> the 2024 All-Asia Executive Team Rankings from Institutional Investor
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·	Infosys’ Investor Relations (IR) function has been recognized one of the top<br> two IR Functions amongst<br> Indian companies in an annual survey conducted by FinanceAsia
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AI and Cloud Services

·	Positioned as a leader in HFS Horizons: Industry Cloud Service Providers, 2024
·	Recognized as a leader in Avasant’s Applied AI Services 2024 Radarview
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Key Digital Services

·	Rated as a leader in The Forrester Wave: Continuous Automation And Testing<br> Services, Q2 2024
·	Recognized as a leader in Capital Markets IT Services PEAK Matrix Assessment 2024<br> by Everest
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·	Positioned as a leader in ISG’s SAP Ecosystem 2024 Provider Lens study in<br> US, Germany, and Global
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·	Positioned as a leader in ISG Salesforce Ecosystem Partners 2024 Provider Lens<br> study in US
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·	Recognized as a leader in Avasant’s Cybersecurity Services 2024 Radarview
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·	Recognized as a leader in Avasant’s Multisourcing Service Integration<br> 2023–2024 Radarview
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·	Infosys-Fluido won ‘Best Salesforce Partner to Work For’ at the 2024<br> Digital Revolution Awards
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Industry & Solutions

·	Rated as a leader in Healthcare Industry Cloud Services PEAK Matrix Assessment<br> 2024 by Everest
·	Recognized as a leader in Wealth & Asset Management 2024 by NelsonHall
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·	Positioned as a leader in IDC MarketScape: Worldwide Distributed Energy Resource<br> Management Systems Service<br> Providers 2024 Vendor Assessment
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·	Positioned as a leader in IDC MarketScape: Worldwide Consulting and Digital<br> Services Providers for the<br> Upstream Oil and Gas Industry 2024 Vendor Assessment
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·	Positioned as a leader in IDC MarketScape: Worldwide Consulting and Digital<br> Services Providers for the<br> Downstream Oil and Gas Industry 2024 Vendor Assessment
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·	Recognized as a leader in Avasant’s Manufacturing Digital Services 2024<br> Radarview
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·	Infosys Finacle won the ‘Innovation in Offering Award with RCBC<br> DiskarTech’ and the ‘Customer<br> & Program Impact Award with IndusInd Bank’ at the IBSi Digital Banking Awards 2024
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·	Infosys BPM recognised as a leader in 2024 Gartner Magic Quadrant for Finance and<br> Accounting Business<br> Process Outsourcing
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·	Infosys BPM won the SS&C Blue Prism Partner Excellence Award 2024, under the<br> ‘Intelligent Automation<br> Award’ category for the APAC Region
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·	Infosys BPM won two awards at ATD 2024: ‘Excellence in Practice Award<br> 2024’ and ‘ATD<br> Best Award 2024’
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·	Infosys BPM won the PeopleFirst HR Excellence Award 2024, in the ‘Learning<br> & Development’<br> category
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·	Infosys BPM won an award at the CII National Lean Competition 2024
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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. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, 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. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident review and notification process are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the findings of the review of the extent and nature of data subject to unauthorized access and exfiltration in relation to the McCamish cybersecurity incident and reaction to such findings, the timing of the notification process, and the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the incident. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. 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<br> Relations	<br> Sandeep<br> Mahindroo<br><br><br> <br><br> +91<br> 80 3980 1018<br><br><br> <br><br> [email protected]<br>
Media<br> Relations	<br> Rishi<br> Basu<br><br><br> <br><br> +91<br> 80 4156 3998<br><br><br> <br><br> [email protected]<br>	<br> Harini<br> Babu<br><br><br> <br><br> +1<br> 469 996 3516<br><br><br> <br><br> [email protected]<br>

Infosys Limited and subsidiaries

Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:

(Dollars in millions)

	June 30, 2024	March 31, 2024
ASSETS
Current assets
Cash and cash equivalents	1,971	1,773
Earmarked bank balance for dividend ^(4)^	1,394	-
Current investments	1,051	1,548
Trade receivables	3,709	3,620
Unbilled revenue	1,511	1,531
Other Current assets	1,882	2,250
Total current assets	11,518	10,722
Non-current assets
Property, plant and equipment and Right-of-use assets	2,285	2,323
Goodwill and other Intangible assets	1,055	1,042
Non-current investments	1,340	1,404
Unbilled revenue	198	213
Other non-current assets	874	819
Total non-current assets	5,752	5,801
Total assets	17,270	16,523
LIABILITIES AND EQUITY
Current liabilities
Trade payables	443	474
Unearned revenue	834	880
Employee benefit obligations	336	314
Other current liabilities and provisions	4,473	2,983
Total current liabilities	6,086	4,651
Non-current liabilities
Lease liabilities	740	767
Other non-current liabilities	441	500
Total non-current liabilities	1,181	1,267
Total liabilities	7,267	5,918
Total equity attributable to equity holders of the company	9,956	10,559
Non-controlling interests	47	46
Total equity	10,003	10,605
Total liabilities and equity	17,270	16,523

Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for:

(Dollars in millions except per equity share data)

	3 months ended June 30, 2024	3 months ended June 30, 2023
Revenues	4,714	4,617
Cost of sales	3,259	3,211
Gross profit	1,455	1,406
Operating expenses:
Selling and marketing expenses	232	217
Administrative expenses	229	228
Total operating expenses	461	445
Operating profit	994	961
Other income, net ^(3)^	88	57
Profit before income taxes	1,082	1,018
Income tax expense	318	294
Net profit (before minority interest)	764	724
Net profit (after minority interest)	763	724
Basic EPS ($)	0.18	0.17
Diluted EPS ($)	0.18	0.17

NOTES:

1.	The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter ended June 30, 2024, which have been taken on record at the Board meeting held on July 18, 2024.
2.	A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.
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3.	Other income is net of Finance Cost.
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4.	Represents bank balance earmarked for final and special dividend. Payment date for dividend was July 1, 2024.
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Exhibit 99.2

IFRS INR Press Release

Stellar all round performance with 3.6% sequentialrevenue growth in cc, 1% operating margin expansion

Revenue guidance at 3%-4% and operating marginguidance at 20%-22%

Highest Free Cash Flow at $1.1 billion; Record number of large deals at 34 with $4.1 billion TCV

“We had an excellent start to FY25 with strong and broad-based growth, operating margin expansion, robust large deals, and highest ever cash generation. This is a testimony to our differentiated service offerings, enormous client trust, and relentless execution”, said Salil Parekh, CEO and MD. “With our focused approach for generative AI for enterprises working with their data sets on a cloud foundation, we have strong traction with our clients. This is building on our Topaz and Cobalt capabilities” he added.

Guidance for FY25:

·	Revenue growth of 3%-4% in constant currency
·	Operating margin of 20%-22%
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1. Key highlights:

For the quarter ended June 30, 2023
· <br> Revenues in CC terms grew by 2.5% YoY and by 3.6% QoQ<br><br> <br><br><br> <br>· <br> Reported revenues at 39,315 crore, growth of 3.6% YoY<br><br> <br><br><br> <br>· <br> Operating margin at 21.1%, growth of 0.3% YoY and 1.0% QoQ<br><br> <br><br><br> <br>· <br> Basic EPS at 15.38, increase of 7.0% YoY<br><br> <br><br><br> <br>· <br> FCF at 9,155<br>crore, growth of 59.2% YoY; FCF conversion at 143.6% of net profit

For the quarter ended June 30, 2023

· Revenues in CC terms grew by 2.5% YoY and by 3.6% QoQ · Reported revenues at rupee symbol

39,315 crore, growth of 3.6% YoY · Operating margin at 21.1%, growth of 0.3% YoY and 1.0% QoQ · Basic EPS at rupee symbol

15.38, increase of 7.0% YoY · FCF at rupee symbol

9,155 crore, growth of 59.2% YoY; FCF conversion at 143.6% of net profit

2. Update on in-tech acquisition

Infosys has completed the acquisition of in-tech, a leading Engineering R&D services provider focused on German automotive industry. This follows the announcement the company made on April 18, 2024.

3. Client wins & Testimonials

·	Infosys<br> announced a strategic multi-year collaboration with Telstra to accelerate its software engineering and IT transformation journey<br> and further enhance their customer experience. Kim Krogh Andersen, Group Executive, Product and Technology, Telstra, said,<br> “Consumers around the world have significantly increased their expectations when it comes to the seamless, digital delivery<br> of their products and services. As we approach the tipping point of Generative AI and an avalanche of digital adoption, strategic<br> partnerships with global leaders such as Infosys are critical to support our shared ambitions for digital leadership.”
·	Infosys<br> launched Infosys AsterTM – a set of AI-amplified marketing services, solutions and platforms that deliver engaging brand<br> experiences, enhanced marketing efficiency, and accelerated effectiveness for business growth. Tom Portman, Group VP, Online Transformation and Group Head of Digital Channels, ABB, said, “Infosys Aster™ is bringing expertise to help us<br> reimagine, engineer, and activate best-in-class omnichannel experiences for our customers, partners, and prospects enabling them<br> to quickly access the relevant and up to date information they need. We see the potential of AI to amplify these capabilities and<br> significantly raise the bar in the delivery of personalized content, ensuring predictability of engagement. We are elevating the<br> way we connect with our customers and how our customers connect with us.”
---	---
·	Infosys<br> collaborated with La-Z-Boy to establish a Testing Center of Excellence. Infosys will provide comprehensive Quality Engineering<br> services by leveraging modern technologies and AI automation tools. Carol Lee, CIO, La-Z-Boy, said, “We chose Infosys<br> as our strategic partner due to their impressive track record of establishing strong testing center of excellence along with providing<br> comprehensive testing services by leveraging their QA methodologies, industry leading tools, transforming QA powered by Gen AI,<br> AI/ML led tools and accelerators.”
---	---
·	Infosys<br> announced a strategic three-year partnership with the ABB FIA Formula E World Championship as its official Digital Innovation Partner.<br> Jeff Dodds, Chief Executive Officer, Formula E, said, “Infosys' expertise in cutting-edge technologies makes them<br> the ideal partner to help us drive the future of electric motorsport. We are excited to work with them to deliver exceptional experiences<br> for our global fan base and further strengthen Formula E's position as a leader in sustainable, digital-first sports. Infosys'<br> commitment to sustainability and innovation aligns perfectly with our vision, and we are confident that this collaboration will<br> unlock new avenues in our key focus areas."
---	---
·	Infosys<br> announced a multi-year strategic collaboration with First Abu Dhabi Bank (FAB) to optimize and modernize FAB’s IT infrastructure<br> services. Suhail Bin Tarraf, Group Chief Operating Officer, First Abu Dhabi Bank (FAB), said, “At FAB, we are committed<br> to transforming our IT organization and delivering world-class services that drive tangible business outcomes. After a thorough<br> evaluation, we selected Infosys as our strategic partner due to their proven expertise, innovative solutions, and the strong trust<br> they built at all levels. Infosys’ outcome-oriented managed services model coupled with their automation-powered delivery<br> approach will help us significantly improve service quality, compliance, and operational efficiency.”
---	---
·	Infosys<br> and Posti extended their strategic collaboration to help Posti enhance its customer experience and operational efficiency, leveraging<br> Infosys Topaz. Petteri Naulapää, CIO & SVP, ICT and Digitalization, Posti Group, said, “We are pleased<br> to announce the renewal of our collaboration with Infosys for another seven years. This decision is underpinned by a robust service<br> delivery coupled with a spirit of continuous innovation by leveraging enterprise AI capabilities through Infosys Topaz. Infosys'<br> continuous commitment to delivering customer satisfaction and a sharp focus on emerging technologies such as cloud, data, and AI<br> will help in catalysing Posti’s digital transformation journey in line with its larger corporate strategy of delivering on<br> an industry-leading operational efficiency.”
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·	Infosys<br> collaborated with Proximus to revamp their ServiceNow platform by leveraging Infosys Cobalt. Antonietta Mastroianni, Chief Digital and IT Officer, Proximus, said, “Our collaboration with Infosys marks a transformative leap in reshaping the telecom<br> realm. Infosys' technical expertise in transforming legacy environments with the ServiceNow platform makes it an ideal choice for<br> collaboration. Together, we will continue to revolutionize service delivery and provide enhanced customer experience.”
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·	Infosys<br> announced successful completion of the technology landscape separation program of Team Global Express. Danny Gravell, CIO of Team Global Express, said, “Our partnership with Infosys enabled us to successfully set up an independent technology<br> capability and transform our foundation technology platforms. We value Infosys’ thought leadership, collaborative approach,<br> and experience in implementing infrastructure and cloud transformation programs as a true strategic partner. By using the ready-to-use<br> templates from Infosys Cobalt, we could complete the transformation at speed with maximum efficiency. This program has enabled<br> us to work towards providing the best possible experience for our customers."
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·	Infosys<br> collaborated with Commerzbank to consolidate their trading ecosystem on a unified Murex platform to help the bank accelerate its<br> digital transformation journey. Sebastian Kauck, CIO Corporate Clients, Commerzbank, said, "The successful platform<br> consolidation is a major achievement after three years of hard work. Throughout this project, the collaboration of our internal<br> teams with Murex, Infosys and other external partners has always been an integral part to its success. The new setup enables Commerzbank<br> to significantly enhance process efficiency and simultaneously reduce costs. Additionally, it lays the foundation for future business<br> growth as adapting to market changes can be done more swiftly.”
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4. Recognitions & Awards

Brand

·	Rated as Top 100 most valuable brand in the world by Kantar BrandZ; Ranked among<br> the most-trusted brands<br> in India and the US
·	Recognized as one of India’s Best Employers Among Nation-Builders 2024 by<br> the Great Place To Work®<br> Institute
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·	Recognized as one of India’s Best Companies to Work for 2024 by the Great<br> Place To Work® Institute
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·	Infosys was recognized as one of the “Most Honored” companies,<br> receiving multiple awards at<br> the 2024 All-Asia Executive Team Rankings from Institutional Investor
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·	Infosys’ Investor Relations (IR) function has been recognized one of the top<br> two IR Functions amongst<br> Indian companies in an annual survey conducted by FinanceAsia
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AI and Cloud Services

·	Positioned as a leader in HFS Horizons: Industry Cloud Service Providers, 2024
·	Recognized as a leader in Avasant’s Applied AI Services 2024 Radarview
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Key Digital Services

·	Rated as a leader in The Forrester Wave: Continuous Automation And Testing<br> Services, Q2 2024
·	Recognized as a leader in Capital Markets IT Services PEAK Matrix Assessment 2024<br> by Everest
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·	Positioned as a leader in ISG’s SAP Ecosystem 2024 Provider Lens study in<br> US, Germany, and Global
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·	Positioned as a leader in ISG Salesforce Ecosystem Partners 2024 Provider Lens<br> study in US
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·	Recognized as a leader in Avasant’s Cybersecurity Services 2024 Radarview
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·	Recognized as a leader in Avasant’s Multisourcing Service Integration<br> 2023–2024 Radarview
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·	Infosys-Fluido won ‘Best Salesforce Partner to Work For’ at the 2024<br> Digital Revolution Awards
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Industry & Solutions

·	Rated as a leader in Healthcare Industry Cloud Services PEAK Matrix Assessment<br> 2024 by Everest
·	Recognized as a leader in Wealth & Asset Management 2024 by NelsonHall
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·	Positioned as a leader in IDC MarketScape: Worldwide Distributed Energy Resource<br> Management Systems Service<br> Providers 2024 Vendor Assessment
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·	Positioned as a leader in IDC MarketScape: Worldwide Consulting and Digital<br> Services Providers for the<br> Upstream Oil and Gas Industry 2024 Vendor Assessment
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·	Positioned as a leader in IDC MarketScape: Worldwide Consulting and Digital<br> Services Providers for the<br> Downstream Oil and Gas Industry 2024 Vendor Assessment
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·	Recognized as a leader in Avasant’s Manufacturing Digital Services 2024<br> Radarview
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·	Infosys Finacle won the ‘Innovation in Offering Award with RCBC<br> DiskarTech’ and the ‘Customer<br> & Program Impact Award with IndusInd Bank’ at the IBSi Digital Banking Awards 2024
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·	Infosys BPM recognised as a leader in 2024 Gartner Magic Quadrant for Finance and<br> Accounting Business<br> Process Outsourcing
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·	Infosys BPM won the SS&C Blue Prism Partner Excellence Award 2024, under the<br> ‘Intelligent Automation<br> Award’ category for the APAC Region
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·	Infosys BPM won two awards at ATD 2024: ‘Excellence in Practice Award<br> 2024’ and ‘ATD<br> Best Award 2024’
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·	Infosys BPM won the PeopleFirst HR Excellence Award 2024, in the ‘Learning<br> & Development’<br> category
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·	Infosys BPM won an award at the CII National Lean Competition 2024
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About Infosys

Safe Harbor

Contact

Investor<br> Relations	<br> Sandeep<br> Mahindroo<br><br><br> <br><br> +91<br> 80 3980 1018<br><br><br> <br><br> [email protected]<br>
Media<br> Relations	<br> Rishi<br> Basu<br><br><br> <br><br> +91<br> 80 4156 3998<br><br><br> <br><br> [email protected]<br>	<br> Harini<br> Babu<br><br><br> <br><br> +1<br> 469 996 3516<br><br><br> <br><br> [email protected]<br>

Infosys Limited and subsidiaries

Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:

(in rupee symbol crore)

	June 30, 2024	March 31, 2024
ASSETS
Current assets
Cash and cash equivalents	16,432	14,786
Earmarked bank balance for dividend ^(4)^	11,625	-
Current investments	8,762	12,915
Trade receivables	30,930	30,193
Unbilled revenue	12,601	12,768
Other Current assets	15,705	18,770
Total current assets	96,055	89,432
Non-current assets
Property, plant and equipment and Right-of-use assets	19,052	19,370
Goodwill and other Intangible assets	8,796	8,700
Non-current investments	11,174	11,708
Unbilled revenue	1,652	1,780
Other non-current assets	7,290	6,824
Total non-current assets	47,964	48,382
Total assets	144,019	137,814
LIABILITIES AND EQUITY
Current liabilities
Trade payables	3,693	3,956
Unearned revenue	6,956	7,341
Employee benefit obligations	2,805	2,622
Other current liabilities and provisions	37,297	24,875
Total current liabilities	50,751	38,794
Non-current liabilities
Lease liabilities	6,174	6,400
Other non-current liabilities	3,676	4,159
Total non-current liabilities	9,850	10,559
Total liabilities	60,601	49,353
Total equity attributable to equity holders of the company	83,069	88,116
Non-controlling interests	349	345
Total equity	83,418	88,461
Total liabilities and equity	144,019	137,814

Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for:

(in crore except per equity share data)

	3 months ended June 30, 2024	3 months ended June 30, 2023
Revenues	39,315	37,933
Cost of sales	27,177	26,382
Gross profit	12,138	11,551
Operating expenses:
Selling and marketing expenses	1,937	1,783
Administrative expenses	1,913	1,877
Total operating expenses	3,850	3,660
Operating profit	8,288	7,891
Other income, net ^(3)^	733	471
Profit before income taxes	9,021	8,362
Income tax expense	2,647	2,417
Net profit (before minority interest)	6,374	5,945
Net profit (after minority interest)	6,368	5,945
Basic EPS ()	15.38	14.37
Diluted EPS ()	15.35	14.35

NOTES:

1.	The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter ended June 30, 2024, which have been taken on record at the Board meeting held on July 18, 2024.
2.	A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.
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3.	Other income is net of Finance Cost.
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4.	Represents bank balance earmarked for final and special dividend. Payment date for dividend was July 1, 2024.
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Exhibit 99.3

Press Conference

Infosys LimitedQ1 FY25 Media Conference Call

July 18, 2024

CORPORATE PARTICIPANTS:

Salil Parekh

Chief Executive Officer & Managing Director

Jayesh Sanghrajka

Chief Financial Officer

**Rishi Basu (Emcee)**Corporate Communications

JOURNALISTS

Ritu Singh

CNBC TV18

Haripriya Sureban

The Hindu BusinessLine

Veena Mani

Times of India

Chandra R. Srikanth

Moneycontrol

Sameer Bakshi

Economic Times

Beena Parmar

Economic Times

Padmini Dhruvaraj

The Financial Express

Haripriya Suresh

Reuters

Jas Bardia

The Mint

Sanjana B

The Hindu Business Line

Sonal Choudhary

Deccan Herald

Rishi Basu

A very good evening, everyone and thank you for joining Infosys' First Quarter Financial Results. My name is Rishi and on behalf of Infosys, I would like to welcome all of you. As I always do, I request one question from each media house to accommodate everyone over the next hour.

And with that, let me invite our Chief Executive Officer, Mr. Salil Parekh, for his opening remarks. Over to you, Salil.

SalilParekh

Thanks, Rishi. Good afternoon and thank you all for being here with us today. We started the financial year with a strong performance in Q1 across multiple dimensions, including broad-based revenue growth, expansion in operating margin, strong large deal wins and strong cash generation.

Our revenues for the quarter grew 3.6% sequentially and 2.5% YoY in constant currency terms. I am particularly pleased with 7.9% growth in the financial services segment, where we are seeing improvement in client spend in North America. All geographies and most industry groups grew sequentially.

Volume growth turned positive after several quarters. We had another strong quarter of large deal wins with 34 large deals at a total contract value of $4.1bn. Our clients see us as a preferred partner of choice in consolidation, cost takeout and efficiency opportunities. This is also a reflection of our leadership strength.

With the mobilization of our margin program, we see positive impact on operating metrics. This resulted in our margin expanding by 1 (percentage) point sequentially. Free cash flow was highest ever at $1.1bn. We continue to see strong traction from our clients for Generative AI programs delivered through Topaz. Enterprises are focused on their own datasets that can be used in Generative AI large language models that create huge impact for them.

Along with our overall robust performance in Q1 and strong opportunity pipeline, we are seeing early signs of improvement in financial services vertical in the U.S. While discretionary spends continue to be under pressure, our highly differentiated offerings around driving efficiencies at scale and the transformation capabilities around Generative AI have positioned us well in this market.

With respect to our recent acquisition of in-tech, we have received the required approvals and have closed the acquisition transaction. Given our strong performance in Q1 and our current outlook, we have revised our revenue growth guidance for the full financial year to 3% to 4% growth in constant currency terms. Our operating margin guidance for the financial year remains at 20% to 22%.

With that, let us go ahead with the questions. Thank you.

RishiBasu

Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys. With that, the first question is from Ritu Singh from CNBC-TV18.

Ritu Singh

Hi. Ritu from CNBC. Thank you for the question. A huge upgrade in the constant currency revenue guidance, 3% to 4%. So firstly, while you highlighted in financial services in the U.S., you are seeing some signs of a pickup. Overall, what is your sense on discretionary spend coming back? Where are the verticals, you continue to see weakness?

And was all of this upgrade organic or have some of your past acquisitions that you have now completed had some role to play in this upgrade that we are seeing? Also, your margins are up about 100 basis points over the previous quarter. I just wanted to understand, is there headroom for further growth when you are expecting to take the wage hikes, etc.?

And just one more question, if I may on your headcount. As we have been asking you for the past several quarters, its now six quarters, it is been coming down. What are your hiring plans for the year, if you could just throw some light on that?

Salil Parekh

Thanks for your question. Let me start with the first one. On the guidance, the way we see what is going on in the market and our guidance. First, we had a strong performance in Q1 on volumes, as well as the point that we made on financial services in the U.S.

Second, we had a very strong performance on large deals in Q1, which gives us more visibility into this financial year. And third, we completed the in-tech acquisition, which also helps us in this guidance. And Jayesh will give some color on the specifics with in-tech as well. On the margins, Jayesh, will you?

Jayesh Sanghrajka

Yes, so if you look at this quarter's margins, we have already expanded our margins by 100 basis points. If you look at the put-and-takes of that, almost 100 basis points came from last quarter's normalization. Last quarter, we had one-off, which impacted our margins. We had 80 basis points coming from Project Maximus, which is our margin expansion program, on the back of better pricing, which is value-based selling, better benefits from our efficiency pyramid, which is utilization, etc., and 40 basis points came from one-off benefit that we got in this quarter from one of the clients on revenue side. So those were the positives. On the headwinds, we had 1.2% coming from better variable pay and higher leave and other costs, resulting in almost 1% margin expansion for the quarter. The Project Maximus as you know, we are working on it for the last couple of quarters and it has started showing results. Our long-term – medium-term objective on that is to expand margins from where we are. This year's guidance continues to remain 20% to 22%.

Coming back to your last question on the headcount, as you know last multiple quarters, we have moved to the agile hiring base. That basically means we hire freshers both from the campus and off the campus. This quarter we had a 2,000 person net decline, which is lower than the previous quarters. Our utilization is already at 85%, so we have a little headroom now left. So, as we start seeing growth, we will look at hiring. We are looking at hiring 15,000 to 20,000 freshers this year, depending on how we see the growth.

Ritu Singh

On the first question, when you say the in-tech acquisition also played a role in you upping your guidance, could you give us a clear breakup, how much of it is coming organically and how much inorganically?

Jayesh Sanghrajka

So, we do not break up guidance, first of all, between acquisition and non-acquisition. But if you look at the disclosure that we made when we acquired in-tech, the annual revenue of in-tech was around €170 mn. So you can in a way, back calculate. But we do not really break up how much of guidance is between organic and inorganic.

Rishi Basu

Thanks, Ritu. The next question is from Haripriya Sureban from NDTV Profit.

Haripriya Sureban

Sir, could you give us a broader sense on the demand environment when it comes to other regions than America's? And what is happening on the pricing bit? What has changed since the last quarter? What gives you the confidence in terms of like upping the guidance?

Salil Parekh

I will go with the first point on the demand environment. In other regions what we see is we have continued to see good growth. First, sequential growth was good across all the geographies. But we see good demand, in this sort of an environment, in the European market where we have had good traction and we have also had some of our large deals ramping up in that environment equally in what we see in the U.S. or the North American market as well. So, both of those we are seeing good traction on.

Jayesh will also give a little bit more color on the industry later. And the second point – go ahead, Jayesh.

Jayesh Sanghrajka

Sorry, what was the second point?

Salil Parekh

The second point on the pricing.

Jayesh Sanghrajka

So, pricing environment has pretty much remained stable, but if you look at again one of the pillars of Maximus is value-based selling where we have been able to make an impact which has helped us improve our overall pricing, but overall environment has continued to remain stable.

Coming to the sectors that Salil wanted me to talk about. If you look at financial services as Salil mentioned earlier, the U.S. financial services we have started to see some recovery, especially in the cards payments, capital markets areas. Manufacturing continues to remain strong as a sector. Our manufacturing growth, we expect this year to be lower than the last year because last year we had a very strong growth in manufacturing. Retail and EURS remain similar to our commentary earlier and hi-tech continues to remain softer.

Rishi Basu

Thank you. The next question is from Veena Mani from The Times of India.

Veena Mani

Hi, gentlemen. I have a few questions. Some of your peers who had the same sort of numbers with some positive growth, could give us an outline only up to the next quarter on what things look like. What do you think the next few quarters of this financial year would be? Would you be able to tell us a little bit more about how the macro environment is going to be like and the deal environment is going to be like?

Secondly, I wanted to ask you about how your internal fulfilment goes. IJP is a huge thing at Infosys. So would that be a focus going on or would you again go back to the market and hire extensively, not just freshers, but even laterals? And the other thing is about McCamish. So you called out in your annual reports that the cyber security is not as adequate as you would want it to be. So are you going to expand that coverage? What is it like you are going to be doing on the cybersecurity front? And with the McCamish incident, does it make it even more pertinent for you to add to your cybersecurity measures?

Salil Parekh

So let me start with the first one, the macro. On the macro, I think the sense we have is the discretionary spend which is a function of macro as it impacts our clients is still the same as what we were seeing in the past quarter with the exception that we saw a little bit better outcome for financial services in the U.S., but otherwise it is the same. So it is a discretionary still low from where it was several quarters ago. Now to see beyond, so the way we do this like at this time in the start of Q2 we will have an outlook of what we can see into the environment over the next few months. We do not have a view which is, let us say, what will happen at the end of the financial year and so on. So that is how we are seeing it today.

But as we see, as we have done now, as we see any changes like what we saw in financial services, we then, at the end of the quarter, come back and update things on that. On the second point, on IJP or the fulfilment, I think the view is we always look at fulfilment from what we have. As Jayesh shared, our utilization is looking at a fairly good level.

We will still have fulfilment internally, but we will also potentially, as we see the demand, have recruitment, both on campus and at other levels as well. On McCamish, I think we issued a statement on April 18, 2024. In addition to that, the e-discovery process has been completed, and McCamish is in the process of coordinating with its clients to ensure all the notifications are provided.

In addition, the U.S. State Attorney Generals and Insurance Commissioners have also been notified, i.e., what we can share with respect to McCamish.

Rishi Basu

Thank you, Veena. The next question is from Moneycontrol, Chandra.

Chandra R.Srikanth

Hi, Salil. Hi, Jayesh. Salil, in terms of business segments, with the exception of financial services, which is seen in uptake, all the other verticals are more or less, flat sequentially. I think retail has declined by some basis points. So give us a sense of what you are seeing there. You have already spoken about how financial services is looking up. And in terms of geography also, North America has declined sequentially. Europe is flat. Rest of the world is flat. But India has seen an uptick. So what is driving the growth for you? Is there a specific project that is helping you?

Also last month, I think during your AGM, Nandan Nilekani mentioned that you have 225 Gen AI POCs -- projects. So if you can give us a sense of your pipeline, are you going to be, giving us a sense of what the size is? Because TCS has called out 1.5 bn. I think Accenture has called out 2 bn. Will you be quantifying that?

Jayesh, for you, I think utilisation has helped, excluding trainees, it is gone up by 2 percentage points. You have also increased offshoring by, I think, a few basis points, which has helped your margins. So will you be utilising these levers? I mean, can you spread these levers more in the next quarter to keep up margins?

Salil finally, do you have a view on the reservation bill that Karnataka mooted and now it is paused? But as one of the biggest companies operating in Karnataka, what is your view on reserving jobs for locals? Thank you.

Salil Parekh

So there are a few questions. Let me start first with Generative AI. Jayesh will talk a little bit about the industries and the geographies. On Generative AI, we are making huge impact. And as Nandan shared, at the AGM, the sort of work we are doing is massive. We are not, at this stage, disclosing and quantifying externally our revenue from it.

The work we are doing is quite incredible. The focus is really on what enterprises are doing for Generative AI. And what are enterprises doing? They are working on their own datasets within the confine of the enterprise and making sure that the benefit of that comes through for them. For example, there is work that is massively going on in customer service. There is work that is going on in software development. There is work that is going on across process optimization in knowledge.

So there are a variety of areas in which Generative AI work that we are doing for clients is making a huge impact. And there are several examples, some of which we also shared in our Annual Report, some of which without client names, where we are working on for projects for Generative AI. Let me also -- let Jayesh talk about the industry, and then we can go to the other ones.

Jayesh Sanghrajka

Yes. So I think, Chandra, the numbers that you are looking at are YoY numbers. If you look at the sequential numbers, financial services have grown 7.9%, manufacturing has grown 3.6%. Almost all segments have grown, and all the geographies have grown this quarter. So that is what Salil was referring to in terms of broad-based growth this quarter sequentially.

Coming to your other question on margins, while utilization has pretty much reached the peak level in our mind, there are other levers, value-based selling, more offshoring, near-shoring. All of those are still levers that we have that we will look at in terms of expanding margins from where we are.

Chandra R.Srikanth

The geography split, Jayesh.

Jayesh Sanghrajka

The fact sheet. You are referring to the fact sheet?

Chandra R.Srikanth

Yes.

Jayesh Sanghrajka

The fact sheet is YoY numbers. They are YoY numbers.

Rishi Basu

I think the question was on reservation, the last question.

Salil Parekh

The question -- first, we are planning to work with all the regulations that the state and central governments will work on. We support whatever regulations and guidelines that will come. We will wait and see what they look like as time develops. But our approach in general is to make sure we align to the new laws and regulations that come out.

Rishi Basu

Thank you, Chandra. The next question is from Beena Parmar and Sameer Bakshi from the Economic Times.

Beena Parmar

Hi. First, we want to know the guidance that you have revised. How much would be inorganic growth from that? And your India growth has also seen a large jump. Could you give us some clarity or color, on where does it come from? Is it from one large deal or do you see this going forward? Do you see this expanding?

And in terms of fresher hiring, you mentioned that you would be going to campuses and also looking at it laterally. How much would be campus recruitments from the number that you shared? And have the onboarding process of previous offers been done already?

Salil Parekh

So on the guidance, what we are seeing today, we had a very strong Q1. With that performance, which focused on specifically volumes, on financial services in the U.S. that gave us more confidence for the year. Then we saw the large deals in Q1 itself. That gave us more visibility for what we are seeing for the full year.

And then we had the acquisition with respect to in-tech. Those combined give us the support to increase our revenue growth guidance. As Jayesh said, we do not split out the guidance between organic and inorganic. However, the revenue number for in-tech is something that we have shared, Jayesh just shared that. And so from that basis, you can add it is a part of it.

There is a vast majority of it is coming from what we see in the volume, financial services and large deals. In terms of recruitment, as Jayesh just shared, we will be going to campus between the way we do campus, which is campus hires ongoing and at campus. And that is in the range of 15,000 to 20,000 for this financial year.

Beena Parmar

Is there a breakup on how much would be from campuses and otherwise?

Jayesh Sanghrajka

We generally do not break up that. It is a combination from the campus and off campus. As we see the demand environment growing, we will look at which is the best source of.

Beena Parmar

Has the onboarding of previous offers been done completely or is it still pending?

Jayesh Sanghrajka

It is -- a small portion of that would be pending. The rest is pretty much done.

Beena Parmar

And Salil, on the India growth, can you give us some color of where is it?

Salil Parekh

India growth, so there – first, India is a small part of our business. So each quarter with different events, it can go up and down. In general, India business is doing well for us in terms of growth. In this specific quarter, as Jayesh shared earlier, there was also one-off with respect to the India business. But in general, it is in good shape. It is a small number and sometimes there is more movement because of small numbers.

Beena Parmar

One more if I can add. From your existing deals, what kind of percentage would be Gen AI projects if at all, at least a ballpark number?

Salil Parekh

So in Generative AI, we are not sharing externally the value in terms of revenue or of the deals. What we are very clear about is if you look at industry ratings, if you look at what others are saying about Infosys and our Generative AI approach, it is leading in the market. We are also very careful. We are not combining Generative AI revenue with AI revenue. AI has been going on for a while. And really today, there is much more interest with clients on what Generative AI can derive. And that is our focus. That is where we believe we have leadership. And that is where there is a huge distinction between what large companies or enterprises are doing and what consumers are doing on Generative AI. And our focus is very much with the enterprise Generative AI.

Rishi Basu

Thank you, Beena. The next question is from Padmini Dhruvaraj from The Financial Express.

Padmini Dhruvaraj

Hi. So you said that you finished acquisition of your ER&D company. So from when do you see it contributing to your revenues? And how many POCs of your AI use cases are in production now? So this demand you said of BFS space in North America, is it also because the clients want to adopt the new technologies? And is bundling AI services in your regular deals or are AI deals becoming separate from your transformation deals?

Salil Parekh

Okay, so we will go one by one. I think the first one was on what we are seeing with Generative AI – sorry, ER&D. So the acquisition is complete. I think that was the question.

Padmini Dhruvaraj

From when you see…?

Salil Parekh

When? It is complete yesterday, so it will start from this quarter. And in fact, engineering services is one of those areas which is growing well for us. We are seeing a lot of traction in the automotive space, in the medical devices space, broadly across all elements of engineering services and we have had now two acquisitions that we have done on that.

Then the second was a demand in FS if that also includes, is it because of AI or not? So there what we are seeing with the demand in FS which we are seeing improvement in is across all of our capabilities. It is not only from AI or Generative AI. It is also for cost and efficiency, consolidation plays. It is also sometimes very specialized like in the payments and cards areas where we have some specialized capabilities, we see demand for those sort of activities, but it also includes AI in it.

On the percentage of projects which have gone from POC to production, we do not share that externally but what we do – what we did say and would continue to see is we are seeing a lot more work which is production projects. We are not seeing just POC work. It is real work in production with clients. For example, we are doing some work on credit risk analysis. Now this is a project which is in production with a bank where with Generative AI and AI we are able to improve the quality of the decision-making or help them improve the quality of decision-making and also the time, make it better. So this is a huge real impact that the client is seeing in this area.

Rishi Basu

Thank you. The next question is from Haripriya Suresh from Reuters.

Haripriya Suresh

Hi. Good evening. I think most questions have been asked, but for the last few quarters we have been talking about the delay in TCV to revenue conversion. Is that – does that timeline getting better or do you still – is there still as much caution and are you seeing any sort of transformation deals or are you mainly in the cost efficiency and vendor consolidation these kind of a thing? Also your wage hike cycle last year I know was delayed. Are you coming back to the old cycle? Has the cycle been delayed? What is that environment like? Also in BFSI I know you called out growth areas as cards payments, but are you still seeing any softness that you would want to call out? Thank you.

Salil Parekh

On the deals and the conversion, so there was I think two or three quarters ago we had spoken about some specific deals which it was a slower start than anticipated. Today, we are seeing our large deals converting in as per expectation. So we had already reset that expectation and it is as per that expectation. There is no further slowing and there is no other change in that. The type of deals we are mainly seeing that cost efficiency consolidation deals. There is still not the appetite to spend big on a transformation, technology transformation type of program, on the wage hike and the other one.

Jayesh Sanghrajka

So on the wage hike, as you would recall, we have done our last wage hike in November last year. At this point in time – and every time we do a wage hike, we take multiple factors into account, right from what is inflation, when the last time we did the wage hike, what is the peer practice, etc. And at this point in time we are evaluating all of that, but at the same time as I called out in my margin walk, we have improved our variable pay this year versus the last quarter and last year.

Rishi Basu

Thank you. The next question is from Jas Bardia from The Mint.

Jas Bardia

Good evening, sir. So you started the year with a 3.6% sequential growth in constant currency. And you termed it excellent in your prepared remarks. But you outline a full year growth between 3% and 4% in constant currency terms. So are you expecting business to decline in Q2 or the second half of the year? What explains this stepped outlook despite a strong start? And sir, the second question, over the last four quarters, the company has kind of underperformed. What explains the slowdown? Is it macroeconomic slowdown? Because Fortune 500 companies are doing well. The U.S. economy is resilient. So is this a macroeconomic slowdown, if at all? Or is this because of company-specific issues?

Salil Parekh

So the first one, in fact, my sense is we have done exceptionally well because of Infosys-specific reasons. 3.6% sequential growth is extremely strong in any environment, but especially in this environment. The reasons we have, a very well-defined approach on large deals which has been working well. We have a very clear approach on Generative AI, which is giving us good traction. We have, when the market looks at it, a very clear approach on digital transformation, which helps clients. And in this environment, a strong focus on cloud, which is also doing very well with the work we do in Cobalt.

The foundation of Generative AI is all of the data and how that is coming together. And there we have huge strength. So that is giving us a tremendous benefit. Then we have had the success on large deals in Q1. Then we have had a strong outcome on the operating margin because of the program we put in place some quarters ago on improving every aspect of how the operations work. And then we have free cash flow, which is at the highest level. So all of that combined give us a very strong start into this financial year.

For the guidance, the 3.6% becomes 2.5% on a YoY basis. So the guidance is more on a YoY basis where we have said is between 3% and 4%. And so we see that being supportive of the guidance we are driving for three reasons. A good Q1, which is because of volumes and a good FS outcome in U.S., very strong large deals. And the in-tech acquisition, which got closed in time. And so those are the reasons why the guidance has become 3% to 4%.

Now if you look at what is going on with the macro, the macro environment, at least in the western markets with high interest rates, has curtailed most companies from spending on big programs on digital transformation. And we had, as we transformed the company, moved to 65% of our work into digital. And that is where we see the change. My sense is as and when the macro changes and companies are spending on large technology programs, we are in the best position to start to get that benefit. And this quarter we start to see a little bit of that, not in the digital programs but in financial services in the U.S., which is what we have not seen in the past. So all of that really gives us the confidence for what we are seeing in this year.

Rishi Basu

Thank you. The next question is from Sanjana from the Hindu Business Line.

Sanjana B

Hello, gentlemen. So Infosys currently has 2.5 lakh employees that are trained in Gen AI. So what exactly does this mean? And what kind of investments or initiatives are going into this? And if you could tell us if this reduces or increases hiring requirements because there has been a reduction in headcount from last quarter. It is been around 1,900 employees?

Also, can you talk about how many roles are being added or will be added because of development on the AI front? And if you are looking to – and if you could give a breakup of how many people that you have currently hired for AI related roles? Thank you.

Salil Parekh

So on the training for AI, we have a program that enables our employees to get trained on different elements of AI and Generative AI. So there is training, which is more focused on awareness. There is training, which is more focused on developing and there is training, which is more focused on deep immersion. And all of that combined gives the total that we share externally for AI training.

Our view is all of our service lines are getting changed by deploying AI and Generative AI within each service line. So in any of our offerings, we are deploying it to make sure that we get the full benefit of it, and which is what we are driving to become an AI-first company. So we had a view when we became digital-first, cloud-first and now AI-first, so that positions us very differently with our clients.

In terms of recruitment, we do not specify how many people are getting recruited for A or B different specific category. But overall numbers is what Jayesh has shared in terms of people joining from college is between 15,000 and 20,000 for this financial year.

Rishi Basu

Thank you. The next question is from Sonal Choudhary from the Deccan Herald.

Sonal Choudhary

Hello, gentlemen. Congratulations on the stellar performance. You have already highlighted what has powered growth in this quarter, but if there is anything to add to that? Secondly, whether this growth momentum will sustain? If yes, what is providing that confidence? What is boosting that confidence?

Salil Parekh

So thank you for that. We are extremely pleased with the performance, and we think is something very specific to what we have done within the company and for our clients. The main elements of what is driving the growth is really focused on how we have set up, what we are driving within the Generative AI ecosystem, what we are driving with large deals, the intensity with which we are working with our clients across all the industries and then the benefits that we are seeing, for example, in Q1, from volumes, from financial services in the U.S., the overall large deal and the in-tech acquisitions. As we look ahead, our view is what we see today is what we have translated into the growth guidance as we see the year today.

We will see as the year progresses; we believe we have a leading ability with 3.6% QoQ growth in the market. We will see as the year progresses what other things we see in the environment with different industries like we have seen for financial services in the U.S., what other industries at what time if they change and so on and that will give us more and more confidence into the year. The way I would say that is the guidance is what we see today. So whatever we have seen in Q1, we have converted that to our guidance and that is what we see today in terms of the outlook.

Rishi Basu

Thank you. With that, we come to the end of this press conference. We thank our friends from media for being part of today's questions and answers. Thank you Salil, and thank you, Jayesh. Before we conclude, please note the archive webcast of this press conference will be available on the Infosys website and on our YouTube channel later today. Thank you, and please join us for some high tea outside.

Exhibit 99.4

FactSheet

Revenue Growth - Q125

	Reported	CC
QoQ growth (%)	3.3%	3.6%
YoY growth (%)	2.1%	2.5%

Revenues by Business Segments

(in %)

	Quarter ended			YoY Growth
	Jun 30, 2024	Mar 31, 2024	Jun 30, 2023	Reported	CC
Financial services	27.5	26.4	28.1	(0.1)	0.3
Retail	13.8	14.3	14.5	(3.0)	(3.0)
Communication	12.1	12.3	11.7	5.2	5.4
Energy, Utilities, Resources & Services	13.3	13.4	12.9	5.2	6.3
Manufacturing	14.7	14.7	14.1	6.4	6.0
Hi-Tech	8.0	8.7	8.1	1.5	2.1
Life Sciences	7.3	7.3	7.2	2.7	2.9
Others	3.3	2.9	3.4	1.7	4.5
Total	100.0	100.0	100.0	2.1	2.5

Revenues by Client Geography

(in %)

	Quarter ended			YoY Growth
	Jun 30, 2024	Mar 31, 2024	Jun 30, 2023	Reported	CC
North America	58.9	59.6	60.8	(1.2)	(1.2)
Europe	28.4	28.6	26.8	8.6	9.1
Rest of the world	9.6	9.6	9.7	0.6	2.3
India	3.1	2.2	2.7	18.4	19.9
Total	100.0	100.0	100.0	2.1	2.5

Client Data

	Quarter ended
	Jun 30, 2024	Mar 31, 2024	Jun 30, 2023
Number of Clients
Active	1,867	1,882	1,883
Added during the period (gross)	87	98	99
Number of Million dollar clients*
1 Million dollar +	987	959	940
10 Million dollar +	309	315	312
50 Million dollar +	84	83	79
100 Million dollar +	40	40	38
Client contribution to revenues
Top 5 clients	13.5%	13.6%	13.4%
Top 10 clients	20.9%	20.4%	20.4%
Top 25 clients	34.9%	34.3%	34.6%
Days Sales Outstanding*	72	71	63
*	LTM (Last twelve months) Revenues
---	---

Effort & Utilization –Consolidated IT Services

(in %)

	Quarter ended
	Jun 30, 2024	Mar 31, 2024	Jun 30, 2023
Effort
Onsite	23.9	24.2	24.7
Offshore	76.1	75.8	75.3
Utilization
Including trainees	83.9	82.0	78.9
Excluding trainees	85.3	83.5	81.1

Employee Metrics

(Nos.)

	Quarter ended
	Jun 30, 2024	Mar 31, 2024	Jun 30, 2023
Total employees	315,332	317,240	336,294
S/W professionals	298,123	299,814	317,611
Sales & Support	17,209	17,426	18,683
Voluntary Attrition % (LTM - IT Services)	12.7%	12.6%	17.3%
% of Women Employees	39.2%	39.3%	39.5%

Cash Flow

In US $ million

	Quarter ended
	Jun 30, 2024	Mar 31, 2024	Jun 30, 2023
Free cash flow ^(1)^	1,094	848	699
Consolidated cash and investments ^(2)(3)^	4,311	4,676	3,593

In crore

	Quarter ended
	Jun 30, 2024	Mar 31, 2024	Jun 30, 2023
Free cash flow ^(1)^	9,155	7,032	5,749
Consolidated cash and investments ^(2)(3)^	35,943	39,005	29,469
(1)	Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS (Non-IFRS measure)
---	---
(2)	Consolidated cash and investments comprise of cash and cash equivalents, current and non-current investments excluding investments in equity and preference shares and others (Non-IFRS measure)
---	---
(3)	As on June 30, 2024 cash balances excludes earmarked bank balance for dividend $1,394 Mn (11,625 crore), payment date for the dividend was July 1, 2024. As on June 30, 2023 cash balances excludes earmarked bank balance for dividend $885 Mn (7,262 crore), payment date for the dividend was July 3, 2023.
---	---

Consolidated statement ofComprehensive Income for three months ended,

(Extracted from IFRS FinancialStatement)

In US $ million, except perequity share data

Particulars	Jun 30, 2024	Jun 30, 2023	Growth %YoY	Mar 31, 2024	Growth %QoQ
Revenues	4,714	4,617	2.1%	4,564	3.3%
Cost of sales	3,259	3,211	1.5%	3,219	1.2%
Gross Profit	1,455	1,406	3.5%	1,345	8.2%
Operating Expenses:
Selling and marketing expenses	232	217	6.9%	209	11.0%
Administrative expenses	229	228	0.4%	219	4.6%
Total Operating Expenses	461	445	3.6%	428	7.7%
Operating Profit	994	961	3.4%	917	8.4%
Operating Margin %	21.1	20.8	0.3%	20.1	1.0%
Other Income, net^(1)(2)^	88	57	54.4%	315	-72.1%
Profit before income taxes	1,082	1,018	6.3%	1,232	-12.2%
Income tax expense^(2)^	318	294	8.2%	273	16.5%
Net Profit (before minority interest)	764	724	5.6%	959	-20.3%
Net Profit (after minority interest)	763	724	5.5%	958	-20.4%
Basic EPS ($)^(2)^	0.18	0.17	5.4%	0.23	-20.4%
Diluted EPS ($)^(2)^	0.18	0.17	5.3%	0.23	-20.4%
Dividend Per Share ($)^(2)(3)(4)^	–	**** –		0.24

Consolidated statement ofComprehensive Income for three months ended,

(Extracted from IFRS FinancialStatement)

In crore, exceptper equity share data

Particulars	Jun 30, 2024	Jun 30, 2023	Growth %YoY	Mar 31, 2024	Growth %QoQ
Revenues	39,315	37,933	3.6%	37,923	3.7%
Cost of sales	27,177	26,382	3.0%	26,748	1.6%
Gross Profit	12,138	11,551	5.1%	11,175	8.6%
Operating Expenses:
Selling and marketing expenses	1,937	1,783	8.6%	1,735	11.6%
Administrative expenses	1,913	1,877	1.9%	1,819	5.2%
Total Operating Expenses	3,850	3,660	5.2%	3,554	8.3%
Operating Profit	8,288	7,891	5.0%	7,621	8.8%
Operating Margin %	21.1	20.8	0.3%	20.1	1.0%
Other Income, net^(1)(2)^	733	471	55.6%	2,619	-72.0%
Profit before income taxes	9,021	8,362	7.9%	10,240	-11.9%
Income tax expense^(2)^	2,647	2,417	9.5%	2,265	16.9%
Net Profit (before minority interest)	6,374	5,945	7.2%	7,975	-20.1%
Net Profit (after minority interest)	6,368	5,945	7.1%	7,969	-20.1%
Basic EPS ()^(2)^	15.38	14.37	7.0%	19.25	-20.1%
Diluted EPS ()^(2)^	15.35	14.35	7.0%	19.22	-20.1%
Dividend Per Share ()^(3)^	–	–		20.00
(1)	Other income is net of Finance Cost
---	---
(2)	Includes interest income (pre-tax) of $232 Mn (1,933 crores) and reversal of net tax provisions amounting to $5 Mn (38 crores) on account of orders received under sections 250 & 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for certain assessment years. This has resulted in a positive impact on the consolidated Basic and Diluted EPS by approximately $0.06 (4.76) for the quarter ended March 31, 2024
---	---
(3)	Dividend excludes special Dividend of $0.10 (8.00) per share for the quarter ended March 31, 2024
---	---
(4)	USD/INR exchange rate of 83.41 considered for Q4’24
---	---

Exhibit 99.5

      **Earnings Conference Call**

Infosys Limited Earnings Conference Call

July 18, 2024

CORPORATE PARTICIPANTS

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Sandeep Mahindroo

Financial Controller and Head of Investor Relations

analystS

Ankur Rudra

JPMorgan

Keith Bachman

Bank of Montreal

Kumar Rakesh

BNP Paribas

Nitin Padmanabhan

Investec

Vibhor Singhal

Nuvama Equities

Gaurav Rateria

Morgan Stanley

Bryan Bergin

TD Cowen

James Friedman

Susquehanna International

Sumeet Jain

CLSA India

Kawaljeet Saluja

Kotak Securities

Jonathan Lee

Guggenheim Securities

Girish Pai

BOB Capital Markets

Moderator

Ladies and gentlemen, good day and welcome to Infosys Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Sandeep Mahindroo. Thank you, and over to you, sir.

SandeepMahindroo

Thanks, Neerav. Hello, everyone, and welcome to Infosys Earnings Call for Q1 FY'25. Joining us on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Jayesh Sanghrajka; and other members of the leadership team. We will start the call with some remarks on the performance of the company, subsequent to which the call will be opened up for questions.

Please note that anything we say which refers to our outlook for the future is a forward-looking statement, which must be read in conjunction with the risk that the company faces. A full statement and explanation of all these risks are available in our filings with the SEC, which can be found on www.sec.gov.

I would now like to pass on the call to Salil.

SalilParekh

Thanks, Sandeep. Good evening and good morning to everyone on the call. We started the financial year with a strong performance in Q1 across multiple dimensions, including broad-based revenue growth, expansion of operating margins, strong large deal wins and strong cash generation.

Our revenues for the quarter grew 3.6% sequentially and 2.5% YoY in constant currency terms. I am particularly pleased with 7.9% growth in Financial Services segment where we are seeing improvement in client spend in North America. All geographies and most industry groups grew sequentially. Volume growth turned positive after several quarters. We also had an improvement in realization.

We had another quarter of strong large deal wins with 34 large deals at a total contract value of $4.1 bn. Our clients see us as a preferred partner of choice for consolidation, cost takeout and efficiency programs. This is also a reflection of our leadership strength.

With the mobilization of our margin program, we see positive impact on our operating metrics and pricing. This resulted in our margin expanding by 1percentage point sequentially. Jayesh will elaborate on margin puts and takes later on the call.

Free cash flow was highest ever at $1.1 bn. Our employee attrition rate was at 12.7%. We continue to see strong traction from our clients for Generative AI programs delivered through Topaz. Enterprises are focused on their own data sets that can be used in Generative AI large language models.

As an example, we are partnering with a telecommunications leader to transform the product engineering practices with AI and to elevate both the customer and employee experience. Another example is how we are optimizing and modernizing IT infrastructure services and transforming the IT operating model with AI for a leading bank.

We are helping several of our clients prepare for the AI transformation journey by building strong data foundations with robust cloud capabilities using our Cobalt cloud services. Industry analysts acknowledge our leadership in the domain of enterprise Generative AI. We continue to invest in strengthening our AI capabilities and building AI-first solutions for clients.

During the quarter, we launched Aster, a marketing suite of AI amplified solutions for our clients to create brand experiences with enhanced marketing efficiency and accelerated performance effectiveness. Our investment in nurturing our global workforce with AI-first skills and expertise continues as over 270,000 of our employees are now well trained in building a wide range of AI-powered solutions for our clients.

We are today uniquely positioned as a digital-first, cloud-first and AI-first brand in the market. And our continued differentiation has helped us being recognized around the 100 most valuable brands in the world by Kantar BrandZ. We have also been ranked among the most trusted brands across U.S. and India.

Along with our overall robust performance in Q1 and strong opportunity pipeline, we are seeing early signs of improvement in Financial Services vertical in the U.S. While discretionary spends continue to be under pressure, our highly differentiated offerings around driving efficiencies at scale and transformation capabilities around Generative AI have positioned us well in the market.

With respect to our recent acquisition of in-tech, we have received the required approvals and have closed the acquisition.

Given our strong performance in Q1 and our current outlook, we have revised our revenue growth guidance for the full financial year to 3% to 4% growth in constant currency. Our operating margin guidance for the financial year remains at 20% to 22%.

With that, let me hand it over to Jayesh to share his update. Thank you.

JayeshSanghrajka

Thank you, Salil. Good morning and good evening, everyone, and thank you for joining the call today. We entered FY'25 focusing on key strategic priorities, including market share gains to accelerate revenue growth and drive margin improvement through Project Maximus.

I am delighted to highlight results that we have achieved across different business dimensions this quarter, including

-	strong and broad-based revenue growth across all geos and most verticals YoY in constant currency terms,
-	sequentially positive volume growth after several quarters coupled with improvement in realisation
---	---
-	Financial Services returned to positive sequential growth after six quarters with 7.9% growth in constant<br>currency terms
---	---
-	34 large deals signed during the quarter, which is a record number of deals in any quarter, large deal<br>TCV at $4.1 bn, including 58% net new..
---	---
-	Deal pipeline continues to remain strong
---	---
-	1% operating margin expansion sequentially
---	---
-	improvement in operating parameters including 1.8% increase in utilization and lowest on-site mix in 10<br>quarters
---	---
-	highest ever free cash flow generation in the quarter with free cash flows normalized for tax refunds<br>at 104% of net profit
---	---
-	fifth consecutive quarter of reduction in unbilled
---	---
-	attrition has remained stable and
---	---
-	increase in return on equity by 1.5% QoQ to 33.6% primarily resulting from higher payouts to investors
---	---

With that, let me now elaborate with details.

Revenue for Q1 was $4.7 bn, up 3.6% sequentially and 2.5% year-on-year in constant currency terms. This included benefit from improved realization from one-timers of 0.5%.

Operating margin improved by 1% sequentially to 21.1% led by 1.4% improvement in gross margins on account of strong operating performance across different dimensions. The major components of sequential margin walk are as follows:

Tailwinds of 2.2% comprising of normalization of Q4 one-timers of 1%, 0.8% benefit from Project Maximus largely from higher utilization and value-based selling, 0.4% from the improvement in realization mentioned above, partly offset by headwinds of 1.2% from higher variable pay, higher leave costs, offset by currency and others.

We continue to drive Project Maximus across the organization with strong intensity. Headcount at the end of the quarter stood at over 315,000 with utilization further increasing to 85.3%. LTM attrition was stable at 12.7%.

Unbilled revenues dropped for the fifth consecutive quarter to $1.7 bn. Free cash flows for the quarter was highest ever at $1,094 mn, a sequential increase of 29%. DSO for the quarter was 72 days compared to 71 days in Q4.

Consolidated cash and cash equivalents stood at $4.3 bn after factoring in payout of $1.4 bn towards dividend declared in Q4. Consequently, return on equity increased sequentially to 33.6%. Yield on cash balances were at 7% in Q1.

ETR for the quarter was 29.4%, which is in line with our expectation for the year. EPS grew by 7% in INR and by 5.4% in dollar terms on a YoY basis.

We closed 34 large deals with TCV of $4.1 bn, 58% of this was net new. Vertical-wise, we signed 8 deals each in Retail and Communication, 6 in EURS, 5 in Financial Services, 4 in Manufacturing, 2 in Hi-Tech and 1 in Life Sciences. Region-wise, we signed 21 large deals in America, 12 in Europe and 1 in ROW.

Coming to verticals,

BFSI returned to positive growth after six quarters led by ramp-ups of large deals and absence of one-off of last quarter. In the U.S., we see some recovery in areas like mortgage, capital markets and cards and payments. Overall, clients still remain cautious on spending and are focusing to deliver maximum business value through deals combining transformation, technology and operations. Pipeline remains strong, and we are working with the clients to accelerate their adoption of Gen AI for modernizing legacy platforms, fraud detection, credit process simplification, etc.

In Manufacturing, growth was broad-based across geographies and sub verticals like industrial, automotive and aerospace. While pressure on discretionary spends persist, we see increased benefits of vendor consolidation, opportunities around resolving supply chain bottlenecks and rationalizing infrastructure and applications. We see strong interest on Gen AI with deep client engagements. Our capability and pipeline in the engineering space will be solidified by the acquisition of in-tech, which will help us accelerate the segment growth in FY'25.

Growth in Communication was led by ramp-up of recent large deal wins. Overall environment, however, remains cautious with continued opex pressure and delayed decision-making. Telcos, despite challenges, are navigating their way by focusing on rapid digitization and reprioritization of spends.

Uncertainties in Retail sector continued with clients focusing on cost take outs to fund their business transformation journey. There are opportunities around areas like customer and employee experience, predictive analytics, digital marketing and landscape modernization. While the pipeline remains healthy, decision cycles continue to stay elongated.

Environment in EURS continues to be impacted by high interest rates and geopolitical conflicts, which are influencing the spend patterns. While pressure on discretionary spends persist, our differentiation in areas like energy transition, integration business and human experience is helping us build a strong pipeline.

Hi-tech vertical continues to remain soft.

Driven by a strong all-round performance in Q1, improvement in U.S. Financial Services, strong large deal closures and in-tech acquisition, we are increasing the revenue guidance to 3% to 4% in constant currency terms. We are maintaining our operating margin guidance at 20% to 22%.

And with that, we can open the call for the questions.

Moderator

Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Ankur Rudra from JPMorgan. Please go ahead.

AnkurRudra

Hi, thank you, and good to see very good numbers after a while. Just wanted to get a sense of, Salil, what is the breakup of the very strong momentum this quarter, if you could, between the large deals that you have won over the last year? Any kind of improvement in execution of short-cycle business or discretionary business and potentially better execution? And also when you answer that, if you can talk about how client conversations are changing, if there is anything turning a bit more positive, and any change in the momentum on the short-cycle deals, but large deals you can see is going on very strongly? Thanks.

SalilParekh

Thanks, Ankur. The view on discretionary or short cycle, what we are seeing is in Financial Services in the U.S., we have seen that shift that we have highlighted, and we saw that during the quarter. Outside of that, the discretionary still remains similar to where we were, when we started the year, which is still in a difficult situation. So that is the one that we have seen the change in.

The client conversations, in general, there is a lot of talk and discussion with Generative AI, but the programs, even though they are not POCs, the actual projects are not large revenue projects. And transformation is not so much what we are seeing. So even in a large deal, the vast majority is still cost takeout, efficiency, consolidation, automation, that type of work.

And in some instances, where there is the transformation – these are funded massively through cost takeout. So, it is not really large spends there. So that is how we are seeing the discretionary work at this time.

AnkurRudra

Thank you. And from here on, you have seen this change in Financial Services. In your client conversations, do you sense there is anything in particular, clients, especially in maybe the hi-tech space or energy and utility where you have highlighted, problems still persist or even manufacturing, which might change the client behaviour, maybe not this year, but into next year. What are the main things clients may be waiting for?

SalilParekh

So there, first on energy, utilities, we have had a good outcome last year. We have seen similar discussions now, not a huge change. Manufacturing again, good outcome last year, will be decent growth this year but just slower than last year. It is not like a big, big change there.

On hi-tech, it is still difficult as you point out. I do not know what the trigger could be. Of course, on a macro level, there is, not with clients, but generally speaking, a view that if U.S. inflation and interest rate and all of those discussions change, that will change something. But we do not know what will that trigger be.

AnkurRudra

Okay. I appreciate it. Maybe just one question for Jayesh. Jayesh, great performance on the margins. Could you maybe talk about how do you think about the puts and takes from here on? Utilization, especially including trainees, seems to be high. I guess that indicates fewer trainees in the system. What sort of headwind will we see from there?

Secondly, I am guessing there will be wage hikes some point in the next couple of quarters. So how are you thinking about what will help you maintain, if not improve, margins from here on and extend Project Maximus?

JayeshSanghrajka

Yes. So Ankur, thank you for that first. And if you look at the Project Maximus and we have talked about the five pillars of Project Maximus, many of them are starting to show results. VBS, which is value-based selling, is one of them, efficient pyramid, utilization and other factors are other part of it. Lean and automation is the third piece in that.

So, there are many of these tracks which are showing results, and we still believe there is more meat there. Of course, if you look at the headwinds, you will have a comp review at some point in time during the year that could be a headwind.

We have – at this point in time have not decided the timing, etc., of that. So that would be a headwind. Some of the large deals that we have signed, the transition and ramp-up of that would be a headwind. So, we will have to balance that as we go through the year. At this point in time, we are very confident of our margin guidance.

AnkurRudra

Appreciate it. Thank you and best of luck.

Moderator

Thank you. Next question is from the line of Keith from BMO. Please go ahead.

KeithBachman

Hi. Thank you very much. First, I wanted to get some additional feedback on Financial Services. You indicated that you thought that business outcomes or business energy had improved. I just wanted to hear a little bit more about that. It is certainly something we have not heard from some of our software-related companies. But what do you think is the driver of the improvement in Financial Services in particular?

JayeshSanghrajka

So, Keith, there, if you look at our commentary on that, we are seeing some recovery in U.S. Financial Services, specifically in the areas like mortgages, capital markets and cards payments and the larger clients there. So, we are seeing some volumes coming in and some recovery – some early signs of recovery in those areas.

KeithBachman

Do you think that is Infosys or do you think that – in other words, are you winning share in those accounts, or do you think that is a more broader base in, say, North American banks that there is a general trend towards recovery in spend?

JayeshSanghrajka

So, it is a combination of various factors. There are instances where we are consolidating. There are instances where we have won new and larger businesses. As I talked about, some of the large deals wins also in the Financial Service sector. So, I think there are multiple combination of those factors in that.

KeithBachman

Okay. And then just on the margin guide, in terms of puts and takes, you highlighted some on the previous question. But you closed the deal with adding almost $200 mn in revenue on a run rate basis. How is that impacting margins and/or any other issues you want to call out, including any comments on FX impact as you see it today in terms of margins? And that is it for me. Thank you very much.

JayeshSanghrajka

So, Keith, the acquisition that we have done, compared to the size of the company, is relatively smaller to have a material margin impact. And as you have seen from our filings also, the in-tech is coming with healthy margins and there are opportunities, etc., in synergies.

Coming to the forex, the forex has remained range bound for the last couple of quarters. So at this point in time, we do not really see an impact. But as you will appreciate, forex is range bound. I mean, forex is unpredictable, and it can have the margin benefit or impact depending on which way it goes. But at this point in time, it is remaining range bound.

KeithBachman

Okay. All right. Perfect. Many thanks. Congratulations on solid results.

JayeshSanghrajka

Thank you.

Operator

Next question is from the line of Kumar Rakesh from BNP Paribas. Please go ahead.

KumarRakesh

Hi. Good evening. Thank you for taking my question. My first question was for Jayesh, just a clarification. So during the press briefing, you talked about 40 bps of one-off impact in the margins. So, can you just help us understand the revenue and the margin impact coming out of that? And I understand it is a recovery which you have made from one of the customers based in India, if that is correct? Thanks.

JayeshSanghrajka

Yes. So that is right. This is for a customer base in India. It is one-off in the revenue, and therefore, most of that has flown into margin directly. So, 0.5% on revenue pretty much impacting 40 bps on margin.

KumarRakesh

Got it. Thanks for that. My second question was, Salil, for hyperscalers, we are seeing the growth is accelerating and also the AI demand especially for some of the chip makers such as NVIDIA has been quite strong. So, it does not seem like the discretionary demand is entirely missing in the market. So, is there a transformation in the underlying business mix which is happening where possibly discretionary demand for now at least is moving towards platform and hardware makers and not coming to services companies?

SalilParekh

So, there the view we have is what we saw, and we have highlighted so far. The shift in Financial Services in the U.S. shows that some of that type of demand is coming now. We will wait and see across all the industries, whether it is what you are describing, or whether tech services project discretionary work also comes back or whether there will be transformation programs in tech which will also come.

We are definitely seeing more and more discussions in enterprises on Generative AI programs. Jayesh also shared a couple of examples. I shared a couple of examples. And these are not POCs, these are actual projects where we are participating. So we do see that. My own sense is this U.S. FS is one data point. We will wait and see what some of the other data points look like.

KumarRakesh

So, Salil, what I was trying to understand was that is there a decoupling of discretionary demand which is happening or is this a sequence in which we will see first the hardware and platform makers getting the discretionary demand and eventually coming to services? So, is that a decoupling or a sequence of event which eventually comes to services as well? What do you think would be the chain of events?

SalilParekh

That is difficult to say. So again, it is just this year, one quarter, what we saw was that in Financial Services U.S. some of that discretionary work is there. Whether it was decoupled or following on from something, difficult to say but we did see some evidence of that.

KumarRakesh

Thanks a lot for that.

Moderator

Thank you. Next question is from the line of Nitin Padmanabhan from Investec. Please go ahead.

NitinPadmanabhan

Yes, hi. Good evening. Congrats on the quarter. I just wanted your thoughts on, one, the Financial Services space. You did mention that you saw growth from mortgages, cards, payments and obviously capital markets. When you think of the sustainability of this recovery, how should we think about it, because mortgages, for it to continue to give you a delta would require rates to come down meaningfully? And from a cards perspective, it looks like delinquencies in the U.S. are rising. So it is like a mixed data point that we see on the outside, but just wanted your thoughts on how are you thinking about the sustainability of the recovery on the Financial Services space? And then I had one more quick question?

JayeshSanghrajka

So, Nitin, what we are seeing right now is early signs, as I said, of recovery. Of course, it is early signs, so we do not know how sustainable at this point in time it is going to remain, but the fact that we saw volume growth after many quarters, we saw strong growth in our Financial Services after again six-odd quarters. So I think those are the positives that we are taking. We are seeing large deals, both the ones that we have signed and the ones there in the pipeline. So all of that put together gives us a little bit of confidence on that. But yes, we have to see more data points to see how the year progress.

NitinPadmanabhan

So one of your smaller peers characterized it as Financial Services who have sort of stalled multiple projects in the past and having not spent for almost six quarters having to make those spend because that is causing problems and thereby that is seeing a pickup with short-cycle projects on those deals. Would you characterize it similarly? Are you seeing something similar?

JayeshSanghrajka

I would not say that, Nitin, to be very honest. We are seeing this not specific to one-off clients. It could be limited to one-off clients for that player, I cannot comment on that, but we are not seeing it concentrated on one client, etc.

NitinPadmanabhan

All right. And lastly on the guidance, I think if we include the acquisition and normalize the earlier guidance for the acquisition, I think the earlier guidance would have been in the 2% to 4% range. Now it looks like they have narrowed it to 3% to 4%, including the acquisition on both cases despite the strong beat in the current quarter. So, is it just that you are being very watchful and careful about it or is there something more to it that you specifically worry about?

JayeshSanghrajka

So, Nitin, there we do not really break up the guidance into what is organic and what is for a specific acquisition that we have done. Having said that, if you look at our filings, the in-tech revenue for last year was €170 mn and we have just closed it. So we will only get part of that revenue. So you can do a back of the envelope calculation and the rest of it is going to be all the factors that Salil talked about, the Q1 performance including large deal wins, the volume and U.S. Financial Services while the discretionary still continues to remain challenging.

NitinPadmanabhan

Perfect. That is all from my end. Thank you and all the best.

JayeshSanghrajka

Thank you.

Moderator

Thank you. Next question is from the line of Vibhor Singhal from Nuvama Equities. Please go ahead.

VibhorSinghal

Hi. Good evening. Thanks for taking my question and congrats on a very solid start to the financial year. Salil, two questions from my side. One is we have seen that almost all verticals have done really well for us this quarter but for the Retail sector. I think Retail sector is something which is like in the almost entire industry, of your peers also, have kind of spoken about it. What is the outlook on this sector? I mean what do you think the clients are waiting for to restart their spends and where could those spends be coming in terms of the domains that we are looking at? And then I have a follow-up question?

JayeshSanghrajka

So, Vibhor, There I think it is a sectoral challenge at this point in time. The whole sector is going through challenges, and it is not specific to us. And as Salil was mentioning earlier, one of the factors could be U.S. interest rates recovering, etc., but it is hard to predict what will lead to recovery in the sector at this point in time.

VibhorSinghal

I mean just to dwell a little bit further on that, what exactly is – I mean so we know that because the macro-overhang is on most of the BFSI companies and all. At this point of time any specific thing that you think would be a trigger apart from let us say – I mean of course the interest rate that you mentioned that could possibly see these companies reverting their spend or difficult to call out that again?

JayeshSanghrajka

So Retail typically has higher exposure to discretionary as well, right, and that is going to be linked to the macro environment largely, Vibhor. So, I think that would be one of the key reasons. Otherwise outside of that we are winning deals. If you look at this quarter also, we have won eight large deals in Retail as well, but the discretionary spending has to come back.

VibhorSinghal

Got it. My second question is I think at the end of the last quarter, we had mentioned that we are expecting the first half to be better than the second half. Any change in that outlook given the deal win in this quarter has been quite strong? So if those were to slightly ramp up in the second half, would it be correct to say that maybe we can expect second half to be slightly better than what we were expecting it three months ago?

JayeshSanghrajka

So, Vibhor, two parts there. We still continue to believe our first half is going to be better than the second half. And Q1 is just a testimony of that. From that perspective, we have delivered from there. Of course, the fact that we have increased guidance is also a proof that we are seeing the three quarters better than what we envisaged earlier.

VibhorSinghal

Got it. Great. Thank you so much for taking my questions and wish you all the best.

JayeshSanghrajka

Thank you, Vibhor.

Moderator

Thank you. Next question is from the line of Gaurav Rateria from Morgan Stanley. Please go ahead.

GauravRateria

Salil, the first question is for you. On revenue, it looks like it has surprised you positively which is why you have raised the guidance. So, is it led by the ramp-up on the deals happening faster than you expected? Is it led by leakage in the discretionary improving compared to the last few quarters that you have seen?

SalilParekh

So, the way this quarter has gone, what we have seen is the volumes have been strong. We have then seen that change in the Financial Services in the U.S. which has given us more positive outcome for the quarter. Then some of the work that we are doing in terms of working with our clients on value and pricing has also translated overall into the mix for our revenue. And then the way we saw the outlook, as we did some of the large deals in this quarter which was a good outcome, and that gives us a little bit more visibility into the year. So all of those things led us to look at this as being a stronger outcome.

GauravRateria

Got it. Any reason to believe that this momentum could decelerate in the near term, any data point to suggest that or as of now you would expect the momentum to continue from a near-term perspective?

SalilParekh

So, what we have done is we have taken what we have seen in this quarter across the different industries and service offerings and then put in, as Jayesh shared, what is more typical which is our second half is usually lower than our first half. And with that we have created the outlook for the year, but we did not take into account any other trigger beyond what I just shared.

Gaurav Rateria

Thank you. Last question for Jayesh. What would be the incremental levers for margins from here on, utilization is near peak, subcon has already stabilized. Just trying to understand what could be the additional levers over the coming quarters? Thank you.

JayeshSanghrajka

Gaurav, if you look across all the pillars of Maximus, there are multiple of them firing. Value-based selling we have seen -- as we talked earlier, we have seen improvement in realization. So that is one lever we do have, we continue to have. We did talk about hiring some freshers as we go through the year so that would help in getting some better role ratios or better role mixes, etc., nearshoring, lean automation. So there are multiple levers we still have to improve or offset the headwinds. The headwinds that we see as today, as I said earlier, again, is comp -- which decision we will take as we progress through the year and the ramp up of the deals won towards the end of last year as well as this quarter.

GauravRateria

Thank you very much.

Moderator

Thank you. Next question is from the line of Bryan Bergin from TD Cowen. Please go ahead.

BryanBergin

Hi. Good evening. Thank you. First question I had is on Generative AI. Can you provide some detail on how Gen AI may be impacting your delivery productivity and whether it may be changing any nature of the contracting conversations with clients yet?

SalilParekh

Thanks for the question. On delivery and Generative AI, so what we have done, we have taken all of our service lines and start to put in place the impact of Generative AI and broadly AI into this. And that change is ongoing. A lot of it has happened. Where we are seeing some of the benefits on delivery relate to areas, for example, software development or process optimization. There is also a large benefit on productivity for more customer service type of areas that we have already demonstrated through. We do not have a lot of footprint on that within our current mix, but we know for new work, that is something that is being discussed with clients.

In each of these for the contracting, the way our clients are looking at it within their own enterprise on their own data set, when there is a client where we see and where they have, let us say, for software development, a single uniform approach across the whole company, which is not that frequent because of acquisitions and different decisions in different divisions and department, then the range of benefits is potentially higher.

And the contracting discussions are around what of those benefits will accrue with the client. So a lot of these discussions are in that spirit. There is some benefits that accrue to us and some to the client. But there are very few clients within their own data sets, which have large consistent tech landscape, which can give the full benefit of Generative AI right away.

Many clients also need that data infrastructure to be put in place where sometimes that is not in place today between structured and unstructured data. So, the work actually starts with building a data program when they are able to spend that on a data program and then to have the cloud capability in place so that part of the data, part of the apps is on the cloud for the client.

So the discussion is typically on here the roadmap for Generative AI in an enterprise, given the landscape of tech. And here are the first steps, data and cloud. And then here is something that can actually deliver impact today, which could be more, let us say, a smaller area of the company. But these are all discussions which are done which eventually relate to how contracting is done.

BryanBergin

Okay. That is helpful. Thank for the color. My follow-up's a clarification just on the 1Q onetime item. I think you cited 40 bps quarter-over-quarter op margin benefit and a similar revenue impact. Was that expected in your prior guidance? Or was that a surprise or a new item that was not expected before on the plan?

JayeshSanghrajka

That was not expected on prior guidance. That was a new item.

BryanBergin

All right. Thank you.

Moderator

Thank you. Next question is from the line of James Friedman from Susquehanna International. Please go ahead.

JamesFriedman

Hi good evening. Let me echo the congratulations. Salil, in terms of banking, is the improvement contemplated to continue?

SalilParekh

In terms of what, sorry?

Moderator

James sorry, a little louder, please?

JamesFriedman

I am sorry. In terms of the banking vertical, the BFSI vertical, is the growth contemplated to continue?

SalilParekh

So, what we see today is this change in the U.S. Financial Services. The way we have constructed our outlook is we are assuming that that will be the way it will progress. So we have not assumed that it will change. We have not also assumed that it will become much larger.

We have also not assumed that this will move to some other geography in Financial Services. So we do not know, but that is what the assumption is into our guidance. All the client discussions seem to indicate that U.S. Financial Services, we will have this sort of a traction, but that is the way we built our outlook.

JamesFriedman

Got it. Thank you. And then in terms of Europe, it has been an important source of growth for the company this cycle. Could you unpack some of the trends that you are seeing in Europe?

JayeshSanghrajka

On Europe, so what we are seeing is different things in different places. So for example, in the Nordic countries, we have had good traction over the last few quarters and even a little bit before in how we have engaged with clients. And we have seen some good expansion of our large deal programs.

We have seen some of that in Continental Europe broadly. If you look at some of the large deals across Telco, we have seen that a different type of a positive traction in Germany where we are seeing some of our local Europe competitors are having more constraints and where we are benefiting from those constraints as we are expanding. So it is different in different geographies and our focus or even industry, our focus has been to be a little bit more fine tuned into that market and then try to get the benefit of it.

JamesFriedman

Got it. Thank you Salil. I will just get back into the queue.

Moderator

Thank you. Next question is from the line of Sumeet Jain from CLSA India. Please go ahead.

SumeetJain

Hi, thanks for the opportunity. So firstly, I wanted to check in your previous guidance of 1% to 3% you gave in April, was in-tech acquisition part of the guidance?

JayeshSanghrajka

So Sumeet, this is Jayesh here. We had clearly called out at that point in time that in-tech acquisition is not part of it because it was pending approval from various regulatory authorities.

SumeetJain

Right. So maybe in-tech acquisition now being closed and the 50-basis point impact on revenue in India business, can one assume these are the two primary factors for your revision in the guidance?

JayeshSanghrajka

Not necessarily. Again, as I said we do not break out our guidance between the in-tech and non-in-tech from that perspective. But if you look at the numbers that we printed, when we announced the acquisition of in-tech, revenue was around €170 mn.

And it is only going to be part of the year considering we just concluded or closed the transaction. And there are other factors, our Q1 performance, volume, Financial Services growth, offset by the continuing softness in the discretionary part of the business.

SumeetJain

Got it. That is helpful. And secondly, I wanted to check your cost line item, the third-party items you bought for service delivery is significantly down this quarter, almost 1 percentage point of your revenue and are also down on an absolute level. So can you just give us a sense as to from the book keeping perspective, how to look at this line expense item going forward?

JayeshSanghrajka

So there Sumeet, as we have said earlier as well, the third-party hardware/software cost is an integral part of many of the large deals where we take over turnkey projects from the clients, including technology landscape out there. And that is, therefore, dependent on the kind of deals and how the ramp up or ramp down of deals happen across the quarter. So, it is going to be, to that extent, dependent on which deals and how it ramps up and down.

SumeetJain

Got it. And lastly just on the India business, can you give us a sense what kind of project it was because it is a pretty sharp jump we have seen this quarter. So any large deal ramp-up we are seeing there or some government contract, what exactly the nature of this onetime impact?

JayeshSanghrajka

So Sumeet there first of all, the India business is relatively much smaller. So anything that happens in that business shows up in percentage, comes much larger. But having said that, it was a onetime impact on one of our India clients and it is one-off. So, I think we should just take it as one-off.

SumeetJain

Got it. Thanks for the opportunity and all the best.

Moderator

Thank you. Next question is from the line of Kawaljeet Saluja from Kotak Securities. Please go ahead.

KawaljeetSaluja

Hi, thank you everyone. Great to see well-rounded performance congratulations. Just a couple of questions. First is for Jayesh. That 40 bps recovery that you see, does it show up in either ECL or provision for post-sales client support? It is just basically a direct flow-through from revenue?

JayeshSanghrajka

It is 50 bps on revenue, Kawal, which is impacting 40 bps on margins.

KawaljeetSaluja

And basically, does it time with provision for post-sales client support? That something which is separate?

JayeshSanghrajka

No, it is separate.

KawaljeetSaluja

Yes. Second thing is wage revision. I guess the cycle of wage revision was changed last year. Do we get back into wage revision cycle, which is a lot more normalized, which is, let us say, starting second quarter or is that something on which you have not taken a call yet?

JayeshSanghrajka

So if you recall, Kawal, last year, we did our wage revisions effective November. So at this point in time, we have not really decided. We are evaluating, considering all the factors that we always consider including the inflation, including when was the last wage revision taken, the environment, the macro environment as well as the peer practice.

And we will take a call considering all of these factors. Having said that, as I called out in our margin walk also, we have increased our variable pay during the quarter versus last year as well as last quarter.

KawaljeetSaluja

That is very helpful. A final question is, Jayesh, for you and Salil. Both of you have articulated the fact that you want the profitability to improve in the medium term. And then there are a number of structural levers that will be utilized to drive that expansion. What kind of an environment and what kind of levers does one need to see to gain that directional comfort of profitability improvement from here on as such?

JayeshSanghrajka

So Kawal, if you look at our margin walks across the last three, four quarters since we launched the Project Maximus, you would see consistently the contribution from the Project Maximus across various pillars from L&A, Lean and Automation, from value-based selling, on the pyramid, etc. things like that.

So you have seen that, and our endeavor is to continuously focus on all of that. At this point in time, they are offsetting the headwinds to a large extent. The endeavor is to more than offset the headwinds in the mid-term.

KawaljeetSaluja

Okay. Thanks.

Moderator

Thank you. Next question is from the line of Jonathan Lee from Guggenheim Securities. Please go ahead.

JonathanLee

Great evening, and thanks for taking our questions. A lot of moving parts here...

Moderator

Jonathan, sorry to interrupt you. May I request you to speak a little louder, please?

JonathanLee

Great. A lot of moving parts here on the margin side. Can you remind us how we should be thinking about seasonality through the year, especially as you think about the impact from Project Maximus and large deal ramps?

JayeshSanghrajka

So, Jonathan, on margin one of the headwinds would be comp decision as and when we take. There are seasonality in our business model, which is furloughs that impact us in Q3 and Q4. That also impacts both pricing to some extent and margin, therefore. But those are the large seasonality that we have in our model. Outside of that, our margins are going to be dependent on our acceleration on Project Maximus as well as the revenue and volume growth, which helps us flattening our pyramid and therefore, benefit from the pyramid.

JonathanLee

I appreciate that color. And second, can you help us think through what is contemplated in your outlook, both at the low and at the high end as it relates to vertical performance based on expected large deal ramps or what is in your pipeline?

SandeepMahindroo

Jonathan, sorry, your question did not come in quite as clearly. Would you repeat that, please?

JonathanLee

Can you help us think through what is contemplated in your outlook as it relates to vertical performance based on expected large deal ramps and what is in your pipeline, both at the low end and at the high end of the range?

JayeshSanghrajka

So there, Jonathan, it is very difficult to call out which vertical performance will end up to low end and high end of our range. I think we have done various models internally to get to the margin band. Some of them get us to the lower end of the band, and some of the assumptions will get us to the higher end of the band. I do not think there is any secular segment that is going to drive either way.

JonathanLee

Appreciate the color. Thank you.

Moderator

Thank you. Next question is from the line of Girish Pai from BOB Capital Markets. Please go ahead.

GirishPai

Thanks for the opportunity. The 3% to 4% guidance, if I do my math, comes to about 1% to 1.5% CQGR from here on. It seems way too conservative because that also includes the in-tech acquisition. So, are you assuming that the 2H FY'25 is going to be pretty bad?

JayeshSanghrajka

So, Girish, there, let me give a little more color on the math. If you look at the first quarter, our YoY growth has been 2.5%. And 50 bps, as I said, of that is one-off. So that is the first point. We have always maintained that our H1 is going to be better than the H2 and that the guidance bakes in on that. And then there is in-tech. So all of that put together makes up for a guidance of 3% to 4%.

GirishPai

The next question is on U.S. Financial Services. Do you think this is more Infosys-specific situation? Do you think this is much more broad-based that the other vendors who have U.S. Financial Services exposure would also be doing well? This is something very specific to you?

SalilParekh

So, this is Salil. So difficult for us to say like for the other companies. We can see that some of that benefit on Financial Services, in cards, in payments. We see some of the benefits which came through with some of our clients. I am not able to tell if it is just Infosys or not. We do feel we have a very strong set of capabilities from digital, cloud, Generative AI, cost and efficiency. So, we do see much more connect with clients, but it is difficult to say for the others.

GirishPai

If I may squeeze in one last question. Salil, you mentioned that interest rates are one factor which would probably be driving demand. So, are the customers looking at the start of a cutting cycle? Are they looking at a certain level of Fed funds rate before they kind of start spending in a much bigger fashion?

SalilParekh

So there, I think my point in the prior comment was more on what is the macro environment. So first, we do not know if that is a trigger or is not a trigger. We are typically seeing the large digital program. The last program even now with Generative AI, clients are still not ready to launch on them. So, the more specific point you make, difficult for us to take a view on that.

GirishPai

Okay. Thank you very much.

Moderator

Thank you very much. Ladies and gentlemen, we will take that as the last question. I will now hand the conference over to the management for closing comments.

SalilParekh

So thank you, everyone, for joining us. It is really wonderful to get all the questions. We are delighted with the strong first quarter growth, margin, cash, large deals, volume. So very good to see that outcome for our business. We have a good outlook. So, the change in guidance gives a sense of what we see in the outlook, 3% to 4% growth. We hold the margin 20% to 22%. Good to see Financial Services in the U.S. have that change.

We feel extremely strong in what we are building in Generative AI. And we can see the traction to that in the projects and programs we are doing. And we believe we are well positioned really as a company, where we are benefiting from a variety of areas, whether it is in digital, whether it is in cloud, whether it is in technology transformation or cost efficiency.

All of these are something that we can support our clients with, and we remain well positioned to do that through this year and into the future. So, thank you again for joining us and catch up at the next quarter call.

Moderator

Thank you very much. Ladies and gentlemen, on behalf of Infosys, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.

Exhibit 99.6

Form of Release to Stock Exchanges

INDEPENDENTAuditor’s Report ON THE AUDIT OF THE CONSOLIDATED FINANCIAL RESULTS

ToThe Board of Directors of INFOSYS Limited

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of INFOSYS Limited (the “Company”) and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”) for the quarter ended June 30, 2024, (the “Statement”) being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

i.	includes<br>the results of the subsidiaries as given in the Annexure to this report;
ii.	is presented<br>in accordance with the requirements of Regulation 33 of the Listing Regulations; and
---	---
iii.	gives a<br>true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim<br>Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read<br>with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated<br>total comprehensive income and other financial information of the Group for the quarter ended June 30, 2024.
---	---

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for audit of the consolidated financial results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the consolidated financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilitiesfor the Consolidated Financial Results

This Statement which includes Consolidated financial results is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed consolidated financial statements as at and for the quarter ended June 30, 2024. This responsibility includes the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Boards of Directors/Trustees of the entities included in the Group are responsible for maintenance of the adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Company, as aforesaid.

In preparing the consolidated financial results, the respective Boards of Directors/Trustees of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors/Trustees of the entities included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilitiesfor Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

·	Identify<br>and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform<br>audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.<br>The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve<br>collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
·	Obtain an understanding of internal<br>financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the<br>purpose of expressing an opinion on the effectiveness of such controls.
---	---
·	Evaluate<br>the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
---	---
·	Evaluate the appropriateness and reasonableness<br>of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
---	---
·	Conclude on the appropriateness of the<br>Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty<br>exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If<br>we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures<br>in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the<br>audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease<br>to continue as a going concern.
---	---
·	Evaluate the overall presentation, structure<br>and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent<br>the underlying transactions and events in a manner that achieves fair presentation.
---	---
·	Perform procedures in accordance with<br>the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
---	---
·	Obtain<br>sufficient appropriate audit evidence regarding the Financial Information of the entities within the Group to express an opinion on the<br>consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information<br>of such entities included in the consolidated financial results of which we are the independent auditors.
---	---

Materiality is the magnitude of misstatements in the consolidated financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results.

We communicate with those charged with governance of the Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

	For DELOITTE HASKINS & SELLS LLP
	Chartered Accountants
	(Firm’s Registration No. 117366W/W-100018)<br><br> <br><br><br> <br><br> <br><br><br> <br>
	Vikas Bagaria
	Partner
Place: Bengaluru	(Membership No.060408)
Date: July 18, 2024	UDIN: 24060408BKFSMC4244

Annexure to Auditor’s Report

List of Entities:

1.	Infosys<br>Technologies (China) Co. Limited
2.	Infosys<br>Technologies S. de R. L. de C. V.
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3.	Infosys<br>Technologies (Sweden) AB
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4.	Infosys<br>Technologies (Shanghai) Company Limited
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5.	Infosys<br>Nova Holdings LLC.
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6.	EdgeVerve<br>Systems Limited
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7.	Infosys<br>Austria GmbH
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8.	Skava Systems<br>Private Limited (under liquidation)
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9.	Infosys<br>Chile SpA
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10.	Infosys<br>Arabia Limited (under liquidation)
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11.	Infosys<br>Consulting Ltda.
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12.	Infosys<br>Luxembourg S.a.r.l
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13.	Infosys<br>Americas Inc. (liquidated effective July 14, 2023)
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14.	Infosys<br>Public Services, Inc. USA
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15.	Infosys<br>BPM Limited
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16.	Infosys<br>(Czech Republic) Limited s.r.o.
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17.	Infosys<br>Poland Sp z.o.o
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18.	Infosys<br>McCamish Systems LLC
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19.	Portland<br>Group Pty Ltd
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20.	Infosys<br>BPO Americas LLC.
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21.	Infosys<br>Consulting Holding AG
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22.	Infosys<br>Management Consulting Pty Limited
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23.	Infosys<br>Consulting AG
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24.	Infosys<br>Consulting GmbH
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25.	Infosys<br>Consulting S.R.L (Romania)
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26.	Infosys<br>Consulting SAS
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27.	Infy Consulting Company Ltd.
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28.	Infy Consulting<br>B.V.
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29.	Infosys<br>Consulting S.R.L (Argentina)
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30.	Infosys<br>Consulting (Belgium) NV
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31.	Panaya<br>Inc.
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32.	Infosys<br>Financial Services GmbH
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33.	Panaya<br>Ltd.
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34.	Brilliant<br>Basics Holdings Limited (under liquidation)
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35.	Brilliant<br>Basics Limited (under liquidation)
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36.	Infosys Singapore Pte. Ltd.
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37.	Infosys<br>Middle East FZ LLC
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38.	Fluido<br>Oy
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39.	Fluido<br>Sweden AB
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40.	Fluido<br>Norway A/S
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41.	Fluido<br>Denmark A/S
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42.	Fluido<br>Slovakia s.r.o
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43.	Infosys<br>Compaz Pte. Ltd.
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44.	Infosys<br>South Africa (Pty) Ltd
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45.	WongDoody, Inc
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46.	HIPUS Co.,<br>Ltd.
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47.	Stater<br>N.V.
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48.	Stater<br>Nederland B.V.
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49.	Stater<br>XXL B.V.
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50.	HypoCasso<br>B.V.
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51.	Stater<br>Participations B.V. (wholly owned subsidiary of Stater N.V. merged with Stater N.V. with effect from November 24, 2023)
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52.	Stater<br>Belgium N.V./S.A. (formerly a wholly owned subsidiary of Stater Participations B.V., became the wholly owned subsidiary of Stater N.V.<br>with effect from November 24, 2023)
---	---
53.	Outbox<br>systems Inc. dba Simplus (US)
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54.	Simplus<br>ANZ Pty Ltd.
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55.	Simplus<br>Australia Pty Ltd
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56.	Simplus<br>Philippines, Inc.
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57.	Infosys<br>Fluido UK, Ltd.
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58.	Infosys<br>Fluido Ireland, Ltd.
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59.	Infosys<br>Limited Bulgaria EOOD
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60.	Infosys<br>BPM UK Limited
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61.	Blue Acorn<br>iCi Inc.
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62.	Kaleidoscope<br>Animations, Inc.
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63.	Kaleidoscope<br>Prototyping LLC (liquidated effective November 1, 2023)
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64.	GuideVision<br>s.r.o
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65.	GuideVision<br>Deutschland GmbH
---	---
66.	GuideVision<br>Suomi Oy
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67.	GuideVision<br>Magyarorszag Kft
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68.	GuideVision<br>Polska Sp. z.o.o
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69.	Infosys<br>Business Solutions LLC
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70.	Infosys<br>Germany GmbH
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71.	GuideVision<br>UK Ltd (under liquidation)
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72.	Infosys<br>Turkey Bilgi Teknolojileri Limited Sirketi
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73.	Infosys<br>Germany Holding Gmbh
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74.	Infosys<br>Automotive and Mobility GmbH & Co. KG
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75.	Stater<br>GmbH
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76.	Infosys Green Forum
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77.	Infosys (Malaysia) SDN. BHD.
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78.	oddity space GmbH, merged into<br>WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023
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79.	oddity jungle GmbH merged into<br>WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023
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80.	oddity waves GmbH merged into<br>WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023
---	---
81.	oddity group Services GmbH merged<br>into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023
---	---
82.	oddity code GmbH merged into<br>WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023
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83.	WongDoody d.o.o. (formerly known<br>as oddity code d.o.o) which was formerly a subsidiary of oddity Code GmbH has become a subsidiary of Wongdoody Gmbh (formerly known as<br>oddity GmbH) with effect from September 29, 2023
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84.	WongDoody GmbH (formerly known<br>as Oddity GmbH)
---	---
85.	WongDoody (Shanghai) Co. Limited<br>(formerly known as oddity (Shanghai) Co. Ltd.)
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86.	WongDoody Limited (Taipei) (formerly<br>known as oddity Limited (Taipei)
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87.	Infosys Public Services Canada<br>Inc.
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88.	BASE life science A/S
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89.	BASE life science AG
---	---
90.	BASE life science GmbH
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91.	BASE life science Ltd.
---	---
92.	BASE life science S.A.S
---	---
93.	BASE life science S.r.l.
---	---
94.	Innovisor Inc.
---	---
95.	BASE life science Inc.
---	---
96.	BASE life science S.L.
---	---
97.	Panaya Germany GmbH
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98.	Infosys Norway
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99.	Infosys BPM Canada Inc. (Wholly-owned<br>subsidiary of Infosys BPM Limited) which was incorporated on August 11, 2023 has been dissolved on March 15, 2024
---	---
100.	Danske IT and Support Services<br>India Private Limited acquired by Infosys Limited on September 1, 2023 (Renamed as Idunn<br>Information Technology Private Limited with effect from April 1, 2024)
---	---
101.	InSemi Technology Services Pvt.<br>Ltd. acquired by Infosys limited on May 10, 2024
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102.	Elbrus Labs Private Limited (a<br>wholly owned subsidiary of InSemi Technology Services Pvt. Ltd.) acquired by Infosys limited on May 10, 2024
---	---
103.	Infosys Employees Welfare Trust
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104.	Infosys Employee Benefits Trust
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105.	Infosys Science Foundation
---	---
106.	Infosys Expanded Stock Ownership<br>Trust
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INDEPENDENTAUDITOR’S REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL RESULTS

TOTHE BOARD OF DIRECTORS OF INFOSYS LIMITED

Opinion

We have audited the accompanying Statement of Standalone Financial Results of INFOSYS LIMITED (the “Company”), for the quarter ended June 30, 2024, (the “Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and total comprehensive income, and other financial information of the Company for the quarter ended June 30, 2024.

---

Basis for Opinion

We conducted our audit of the Statement in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter ended June 30, 2024 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities forthe Standalone Financial Results

This Statement, which includes the Standalone financial results is the responsibility of the Company’s Board of Directors, and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed standalone financial statements as at and for the quarter ended June 30, 2024. This responsibility includes the preparation and presentation of the standalone financial results for the quarter ended June 30, 2024 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors is responsible for assessing the Company’s ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for theAudit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

•	Identify and assess the risks<br>of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive<br>to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting<br>a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional<br>omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding of internal<br>financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the<br>purpose of expressing an opinion on the effectiveness of such controls.
---	---
•	Evaluate the appropriateness<br>of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
---	---
•	Evaluate the appropriateness<br>and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing<br>Regulations.
---	---
•	Conclude on the appropriateness<br>of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material<br>uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going<br>concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related<br>disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence<br>obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue<br>as a going concern.
---	---
•	Evaluate the overall presentation,<br>structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent<br>the underlying transactions and events in a manner that achieves fair presentation.
---	---
•	Obtain sufficient appropriate<br>audit evidence regarding the standalone financial results of the Company to express an opinion on the standalone financial results.
---	---

Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

	For DELOITTE HASKINS & SELLS LLP
	Chartered Accountants
	Firm’s Registration No. 117366W/W-100018)<br><br> <br><br> <br><br><br> <br>
	Vikas Bagaria
	Partner
Place: Bengaluru	(Membership No.060408)
Date: July 18, 2024	UDIN: 24060408BKFSME9083
Infosys Limited<br><br> <br>Regd. office: Electronics<br> 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<br> 80 2852 0362
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Statement of Consolidated Audited Results of Infosys Limitedand its subsidiaries for the quarter ended June 30, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity sharedata)

Particulars	QuarterendedJune 30,	QuarterendedMarch 31,	QuarterendedJune 30,	Year endedMarch 31,
	2024	2024	2023	2024
	Audited	Audited	Audited	Audited
Revenue from operations	39,315	37,923	37,933	153,670
Other income, net	838	2,729	561	4,711
Total Income	40,153	40,652	38,494	158,381
Expenses
Employee benefit expenses	20,934	20,393	20,781	82,620
Cost of technical sub-contractors	3,169	2,967	3,124	12,232
Travel expenses	478	471	462	1,759
Cost of software packages and others	3,455	3,687	2,720	13,515
Communication expenses	147	147	182	677
Consultancy and professional charges	445	489	346	1,726
Depreciation and amortisation expenses	1,149	1,163	1,173	4,678
Finance cost	105	110	90	470
Other expenses	1,250	985	1,254	4,716
Total expenses	31,132	30,412	30,132	122,393
Profit before tax	9,021	10,240	8,362	35,988
Tax expense:
Current tax	2,998	1,173	2,307	8,390
Deferred tax	(351)	1,092	110	1,350
Profit for the period	6,374	7,975	5,945	26,248
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	20	26	87	120
Equity instruments through other comprehensive income, net	14	(12)	1	19
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	(3)	28	6	11
Exchange differences on translation of foreign operations	(104)	(231)	15	226
Fair value changes on investments, net	40	37	75	144
Total other comprehensive income/(loss), net of tax	(33)	(152)	184	520
Total comprehensive income for the period	6,341	7,823	6,129	26,768
Profit attributable to:
Owners of the company	6,368	7,969	5,945	26,233
Non-controlling interests	6	6	-	15
	6,374	7,975	5,945	26,248
Total comprehensive income attributable to:
Owners of the company	6,337	7,821	6,132	26,754
Non-controlling interests	4	2	(3)	14
	6,341	7,823	6,129	26,768
Paid up share capital (par value 5/- each, fully paid)	2,072	2,071	2,070	2,071
Other equity *^#^	86,045	86,045	73,338	86,045
Earnings per equity share (par value 5/- each)**
Basic (in per share)	15.38	19.25	14.37	63.39
Diluted (in per share)	15.35	19.22	14.35	63.29
*	Balances for the quarter ended June 30, 2024 and June 30, 2023 represent balances as perthe audited Balance Sheet for the year ended March 31, 2024 and March 31, 2023, respectively as required by SEBI (Listing and Other DisclosureRequirements) Regulations, 2015
---	---
**	EPS is not annualized for the quarter ended June 30, 2024, quarter ended March 31, 2024and quarter ended June 30, 2023
---	---
^#^	Excludes non-controlling interest
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1. Notes pertaining to the current quarter

a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2024 have been taken on record by the Board of Directors at its meeting held on July 18, 2024. 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. Those 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) Update on employee stock grants

The Board, on July 18, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved the grant of 32,850 RSUs to six eligible employees under the 2015 plan w.e.f August 1, 2024. These RSUs will vest equally over a period of three to four years.

c) Update on acquisitions

i) InSemi Technology Services Private Limited

On May 10, 2024, Infosys Ltd acquired 100% voting interests in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India for a consideration including earn-outs, and management incentive and retention bonuses totalling up to 280 crore.

ii) in-tech Holding GmbH

2. Information on dividends for the quarter ended June 30,2024

For financial year 2024, the Board recommended a final dividend of 20/- (par value of 5/- each) per equity share and additionally a special dividend of 8/- (par value of 5/- each) per equity share. The same was approved by the shareholders in the Annual General Meeting (AGM) of the Company held on June 26, 2024 and paid on July 1, 2024.

(in )

Particulars	QuarterendedJune 30,	QuarterendedMarch 31,	QuarterendedJune 30,	Year endedMarch 31,
	2024	2024	2023	2024
Dividend per share (par value 5/– each)
Interim dividend	–	–	–	18.00
Final dividend	–	20.00	–	20.00
Special dividend	–	8.00	–	8.00

3. Segment reporting (Consolidated - Audited)

(in crore)

Particulars	QuarterendedJune 30,	QuarterendedMarch 31,	QuarterendedJune 30,	Year endedMarch 31,
	2024	2024	2023	2024
Revenue by business segment
Financial Services ^(1)^	10,816	10,010	10,661	42,158
Retail ^(2)^	5,428	5,429	5,513	22,504
Communication ^(3)^	4,744	4,666	4,441	17,991
Energy, Utilities, Resources and Services	5,220	5,068	4,889	20,035
Manufacturing	5,778	5,589	5,350	22,298
Hi-Tech	3,147	3,316	3,056	12,411
Life Sciences ^(4)^	2,866	2,762	2,749	11,515
All other segments ^(5)^	1,316	1,083	1,274	4,758
Total	39,315	37,923	37,933	153,670
Less: Inter-segment revenue	–	–	–	–
Net revenue from operations	39,315	37,923	37,933	153,670
Segment profit before tax, depreciation and non-controlling interests:
Financial Services ^(1)^	2,612	1,941	2,545	9,324
Retail ^(2)^	1,751	1,864	1,629	6,882
Communication ^(3)^	796	810	984	3,688
Energy, Utilities , Resources and Services	1,557	1,431	1,290	5,523
Manufacturing	1,006	1,081	972	4,197
Hi-Tech	814	803	802	3,153
Life Sciences ^(4)^	611	632	702	2,898
All other segments ^(5)^	290	222	140	760
Total	9,437	8,784	9,064	36,425
Less: Other Unallocable expenditure	1,149	1,163	1,173	4,678
Add: Unallocable other income	838	2,729	561	4,711
Less: Finance cost	105	110	90	470
Profit before tax and non-controlling interests	9,021	10,240	8,362	35,988
^(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 required by 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.

4. Audited financial results of Infosys Limited (Standalone Information)

(in crore)

Particulars	QuarterendedJune 30,	QuarterendedMarch 31,	QuarterendedJune 30,	Year endedMarch 31,
	2024	2024	2023	2024
Revenue from operations	33,283	32,001	31,811	128,933
Profit before tax	8,128	10,414	8,146	35,953
Profit for the period	5,768	8,480	5,956	27,234

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<br><br>for Infosys Limited
Bengaluru, India	Salil Parekh
July 18, 2024	Chief Executive Officer and Managing Director

The Board has also taken on record the consolidated resultsof Infosys Limited and its subsidiaries for the quarter ended June 30, 2024, prepared as per International Financial Reporting Standards(IFRS) and reported in US dollars. A summary of the financial statements is as follows:

(in US$ million, except per equity sharedata)

Particulars	QuarterendedJune 30,	QuarterendedMarch 31,	QuarterendedJune 30,	Year endedMarch 31,
	2024	2024	2023	2024
	Audited	Audited	Audited	Audited
Revenues	4,714	4,564	4,617	18,562
Cost of sales	3,259	3,219	3,211	12,975
Gross profit	1,455	1,345	1,406	5,587
Operating expenses	461	428	445	1,753
Operating profit	994	917	961	3,834
Other income, net	101	328	68	568
Finance cost	13	13	11	56
Profit before income taxes	1,082	1,232	1,018	4,346
Income tax expense	318	273	294	1,177
Net profit	764	959	724	3,169
Earnings per equity share *
Basic	0.18	0.23	0.17	0.77
Diluted	0.18	0.23	0.17	0.76
Total assets	17,270	16,523	16,007	16,523
Cash and cash equivalents and current investments	3,022	3,321	2,176	3,321
*	EPS is not annualized for the quarter ended June 30, 2024, quarter ended March 31, 2024and quarter ended June 30, 2023.
---	---

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident review and notification process are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the findings of the review of the extent and nature of data subject to unauthorized access and exfiltration in relation to the McCamish cybersecurity incident and reaction to such findings, the timing of the notification process, and the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the incident. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. 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 forwardlooking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Infosys Limited<br><br> <br>Regd. office: Electronics<br> 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<br> 80 2852 0362

Statement of Audited results of Infosys Limited for the quarterended June 30, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter endedJune 30,	Quarter endedMarch 31,	Quarter endedJune 30,	Year endedMarch 31,
	2024	2024	2023	2024
	Audited	Audited	Audited	Audited
Revenue from operations	33,283	32,001	31,811	128,933
Other income, net	721	3,483	1,001	7,417
Total income	34,004	35,484	32,812	136,350
Expenses
Employee benefit expenses	16,495	16,047	16,353	65,139
Cost of technical sub-contractors	4,831	4,648	4,676	18,638
Travel expenses	371	371	359	1,372
Cost of software packages and others	2,117	2,098	1,174	6,891
Communication expenses	105	109	129	489
Consultancy and professional charges	266	287	215	1,059
Depreciation and amortisation expense	698	722	746	2,944
Finance cost	59	62	43	277
Other expenses	934	726	971	3,588
Total expenses	25,876	25,070	24,666	100,397
Profit before tax	8,128	10,414	8,146	35,953
Tax expense:
Current tax	2,686	830	2,065	7,306
Deferred tax	(326)	1,104	125	1,413
Profit for the period	5,768	8,480	5,956	27,234
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net	19	36	87	128
Equity instruments through other comprehensive income, net	14	(12)	1	19
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	(3)	28	6	11
Fair value changes on investments, net	36	34	68	129
Total other comprehensive income/ (loss), net of tax	66	86	162	287
Total comprehensive income for the period	5,834	8,566	6,118	27,521
Paid-up share capital (par value 5/- each fully paid)	2,076	2,075	2,075	2,075
Other Equity*	79,101	79,101	65,671	79,101
Earnings per equity share ( par value 5 /- each)**
Basic (in per share)	13.90	20.43	14.36	65.62
Diluted (in per share)	13.87	20.41	14.34	65.56

* Balances for the quarter ended June 30, 2024 andJune 30, 2023 represent balances as per the audited Balance Sheet for the year ended March 31, 2024 and March 31, 2023, respectively asrequired by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015

** EPS is not annualized for the quarter ended June30, 2024, quarter ended March 31, 2024 and quarter ended June 30, 2023.

1. Notes pertaining to the current quarter

a) The audited interim condensed standalone financial statements for the quarter ended June 30, 2024 have been taken on record by the Board of Directors at its meeting held on July 18, 2024. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed standalone financial statements. Those interim condensed standalone 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) Update on employee stock grants

c) Update on acquisition

2. Information on dividends for the quarter endedJune 30, 2024

(in )

Particulars	Quarter endedJune 30,	Quarter endedMarch 31,	Quarter endedJune 30,	Year endedMarch 31,
	2024	2024	2023	2024
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	18.00
Final dividend	–	20.00	–	20.00
Special dividend	–	8.00	–	8.00

3. Segment Reporting

The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the audited interim consolidated financial statements. Accordingly, the segment information is given in the audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2024.

	By order of the Board for Infosys Limited
Bengaluru, India<br><br> <br>July 18, 2024	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident review and notification process are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the findings of the review of the extent and nature of data subject to unauthorized access and exfiltration in relation to the McCamish cybersecurity incident and reaction to such findings, the timing of the notification process, and the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the incident. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. 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 forwardlooking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Extract of Consolidated Audited Financial Results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS)

( in crore, except per equity share data)

Particulars	QuarterendedJune 30,	YearendedMarch 31,	QuarterendedJune 30,
	2024	2024	2023
Revenue from operations	39,315	153,670	37,933
Profit before tax	9,021	35,988	8,362
Profit for the period	6,374	26,248	5,945
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax)	6,341	26,768	6,129
Profit attributable to:
Owners of the company	6,368	26,233	5,945
Non-controlling interests	6	15	–
	6,374	26,248	5,945
Total comprehensive income attributable to:
Owners of the company	6,337	26,754	6,132
Non-controlling interest	4	14	(3)
	6,341	26,768	6,129
Paid-up share capital (par value 5/- each fully paid)	2,072	2,071	2,070
Other equity *^#^	86,045	86,045	73,338
Earnings per share (par value 5/- each)**
Basic (in per share)	15.38	63.39	14.37
Diluted (in per share)	15.35	63.29	14.35
*	Balances for the quarter ended June 30, 2024 and June 30, 2023 represent balances as perthe audited Balance Sheet for the year ended March 31, 2024 and March 31, 2023, respectively as required by SEBI (Listing and Other DisclosureRequirements) Regulations, 2015
---	---
**	EPS is not annualized for the quarter ended June 30, 2024 and quarter ended June 30, 2023
---	---
^#^	Excludes non-controlling interest
---	---

1. Notes pertaining to the current quarter

b) Update on employee stock grants

c) Update on acquisitions

i) InSemi Technology Services Private Limited

ii) in-tech Holding GmbH

2. Information on dividends for the quarter endedJune 30, 2024

****(in )

Particulars	QuarterendedJune 30,	Year endedMarch 31,	QuarterendedJune 30,
	2024	2024	2023
Dividend per share (par value 5/- each)
Interim dividend	–	18.00	–
Final dividend	–	20.00	–
Special dividend	–	8.00	–

3. Audited financial results of Infosys Limited (Standalone information)

(in crore)

Particulars	QuarterendedJune 30,	YearendedMarch 31,	QuarterendedJune 30,
	2024	2024	2023
Revenue from operations	33,283	128,933	31,811
Profit before tax	8,128	35,953	8,146
Profit for the period	5,768	27,234	5,956

The above is an extract of the detailed format ofQuarterly audited financial results filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements)Regulations, 2015. The full format of the Quarterly Audited Financial Results are available on the Stock Exchange websites, www.nseindia.comand www.bseindia.com, and on the Company's website, www.infosys.com.

	By order of the Board
	for Infosys Limited
Bengaluru, India	Salil Parekh
July 18, 2024	Chief Executive Officer and Managing Director

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident review and notification process are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the findings of the review of the extent and nature of data subject to unauthorized access and exfiltration in relation to the McCamish cybersecurity incident and reaction to such findings, the timing of the notification process, and the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the incident. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. 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 forwardlooking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Exhibit 99.7

IFRS USD Earning Release

INDEPENDENT AUDITOR’S REPORT TO THE BOARDOF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim CondensedConsolidated Financial Statements

Opinion

We have audited the accompanying interim condensed consolidated financial statements of INFOSYS LIMITED (the “Company”), and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”), which comprise the Condensed Consolidated Balance Sheet as at June 30, 2024, the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Changes in Equity and the Condensed Consolidated Statement of Cash Flows for the three months ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the “Interim Condensed Consolidated Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Interim Condensed Consolidated Financial Statements give a true and fair view in conformity with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”), of the consolidated state of affairs of the Group as at June 30, 2024, its consolidated profit and its consolidated total comprehensive income, its consolidated changes in equity and its consolidated cash flows for the three months ended on that date.

Basis for Opinion

We conducted our audit of the Interim Condensed Consolidated Financial Statements in accordance with the Standards on Auditing (“SAs”) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the ICAI, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Interim Condensed Consolidated Financial Statements.

Responsibilities of Management and Those Chargedwith Governance for the Interim Condensed Consolidated Financial Statements

The Company’s Board of Directors is responsible for the preparation and presentation of these Interim Condensed Consolidated Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated total comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with IAS 34 as issued by the IASB. The respective Boards of Directors/Trustees of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the Interim Condensed Consolidated Financial Statements by the Directors of the Company, as aforesaid.

In preparing the Interim Condensed Consolidated Financial Statements, the respective Boards of Directors/Trustees of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors/Trustees of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for theAudit of the Interim Condensed Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the Interim Condensed Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Interim Condensed Consolidated Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

·	Identify and assess the risks of material misstatement of the Interim Condensed Consolidated Financial<br>Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that<br>is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud<br>is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the<br>override of internal control.
·	Obtain an understanding of internal financial controls relevant to the audit in order to design audit<br>procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.
---	---
·	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates<br>and related disclosures made by management.
---	---
·	Conclude on the appropriateness of management’s use of the going concern basis of accounting and,<br>based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant<br>doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to<br>draw attention in our auditor’s report to the related disclosures in the Interim Condensed Consolidated Financial Statements or,<br>if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of<br>our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
---	---
·	Evaluate the overall presentation, structure and content of the Interim Condensed Consolidated Financial<br>Statements, including the disclosures, and whether the Interim Condensed Consolidated Financial Statements represent the underlying transactions<br>and events in a manner that achieves fair presentation.
---	---
·	Obtain sufficient appropriate audit evidence regarding the financial information of the entities within<br>the Group to express an opinion on the Interim Condensed Consolidated Financial Statements. We are responsible for the direction, supervision<br>and performance of the audit of financial statements of such entities included in the Interim Condensed Consolidated Financial Statements<br>of which we are independent auditors.
---	---

Materiality is the magnitude of misstatements in the Interim Condensed Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Interim Condensed Consolidated Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Interim Condensed Consolidated Financial Statements.

We communicate with those charged with governance of the Company and such other entities included in the Interim Condensed Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit.

Place: Bengaluru<br><br> <br>Date: July 18, 2024	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm's Registration No. 117366W/W-100018)<br><br> <br><br><br> <br><br><br> <br>Vikas Bagaria<br><br> <br>Partner<br><br> <br>(Membership No.060408)<br><br> <br>UDIN: 24060408BKFSMI8567

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statementsunder International Financial Reporting Standards (IFRS) in US Dollars for the three months ended June 30,2024

Index
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Comprehensive Income
Condensed Consolidated Statement of Changes in Equity
Condensed Consolidated Statement of Cash Flows
Overview and Notes to the Interim Condensed Consolidated Financial Statements
1. Overview
1.1 Company overview
1.2 Basis of preparation of financial statements
1.3 Basis of consolidation
1.4 Use of estimates and judgments
1.5 Critical accounting estimates and judgments
1.6 Recent accounting pronouncements
2. Notes to the Interim Condensed Consolidated Financial Statements
2.1 Cash and cash equivalents
2.2 Earmarked bank balance for dividend
2.3 Investments
2.4 Financial instruments
2.5 Prepayments and other assets
2.6 Other liabilities
2.7 Provisions and other contingencies
2.8 Property, plant and equipment
2.9 Leases
2.10 Goodwill and Intangible assets
2.11 Business combinations
2.12 Employees' Stock Option Plans (ESOP)
2.13 Income Taxes
2.14 Basic and diluted shares used in computing earnings per equity share
2.15 Related party transactions
2.16 Segment reporting
2.17 Revenue from Operations
2.18 Unbilled Revenue
2.19 Equity
2.20 Break-up of expenses and other income, net

Infosys Limited and subsidiaries

(Dollars in millions except equity share data)

Condensed Consolidated Balance Sheet as at	Note	June 30, 2024	March 31, 2024
ASSETS
Current assets
Cash and cash equivalents	2.1	1,971	1,773
Earmarked bank balance for dividend	2.2	1,394	–
Current investments	2.3	1,051	1,548
Trade receivables		3,709	3,620
Unbilled revenue	2.18	1,511	1,531
Prepayments and other current assets	2.5	1,509	1,473
Income tax assets	2.13	363	767
Derivative financial instruments	2.4	10	10
Total current assets		11,518	10,722
Non-current assets
Property, plant and equipment	2.8	1,504	1,537
Right-of-use assets	2.9	781	786
Goodwill	2.10	888	875
Intangible assets		167	167
Non-current investments	2.3	1,340	1,404
Unbilled revenue	2.18	198	213
Deferred income tax assets	2.13	56	55
Income tax assets	2.13	418	365
Other non-current assets	2.5	400	399
Total Non-current assets		5,752	5,801
Total assets		17,270	16,523
LIABILITIES AND EQUITY
Current liabilities
Trade payables		443	474
Lease liabilities	2.9	262	235
Derivative financial instruments	2.4	3	4
Current income tax liabilities	2.13	539	430
Unearned revenue		834	880
Employee benefit obligations		336	314
Provisions	2.7	181	215
Other current liabilities	2.6	3,488	2,099
Total current liabilities		6,086	4,651
Non-current liabilities
Lease liabilities	2.9	740	767
Deferred income tax liabilities	2.13	177	216
Employee benefit obligations		11	11
Other non-current liabilities	2.6	253	273
Total Non-current liabilities		1,181	1,267
Total liabilities		7,267	5,918
Equity
Share capital - 5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,141,781,963 (4,139,950,635) equity shares fully paid up, net of 10,246,512 (10,916,829) treasury shares as at June 30, 2024 (March 31, 2024)	2.19	325	325
Share premium		448	425
Retained earnings		11,975	12,557
Cash flow hedge reserves		1	1
Other reserves		1,581	1,623
Capital redemption reserve		24	24
Other components of equity		(4,398)	(4,396)
Total equity attributable to equity holders of the Company		9,956	10,559
Non-controlling interests		47	46
Total equity		10,003	10,605
Total liabilities and equity		17,270	16,523

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>July 18, 2024

(Dollars in millions except equity share and perequity share data)

Condensed Consolidated Statement of Comprehensive Income for the	Three months ended
	June 30, 2024	June 30, 2023
Revenues	4,714	4,617
Cost of sales	3,259	3,211
Gross profit	1,455	1,406
Operating expenses
Selling and marketing expenses	232	217
Administrative expenses	229	228
Total operating expenses	461	445
Operating profit	994	961
Other income, net	101	68
Finance cost	13	11
Profit before income taxes	1,082	1,018
Income tax expense	318	294
Net profit	764	724
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	2	10
Equity instruments through other comprehensive income, net	2	–
	4	10
Items that will be reclassified subsequently to profit or loss
Fair value changes on investments, net	5	9
Fair value changes on derivatives designated as cash flow hedge, net	–	1
Exchange differences on translation of foreign operations	(11)	17
	(6)	27
Total other comprehensive income/(loss), net of tax	(2)	37
Total comprehensive income	762	761
Profit attributable to
Owners of the Company	763	724
Non-controlling interests	1	-
	764	724
Total comprehensive income attributable to:
Owners of the Company	761	761
Non-controlling interests	1	-
	762	761
Earnings per equity share
Basic ()	0.18	0.17
Diluted ()	0.18	0.17
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	4,140,272,627	4,137,234,750
Diluted (in shares)	4,148,077,672	4,142,207,951

All values are in US Dollars.

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>July 18, 2024

Condensed Consolidated Statement of Changes in Equity

(Dollars in millions except equity share data)

	Number of Shares^(1)^	Share capital	Share premium	Retained earnings	Other reserves^(2)^	Capital redemption reserve	Cash flow hedge reserve	Other components of equity	Total equity attributable to equity holders of the Company	Non-controlling interest	Total equity
Balance as at April 1, 2023	4,136,387,925	325	366	11,401	1,370	24	–	(4,314)	9,172	52	9,224
Changes in equity for the three months ended June 30, 2023
Net profit	–	–	–	724	–	–	–	–	724	–	724
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	10	10	–	10
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	1	–	1	–	1
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	17	17	–	17
Fair value changes on investments, net*	–	–	–	–	–	–	–	9	9	–	9
Total comprehensive income for the period	–	–	–	724	–	–	1	36	761	–	761
Shares issued on exercise of employee stock options (Refer to note 2.12)	2,066,083	–	–	–	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.12)	–	–	18	–	–	–	–	–	18	–	18
Transfer on account of options not exercised	–	–	(1)	1	–	–	–	–	–	–	–
Transferred to other reserves	–	–	–	(93)	93	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	24	(24)	–	–	–	–	–	–
Dividends^#^	–	–	–	(882)	–	–	–	–	(882)	–	(882)
Balance as at June 30, 2023	4,138,454,008	325	383	11,175	1,439	24	1	(4,278)	9,069	52	9,121
Balance as at April 1, 2024	4,139,950,635	325	425	12,557	1,623	24	1	(4,396)	10,559	46	10,605
Changes in equity for the three months ended June 30, 2024
Net profit	–	–	–	763	–	–	–	–	763	1	764
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	2	2	–	2
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	2	2	–	2
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	(11)	(11)	–	(11)
Fair value changes on investments, net*	–	–	–	–	–	–	–	5	5	–	5
Total comprehensive income for the period	–	–	–	763	–	–	–	(2)	761	1	762
Shares issued on exercise of employee stock options (Refer to note 2.12)	1,831,328	–	–	–	–	–	–	–	–	–	–
Transferred on account of options not exercised	–	–	(2)	2	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.12)	–	–	25	–	–	–	–	–	25	–	25
Transferred from other reserves on utilization	–	–	–	12	(12)	–	–	–	–	–	–
Transferred from other reserves to retained earnings	–	–	–	30	(30)	–	–	–	–	–	–
Dividends^#^	–	–	–	(1,389)	–	–	–	–	(1,389)	–	(1,389)
Balance as at June 30, 2024	4,141,781,963	325	448	11,975	1,581	24	1	(4,398)	9,956	47	10,003
*	net of tax
---	---
#	net of treasury shares
---	---
^(1)^	excludes treasury shares of 10,246,512 as at June 30, 2024, 10,916,829 as at April 1,2024, 11,738,357 as at June 30, 2023 and 12,172,119 as at April 1, 2023 held by consolidated trust.
---	---
^(2)^	Represents the Special Economic Zone Re-investment reserve created out of the profit ofthe eligible SEZ unit in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act,1961. The reserve should be utilized by the Groupfor acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA(2) of the Income TaxAct, 1961.
---	---

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>July 18, 2024

Condensed Consolidated Statement of Cash Flows

Accounting Policy

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

(Dollars in millions)

Particulars	Note	Three months ended
		June 30, 2024	June 30, 2023
Operating activities
Net Profit		764	724
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation and amortization		138	143
Interest and dividend income		(44)	(35)
Finance cost		13	11
Income tax expense	2.13	318	294
Exchange differences on translation of assets and liabilities, net		3	(1)
Impairment loss recognized/(reversed) under expected credit loss model		–	11
Stock compensation expense		25	18
Provision for post sale client support		(13)	6
Other adjustments		5	61
Changes in working capital
Trade receivables and unbilled revenue		(60)	(13)
Prepayments and other assets		(20)	(19)
Trade payables		(33)	(13)
Unearned revenue		(46)	20
Other liabilities and provisions		–	(241)
Cash generated from operations		1,050	966
Income taxes (paid)/received		100	(168)
Net cash generated by operating activities		1,150	798
Investing activities
Expenditure on property, plant and equipment and intangibles		(56)	(99)
Deposits placed with Corporation		(40)	(54)
Redemption of deposits placed with Corporation		14	31
Interest and dividend received		36	33
Payment for acquisition of business, net of cash acquired	2.11	(15)	–
Payments to acquire Investments
Liquid mutual funds units		(2,036)	(2,152)
Certificates of deposit		(172)	(156)
Quoted debt securities		(126)	(13)
Commercial paper		(267)	(190)
Other investments		(1)	–
Proceeds on sale of investments
Quoted debt securities		83	74
Certificates of deposit		338	484
Commercial paper		856	100
Liquid mutual funds units		1,915	2,106
Other receipts		-	15
Net cash used in investing activities		529	179
Financing activities
Payment of lease liabilities		(69)	(54)
Other payments		(14)	(25)
Net cash used in financing activities		(83)	(79)
Net increase/(decrease) in cash and cash equivalents		1,596	898
Effect of exchange rate changes on cash and cash equivalents		(4)	7
Cash and cash equivalents at the beginning of the period	2.1	1,773	1,481
Cash and cash equivalents at the end of the period	2.1	3,365	2,386
Supplementary information:
Restricted cash balance	2.1	48	47
Closing cash and cash equivalents as per consolidated statement of cash flows		3,365	2,386
Less: Earmarked bank balance for dividend	2.2	(1,394)	(885)
Closing cash and cash equivalents as per Consolidated Balance Sheet	2.1	1,971	1,501

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>July 18, 2024

Overview and Notes to the Interim Condensed ConsolidatedFinancial Statements

1. Overview

1.1 Company overview

Infosys Limited ('the Company' or Infosys) provides consulting, technology, outsourcing and next-generation digital services, to enable clients to execute strategies for their digital transformation. Infosys strategic objective is to build a sustainable organization that remains relevant to the agenda of clients, while creating growth opportunities for employees and generating profitable returns for investors. Infosys strategy is to be a navigator for our clients as they ideate, plan and execute on their journey to a digital future.

Infosys together with its subsidiaries and controlled trusts is herein after referred to as the "Group".

The company is a public limited company incorporated and domiciled in India and has its registered office at Electronics city, Hosur Road, Bengaluru 560100, Karnataka, India. The company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The company’s American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the company's Board of Directors on July 18, 2024.

1.2 Basis of preparation of financial statements

The interim condensed consolidated financial statements have been prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, under the historical cost convention on the accrual basis except for certain financial instruments which have been measured at fair values. Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the company’s Annual Report on Form 20-F for the year ended March 31, 2024. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The material accounting policy information used in preparation of the audited interim condensed consolidated interim financial statements have been discussed in the respective notes.

1.3 Basis of consolidation

Infosys consolidates entities which it owns or controls. The interim condensed consolidated financial statements comprise the financial statements of the company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. The financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded.

1.4 Use of estimates and judgments

The preparation of the Interim condensed consolidated financial statements in conformity with IFRS requires Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

1.5 Critical accounting estimates and judgments

a. Revenue recognition

The Group’s contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group’s costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

b. Income taxes

The Group's two major tax jurisdictions are India and the United States, though the company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, Management believes that the group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced (Refer to note 2.13)

c. Business combinations and intangible assets

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by Management. (Refer to note 2.11 and 2.10.2)

d. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology (Refer to note 2.8)

e. Impairment of Goodwill

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than it’s carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins.

1.6 Recent accounting pronouncements

New and revised IFRS Standards in issue but notyet effective:

Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates	Lack of Exchangeability
IFRS 18 Presentation and Disclosures in Financial Statements	Presentation and Disclosures in Financial Statements
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures	Amendments to the Classification and Measurement of Financial Instruments

Amendments to IAS 21

On August 15, 2023, IASB has issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, Lack of Exchangeability that will require companies to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. These amendments specify when a currency is exchangeable into another currency and when it is not and specify how an entity determines the exchange rate to apply when a currency is not exchangeable.

The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2025, although early adoption is permitted. The Group is in the process of evaluating the impact of the amendment.

IFRS 18 – Presentation and Disclosuresin Financial Statements

On April 9, 2024, IASB has issued IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Statements from its effective date. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The new requirements are focused on the statement of profit or loss. IFRS 18 introduces three categories for income and expenses, that is, operating, investing and financing to improve the structure of the income statement. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, although early adoption is permitted. The Group is yet to evaluate the impact of the amendment.

Amendments to IFRS 9 Financial Instrumentsand IFRS 7 Financial Instruments: Disclosures

On May 30, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, which clarifies the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, derecognition of financial liability settled through electronic payment systems and also introduces additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features.

The effective date for adoption of this amendment is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group is yet to evaluate the impact of the amendment.

2. Notes to the Interim Condensed Consolidated FinancialStatements

2.1 Cash and cash equivalents

Cash and cash equivalents consist of the following:

(Dollars in millions)

Particulars	As at
	June 30, 2024	March 31, 2024
Cash and bank deposits	1,971	1,773
Total Cash and cash equivalents	1,971	1,773

Cash and cash equivalents as at June 30, 2024 and March 31, 2024 include restricted cash and bank balances of $48 million and $42 million, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

The deposits maintained by the Group with banks and financial institutions comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

2.2 Earmarked bank balance for dividend

(Dollars in millions)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Earmarked bank balance for dividend	1,394	-
Total	1,394	-

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of 20/- per equity share (approximately $0.24 per equity share) for the financial year ended March 31, 2024 and a special dividend of 8/- per equity share (approximately $0.10 per equity share). The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 26, 2024. Payment date for the dividend is July 01, 2024. Earmarked bank balance for dividend represents cash which is deposited in a designated bank account only for payment of final dividend and special dividend for financial year ended March 31, 2024.

2.3 Investments

The carrying value of the investments are as follows:

(Dollars in millions)

Particulars	As at
	June 30, 2024	March 31, 2024
(i) Current Investments
Fair Value through other comprehensive income
Quoted Debt Securities	398	291
Certificates of deposits	206	365
Commercial Paper	–	579
Fair Value through profit or loss
Liquid mutual fund units	447	313
Total current investments	1,051	1,548
(ii) Non-current Investments
Amortized Cost
Quoted debt securities	211	211
Fair Value through other comprehensive income
Quoted debt securities	1,026	1,093
Quoted equity securities	15	14
Unquoted equity and preference securities	11	11
Fair Value through profit or loss
Target maturity fund units	52	51
Others^(1)^	25	24
Total Non-current investments	1,340	1,404
Total investments	2,391	2,952
Investments carried at amortized cost	211	211
Investments carried at fair value through other comprehensive income	1,656	2,353
Investments carried at fair value through profit or loss	524	388
^(1)^	Uncalled capital commitments outstanding as on June 30, 2024 and March 31, 2024 was $9million and $9 million, respectively.
---	---

Refer to note 2.4 for accounting policies on financial instruments.

Method of fair valuation:

(Dollars in millions)

Class of investment	Method	Fair value
		June 30, 2024	March 31, 2024
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	447	313
Target maturity fund units - carried at fair value through profit or loss	Quoted price	52	51
Quoted debt securities- carried at amortized cost	Quoted price and market observable inputs	236	236
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	1,424	1,384
Commercial Paper - carried at fair value through other comprehensive income	Market observable inputs	–	579
Certificates of Deposit - carried at fair value through other comprehensive income	Market observable inputs	206	365
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	11	11
Quoted equity securities - carried at fair value through other comprehensive income	Quoted price	15	14
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	25	24
Total		2,416	2,977

Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

2.4 Financial instruments

Accounting Policy

2.4.1 Initial recognition

The group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

2.4.2 Subsequent measurement

a. Non-derivative financial instruments

(i) Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

(ii) Financial assets carried at fair value throughother comprehensive income (FVOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for its investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

(iii) Financial assets carried at fair valuethrough profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

(iv) Financial liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which is subsequently measured at fair value through profit or loss.

b. Derivative financial instruments

The group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

(i) Financial assets or financial liabilities, carriedat fair value through profit or loss

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under IFRS 9, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per IFRS 9, is categorized as a financial asset or financial liability carried at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the statement of comprehensive income when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the balance sheet date.

(ii) Cash flow hedge

The group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transaction.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the statement of comprehensive income. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the net profit in the statement of comprehensive income upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified to net profit in the interim condensed consolidated statement of comprehensive income.

2.4.3 Derecognition of financial instruments

The group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. A financial liability (or a part of a financial liability) is derecognized from the group's balance sheet when the obligation specified in the contract is discharged or cancelled or expires.

2.4.4 Fair value of financial instruments

In determining the fair value of its financial instruments, the group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table ‘Financial instruments by category’ below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

2.4.5 Impairment

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates.

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in interim condensed consolidated statement of comprehensive income.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at June 30, 2024 were as follows:

(Dollars in millions)

Particulars	Amortized cost	Financial assets / liabilities at fair value through profit or loss		Financial assets / liabilities at fair value through OCI		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to note 2.1)	1,971	–	–	–	–	1,971	1,971
Earmarked bank balance for dividend (Refer to note 2.2)	1,394	–	–	–	–	1,394	1,394
Investments (Refer to note 2.3)
Liquid mutual fund units	–	–	447	–	–	447	447
Target maturity fund units	–	–	52	–	–	52	52
Quoted debt securities	211	–	–	–	1,424	1,635	1,660^(1)^
Certificates of deposit	–	–	–	–	206	206	206
Quoted equity securities	–	–	–	15	–	15	15
Unquoted equity and preference securities	–	–	–	11	–	11	11
Unquoted investment others	–	–	25	–	–	25	25
Trade receivables	3,709	–	–	–	–	3,709	3,709
Unbilled revenues (Refer to note 2.18)^(3)^	1,119	–	–	–	–	1,119	1,119
Prepayments and other assets (Refer to note 2.5)	714	–	–	–	–	714	703^(2)^
Derivative financial instruments	–	–	8	–	2	10	10
Total	9,118	–	532	26	1,632	11,308	11,322
Liabilities:
Trade payables	443	–	–	–	–	443	443
Lease liabilities (Refer to note 2.9)	1,002	–	–	–	–	1,002	1,002
Derivative financial instruments	–	–	3	–	–	3	3
Financial liability under option arrangements (Refer to note 2.6)	–	–	71	–	–	71	71
Other liabilities including contingent consideration<br><br>(Refer to note 2.6)	3,080	–	4	–	–	3,084	3,084
Total	4,525	–	78	–	–	4,603	4,603
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on quoted debt securities carried at amortized cost of $11 million
---	---
^(3)^	Excludes unbilled revenue for contracts where the right to consideration is dependenton completion of contractual milestones
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 2024 were as follows:

(Dollars in millions)

Particulars	Amortized cost	Financial assets/ liabilities at fair value through profit or loss		Financial assets/liabilities at fair value through OCI		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to note 2.1)	1,773	–	–	–	–	1,773	1,773
Investments (Refer to note 2.3)
Liquid mutual fund units	–	–	313	–	–	313	313
Target maturity fund units	–	–	51	–	–	51	51
Quoted debt securities	211	–	–	–	1,384	1,595	1,620^(1)^
Certificates of deposit	–	–	–	–	365	365	365
Commercial Papers	–	–	–	–	579	579	579
Quoted equity securities	–	–	–	14	–	14	14
Unquoted equity and preference securities	–	–	–	11	–	11	11
Unquoted investments others	–	–	24	–	–	24	24
Trade receivables	3,620	–	–	–	–	3,620	3,620
Unbilled revenues(Refer to note 2.18)^(3)^	1,151	–	–	–	–	1,151	1,151
Prepayments and other assets (Refer to note 2.5)	694	–	–	–	–	694	684^(2)^
Derivative financial instruments	–	–	7	–	3	10	10
Total	7,449	–	395	25	2,331	10,200	10,215
Liabilities:
Trade payables	474	–	–	–	–	474	474
Lease liabilities (Refer to note 2.9)	1,002	–	–	–	–	1,002	1,002
Derivative financial instruments	–	–	4	–	–	4	4
Financial liability under option arrangements <br><br>(Refer to note 2.6)	–	–	72	–	–	72	72
Other liabilities including contingent consideration (Refer to note 2.6)	1,887	–	–	–	–	1,887	1,887
Total	3,363	–	76	–	–	3,439	3,439
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on quoted debt securities carried at amortized cost of $10 million
---	---
^(3)^	Excludes unbilled revenue for contracts where the right to consideration is dependenton completion of contractual milestones
---	---

For trade receivables and trade payables and other assets and payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at June 30, 2024 is as follows:

(Dollars in millions)

Particulars	As at June 30, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.3)
Investments in liquid mutual fund units	447	447	–	–
Investments in target maturity fund units	52	52	–	–
Investments in quoted debt securities	1,660	1,557	103	–
Investments in certificates of deposit	206	–	206	–
Investments in unquoted equity and preference securities	11	–	–	11
Investments in quoted equity securities	15	15	–	–
Investments in unquoted investments others	25	–	–	25
Others
Derivative financial instruments- gain on outstanding foreign exchange forward and option contracts	10	–	10	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts	3	–	3	–
Financial liability under option arrangements (Refer to note 2.6)^(1)^	71	–	–	71
Liability towards contingent consideration (Refer to note 2.6)^(2)^	4	–	–	4
^(1)^	Discount rate ranges from 9% to 15%
---	---
^(2)^	Discount rate - 6%
---	---

During the three months ended June 30, 2024, quoted debt securities of $9 million were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of $73 million were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2024 is as follows:

(Dollars in millions)

Particulars	As at March 31, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.3)
Investments in liquid mutual fund units	313	313	–	–
Investments in target maturity fund units	51	51	–	–
Investments in quoted debt securities	1,620	1,580	40	–
Investments in unquoted equity and preference securities	11	–	–	11
Investments in certificates of deposit	365	–	365	–
Investments in commercial paper	579	–	579	–
Investments in quoted equity securities	14	14	–	–
Investments in unquoted investments others	24	–	–	24
Others
Derivative financial instruments- gain on outstanding foreign exchange forward and option contracts	10	–	10	–
Liabilities
Derivative financial instruments- loss on outstanding foreign exchange forward and option contracts	4	–	4	–
Financial liability under option arrangements (Refer to note 2.6)^(1)^	72	–	–	72
^(1)^	Discount rate ranges from 9% to 15%
---	---

During the year ended March 31, 2024, quoted debt securities of $257 million were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of $9 million were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in liquid mutual fund units, target maturity fund units, quoted debt securities, certificates of deposit, commercial paper, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group’s risk management program.

2.5 Prepayments and other assets

Prepayments and other assets consist of the following:

(Dollars in millions)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Security deposits^(1)^	8	9
Loans to employees^(1)^	30	30
Prepaid expenses^(2)^	420	399
Interest accrued and not due^(1)^	34	64
Withholding taxes and others^(2)^	399	424
Advance payments to vendors for supply of goods^(2)^	58	43
Deposit with corporations^(1)(3)^	328	304
Deferred contract cost
Cost of obtaining a contract^(2)^	30	24
Cost of fulfillment^(2)^	49	43
Other non financial assets ^(2)^	25	21
Other financial assets^(1)(4)^	128	112
Total Current prepayment and other assets	1,509	1,473
Non-current
Loans to employees^(1)^	4	4
Security deposits^(1)^	32	31
Deposit with corporations^(1)(3)^	7	6
Defined benefit plan assets^(2)^	4	4
Prepaid expenses^(2)^	38	41
Deferred contract cost
Cost of obtaining a contract ^(2)^	13	16
Cost of fulfillment^(2)^	78	82
Withholding taxes and others^(2)^	81	81
Other financial assets^(1)(4)^	143	134
Total Non- current prepayment and other assets	400	399
Total prepayment and other assets	1,909	1,872
^(1)^ Financial assets carried at amortized cost	714	694
^(2)^	Non financial assets
---	---
^(3)^	Deposit with corporation represents amounts deposited to settle certain employee-related<br>obligations as and when they arise during the normal course of business.
---	---
^(4)^	Primarily includes net investment in lease arising on assets that are leased to customers<br>for a contract term normally ranging between 3 to 4 years, with lease payments generally due in monthly installments.
---	---

Withholding taxes and others primarily consist of input tax credits and Cenvat recoverable from Government of India.

2.6 Other liabilities

Other liabilities comprise the following:

(Dollars in millions)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Accrued compensation to employees^(1)^	456	534
Accrued expenses^(1)^	1007	986
Accrued defined benefit liability^(3)^	1	1
Withholding taxes and others^(3)^	555	382
Liabilities of controlled trusts^(1)^	25	25
Liability towards contingent consideration^(2)^	2	–
Capital Creditors^(1)^	27	37
Final dividend payable to shareholders^(1)(5)^	1,254	–
Financial liability under option arrangements^(2)(4)^	59	60
Other non-financial liabilities^(3)^	1	1
Other financial liabilities^(1)(6)^	101	73
Total current other liabilities	3,488	2,099
Non-current
Accrued compensation to employees^(1)^	1	1
Accrued expenses^(1)^	203	213
Accrued defined benefit liability ^(3)^	20	19
Liability towards contingent consideration^(2)^	2	–
Financial liability under option arrangements^(2)(4)^	12	12
Other non-financial liabilities^(3)^	9	10
Other financial liabilities^(1)(6)^	6	18
Total non-current other liabilities	253	273
Total other liabilities	3,741	2,372
^(1)^ Financial liability carried at amortized cost	3,080	1,887
^(2)^ Financial liability carried at fair value through profit or loss	75	72
^(3)^	Non financial liabilities
---	---
^(4)^	Represents liability related to options issued by the Group over the non-controlling interests<br>in its subsidiaries.
---	---
^(5)^	Pertains to final dividend and special dividend for fiscal 2024 declared by the Company and<br>approved by the shareholders on June 26, 2024. Payment date for dividend is July 01, 2024. (Refer to note 2.19.5)
---	---
^(6)^	The Group entered into financing arrangements with a third party towards technology assets<br>taken over by the Group from a customer as a part of transformation project which was not considered as distinct goods or services as<br>the control related to those assets was not transferred to the Group in accordance with Ind AS 115 - Revenue from contract with customers.<br>As at June 30, 2024 and March 31, 2024, the financial liability pertaining to such arrangements amounts to $32 million and $45 million,<br>respectively.
---	---

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses and office maintenance and cost of third party software and hardware.

2.7 Provisions and other contingencies

Accounting Policy

2.7.1 Provisions

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

a. Post sales client support

The Group provides its clients with a fixed-period post sales support for its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of sales. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

b. Onerous contracts

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established the Group recognizes any impairment loss on the assets associated with that contract.

Provision for post sales client support and otherprovisions

(Dollars in millions)

Particulars	As at
	June 30, 2024	March 31, 2024
Post sales client support and other provisions	181	215
Total provisions	181	215

Provision for post sales client support and other provisions majorly represents costs associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support and other provisions is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

As at June 30, 2024 and March 31, 2024, claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities- Refer to Note 2.13) amounted to $99 million (822 crore) and $95 million (789 crore), respectively.

2.7.2 McCamish Cybersecurity incident

In November 2023, certain systems of Infosys McCamish Systems LLC (“McCamish”), a subsidiary of Infosys BPM Limited (a wholly owned subsidiary of Infosys Limited), were encrypted by ransomware, resulting in the nonavailability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists’ assistance, substantially remediated and restored the affected applications and systems.

Actions taken by McCamish included investigative analysis conducted by a third-party cybersecurity firm to determine, among other things, whether and the extent to which company or customer data was subject to unauthorized access or exfiltration. McCamish also engaged a third-party eDiscovery vendor in assessing the extent and nature of such data. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish processes personal data on behalf of its corporate customers. McCamish may incur additional costs including indemnities or damages/claims, which are indeterminable at this time. See the section titled “Legal proceedings” below for information on certain legal proceedings related to the McCamish cybersecurity incident.

2.7.3 Legal proceedings

On March 6, 2024, a class action complaint was filed in the U.S. District Court for the Northern District of Georgia against McCamish. The complaint arises out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. The complaint was purportedly filed on behalf of all individuals within the United States whose personally identifiable information was exposed to unauthorized third parties as a result of the incident. On May 6, 2024, McCamish filed a motion to dismiss the complaint.

On May 15, 2024, another class action complaint arising out of the same incident was filed in the same court against McCamish. The complaint was purportedly filed on behalf of some or all individuals whose personally identifiable information was compromised in the incident.

On June 3, 2024, the plaintiffs in the two class actions filed a motion to consolidate the two cases. On June 4, 2024, the Court consolidated the two class actions and closed the class action that was filed on May 15, 2024.

On July 8, 2024, another class action complaint arising out of the same incident was filed in the same court against McCamish. The complaint was purportedly filed on behalf of all individuals residing in the United States whose private information was accessed and/or acquired by an unauthorized party as a result of the incident.

Apart from the foregoing actions, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group’s management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Group’s results of operations or financial condition.

2.8 Property, plant and equipment

Accounting Policy

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

Building	22-25 years
Plant and machinery^(1)^	5 years
Computer equipment	3-5 years
Furniture and fixtures	5 years
Vehicles	5 years
Leasehold improvements	Lower of useful life of the asset or lease term
^(1)^	Includes solar plant with a useful life of 25 years
---	---

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date and the cost of assets not ready to use before such date are disclosed under ‘Capital work-in-progress’. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

Impairment

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in net profit in the statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2024 are as follows:

(Dollars in millions)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at April 1, 2024	171	1,411	637	1,032	406	6	3,663
Additions	–	2	5	22	3	–	32
Deletions*	–	(5)	(3)	(19)	(7)	–	(34)
Translation difference	–	–	–	(1)	(1)	–	(2)
Gross carrying value as at June 30, 2024	171	1,408	639	1,034	401	6	3,659
Accumulated depreciation as at April 1, 2024	–	(590)	(498)	(765)	(322)	(5)	(2,180)
Depreciation	–	(13)	(12)	(40)	(10)	–	(75)
Accumulated depreciation on deletions*	–	1	3	19	7	–	30
Translation difference	–	–	–	1	–	–	1
Accumulated depreciation as at June 30, 2024	–	(602)	(507)	(785)	(325)	(5)	(2,224)
Capital work-in progress as at April 1, 2024							54
Carrying value as at April 1, 2024	171	821	139	267	84	1	1,537
Capital work-in progress as at June 30, 2024							69
Carrying value as at June 30, 2024	171	806	132	249	76	1	1,504

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2023 are as follows:

(Dollars in millions)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at April 1, 2023	174	1,407	625	1,037	409	6	3,658
Additions	–	1	7	27	5	–	40
Deletions*	–	–	(6)	(32)	(4)	–	(42)
Translation difference	–	(5)	1	1	1	(1)	(3)
Gross carrying value as at June 30, 2023	174	1,403	627	1,033	411	5	3,653
Accumulated depreciation as at April 1, 2023	–	(552)	(468)	(709)	(300)	(5)	(2,034)
Depreciation	–	(13)	(14)	(44)	(12)	–	(83)
Accumulated depreciation on deletions*	–	–	6	32	3	–	41
Translation difference	–	1	(1)	(1)	1	–	–
Accumulated depreciation as at June 30, 2023	–	(564)	(477)	(722)	(308)	(5)	(2,076)
Capital work-in progress as at April 1, 2023							55
Carrying value as at April 1, 2023	174	855	157	328	109	1	1,679
Capital work-in progress as at June 30, 2023							61
Carrying value as at June 30, 2023	174	839	150	311	103	–	1,638
*	During the three months ended June 30, 2024, certain assets which were old and not in use<br>having gross book value of $15 million (net book value: Nil) were retired. During the three months ended June 30, 2023, certain assets<br>which were old and not in use having gross book value of $39 million (net book value: Nil) were retired.
---	---

The aggregate depreciation expense is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

Repairs and maintenance costs are recognized in the statement of comprehensive income when incurred.

Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (“the Rules”), the Company was required to transfer its CSR capital assets installed prior to January 2021. Towards this the Company had incorporated a subsidiary ‘Infosys Green Forum’ (IGF) under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022 the Company had completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable. During March 31, 2024, the application filed by IGF for registration u/s.12AB of the Income Tax Act was rejected and registration cancelled. During the quarter ending June 30, 2024 IGF has filed an appeal against this order before Income Tax Appellate Tribunal.

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipments aggregating to $116 million and $94 million as at June 30, 2024 and March 31, 2024, respectively.

2.9 Leases

Accounting Policy

The Group as a lessee

The Group’s lease asset classes primarily consist of leases for land, buildings and computers. The group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Group determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Group’s operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the group changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

The Group as a lessor

Leases for which the group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2024

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2024	72	396	2	316	786
Additions^*^	–	33	–	34	67
Deletions	–	–	–	(18)	(18)
Depreciation	–	(22)	–	(30)	(52)
Translation difference	–	(1)	–	(1)	(2)
Balance as of June 30, 2024	72	406	2	301	781
^^*	Net of adjustments on account of modifications
---	---

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2023

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2023	76	474	2	285	837
Additions^*^	–	30	–	68	98
Deletions	–	(1)	–	(28)	(29)
Depreciation	–	(22)	–	(23)	(45)
Translation difference	(1)	–	–	(1)	(2)
Balance as of June 30, 2023	75	481	2	301	859
^^*	Net of adjustments on account of modifications and lease incentives
---	---

The aggregate depreciation expense on ROU assets is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

The following is the break-up of current and non-current lease liabilities as of June 30, 2024 and March 31, 2024

(Dollars in millions)

Particulars	As at
	June 30, 2024	March 31, 2024
Current lease liabilities	262	235
Non-current lease liabilities	740	767
Total	1,002	1,002

2.10 Goodwill and Intangible assets

2.10.1 Goodwill

Accounting Policy

Goodwill represents purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized immediately in the net profit in the Statement of Comprehensive Income. Goodwill is measured at cost less accumulated impairment losses.

Impairment

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGU’s which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins.

Following is a summary of changes in the carrying amount of goodwill:

(Dollars in millions)

Particulars	As at
	June 30, 2024	March 31, 2024
Carrying value at the beginning	875	882
Goodwill on acquisitions (Refer to note 2.11)	12	–
Translation differences	1	(7)
Carrying value at the end	888	875

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or groups of CGUs, which benefit from the synergies of the acquisition.

2.10.2 Intangible assets

Accounting Policy

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labour, overhead costs that are directly attributable to prepare the asset for its intended use.

Impairment

Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the net profit in the statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the net profit in the statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

2.11 Business combinations

Accounting policy

Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations.

The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the interim condensed Consolidated Statement of Comprehensive Income.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity of subsidiaries.

Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed.

The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized.

Acquisitions during the three months ended June30, 2024

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

(Dollars in million)

Component	Acquiree's carrying amount	Fair value adjustments	Purchase price allocated
Net Assets^(1)^	5	–	5
Intangible assets:
Customer contracts and relationships^#^	–	7	7
Brand^#^	–	2	2
Deferred tax liabilities on intangible assets	–	(2)	(2)
Total	5	7	12
Goodwill			12
Total purchase price			24
^(1)^	Includes cash and cash equivalents acquired of $5 million.
---	---
^#^	The estimated useful life is around 1 year to 5 years
---	---

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill is not tax-deductible.

The purchase consideration of $24 million includes cash of $20 million and contingent consideration with an estimated fair value of $4 million as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rate of 5.9%. The undiscounted value of contingent consideration as of June 30, 2024 was $4 million.

Additionally, this acquisition has retention bonus and management incentive payable to the employees of the acquiree over three years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Bonus and incentives are recognized in employee benefit expenses in the Statement of Comprehensive Income over the period of service.

Fair value of trade receivables acquired is $4 million as of acquisition date and as of June 30, 2024 the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder’s fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of less than a million related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the three months ended June 30, 2024.

Proposed acquisition

On April 18, 2024, Infosys Germany GmBH wholly owned step down subsidiary of Infosys Limited entered into a definitive agreement to acquire 100% of the equity share capital in in-tech Holding GmbH, leading provider of Engineering R&D services headquartered in Germany, for a consideration including earn-outs amounting up to EUR 450 million (approximately $485 million), subject to customary closing adjustments. Subsequently in July 2024 as on the date these financial statements were authorized for issuance, Infosys Germany GmBH completed its acquisition of in-tech Holding GmbH. Given the recent timing of the acquisition and pending completion of the valuations for identifiable net assets acquired and liabilities assumed, at the time these financial statements were authorized for issuance, the initial accounting for the business combination is incomplete. Accordingly, all the required disclosures for the business combination have not been made.

2.12 Employees' Stock Option Plans (ESOP)

Accounting Policy

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in net profit in the interim condensed consolidated statement of comprehensive income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share premium.

Infosys Expanded Stock Ownership Program 2019 (the2019 Plan)

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 50,000,000 equity shares. To implement the 2019 Plan, up to 45,000,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

2015 Stock Incentive Compensation Plan (the 2015Plan):

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 24,038,883 equity shares (this includes 11,223,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options would be the market price as on the date of grant.

Controlled trust holds 10,246,512 and 10,916,829 shares as at June 30, 2024 and March 31, 2024, respectively under the 2015 plan. Out of these shares, 2,00,000 equity shares each have been earmarked for welfare activities of the employees as at June 30, 2024 and March 31, 2024.

The following is the summary of grants during three months ended June 30, 2024 and June 30, 2023:

Particulars	2019 Plan		2015 Plan
	Three months ended June 30,		Three months ended June 30,
	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	70,699	78,281	295,168	333,596
Employees other than KMP	6,848	-	96,490	4,500
Total Grants	77,547	78,281	391,658	338,096

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

The Board, on April 18, 2024, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2025. In accordance with such approval the following grants were made effective May 2, 2024.

245,679 performance-based RSUs (Annual performance equity grant) of fair value of 34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.
14,140 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of 2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.
35,349 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of 5 crore . These RSUs will vest in line with the employment agreement based on Company’s performance on cumulative relative TSR over the years and as determined by the Board.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of June 30, 2024, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with IFRS 2, Share based payments. The grant date for this purpose in accordance with IFRS 2, Share based payments is July 1, 2022.

Under the 2019 plan:

The Board, on April 18, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to 10 crore for fiscal 2025 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 70,699 performance based RSU’s were granted effective May 2, 2024.

The break-up of employee stock compensation expenseis as follows:

(Dollars in millions)

Particulars	Three months ended June 30,
	2024	2023
Granted to:
KMP	2	2
Employees other than KMP	23	16
Total ^(1)^	25	18
^(1)^	Cash settled stock compensation expense included in the above
---	---

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

Particulars	For options granted in
	Fiscal 2025- Equity Shares-RSU	Fiscal 2025- ADS-RSU	Fiscal 2024- Equity Shares-RSU	Fiscal 2024- ADS-RSU
Weighted average share price () / ($ ADS)	1,414	16.87	1,588	19.19
Exercise price ()/ ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	23-26	23-28	23-31	25-33
Expected life of the option (years)	1-4	1-4	1-4	1-4
Expected dividends (%)	2-3	2-3	2-3	2-3
Risk-free interest rate (%)	7	5	7	4-5
Weighted average fair value as on grant date () / ($ ADS)	1,298	15.45	1,317	16.27

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

2.13 Income Taxes

Accounting policy

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the consolidated statement of comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the interim condensed consolidated statement of comprehensive income comprises:

(Dollars in millions)

Particulars	Three months ended June 30,
	2024	2023
Current taxes
Domestic taxes	277	208
Foreign taxes	83	73
	360	281
Deferred taxes
Domestic taxes	(28)	23
Foreign taxes	(14)	(10)
	(42)	13
Income tax expense	318	294

Income tax expense for the three months ended June 30, 2024 and June 30, 2023 includes provisions (net of reversals) of $7 million and reversals (net of provisions) of $2 million, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

Deferred income tax for the three months ended June 30, 2024 and June 30, 2023 substantially relates to origination and reversal of temporary differences

The Company’s Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company’s best estimate determined based on the expected value method.

As at June 30, 2024, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $342 million (2,854 crore). As at March 31, 2024, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $335 million (2,794 crore).

Amount paid to statutory authorities against the tax claims amounted to $734 million (6,122 crore) and $1,048 million (8,743 crore) as at June 30, 2024 and March 31, 2024 respectively.

The claims against the Group primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Group's financial position and results of operations.

2.14 Basic and diluted shares used in computingearnings per equity share

Accounting Policy

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

2.15 Related party transactions

Refer Note 2.20 "Related party transactions" in the Company’s 2024 Annual Report on Form 20-F for the full names and other details of the Company's subsidiaries and controlled trusts.

Changes in Subsidiaries

During the three months ended June 30, 2024, the following are the changes in the subsidiaries:

.	Danske IT and Support Services India Private Limited renamed as IDUNN Information Technology<br>Private Limited
.	On May 10, 2024 Infosys Ltd. acquired 100% of voting interests in InSemi Technology Services<br>Private Limited along with its subsidiary Elbrus Labs Private Limited
---	---

Change in key management personnel

The following are the changes in the key management personnel:

Executive Officers:

-	Jayesh Sanghrajka (appointed as Chief Financial Officer effective April 1, 2024)

Transactions with key management personnel

The table below describes the compensation to key management personnel which comprise directors and executive officers:

(Dollars in millions)

Particulars	Three months ended June 30,
	2024	2023
Salaries and other short term employee benefits to whole-time directors and executive officers^(1)(2)^	3	4
Commission and other benefits to non-executive/ independent directors	1	–
Total	4	4
^(1)^	Total employee stock compensation expense for the three months ended June 30, 2024 andJune 30, 2023 includes a charge of $2 million each , towards key management personnel. (Refer note 2.12).
---	---
^(2)^	Does not include post-employment benefits and other long-term benefits, based on actuarialvaluation as these are done for the Company as a whole.
---	---

2.16 Segment reporting

The Chief Operating Decision Maker (CODM) 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 business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represent the operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public Services and revenue generated from customers located in India, Japan and China and other enterprises in public service. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centres and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.17 Revenue from operations

2.16.1 Business segments

For the three months ended June 30, 2024 and June30, 2023

(Dollars in millions)

Particulars	Financial Services^(1)^	Retail^(2)^	Communication^(3)^	Energy, Utilities, Resources and Services	Manufacturing	Hi-Tech	Life Sciences^(4)^	All other segments^(5)^	Total
Revenue	1,297	651	569	626	693	377	343	158	4,714
	1,298	671	540	595	651	372	335	155	4,617
Identifiable operating expenses	730	324	373	325	454	214	210	90	2,720
	748	349	321	327	429	212	194	100	2,680
Allocated expenses	254	117	100	114	118	66	60	33	862
	240	124	99	111	104	62	55	38	833
Segment Profit	313	210	96	187	121	97	73	35	1,132
	310	198	120	157	118	98	86	17	1,104
Unallocable expenses									138
									143
Operating profit									994
									961
Other income, net (Refer to note 2.20)									101
									68
Finance Cost									13
									11
Profit before income taxes									1,082
									1,018
Income tax expense									318
									294
Net profit									764
									724
Depreciation and amortization									138
									143
Non-cash expenses other than depreciation and amortization									–
^(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)^	Others include operating segments of businesses in India, Japan, China, Infosys PublicServices & other enterprises in Public Services
---	---

2.16.2 Significant clients

No client individually accounted for more than 10% of the revenues for the three months ended June 30, 2024 and June 30, 2023 respectively.

2.17 Revenue from Operations

Accounting Policy:

The Group derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group’s core and digital offerings (together called as “software related services”) and business process management services. Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing, by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services (“performance obligations”) to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services (“transaction price”). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Group allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Group estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Group’s contracts may include variable consideration including rebates, volume discounts and penalties. The Group includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group’s costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Group is unable to determine the standalone selling price, the Group uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Group is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Group uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a “right to use” the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a “right to access” is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight-line basis over the period in which the services are rendered.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Group that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to cost of sales over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs

The Group presents revenues net of indirect taxes in its Consolidated Statement of Comprehensive Income.

Revenues for the three months ended June 30, 2024 and June 30, 2023 is as follows

(Dollars in millions)

Particulars	Three months ended June 30,
	2024	2023
Revenue from software services	4,496	4,349
Revenue from products and platforms	218	268
Total revenue from operations	4,714	4,617

Products & platforms

The Group also derives revenues from the sale of products and platforms like Finacle – core banking solution, Edge Suite of products, Panaya platform, Stater digital platform and Infosys McCamish – insurance platform.

Disaggregated revenue information

Revenue disaggregation by business segments has been included in segment information (Refer note 2.16). The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

For the three months ended June 30, 2024 and June30, 2023

(Dollars in millions)

Particulars	Three months ended June 30,
	2024	2023
*Revenues by Geography^^**
North America	2,775	2,809
Europe	1,341	1,235
India	147	125
Rest of the world	451	448
Total	4,714	4,617
^^*	Geographical revenue is based on the domicile of customer
---	---

The percentage of revenue from fixed-price contracts for the three months ended June 30, 2024 and June 30, 2023 is 54% and 52%, respectively.

Trade Receivables and Contract Balances

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Group’s Consolidated Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Group’s receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore, unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivable and unbilled revenues are presented net of impairment in the consolidated statement of balance sheet.

2.18 Unbilled Revenue

(Dollars in millions)

Particulars	As at
	June 30, 2024	March 31, 2024
Unbilled financial asset ^(1)^	1,119	1,151
Unbilled non financial asset ^(2)^	590	593
Total	1,709	1,744
^(1)^	Right to consideration is unconditional and is due only after a passage of time.
---	---
^(2)^	Right to consideration is dependent on completion of contractual milestones.
---	---

2.19 Equity

Accounting policy

Ordinary Shares

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

Treasury Shares

When any entity within the Group purchases the company's ordinary shares, the consideration paid including any directly attributable incremental cost is presented as a deduction from total equity, until they are cancelled, sold or reissued. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/ from Share premium.

Share capital and share premium

The amount received in excess of the par value has been classified as share premium. Additionally, share-based compensation recognized in net profit in the interim condensed consolidated statement of comprehensive income is credited to share premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

The Company has only one class of shares referred to as equity shares having a par value of 5/-.

Retained earnings

Retained earnings represent the amount of accumulated earnings of the Group.

Other Reserves

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

Capital Redemption Reserve

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

Cash flow hedge reserve

Other components of equity

Other components of equity include currency translation, re-measurement of net defined benefit liability/asset, fair value changes of equity instruments fair valued through other comprehensive income, changes on fair valuation of investments, net of taxes.

2.19.1 Voting

Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

2.19.2 Liquidation

In the event of liquidation of the company, the holders of shares shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

2.19.3 Share options

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

2.19.4 Share capital and share premium

The Company has only one class of shares referred to as equity shares having a par value of 5/- each. 10,246,512 shares and 10,916,829 shares were held by controlled trust, as at June 30, 2024 and March 31, 2024, respectively.

2.19.5 Capital allocation policy

Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

The Company’s objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of June 30, 2024, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

Dividend

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders is as follows:

Particulars	Three months ended June 30, 2024		Three months ended June 30, 2023
	in	in US Dollars	in	in US Dollars
Final dividend for fiscal 2023	–	–	17.50	0.21
Special dividend for fiscal 2024	8.00	0.10	–	–
Final dividend for fiscal 2024	20.00	0.24	–	–

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of 20/- per equity share (approximately $0.24 per equity share) for the financial year ended March 31, 2024 and a special dividend of 8/- per equity share (approximately $0.10 per equity share). The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 26, 2024 which will result in a net cash outflow of $1,389 million, excluding dividend paid on treasury shares. Payment date for the dividend is July 01, 2024.

2.20 Break-up of expenses and other income, net

Accounting policy

2.20.1 Gratuity and Pensions

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees majorly of Infosys and its Indian subsidiaries. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Group. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profits in the interim condensed consolidated statement of comprehensive income.

2.20.2 Superannuation

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

2.20.3 Provident fund

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The company contributes a portion of the contributions to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The company has an obligation to make good the shortfall, if any, between the return from the investments of the Trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The companies have no further obligation to the plan beyond its monthly contributions.

2.20.4 Compensated absences

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each balance sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

2.20.5 Other income, net

Other income is comprised primarily of interest income, dividend income, gain/loss on investment and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

2.20.6 Foreign Currency

Functional currency and presentation currency

The functional currency of Infosys, its Indian subsidiaries and controlled trusts is the Indian rupee. The functional currencies for foreign subsidiaries are their respective local currencies. These financial statements are presented in U.S. dollars (rounded off to the nearest million) to facilitate the investors’ ability to evaluate Infosys’ performance and financial position in comparison to similar companies domiciled in other geographic locations.

Transactions and translations

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the interim condensed Consolidated Statement of Comprehensive Income and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the Statement of Comprehensive Income. However, when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date.

2.20.7 Government grants

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the statement of comprehensive income on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the statement of comprehensive income over the periods necessary to match them with the related costs which they are intended to compensate.

2.20.8 Operating Profits

Operating profit of the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses.

The table below provides details of break-up of expenses:

Cost of sales

(Dollars in millions)

Particulars	Three months ended June 30,
	2024	2023
Employee benefit costs	2,257	2,280
Depreciation and amortization	138	143
Travelling costs	39	39
Cost of technical sub-contractors	380	380
Cost of software packages for own use	67	57
Third party items bought for service delivery to clients	344	271
Consultancy and professional charges	13	4
Communication costs	8	11
Repairs and maintenance	15	14
Provision for post-sales client support	(13)	6
Others	11	6
Total	3,259	3,211

Selling and marketing expenses

(Dollars in millions)

Particulars	Three months ended June 30,
	2024	2023
Employee benefit costs	170	168
Travelling costs	12	11
Branding and marketing	42	32
Consultancy and professional charges	4	4
Others	4	2
Total	232	217

Administrative expenses

(Dollars in millions)

Particulars	Three months ended June 30,
	2024	2023
Employee benefit costs	83	81
Consultancy and professional charges	36	35
Repairs and maintenance	31	30
Power and fuel	8	6
Communication costs	9	11
Travelling costs	6	7
Rates and taxes	14	11
Insurance charges	9	6
Commission to non-whole time directors	1	–
Impairment loss recognized/(reversed) under expected credit loss model	–	11
Contribution towards Corporate Social Responsibility	20	9
Others	12	21
Total	229	228

Other income for the three months June 30, 2024 andJune 30, 2023 is as follows:

(Dollars in millions)

Particulars	Three months ended June 30,
	2024	2023
Interest income on financial assets carried at amortized cost	41	33
Interest income on financial assets carried at fair value through other comprehensive income	39	30
Gain/(loss) on investments carried at fair value through profit or loss	13	6
Exchange gains / (losses) on forward and options contracts	4	16
Exchange gains / (losses) on translation of other assets and liabilities	–	(17)
Others	4	–
Total	101	68
for and on behalf of the Board of Directors of Infosys Limited
---	---	---
Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru
July 18, 2024

Exhibit 99.8

IFRS INR Earning Release

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim CondensedConsolidated Financial Statements

Opinion

Basis for Opinion

Responsibilities of Management and ThoseCharged with Governance for the Interim Condensed Consolidated Financial Statements

The respective Boards of Directors/Trustees of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor’sResponsibilities for the Audit of the Interim Condensed Consolidated Financial Statements

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

·	Identify and assess the risks of material misstatement of the Interim Condensed Consolidated Financial<br>Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that<br>is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud<br>is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the<br>override of internal control.
·	Obtain an understanding of internal financial controls relevant to the audit in order to design audit<br>procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.
---	---
·	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates<br>and related disclosures made by management.
---	---
·	Conclude on the appropriateness of management’s use of the going concern basis of accounting and,<br>based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant<br>doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to<br>draw attention in our auditor’s report to the related disclosures in the Interim Condensed Consolidated Financial Statements or,<br>if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of<br>our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
---	---
·	Evaluate the overall presentation, structure and content of the Interim Condensed Consolidated Financial<br>Statements, including the disclosures, and whether the Interim Condensed Consolidated Financial Statements represent the underlying transactions<br>and events in a manner that achieves fair presentation.
---	---
·	Obtain sufficient appropriate audit evidence regarding the financial information of the entities within<br>the Group to express an opinion on the Interim Condensed Consolidated Financial Statements. We are responsible for the direction, supervision<br>and performance of the audit of financial statements of such entities included in the Interim Condensed Consolidated Financial Statements<br>of which we are independent auditors.
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Place: Bengaluru<br><br> <br>Date: July 18, 2024	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm’s Registration No. 117366W/W-100018)<br><br> <br><br><br> <br><br><br> <br>Vikas Bagaria<br><br> <br>Partner<br><br> <br>(Membership No.060408)<br><br> <br>UDIN: 24060408BKFSMG8848

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements underInternational Financial Reporting Standards (IFRS) in Indian Rupee for the three months ended June 30, 2024

Index
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Comprehensive Income
Condensed Consolidated Statement of Changes in Equity
Condensed Consolidated Statement of Cash Flows
Overview and Notes to the Interim Condensed Consolidated Financial Statements
1. Overview
1.1 Company overview
1.2 Basis of preparation of financial statements
1.3 Basis of consolidation
1.4 Use of estimates and judgments
1.5 Critical accounting estimates and judgements
1.6 Recent accounting pronouncements
2. Notes to the Interim Condensed Consolidated Financial Statements
2.1 Cash and cash equivalents
2.2 Earmarked bank balance for dividend
2.3 Investments
2.4 Financial instruments
2.5 Prepayments and other assets
2.6 Other liabilities
2.7 Provisions and other contingencies
2.8 Property, plant and equipment
2.9 Leases
2.10 Goodwill and Intangible Assets
2.11 Business combinations
2.12 Employees' Stock Option Plans (ESOP)
2.13 Income Taxes
2.14 Reconciliation of basic and diluted shares used in computing earnings per equity share
2.15 Related party transactions
2.16 Segment reporting
2.17 Revenue from Operations
2.18 Unbilled Revenue
2.19 Equity
2.20 Break-up of expenses and other income, net

Infosys Limited and subsidiaries

(In crore except equity share data)

Condensed Consolidated Balance Sheet as at	Note	June 30, 2024	March 31, 2024
ASSETS
Current assets
Cash and cash equivalents	2.1	16,432	14,786
Earmarked bank balance for dividend	2.2	11,625	-
Current investments	2.3	8,762	12,915
Trade receivables		30,930	30,193
Unbilled revenue	2.18	12,601	12,768
Prepayments and other current assets	2.5	12,587	12,289
Income tax assets	2.13	3,032	6,397
Derivative financial instruments	2.4	86	84
Total current assets		96,055	89,432
Non-current assets
Property, plant and equipment	2.8	12,540	12,818
Right-of-use assets	2.9	6,512	6,552
Goodwill	2.10	7,405	7,303
Intangible assets		1,391	1,397
Non-current investments	2.3	11,174	11,708
Unbilled revenue	2.18	1,652	1,780
Deferred income tax assets	2.13	469	454
Income tax assets	2.13	3,487	3,045
Other non-current assets	2.5	3,334	3,325
Total non-current assets		47,964	48,382
Total assets		144,019	137,814
LIABILITIES AND EQUITY
Current liabilities
Trade payables		3,693	3,956
Lease liabilities	2.9	2,187	1,959
Derivative financial instruments	2.4	28	31
Current income tax liabilities	2.13	4,494	3,585
Unearned revenue		6,956	7,341
Employee benefit obligations		2,805	2,622
Provisions	2.7	1,504	1,796
Other current liabilities	2.6	29,084	17,504
Total current liabilities		50,751	38,794
Non-current liabilities
Lease liabilities	2.9	6,174	6,400
Deferred income tax liabilities	2.13	1,474	1,794
Employee benefit obligations		93	89
Other non-current liabilities	2.6	2,109	2,276
Total non-current liabilities		9,850	10,559
Total liabilities		60,601	49,353
Equity
Share capital - 5 par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,141,781,963 (4,139,950,635) equity shares fully paid up, net of 10,246,512 (10,916,829) treasury shares as at June 30, 2024 (March 31, 2024)	2.19	2,072	2,071
Share premium		1,744	1,550
Retained earnings		64,814	69,674
Cash flow hedge reserves		3	6
Other reserves		11,753	12,104
Capital redemption reserve		169	169
Other components of equity		2,514	2,542
Total equity attributable to equity holders of the Company		83,069	88,116
Non-controlling interests		349	345
Total equity		83,418	88,461
Total liabilities and equity		144,019	137,814

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
Bengaluru<br><br> <br>July 18, 2024	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary

Infosys Limited and subsidiaries

(In crore except equity share and per equityshare data)

Condensed Consolidated Statement of Comprehensive Income for the	Note	Three months ended June 30,
		2024	2023
Revenues	2.17	39,315	37,933
Cost of sales	2.20	27,177	26,382
Gross profit		12,138	11,551
Operating expenses
Selling and marketing expenses	2.20	1,937	1,783
Administrative expenses	2.20	1,913	1,877
Total operating expenses		3,850	3,660
Operating profit		8,288	7,891
Other income, net	2.20	838	561
Finance cost		105	90
Profit before income taxes		9,021	8,362
Income tax expense	2.13	2,647	2,417
Net profit		6,374	5,945
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		20	87
Equity instruments through other comprehensive income, net	2.3	14	1
		34	88
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		(3)	6
Exchange differences on translation of foreign operations		(104)	15
Fair value changes on investments, net	2.3	40	75
		(67)	96
Total other comprehensive income/(loss), net of tax		(33)	184
Total comprehensive income		6,341	6,129
Profit attributable to:
Owners of the Company		6,368	5,945
Non-controlling interests		6	-
		6,374	5,945
Total comprehensive income attributable to:
Owners of the Company		6,337	6,132
Non-controlling interests		4	(3)
		6,341	6,129
Earnings per equity share
Equity shares of par value 5/- each
Basic ()		15.38	14.37
Diluted ()		15.35	14.35
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.14	4,140,272,627	4,137,234,750
Diluted (in shares)	2.14	4,148,077,672	4,142,207,951

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
Bengaluru<br><br> <br>July 18, 2024	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary

Infosys Limited and subsidiaries

(In crore except equity share data)

Condensed Consolidated Statement of Changes in Equity	Number of Shares^(1)^	Share Capital	Share premium	Retained earnings	Other reserves^(2)^	Capital redemption reserve	Other components of equity	Cash flow hedge reserve	Total equity attributable to equity holders of the Company	Non-controlling interest	Total equity
Balance as at April 1, 2023	4,136,387,925	2,069	1,065	60,063	10,014	169	2,032	(5)	75,407	388	75,795
Changes in equity for three months ended June 30, 2023
Net profit	–	–	–	5,945	–	–	–	–	5,945	–	5,945
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	87	–	87	–	87
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	1	–	1	–	1
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	–	6	6	–	6
Exchange differences on translation of foreign operations	–	–	–	–	–	–	18	–	18	(3)	15
Fair value changes on investments, net*	–	–	–	–	–	–	75	–	75	–	75
Total comprehensive income for the period	–	–	–	5,945	–	–	181	6	6,132	(3)	6,129
Shares issued on exercise of employee stock options (Refer to note 2.12)	2,066,083	1	1	–	–	–	–	–	2	–	2
Employee stock compensation expense (Refer to note 2.12)	–	–	144	–	–	–	–	–	144	–	144
Transfer on account of options not exercised	–	–	(6)	6	–	–	–	–	–	–	–
Transferred to other reserves	–	–	–	(760)	760	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	202	(202)	–	–	–	–	–	–
Dividends^#^	–	–	–	(7,242)	–	–	–	–	(7,242)	–	(7,242)
Balance as at June 30, 2023<br><br> <br>****	4,138,454,008	2,070	1,204	58,214	10,572	169	2,213	1	74,443	385	74,828
Balance as at April 1, 2024<br><br> <br>****	4,139,950,635	2,071	1,550	69,674	12,104	169	2,542	6	88,116	345	88,461
Changes in equity for three months ended June 30, 2024
Net profit	–	–	–	6,368	–	–	–	–	6,368	6	6,374
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	20	–	20	–	20
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	14	–	14	–	14
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	(3)	(3)	–	(3)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	(102)	–	(102)	(2)	(104)
Fair value changes on investments, net*	–	–	–	–	–	–	40	–	40	–	40
Total comprehensive income for the period	–	–	–	6,368	–	–	(28)	(3)	6,337	4	6,341
Shares issued on exercise of employee stock options (Refer to note 2.12)	1,831,328	1	2	–	–	–	–	–	3	–	3
Employee stock compensation expense (Refer to note 2.12)	–	–	208	–	–	–	–	–	208	–	208
Income tax benefit arising on exercise of stock options (Refer to note 2.13)	–	–	2	–	–	–	–	–	2	–	2
Transferred on account of options not exercised	–	–	(18)	18	–	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	104	(104)	–	–	–	–	–	–
Transferred from other reserves to retained earnings	–	–	–	247	(247)	–	–	–	–	–	–
Dividends^#^	–	–	–	(11,597)	–	–	–	–	(11,597)	–	(11,597)
Balance as at June 30, 2024	4,141,781,963	2,072	1,744	64,814	11,753	169	2,514	3	83,069	349	83,418
*	net of tax
---	---
#	net of treasury shares
---	---
^(1)^	excludes treasury shares of 10,246,512 as at June 30, 2024, 10,916,829 as at April 1,2024, 11,738,357 as at June 30, 2023 and 12,172,119 as at April 1, 2023 held by consolidated trust.
---	---
^(2)^	Represents the Special Economic Zone Re-investment reserve created out of the profit ofthe eligible SEZ unit in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act,1961. The reserve should be utilized by the Groupfor acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA(2) of the Income TaxAct, 1961.
---	---

The accompanying notes form an integral part of theinterim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
Bengaluru<br><br> <br>July 18, 2024	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary

Infosys Limited and subsidiaries

Condensed Consolidated Statement of Cash Flows

Accounting Policy

(In crore)

Particulars	Note	Three months ended June 30,
		2024	2023
Operating activities
Net Profit		6,374	5,945
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation and amortization		1,149	1,173
Income tax expense	2.13	2,647	2,417
Finance cost		106	90
Interest and dividend income		(359)	(278)
Exchange differences on translation of assets and liabilities, net		23	(20)
Impairment loss recognized/(reversed) under expected credit loss model		(3)	91
Stock compensation expense		211	146
Provision for post sale client support		(108)	50
Other adjustments		55	508
Changes in working capital
Trade receivables and unbilled revenue		(499)	(101)
Prepayments and other assets		(167)	(158)
Trade payables		(271)	(106)
Unearned revenue		(385)	167
Other liabilities and provisions		(4)	(1,989)
Cash generated from operations		8,769	7,935
Income taxes (paid)/received		841	(1,379)
Net cash generated by operating activities		9,610	6,556
Investing activities
Expenditure on property, plant and equipment and intangibles		(455)	(807)
Deposits placed with corporation		(335)	(444)
Redemption of deposits placed with corporation		120	252
Interest and dividend received		299	275
Payment for acquisition of business, net of cash acquired	2.10	(124)	–
Payments to acquire Investments
- Quoted debt securities		(1,051)	(104)
- Liquid mutual fund units		(16,989)	(17,680)
- Certificates of deposit		(1,440)	(1,285)
- Commercial paper		(2,226)	(1,558)
- Other investments		(6)	(3)
Proceeds on sale of investments
- Quoted debt securities		690	601
- Liquid mutual fund units		15,975	17,304
- Certificates of deposit		2,820	3,974
- Commercial paper		7,135	824
Other receipts		1	126
Net cash (used)/generated in investing activities		4,414	1,475
Financing activities
Payment of lease liabilities		(576)	(439)
Payment of dividends		–	(1)
Other payments		(118)	(209)
Shares issued on exercise of employee stock options		3	2
Net cash used in financing activities		(691)	(647)
Net increase/(decrease) in cash and cash equivalents		13,333	7,384
Effect of exchange rate changes on cash and cash equivalents		(62)	15
Cash and cash equivalents at the beginning of the period	2.1	14,786	12,173
Cash and cash equivalents at the end of the period	2.1	28,057	19,572
Supplementary information:
Restricted cash balance	2.1	398	381
Closing cash and cash equivalents as per consolidated statement of cash flows		28,057	19,572
Less: Earmarked bank balance for dividend		11,625	7,262
Closing cash and cash equivalents as per Consolidated Balance Sheet		16,432	12,310

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
Bengaluru<br><br> <br>July 18, 2024	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary

INFOSYS LIMITED AND SUBSIDIARIES

Overview and Notes to the Interim condensed ConsolidatedFinancial Statements

1. Overview

1.1 Company overview

Infosys together with its subsidiaries and controlled trusts is herein after referred to as the "Group".

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics City, Hosur Road, Bengaluru -560100, Karnataka, India. The Company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company’s American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the Company's Board of Directors on July 18, 2024.

1.2 Basis of preparation of financial statements

The material accounting policy information used in preparation of the audited interim condensed consolidated financial statements have been discussed in the respective notes.

1.3 Basis of consolidation

Infosys consolidates entities which it owns or controls. The interim condensed consolidated financial statements comprise the financial statements of the Company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group Companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the Company, are excluded.

1.4 Use of estimates and judgments

The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. Application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgments are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

1.5 Critical accounting estimates and judgments

a. Revenue recognition

The Group’s contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to the contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from a fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group’s costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

b. Income taxes

The Group's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, the Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the Management believes that the group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to Note 2.13)

c. Business combinations and intangible assets

d. Property, plant and equipment

e. Impairment of Goodwill

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

1.6 Recent accounting pronouncements

New and revised IFRS Standards in issue but not yeteffective:

Amendments to IAS 21 The Effects of Changes in Foreign<br>Exchange Rates	Lack of Exchangeability
IFRS 18 Presentation and Disclosures in Financial Statements	Presentation and Disclosures in Financial Statements
Amendments to IFRS 9 Financial Instruments and IFRS 7<br>Financial Instruments: Disclosures	Amendments to the Classification and Measurement of Financial Instruments

Amendments to IAS 21

IFRS 18 – Presentation and Disclosures inFinancial Statements

Amendments to IFRS 9 Financial Instruments and IFRS7 Financial Instruments: Disclosures

2. Notes to the Interim condensed Consolidated FinancialStatements

2.1 Cash and cash equivalents

Cash and cash equivalents consist of the following:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Cash and bank deposits	16,432	14,786
Total Cash and cash equivalents	16,432	14,786

Cash and cash equivalents as at June 30, 2024 and March 31, 2024 include restricted cash and bank balances of rupee symbol 398 crore and 348 crore, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the Company.

2.2 Earmarked bank balance for dividend

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Earmarked bank balance for dividend	11,625	–
Total	11,625	–

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of rupee symbol 20/- per equity share for the financial year ended March 31, 2024 and a special dividend of 8/- per equity share. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 26, 2024. Payment date for the dividend is July 01, 2024. Earmarked bank balance for dividend represents cash which is deposited in a designated bank account only for payment of final dividend and special dividend for financial year ended March 31, 2024.

2.3 Investments

The carrying value of the investments are as follows:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
(i) Current Investments
Fair Value through other comprehensive income
Quoted debt securities	3,315	2,427
Commercial papers	-	4,830
Certificate of deposit	1,718	3,043
Fair Value through profit or loss
Liquid mutual fund units	3,729	2,615
Total current investments	8,762	12,915
(ii) Non-current Investments
Amortized Cost
Quoted debt securities	1,756	1,759
Fair Value through other comprehensive income
Quoted debt securities	8,554	9,114
Quoted equity securities	129	113
Unquoted equity and preference securities	93	93
Fair Value through profit or loss
Target maturity fund units	439	431
Others^(1)^	203	198
Total non-current investments	11,174	11,708
Total investments	19,936	24,623
Investments carried at amortized cost	1,756	1,759
Investments carried at fair value through other comprehensive income	13,809	19,620
Investments carried at fair value through profit or loss	4,371	3,244

^(1)^	Uncalled capital commitments outstanding as at June 30, 2024 and March 31, 2024 was 72crore and 79 crore, respectively.

Refer to note 2.4 for accounting policies on financialinstruments.

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		June 30, 2024	March 31, 2024
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	3,729	2,615
Target maturity fund units - carried at fair value through profit or loss	Quoted price	439	431
Quoted debt securities- carried at amortized cost	Quoted price and market observable inputs	1,968	1,973
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	11,869	11,541
Commercial papers- carried at fair value through other comprehensive income	Market observable inputs	-	4,830
Certificates of deposit- carried at fair value through other comprehensive income	Market observable inputs	1,718	3,043
Quoted equity securities carried at fair value through other comprehensive income	Quoted price	129	113
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, option pricing model	93	93
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, option pricing model	203	198
Total		20,148	24,837

Note: Certain quoted investments are classifiedas Level 2 in the absence of active market for such investments.

2.4 Financial instruments

Accounting Policy

2.4.1 Initial recognition

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

2.4.2 Subsequent measurement

a. Non-derivative financial instruments

(i) Financial assets carried at amortized cost

(ii) Financial assets carried at fair value throughother comprehensive income (FVOCI)

(iii) Financial assets carried at fair valuethrough profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

(iv) Financial liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which are subsequently measured at fair value through profit or loss.

b. Derivative financial instruments

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

(i) Financial assets or financial liabilities, carriedat fair value through profit or loss

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under IFRS 9, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per IFRS 9, is categorized as a financial asset or financial liability, at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the consolidated statement of comprehensive income when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

(ii) Cash flow hedge

The Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the interim consolidated statement of comprehensive income. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the net profit in the consolidated statement of comprehensive income upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified to net profit in the consolidated statement of comprehensive income.

2.4.3 Derecognition of financial instruments

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. A financial liability (or a part of a financial liability) is derecognized from the Group's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

2.4.4 Fair value of financial instruments

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, available quoted market prices, option pricing model, market multiples, and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

2.4.5 Impairment

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in the consolidated statement of comprehensive income.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at June 30, 2024 are as follows:

(In crore)

Particulars	Amortized cost	Financial assets / liabilities at fair value through profit or loss		Financial assets / liabilities at fair value through OCI		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to note 2.1)	16,432	–	–	–	–	16,432	16,432
Earmarked bank balance for dividend (Refer to note 2.2)	11,625	–	–	–	–	11,625	11,625
Investments (Refer to note 2.3)
Liquid mutual fund units	–	–	3,729	–	–	3,729	3,729
Target maturity fund units	–	–	439	–	–	439	439
Quoted debt securities	1,756	–	–	–	11,869	13,625	13,837 ^(1)^
Certificates of deposit	–	–	–	–	1,718	1,718	1,718
Quoted equity securities	–	–	–	129	–	129	129
Unquoted equity and preference securities	–	–	–	93	–	93	93
Unquoted investment others	–	–	203	–	–	203	203
Trade receivables	30,930	–	–	–	–	30,930	30,930
Unbilled revenues (Refer to note 2.18)^(3)^	9,329	–	–	–	–	9,329	9,329
Prepayments and other assets (Refer to note 2.5)	5,945	–	–	–	–	5,945	5,856 ^(2)^
Derivative financial instruments	–	–	68	–	18	86	86
Total	76,017	–	4,439	222	13,605	94,283	94,406
Liabilities:
Trade payables	3,693	–	–	–	–	3,693	3,693
Lease liabilities (Refer to note 2.9)	8,361	–	–	–	–	8,361	8,361
Derivative financial instruments	–	–	25	–	3	28	28
Financial liability under option arrangements <br><br>(Refer to note 2.6)	–	–	590	–	–	590	590
Other liabilities including contingent consideration (Refer to note 2.6)	25,686	–	30	–	–	25,716	25,716
Total	37,740	–	645	–	3	38,388	38,388

^(1)^	On account of fair value changes including interest accrued
^(2)^	Excludes interest accrued on quoted debt securities carried at amortized cost of 89crore.
---	---
^(3)^	Excludes unbilled revenue for contracts where the right to consideration is dependenton completion of contractual milestones
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 2024 were as follows:

(In crore)

Particulars	Amortized cost	Financial assets/ liabilities at fair value through profit or loss		Financial assets/liabilities at fair value through OCI		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to note 2.1)	14,786	–	–	–	–	14,786	14,786
Investments (Refer to note 2.3)
Liquid mutual fund units	–	–	2,615	–	–	2,615	2,615
Target maturity fund units	–	–	431	–	–	431	431
Quoted debt securities	1,759	–	–	–	11,541	13,300	13,514 ^(1)^
Commercial papers	–	–	–	–	4,830	4,830	4,830
Certificates of deposit	–	–	–	–	3,043	3,043	3,043
Quoted equity securities	–	–	–	113	–	113	113
Unquoted equity and preference securities	–	–	–	93	–	93	93
Unquoted investments others	–	–	198	–	–	198	198
Trade receivables	30,193	–	–	–	–	30,193	30,193
Unbilled revenue (Refer to note 2.18)^(3)^	9,600	–	–	–	–	9,600	9,600
Prepayments and other assets (Refer to note 2.5)	5,788	–	–	–	–	5,788	5,704 ^(2)^
Derivative financial instruments	–	–	61	–	23	84	84
Total	62,126	–	3,305	206	19,437	85,074	85,204
Liabilities:
Trade payables	3,956	–	–	–	–	3,956	3,956
Lease liabilities (Refer to note 2.9)	8,359	–	–	–	–	8,359	8,359
Derivative financial instruments	–	–	30	–	1	31	31
Financial liability under option arrangements (Refer to note 2.6)	–	–	597	–	–	597	597
Other liabilities including contingent consideration (Refer to note 2.6)	15,750	–	–	–	–	15,750	15,750
Total	28,065	–	627	–	1	28,693	28,693

^(1)^	On account of fair value changes including interest accrued
^(2)^	Excludes interest accrued on quoted debt securities carried at amortized cost of 84crore.
---	---
^(3)^	Excludes unbilled revenue for contracts where the right to consideration is dependenton completion of contractual milestones
---	---

For trade receivables, trade payables and other assets and payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at June 30, 2024 is as follows:

(In crore)

Particulars	As at June 30, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.3)
Investments in liquid mutual fund units	3,729	3,729	–	–
Investments in target maturity fund units	439	439	–	–
Investments in quoted debt securities	13,837	12,984	853	–
Investments in certificates of deposit	1,718	–	1,718	–
Investments in quoted equity securities	129	129	–	–
Investments in unquoted equity and preference securities	93	–	–	93
Investments in unquoted investments others	203	–	–	203
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts	86	–	86	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts	28	–	28	–
Financial liability under option arrangements (Refer to note 2.6)^(1)^	590	–	–	590
Liability towards contingent consideration (Refer to note 2.6)^(2)^	30	–	–	30

^(1)^	Discount rate ranges from 9% to 15%
^(2)^	Discount rate - 6%
---	---

During the three month ended June 30, 2024, quoted debt securities of rupee symbol 72 crore were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of 606 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2024 was as follows:

(In crore)

Particulars	As atMarch 31, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.3)
Investments in liquid mutual fund units	2,615	2,615	–	–
Investments in target maturity fund units	431	431	–	–
Investments in quoted debt securities	13,514	13,184	330	–
Investments in unquoted equity and preference securities	93	–	–	93
Investments in quoted equity securities	113	113	–	–
Investments in certificates of deposit	3,043	–	3,043	–
Investments in commercial papers	4,830	–	4,830	–
Investments in unquoted investments others	198	–	–	198
Others
Derivative financial instruments- gain on outstanding foreign exchange forward and option contracts	84	–	84	–
Liabilities
Derivative financial instruments- loss on outstanding foreign exchange forward and option contracts	31	–	31	–
Financial liability under option arrangements (Refer to note 2.6)^(1)^	597	–	–	597

^(1)^	Discount rate ranges from 9% to 15%

During the year ended March 31, 2024, quoted debt securities of rupee symbol 2,143 crore were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of 73 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

2.5 Prepayments and other assets

Prepayments and other assets consist of the following:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Security deposits^(1)^	66	75
Loans to employees^(1)^	251	248
Prepaid expenses^(2)^	3,502	3,329
Interest accrued and not due^(1)^	286	537
Withholding taxes and others^(2)^	3,326	3,540
Advance payments to vendors for supply of goods^(2)^	480	356
Deposit with corporations^(1)(3)^	2,739	2,535
Deferred contract cost
Cost of obtaining a contract ^(2)^	254	200
Cost of fulfillment ^(2)^	409	358
Other non financial assets ^(2)^	212	180
Other financial assets^(1)(4)^	1,062	931
Total Current prepayment and other assets	12,587	12,289
Non-current
Security deposits^(1)^	267	259
Loans to employees^(1)^	29	34
Prepaid expenses^(2)^	319	343
Withholding taxes and others^(2)^	678	673
Deposit with corporations^(1)(3)^	58	47
Deferred contract cost
Cost of obtaining a contract ^(2)^	111	129
Cost of fulfillment ^(2)^	651	687
Defined benefit plan assets^(2)^	34	31
Other financial assets^(1)(4)^	1,187	1,122
Total Non- current prepayment and other assets	3,334	3,325
Total prepayment and other assets	15,921	15,614
^(1)^ Financial assets carried at amortized cost	5,945	5,788

^(2)^	Non financial assets

Withholding taxes and others primarily consist of input tax credits and Cenvat/VAT recoverable from Government of India.

^(3)^	Deposit with corporation represents amounts deposited to settle certain employee-related<br>obligations as and when they arise during the normal course of business.
^(4)^	Primarily includes net investment in lease arising on assets that are leased to customers<br>for a contract term normally ranging between 3 to 4 years, with lease payments generally due in monthly installments.
---	---

2.6 Other liabilities

Other liabilities comprise the following:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Accrued compensation to employees^(1)^	3,807	4,454
Accrued defined benefit liability ^(3)^	9	5
Accrued expenses^(1)^	8,396	8,224
Withholding taxes and others^(3)^	4,625	3,185
Liabilities of controlled trusts^(1)^	211	211
Liability towards contingent consideration^(2)^	12	–
Final dividend payable to shareholders^(1)(5)^	10,452	–
Capital Creditors^(1)^	227	310
Financial liability under option arrangements^(2)(4)^	492	499
Other non-financial liabilities ^(3)^	10	8
Other financial liabilities^(1)(6)^	843	608
Total current other liabilities	29,084	17,504
Non-current
Accrued expenses^(1)^	1,690	1,779
Accrued defined benefit liability ^(3)^	168	159
Accrued compensation to employees^(1)^	11	7
Liability towards contingent consideration^(2)^	18	–
Financial liability under option arrangements^(2)(4)^	98	98
Other financial liabilities^(1)(6)^	49	157
Other non-financial liabilities^(3)^	75	76
Total non-current other liabilities	2,109	2,276
Total other liabilities	31,193	19,780
^(1)^Financial liability carried at amortized cost	25,686	15,750
^(2)^Financial liability carried at fair value through profit or loss	620	597

^(3)^	Non financial liabilities
^(4)^	Represents liability related to options issued by the Group over the non-controlling interests<br>in its subsidiaries
---	---
^(5)^	Pertains to final dividend and special dividend declared by the Company for fiscal 2024 and<br>approved by the shareholders on June 26, 2024. Payment date for dividend is July 01, 2024 (refer to note 2.19.5)
---	---
^(6)^	The Group entered into financing arrangements with a third party towards technology assets<br>taken over by the Group from a customer as a part of transformation project which was not considered as distinct goods or services as<br>the control related to those assets was not transferred to the Group in accordance with Ind AS 115 - Revenue from contract with customers.<br>As at June 30, 2024 and March 31, 2024, the financial liability pertaining to such arrangements amounts to 263 crore and 372<br>crore, respectively.
---	---

Accrued expenses primarily relates to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses and office maintenance and cost of third party software and hardware.

2.7 Provisions and other contingencies

Accounting Policy

2.7.1 Provisions

a. Post sales client support

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of sales. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

b. Onerous contracts

Provision for post sales client support and otherprovisions

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Post sales client support and other provisions	1,504	1,796
Total provisions	1,504	1,796

Provision for post sales client support and other provisions majorly represents cost associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support and other provisions is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

As at June 30, 2024 and March 31, 2024 claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities - Refer to note 2.13) amounted to rupee symbol 822 crore and 789 crore respectively.

2.7.2 McCamish Cybersecurity incident

2.7.3 Legal proceedings

2.8 Property, plant and equipment

Accounting Policy

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

Building	22-25 years
Plant and machinery^(1)^	5 years
Computer equipment	3-5 years
Furniture and fixtures	5 years
Vehicles	5 years
Leasehold improvements	Lower of useful life of the asset or lease term
^(1)^	Includes solar plant with a useful life of 25 years
---	---

Impairment

If such assets are considered to be impaired, the impairment to be recognized in net profit in the interim condensed consolidated statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the consolidated statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2024 are as follows:

(In crore)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at April 1, 2024	1,430	11,770	5,341	8,611	3,390	45	30,587
Additions	–	15	43	178	21	1	258
Additions on Business Combinations	–	–	–	1	–	–	1
Deletions*	–	(38)	(22)	(164)	(61)	(1)	(286)
Translation difference	–	(4)	(1)	(9)	(4)	–	(18)
Gross carrying value as at June 30, 2024	1,430	11,743	5,361	8,617	3,346	45	30,542
Accumulated depreciation as at April 1, 2024	–	(4,921)	(4,182)	(6,380)	(2,692)	(42)	(18,217)
Depreciation	–	(111)	(100)	(327)	(82)	(1)	(621)
Accumulated depreciation on deletions*	–	5	22	163	60	1	251
Translation difference	–	1	1	6	4	–	12
Accumulated depreciation as at June 30, 2024	–	(5,026)	(4,259)	(6,538)	(2,710)	(42)	(18,575)
Capital work-in progress as at April 1, 2024							448
Carrying value as at April 1, 2024	1,430	6,849	1,159	2,231	698	3	12,818
Capital work-in progress as at June 30, 2024							573
Carrying value as at June 30, 2024	1,430	6,717	1,102	2,079	636	3	12,540

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2023 are as follows:

(In crore)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at April 1, 2023	1,429	11,562	5,169	8,519	3,365	45	30,089
Additions	–	5	58	219	45	–	327
Deletions*	–	–	(51)	(266)	(29)	–	(346)
Translation difference	–	(53)	(6)	(1)	(8)	–	(68)
Gross carrying value as at June 30, 2023	1,429	11,514	5,170	8,471	3,373	45	30,002
Accumulated depreciation as at April 1, 2023	–	(4,535)	(3,877)	(5,826)	(2,465)	(40)	(16,743)
Depreciation	–	(109)	(117)	(362)	(100)	(1)	(689)
Accumulated depreciation on deletions*	–	–	50	265	28	–	343
Translation difference	–	13	5	1	7	–	26
Accumulated depreciation as at June 30, 2023	–	(4,631)	(3,939)	(5,922)	(2,530)	(41)	(17,063)
Capital work-in progress as at April 1, 2023							447
Carrying value as at April 1, 2023	1,429	7,027	1,292	2,693	900	5	13,793
Capital work-in progress as at June 30, 2023							499
Carrying value as at June 30, 2023	1,429	6,883	1,231	2,549	843	4	13,438
*	During the three months ended June 30, 2024, certain assets which were not in use having<br>gross book value of 126 crore (net book value: Nil) were retired. During the three months ended June 30, 2023, certain assets<br>which were not in use having gross book value of 320 crore (net book value: Nil) were retired.
---	---

The aggregate depreciation expense is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

Repairs and maintenance costs are recognized in the interim condensed consolidated statement of comprehensive income when incurred.

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipment aggregating to rupee symbol 968 crore and 780 crore as at June 30, 2024 and March 31, 2024, respectively.

2.9 Leases

Accounting Policy

The Group as a lessee

The Group’s lease asset classes primarily consist of leases for land, buildings and computers. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: (1) the contract involves the use of an identified asset (2) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the group changes its assessment of whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

The Group as a lessor

For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2024:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2024	605	3,298	17	2,632	6,552
Additions^(1)^	–	273	3	284	560
Deletions	–	–	–	(149)	(149)
Depreciation	(2)	(181)	(2)	(248)	(433)
Translation difference	–	(3)	(1)	(14)	(18)
Balance as of June 30, 2024	603	3,387	17	2,505	6,512

^(1)^	Net of adjustments on account of modifications

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2023:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2023	623	3,896	15	2,348	6,882
Additions^(1)^	–	244	2	557	803
Deletions	–	(8)	–	(233)	(241)
Depreciation	(2)	(184)	(2)	(192)	(380)
Translation difference	(4)	(1)	–	(10)	(15)
Balance as of June 30, 2023	617	3,947	15	2,470	7,049

^(1)^	Net of adjustments on account of modifications and lease incentives

The aggregate depreciation expense on ROU assets is included in cost of sales in the interim condensed consolidated statement of comprehensive income

The following is the break-up of current and non-current lease liabilities as of June 30, 2024 and March 31, 2024:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current lease liabilities	2,187	1,959
Non-current lease liabilities	6,174	6,400
Total	8,361	8,359

2.10 Goodwill and Intangible assets

2.10.1 Goodwill

Accounting Policy

Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized immediately in the net profit in the Statement of Comprehensive Income. Goodwill is measured at cost less accumulated impairment losses.

Impairment

Following is a summary of changes in the carrying amount of goodwill:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Carrying value at the beginning	7,303	7,248
Goodwill on acquisitions (Refer to note 2.11)	103	–
Translation differences	(1)	55
Carrying value at the end	7,405	7,303

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs, which are benefited from the synergies of the acquisition.

2.10.2 Intangible assets

Accounting Policy

Impairment

If such assets are considered to be impaired, the impairment to be recognized in net profit in the statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

2.11 Business combinations

Accounting policy

Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations.

Acquisition during the three months ended June 30,2024

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

(In crore)

Component	Acquiree's carrying amount	Fair value adjustments	Purchase price allocated
Net Assets^(1)^	40	–	40
Intangible assets :
Customer contracts and relationships^#^	–	60	60
Brand^#^	–	13	13
Deferred tax liabilities on intangible assets	–	(18)	(18)
Total	40	55	95
Goodwill			103
Total purchase price			198

^(1)^	Includes cash and cash equivalents acquired of 41 crore.
#	The estimated useful life is around 1 year to 5 years
---	---

Goodwill is not tax-deductible.

The purchase consideration of rupee symbol 198 crore includes cash of 168 crore and contingent consideration with an estimated fair value of 30 crore as on the date of acquisition.

Fair value of trade receivables acquired is rupee symbol 32 crore as of acquisition date and as of June 30, 2024 the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder’s fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of rupee symbol 2 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the three months ended June 30, 2024.

Proposed acquisition

2.12 Employees' Stock Option Plans (ESOP)

Accounting Policy

Infosys Expanded Stock Ownership Program 2019 (the2019 Plan):

On June 22, 2019 pursuant to the approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 50,000,000 equity shares. To implement the 2019 Plan, up to 45,000,000 equity shares may be issued by way of secondary acquisition of shares by the Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

2015 Stock Incentive Compensation Plan (the 2015Plan):

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Stock Incentive Compensation Plan. The maximum number of shares under the 2015 plan shall not exceed 24,038,883 equity shares (this includes 11,223,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

Controlled trust holds 10,246,512 and 10,916,829 shares as at June 30, 2024 and March 31, 2024, respectively under the 2015 plan, out of which 2,00,000 equity shares each have been earmarked for welfare activities of the employees as at June 30, 2024 and March 31, 2024.

The following is the summary of grants made during the three months ended June 30, 2024 and June 30, 2023:

	2019 Plan		2015 Plan
Particulars	Three months ended June 30,		Three months ended June 30,
	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	70,699	78,281	295,168	333,596
Employees other than KMP	6,848	-	96,490	4,500
Total Grants	77,547	78,281	391,658	338,096

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

-	245,679 performance-based RSUs (Annual performance equity grant) of fair value of 34.75<br>crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.
-	14,140 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value<br>of 2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and<br>governance milestones as determined by the Board.
---	---
-	35,349 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value<br>of 5 crore. These RSUs will vest in line with the employment agreement based on Company’s performance on cumulative relative<br>TSR over the years and as determined by the Board.
---	---

Under the 2019 plan:

The Board, on April 18, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to rupee symbol 10 crore for fiscal 2025 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 70,699 performance based RSU’s were granted effective May 2, 2024.

The break-up of employee stock compensation expenseis as follows:

(in crore)

Particulars	Three months ended June 30,
	2024	2023
Granted to:
KMP	18	20
Employees other than KMP	193	126
Total ^(1)^	211	146
^(1)^Cash settled stock compensation expense included in the above	3	2

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

Particulars	For options granted in
	Fiscal 2025- Equity Shares-RSU	Fiscal 2025- ADS-RSU	Fiscal 2024- Equity Shares-RSU	Fiscal 2024- ADS-RSU
Weighted average share price () / ($ ADS)	1,414	16.87	1,588	19.19
Exercise price ()/ ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	23-26	23-28	23-31	25-33
Expected life of the option (years)	1-4	1-4	1-4	1-4
Expected dividends (%)	2-3	2-3	2-3	2-3
Risk-free interest rate (%)	7	5	7	4-5
Weighted average fair value as on grant date () / ($ ADS)	1,298	15.45	1,317	16.27

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

2.13 Income Taxes

Accounting policy

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the interim condensed Consolidated Statement of Comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Income tax expense in the consolidated statement of comprehensive income comprises:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Current taxes
Domestic taxes	2,307	1,708
Foreign taxes	691	599
	2,998	2,307
Deferred taxes
Domestic taxes	(233)	192
Foreign taxes	(118)	(82)
	(351)	110
Income tax expense	2,647	2,417

Income tax expense for the three months ended June 30, 2024 and June 30, 2023 includes provisions (net of reversals) of rupee symbol 60 crore and reversals (net of provisions) of 15 crore, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

Deferred income tax for the three months ended June 30, 2024 and June 30, 2023 substantially relates to origination and reversal of temporary differences.

As at June 30, 2024, claims against the Group not acknowledged as debts from the Income tax authorities amounted to rupee symbol 2,854 crore.

As at March 31, 2024, claims against the Group not acknowledged as debts from the Income tax authorities amounted to rupee symbol 2,794 crore.

The amount paid to statutory authorities against the tax claims amounted to rupee symbol 6,122 crore and 8,743 crore as at June 30, 2024 and March 31, 2024, respectively.

2.14 Reconciliation of basic and diluted sharesused in computing earnings per equity share

Accounting Policy

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

2.15 Related party transactions

Refer to note 2.14 "Related party transactions" in the Company’s 2024 Consolidated financial statements under IFRS in Indian rupee for the full names and other details of the Company's subsidiaries and controlled trusts.

Changes in Subsidiaries

During the three months ended June 30, 2024, there are no changes in the subsidiaries.

-	Danske IT and Support Services India Private Limited renamed as IDUNN Information Technology<br>Private Limited
-	On May 10, 2024 Infosys Ltd. acquired 100% of voting interests in InSemi Technology Services<br>Private Limited along with its subsidiary Elbrus Labs Private Limited
---	---

Change in key management personnel

The following are the changes in the key management personnel:

Executive Officers:

-	Jayesh Sanghrajka (appointed as Chief Financial Officer effective April 1, 2024)

Transactions with key management personnel

The table below describes the compensation to key management personnel which comprise directors and executive officers:

(In crore)

Particulars	Three months ended June 30
	2024	2023
Salaries and other employee benefits to whole-time directors and executive officers^(1)(2)^	28	32
Commission and other benefits to non-executive/ independent directors	4	4
Total	32	36
^(1)^	For the three months ended June 30, 2024 and June 30, 2023, includes a charge of 18crore and 20 crore respectively, towards employee stock compensation expense. (Refer to note 2.12).
---	---
^(2)^	Does not include post-employment benefits and other long-term benefits based on actuarialvaluation as these are done for the Company as a whole.
---	---

2.16 Segment reporting

IFRS 8 Operating Segments establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief Operating Decision Maker (CODM) 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 business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represents the operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public Services and revenue generated from customers located in India, Japan and China and other enterprises in Public services. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.17 Revenue from operations.

2.16.1 Business segments

Three months ended June 30, 2024 and June 30, 2023

(In crore)

Particulars	Financial Services^(1)^	Retail^(2)^	Communication^(3)^	Energy, Utilities, Resources and Services	Manufacturing	Hi-Tech	Life Sciences^(4)^	All other segments^(5)^	Total
Revenue	10,816	5,428	4,744	5,220	5,778	3,147	2,866	1,316	39,315
	10,661	5,513	4,441	4,889	5,350	3,056	2,749	1,274	37,933
Identifiable operating expenses	6,088	2,697	3,114	2,715	3,783	1,783	1,757	751	22,688
	6,147	2,869	2,640	2,690	3,523	1,743	1,593	819	22,024
Allocated expenses	2,116	980	834	948	989	550	498	275	7,190
	1,969	1,015	817	909	855	511	454	315	6,845
Segment Profit	2,612	1,751	796	1,557	1,006	814	611	290	9,437
	2,545	1,629	984	1,290	972	802	702	140	9,064
Unallocable expenses									1,149
									1,173
Operating profit									8,288
									7,891
Other income, net (Refer to note 2.22)									838
									561
Finance cost									105
									90
Profit before income taxes									9,021
									8,362
Income tax expense									2,647
									2,417
Net profit									6,374
									5,945
Depreciation and amortization									1,149
									1,173
Non-cash expenses other than depreciation and amortization									–
									–

^(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)^	Others include operating segments of businesses in India, Japan, China, Infosys PublicServices & other enterprises in Public Services
---	---

2.16.2 Significant clients

No client individually accounted for more than 10% of the revenues for the three months ended June 30, 2024 and June 30, 2023, respectively.

2.17 Revenue from Operations

Accounting Policy

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services (“performance obligations”) to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services (“transaction price”). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

The Group presents revenues net of indirect taxes in its interim condensed Consolidated Statement of Comprehensive Income.

Revenues for the three months ended June 30, 2024 and June 30, 2023 is as follows:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Revenue from software services	37,496	35,735
Revenue from products and platforms	1,819	2,198
Total revenue from operations	39,315	37,933

Products & platforms

Disaggregated revenue information

For the three months ended June 30, 2024 and June30, 2023

(In crore)

Particulars	Three months ended June 30,
	2024	2023
*Revenues by Geography^^**
North America	23,143	23,084
Europe	11,186	10,148
India	1,227	1,020
Rest of the world	3,759	3,681
Total	39,315	37,933

^^*	Geographical revenues is based on the domicile of customer.

The percentage of revenue from fixed-price contracts for the three months ended June 30, 2024 and June 30, 2023 is 54% and 52%, respectively.

Trade Receivables and Contract Balances

The Group’s Receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the consolidated statement of balance sheet.

2.18 Unbilled Revenue

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Unbilled financial asset ^(1)^	9,329	9,600
Unbilled non financial asset ^(2)^	4,924	4,948
Total	14,253	14,548
^(1)^	Right to consideration is unconditional and is due only after a passage of time.
---	---
^(2)^	Right to consideration is dependent on completion of contractual milestones.
---	---

2.19 Equity

Accounting policy

Ordinary Shares

Treasury Shares

Description of reserves

Retained earnings

Retained earnings represent the amount of accumulated earnings of the Group.

Share premium

The amount received in excess of the par value of equity shares has been classified as share premium. Additionally, share-based interim condensed compensation recognized in net profit in the consolidated statement of comprehensive income is credited to share premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

Other Reserve

Capital Redemption Reserve

Cash flow hedge reserve

Other components of equity

2.19.1 Voting

2.19.2 Liquidation

2.19.3 Share options

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

2.19.4 Share capital and share premium

The Company has only one class of shares referred to as equity shares having a par value of rupee symbol 5/- each. 10,246,512 shares and 10,916,829 shares were held by controlled trust, as at June 30, 2024 and March 31, 2024, respectively.

2.19.5 Capital allocation policy

Dividend

The Company declares and pays dividends in Indian rupees. Companies are required to pay / distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders is as follows:

(In )

Particulars	Three months ended June 30,
	2024	2023
Final dividend for fiscal 2023	–	17.50
Special dividend for fiscal 2024	8.00	–
Final dividend for fiscal 2024	20.00	–

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of rupee symbol 20/- per equity share for the financial year ended March 31, 2024 and a special dividend of 8/- per equity share. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 26, 2024 which will result in a net cash outflow of 11,597 crore, excluding dividend paid on treasury shares. Payment date for the dividend is July 01, 2024.

2.20 Break-up of expenses and other income, net

Accounting policy

Gratuity and Pensions

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and/or a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Consolidated Statement of Comprehensive Income.

Provident fund

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The Companies have no further obligation to the plan beyond its monthly contributions.

Superannuation

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

Compensated absences

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

Other income, net

Foreign currency

Accounting policy

Functional currency

Transactions and translations

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the statement of comprehensive income. However when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Government grants

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them will be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the statement of comprehensive income on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the statement of comprehensive income over the periods necessary to match them with the related costs which they are intended to compensate.

Operating Profits

Operating profit of the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses.

The table below provides details of break-up ofexpenses:

Cost of sales

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Employee benefit costs	18,823	18,736
Depreciation and amortization	1,149	1,173
Travelling costs	323	319
Cost of technical sub-contractors	3,168	3,123
Cost of software packages for own use	559	465
Third party items bought for service delivery to clients	2,867	2,231
Consultancy and professional charges	109	29
Communication costs	71	89
Repairs and maintenance	123	118
Provision for post-sales client support	(108)	50
Others	93	49
Total	27,177	26,382

Selling and marketing expenses

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Employee benefit costs	1,416	1,380
Travelling costs	102	88
Branding and marketing	350	263
Communication costs	3	3
Consultancy and professional charges	34	31
Others	32	18
Total	1,937	1,783

Administrative expenses

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Employee benefit costs	695	665
Consultancy and professional charges	302	286
Repairs and maintenance	258	250
Power and fuel	63	50
Communication costs	73	90
Travelling costs	53	55
Impairment loss recognized/(reversed) under expected credit loss model	(3)	91
Rates and taxes	117	94
Insurance charges	73	52
Commission to non-whole time directors	4	3
Contribution towards Corporate Social Responsibility	171	70
Others	107	171
Total	1,913	1,877

Other income for the three months ended June 30,2024 and June 30, 2023 is as follows:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Interest income on financial assets carried at amortized cost	337	274
Interest income on financial assets carried at fair value through other comprehensive income	328	243
Gain/(loss) on investments carried at fair value through profit or loss	108	52
Exchange gains / (losses) on forward and options contracts	34	134
Exchange gains / (losses) on translation of other assets and liabilities	3	(137)
Others	28	(5)
Total	838	561
for and on behalf of the Board of Directors of Infosys Limited
---	---	---
Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>July 18, 2024

Exhibit 99.9

Ind AS Standalone

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OFINFOSYS LIMITED

Report on the Audit of the Interim CondensedStandalone Financial Statements

Opinion

We have audited the accompanying interim condensed standalone financial statements of INFOSYS LIMITED (the “Company”), which comprise the Condensed Balance Sheet as at June 30, 2024, the Condensed Statement of Profit and Loss (including Other Comprehensive Income), the Condensed Statement of Changes in Equity and the Condensed Statement of Cash Flows for the three months ended on that date, and notes to the financial statements including a summary of the material accounting policies and other explanatory information (hereinafter referred to as the “interim condensed standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed standalone financial statements give a true and fair view in conformity with Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the state of affairs of the Company as at June 30, 2024 its profit and total comprehensive income, changes in equity and its cash flows for the three months ended on that date.

Basis for Opinion

We conducted our audit of the interim condensed standalone financial statements in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Interim Condensed Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the interim condensed standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the interim condensed standalone financial statements.

Responsibilities of Management and ThoseCharged with Governance for the Interim Condensed Standalone Financial Statements

The Company’s Board of Directors is responsible for the preparation and presentation of these interim condensed standalone financial statements that give a true and fair view of the financial position, financial performance, including total comprehensive income, changes in equity and cash flows of the Company in accordance with Ind AS 34 and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the interim condensed standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the interim condensed standalone financial statements, Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibilities for theAudit of the Interim Condensed Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the interim condensed standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these interim condensed standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

·	Identify and assess the risks of material misstatement of the interim condensed standalone financial statements,<br>whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient<br>and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than<br>for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal<br>control.
·	Obtain an understanding of internal financial controls relevant to the audit in order to design audit<br>procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.
---	---
·	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates<br>and related disclosures made by management.
---	---
·	Conclude on the appropriateness of management’s use of the going concern basis of accounting and,<br>based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant<br>doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required<br>to draw attention in our auditor’s report to the related disclosures in the interim condensed standalone financial statements or,<br>if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of<br>our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
---	---
·	Evaluate the overall presentation, structure and content of the interim condensed standalone financial<br>statements, including the disclosures, and whether the interim condensed standalone financial statements represent the underlying transactions<br>and events in a manner that achieves fair presentation.
---	---

Materiality is the magnitude of misstatements in the interim condensed standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the interim condensed standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the interim condensed standalone financial statements.

We also communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

Place: Bengaluru<br><br> <br>Date: July 18, 2024	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm’s Registration No. 117366W/W-100018)<br><br> <br><br><br> <br><br><br> <br>Vikas Bagaria<br><br> <br>Partner<br><br> <br>(Membership No.060408)<br><br> <br>UDIN: 24060408BKFSMF4757

INFOSYS LIMITED

Condensed Standalone Financial Statements underIndian Accounting Standards (Ind AS) for the three months ended June 30, 2024

Index
Condensed Balance Sheet
Condensed Statement of Profit and Loss
Condensed Statement of Changes in Equity
Condensed Statement of Cash Flows
Overview and Notes to the Interim Condensed Standalone Financial Statements
1. Overview
1.1 Company overview
1.2 Basis of preparation of financial statements
1.3 Use of estimates and judgments
1.4 Critical accounting estimates and judgements
2. Notes to the Interim Condensed Financial Statements
2.1 Property, plant and equipment
2.2 Goodwill and intangible assets
2.3 Leases
2.4 Investments
2.5 Loans
2.6 Other financial assets
2.7 Trade Receivables
2.8 Cash and cash equivalents
2.9 Earmarked bank balance for dividend
2.10 Other assets
2.11 Financial instruments
2.12 Equity
2.13 Other financial liabilities
2.14 Trade payables
2.15 Other liabilities
2.16 Provisions
2.17 Income taxes
2.18 Revenue from operations
2.19 Other income, net
2.20 Expenses
2.21 Basic and diluted shares used in computing earnings per equity share
2.22 Contingent liabilities and commitments
2.23 Related party transactions
2.24 Segment Reporting

INFOSYS LIMITED

(In crore)

Condensed Balance Sheet as at	Note No.	June 30, 2024	March 31, 2024
ASSETS
Non-current assets
Property, plant and equipment	2.1	10,435	10,813
Right-of-use assets	2.3	3,287	3,303
Capital work-in-progress		345	277
Goodwill	2.2	211	211
Other intangible assets		–	–
Financial assets
Investments	2.4	23,120	23,352
Loans	2.5	39	34
Other financial assets	2.6	1,697	1,756
Deferred tax assets (net)	2.17	–	–
Income tax assets (net)	2.17	2,981	2,583
Other non-current assets	2.10	1,641	1,669
Total non-current assets		43,756	43,998
Current assets
Financial assets
Investments	2.4	7,615	11,307
Trade receivables	2.7	25,919	25,152
Cash and cash equivalents	2.8	9,176	8,191
Earmarked bank balance for dividend	2.9	11,625	-
Loans	2.5	207	208
Other financial assets	2.6	10,353	10,129
Income tax assets (net)	2.17	3,003	6,329
Other current assets	2.10	9,733	9,636
Total current assets		77,631	70,952
Total assets		121,387	114,950
EQUITY AND LIABILITIES
Equity
Equity share capital	2.12	2,076	2,075
Other equity		73,521	79,101
Total equity		75,597	81,176
LIABILITIES
Non-current liabilities
Financial liabilities
Lease liabilities	2.3	2,951	3,088
Other financial liabilities	2.13	1,782	1,941
Deferred tax liabilities (net)		1,188	1,509
Other non-current liabilities	2.15	159	150
Total non - current liabilities		6,080	6,688
Current liabilities
Financial liabilities
Lease liabilities	2.3	791	678
Trade payables	2.14
Total outstanding dues of micro enterprises and small enterprises		109	92
Total outstanding dues of creditors other than micro enterprises and small enterprises		2,760	2,401
Other financial liabilities	2.13	22,364	11,808
Other current liabilities	2.15	8,775	7,681
Provisions	2.16	1,137	1,464
Income tax liabilities (net)		3,774	2,962
Total current liabilities		39,710	27,086
Total equity and liabilities		121,387	114,950

The accompanying notes form an integral part ofthe interim condensed standalone financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br>DIN: 00041245	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director<br><br>DIN: 01876159	Bobby Parikh<br><br> <br>Director<br><br>DIN: 00019437
Bengaluru<br><br> <br>July 18, 2024	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br>Membership No. A21918

INFOSYS LIMITED

(In rupee symbol crore except equity share and per equity share data)

Condensed Statement of Profit and Loss for the	Note No.	Three months ended June 30,
		2024	2023
Revenue from operations	2.18	33,283	31,811
Other income, net	2.19	721	1,001
Total income		34,004	32,812
Expenses
Employee benefit expenses	2.20	16,495	16,353
Cost of technical sub-contractors		4,831	4,676
Travel expenses		371	359
Cost of software packages and others	2.20	2,117	1,174
Communication expenses		105	129
Consultancy and professional charges		266	215
Depreciation and amortization expenses		698	746
Finance cost		59	43
Other expenses	2.20	934	971
Total expenses		25,876	24,666
Profit before tax		8,128	8,146
Tax expense:
Current tax	2.17	2,686	2,065
Deferred tax	2.17	(326)	125
Profit for the period		5,768	5,956
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		19	87
Equity instruments through other comprehensive income, net		14	1
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		(3)	6
Fair value changes on investments, net		36	68
Total other comprehensive income/ (loss), net of tax		66	162
Total comprehensive income for the period		5,834	6,118
Earnings per equity share
Equity shares of par value 5/- each
Basic (in per share)		13.90	14.36
Diluted (in per share)		13.87	14.34
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.21	4,151,073,773	4,149,157,540
Diluted (in shares)	2.21	4,157,355,048	4,152,638,175

The accompanying notes form an integral part ofthe interim condensed standalone financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br>DIN: 00041245	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director<br><br>DIN: 01876159	Bobby Parikh<br><br> <br>Director<br><br>DIN: 00019437
Bengaluru<br><br> <br>July 18, 2024	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br>Membership No. A21918

INFOSYS LIMITED

Condensed Statement of Changes in Equity

(In crore)

Particulars		Other Equity
		Reserves & Surplus								Other comprehensive income
	Equity Share Capital	Capital reserve		Capital redemption reserve	Securities Premium	Retained earnings	General reserve	Share Options Outstanding Account	Special Economic Zone Re-investment reserve ^(1)^	Equity Instruments through other comprehensive income	Effective portion of Cash flow hedges	Other items of other comprehensive income / (loss)	Total equity attributable to equity holders of the Company
		Capital reserve	Other reserves ^(2)^
Balance as at April 1, 2023	2,074	54	2,862	169	133	52,183	2	878	9,654	260	(5)	(519)	67,745
Changes in equity for the three months ended June 30, 2023
Profit for the period	–	–	–	–	–	5,956	–	–	–	–	–	–	5,956
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	87	87
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	1	–	–	1
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	6	–	6
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	68	68
Total comprehensive income for the period	–	–	–	–	–	5,956	–	–	–	1	6	155	6,118
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	–	(760)	–	–	760	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	194	–	–	(194)	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.12)	–	–	–	–	274	–	–	(274)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	6	(6)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.12)	1	–	–	–	–	–	–	–	–	–	–	–	1
Employee stock compensation expense (Refer to note 2.12)	–	–	–	–	–	–	–	144	–	–	–	–	144
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	–	–	–	–	–	–	–
Reserves on common control transaction	–	–	–	–	–	–	–	–	–	–	–	–	–
Dividends	–	–	–	–	–	(7,262)	–	–	–	–	–	–	(7,262)
Balance as at June 30, 2023	2,075	54	2,862	169	407	50,311	8	742	10,220	261	1	(364)	66,746

INFOSYS LIMITED

Condensed Statement of Changes in Equity (contd.)

(In crore)

Particulars		Other Equity
		Reserves & Surplus								Other comprehensive income
	Equity Share Capital	Capital reserve		Capital redemption reserve	Securities Premium	Retained earnings	General reserve	Share Options Outstanding Account	Special Economic Zone Re-investment reserve ^(1)^	Equity Instruments through other comprehensive income	Effective portion of Cash flow hedges	Other items of other comprehensive income / (loss)	Total equity attributable to equity holders of the Company
		Capital reserve	Other reserves ^(2)^
Balance as at April 1, 2024	2,075	54	2,862	169	580	62,551	162	913	11,787	279	6	(262)	81,176
Changes in equity for the three months ended June 30, 2024
Profit for the period	–	–	–	–	–	5,768	–	–	–	–	–	–	5,768
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	19	19
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	14	–	–	14
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	(3)	–	(3)
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	36	36
Total comprehensive income for the period	–	–	–	–	–	5,768	–	–	–	14	(3)	55	5,834
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	95	–	–	(95)	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve to retained earnings	–	–	–	–	–	247	–	–	(247)	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.12)	–	–	–	–	221	–	–	(221)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	18	(18)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.12)	1	–	–	–	1	–	–	–	–	–	–	–	2
Employee stock compensation expense (Refer to note 2.12)	–	–	–	–	–	–	–	208	–	–	–	–	208
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	–	2	–	–	–	–	2
Dividends	–	–	–	–	–	(11,625)	–	–	–	–	–	–	(11,625)
Balance as at June 30, 2024	2,076	54	2,862	169	802	57,036	180	884	11,445	293	3	(207)	75,597
*	net of tax
---	---
^(1)^	The Special Economic Zone Re-investment Reserve has been created out of the profit ofeligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Companyfor acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income Tax Act, 1961.
---	---
^(2)^	Profit / loss on transfer of business between entities under common control taken to reserve.
---	---

The accompanying notes form an integral part ofthe interim condensed standalone financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br>DIN: 00041245	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director<br><br>DIN: 01876159	Bobby Parikh<br><br> <br>Director<br><br>DIN: 00019437
Bengaluru<br><br> <br>July 18, 2024	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br>Membership No. A21918

INFOSYS LIMITED

Condensed Statement of Cash Flows

Accounting Policy

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. The Company considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

(In crore)

Particulars	Note No.	Three months ended June 30,
		2024	2023
Cash flow from operating activities
Profit for the period		5,768	5,956
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation and Amortization		698	746
Income tax expense	2.17	2,360	2,190
Impairment loss recognized / (reversed) under expected credit loss model		4	86
Finance cost		59	43
Interest and dividend income		(576)	(817)
Stock compensation expense		188	132
Provision for post sale client support		(110)	54
Exchange differences on translation of assets and liabilities, net		46	19
Other adjustments		(218)	159
Changes in assets and liabilities
Trade receivables and unbilled revenue		(830)	(476)
Loans, other financial assets and other assets		(308)	(523)
Trade payables		376	233
Other financial liabilities, other liabilities and provisions		(49)	(1,159)
Cash generated from operations		7,408	6,643
Income taxes (paid)/received		1,050	(1,252)
Net cash generated by operating activities		8,458	5,391
Cash flow from investing activities
Expenditure on property, plant and equipment		(296)	(736)
Deposits placed with corporation		(260)	(392)
Redemption of deposits placed with corporation		76	226
Interest and dividend received		731	571
Dividend received from subsidiary		–	400
Loan given to subsidiaries		(10)	–
Investment in subsidiaries		–	(9)
Payment towards acquisition		(165)	–
Receipt towards business transfer for entities under common control		1	–
Receipt / (payment) from entities under liquidation		–	79
Other receipts		–	123
Payments to acquire investments
Liquid mutual fund units		(15,699)	(15,756)
Commercial papers		(2,077)	(1,336)
Certificates of deposit		(1,415)	(817)
Non-convertible debentures		(1,051)	(104)
Proceeds on sale of investments
Liquid mutual fund units		14,681	15,350
Non-convertible debentures		350	275
Certificates of deposit		2,695	3,350
Commercial papers		6,660	600
Government Securities		200	–
Net cash (used in) / generated from investing activities		4,421	1,824
Cash flow from financing activities
Payment of Lease Liabilities		(223)	(191)
Shares issued on exercise of employee stock options		2	1
Other payments		(34)	(21)
Payment of dividends		–	(1)
Net cash used in financing activities		(255)	(212)
Net increase / (decrease) in cash and cash equivalents		12,624	7,003
Effect of exchange rate changes on cash and cash equivalents		(14)	(8)
Cash and cash equivalents at the beginning of the period	2.8	8,191	6,534
Cash and cash equivalents at the end of the period	2.8	20,801	13,529
Supplementary information:
Restricted cash balance	2.8	78	77
Closing cash and cash equivalents as per Standalone Statement of Cash flow		20,801	13,529
Less: Earmarked bank balance for dividend	2.9	11,625	7,262
Closing cash and cash equivalents as per Standalone Balance Sheet		9,176	6,267

The accompanying notes form an integral part ofthe interim condensed standalone financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Vikas Bagaria<br><br> <br>Partner<br><br> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br>DIN: 00041245	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director<br><br>DIN: 01876159	Bobby Parikh<br><br> <br>Director<br><br>DIN: 00019437
Bengaluru<br><br> <br>July 18, 2024	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br>Membership No. A21918

INFOSYS LIMITED

Overview and Notes to the Interim Condensed StandaloneFinancial Statements

1. Overview

1.1 Company overview

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics City, Hosur Road, Bengaluru 560100, Karnataka, India. The company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company’s American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The interim condensed standalone financial statements are approved for issue by the Company's Board of Directors on July 18, 2024.

1.2 Basis of preparation of financial statements

These interim condensed standalone financial statements are prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting, under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 (''the Act'') and guidelines issued by the Securities and Exchange Board of India (SEBI). Accordingly, these interim condensed standalone financial statements do not include all the information required for a complete set of financial statements. These interim condensed standalone financial statements should be read in conjunction with the standalone financial statements and related notes included in the Company’s Annual Report for the year ended March 31, 2024. The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The material accounting policy information used in preparation of the audited interim condensed standalone financial statements have been discussed in the respective notes.

1.3 Use of estimates and judgments

The preparation of the interim condensed standalone financial statements in conformity with Ind AS requires the management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed standalone financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note no. 1.4. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the interim condensed standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed standalone financial statements.

1.4 Critical accounting estimates and judgments

a. Revenue recognition

The Company’s contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Company’s costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Company uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Company considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

b. Income taxes

The Company's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, management believes that the company will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.16).

c. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company's assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to note 2.1).

2. Notes to the Interim Condensed Standalone FinancialStatements

2.1 PROPERTY, PLANT AND EQUIPMENT

Accounting Policy

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The Company depreciates property, plant and equipment over their estimated useful lives using the straight-line method.

The estimated useful lives of assets are as follows:

Building^(1)^	22-25 years
Plant and machinery^(1)^	5 years
Office equipment	5 years
Computer equipment^(1)^	3-5 years
Furniture and fixtures^(1)^	5 years
Vehicles^(1)^	5 years
Leasehold improvements	Lower of useful life of the asset or lease term
^(1)^	Based on technical evaluation, the Management believes that the useful lives as givenabove best represent the period over which Management expects to use these assets. Hence, the useful lives for these assets is differentfrom the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013.
---	---

Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and the cost of assets not ready to use before such date are disclosed under ‘Capital work-in-progress’. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

Impairment

If such assets are considered to be impaired, the impairment to be recognized in the condensed Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the condensed Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2024 are as follows:

(In crore)

Particulars	Land- Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2024	1,430	10,679	3,214	1,370	7,379	2,160	963	45	27,240
Additions	–	14	20	13	117	9	11	1	185
Deletions**	–	(37)	(3)	(3)	(139)	(19)	(26)	(1)	(228)
Gross carrying value as at June 30, 2024	1,430	10,656	3,231	1,380	7,357	2,150	948	45	27,197
Gross carrying value as at April 1, 2024	–	(4,575)	(2,732)	(1,139)	(5,497)	(1,709)	(733)	(42)	(16,427)
Depreciation	–	(101)	(48)	(25)	(271)	(46)	(37)	(1)	(529)
Accumulated depreciation on deletions**	–	5	3	3	138	18	26	1	194
Accumulated depreciation as at June 30, 2024	–	(4,671)	(2,777)	(1,161)	(5,630)	(1,737)	(744)	(42)	(16,762)
Carrying value as at April 1, 2024	1,430	6,104	482	231	1,882	451	230	3	10,813
Carrying value as at June 30, 2024	1,430	5,985	454	219	1,727	413	204	3	10,435
**	During the three months ended June 30, 2024, certain assets which were not in use having gross book<br> value of 101 crore (net book value: nil)<br> were retired.
---	---

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2023 are as follows:

(In rupee symbol crore)

Particulars	Land- Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2023	1,429	10,445	3,144	1,314	7,235	2,129	968	45	26,709
Additions	–	5	16	21	187	24	22	–	275
Deletions*	–	–	(13)	(10)	(224)	(18)	(7)	–	(272)
Gross carrying value as at June 30, 2023	1,429	10,450	3,147	1,325	7,198	2,135	983	45	26,712
Accumulated depreciation as at April 1, 2023	–	(4,223)	(2,558)	(1,060)	(4,977)	(1,549)	(646)	(40)	(15,053)
Depreciation	–	(98)	(57)	(29)	(301)	(60)	(44)	(1)	(590)
Accumulated depreciation on deletions*	–	–	13	10	224	18	6	–	271
Accumulated depreciation as at June 30, 2023	–	(4,321)	(2,602)	(1,079)	(5,054)	(1,591)	(684)	(41)	(15,372)
Carrying value as at April 1, 2023	1,429	6,222	586	254	2,258	580	322	5	11,656
Carrying value as at June 30, 2023	1,429	6,129	545	246	2,144	544	299	4	11,340
*	During the three months ended June 30, 2023, certain assets which were not in use having gross book<br> value of 250 crore (net book value: nil) were<br> retired.
---	---
^(1)^	Buildings include 250/- being the value of five shares of 50/- each in MittalTowers Premises Co-operative Society Limited.
---	---
^(2)^	Includes certain assets provided on cancellable operating lease to subsidiaries.
---	---

The aggregate depreciation has been included under depreciation and amortization expense in the statement of Profit and Loss.

Repairs and maintenance costs are recognized in the statement of Profit and Loss when incurred.

2.2 GOODWILL AND INTANGIBLE ASSETS

2.2.1 Goodwill

Following is a summary of changes in the carrying amount of goodwill:

(In rupee symbol crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Carrying value at the beginning	211	211
Carrying value at the end	211	211

2.2.2 Other Intangible Assets

Accounting Policy

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Company has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labor, overhead costs that are directly attributable to prepare the asset for its intended use.

2.3 LEASES

Accounting Policy

The Company as a lessee

The Company’s lease asset classes primarily consist of leases for land, buildings and computers. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Company determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Infosys’s operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

The Company as a lessor

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2024:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at April 1, 2024	534	2,266	503	3,303
Additions*	–	89	109	198
Deletions	–	–	(43)	(43)
Depreciation	(1)	(118)	(52)	(171)
Balance as at June 30, 2024	533	2,237	517	3,287
*	Net of adjustments on account of modifications
---	---

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2023:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at April 1, 2023	548	2,669	344	3,561
Additions*	–	256	72	328
Deletions	–	(2)	(46)	(48)
Depreciation	(1)	(122)	(32)	(155)
Balance as at June 30, 2023	547	2,801	338	3,686
*	Net of adjustments on account of modifications and lease incentives
---	---

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the interim condensed statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at June 30, 2024 and March 31, 2024:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current lease liabilities	791	678
Non-current lease liabilities	2,951	3,088
Total	3,742	3,766

2.4 INVESTMENTS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non-current investments
Equity instruments of subsidiaries	9,348	9,150
Redeemable Preference shares of subsidiary	2,831	2,831
Preference securities and equity securities	222	206
Target maturity fund units	439	431
Others	87	84
Tax free bonds	1,729	1,731
Government bonds	13	14
Non-convertible debentures	2,548	2,216
Government Securities	5,903	6,689
Total non-current investments	23,120	23,352
Current investments
Liquid mutual fund units	3,017	1,913
Commercial Papers	–	4,507
Certificates of deposit	1,718	2,945
Government Securities	774	204
Non-convertible debentures	2,106	1,738
Total current investments	7,615	11,307
Total carrying value	30,735	34,659

(In crore, except as otherwise stated)

Particulars
	March 31, 2024
Non-current investments
Unquoted
Investment carried at cost
Investments in equity instruments of subsidiaries
Infosys BPM Limited	662
33,828 (33,828) equity shares of 10,000/- each, fully paid up
Infosys Technologies (China) Co. Limited	369
Infosys Technologies, S. de R.L. de C.V., Mexico	65
17,49,99,990 (17,49,99,990) equity shares of MXN 1 par value, fully paid up
Infosys Technologies (Sweden) AB	76
1,000 (1,000) equity shares of SEK 100 par value, fully paid
Infosys Technologies (Shanghai) Company Limited	1,010
Infosys Public Services, Inc.	99
3,50,00,000 (3,50,00,000) shares of 0.50 par value, fully paid
Infosys Consulting Holding AG	1,323
23,350 (23,350) - Class A shares of CHF 1,000 each and
26,460 (26,460) - Class B Shares of CHF 100 each, fully paid up
Infosys Americas Inc.	–
Nil (Nil) shares of 10 per share, fully paid up
EdgeVerve Systems Limited	1,312
1,31,18,40,000 (1,31,18,40,000) equity shares of 10/- each, fully paid up
Infosys Nova Holdings LLC#	2,637
Infosys Singapore Pte Ltd	10
1,09,90,000 (1,09,90,000) shares
Brilliant Basics Holding Limited	59
1,346 (1,346) shares of 0.005 each, fully paid up
Infosys Arabia Limited	2
70 (70) shares
Skava Systems Private Limited	–
Nil (Nil) shares of 10/- each, fully paid up
Panaya Inc.	582
2 (2) shares of 0.01 per share, fully paid up
Infosys Chile SpA	7
100 (100) shares
WongDoody, Inc.	380
100 (100) shares
Infosys Luxembourg S.a r.l.	26
30,000 (30,000) shares
Infosys Austria GmbH	–
80,000 (80,000) shares of 1 par value, fully paid up
Infosys Consulting Brazil	337
27,50,71,070 (27,50,71,070) shares of BRL 1 per share, fully paid up
Infosys Consulting S.R.L. (Romania)	34
99,183 (99,183) shares of RON 100 per share, fully paid up
Infosys Limited Bulgaria EOOD	2
4,58,000 (4,58,000) shares of BGN 1 per share, fully paid up
Infosys Germany Holdings GmbH	2
25,000 (25,000) shares 1 per share, fully paid up
Infosys Green Forum	1
10,00,000 (10,00,000) shares 10 per share, fully paid up
Infosys Automotive and Mobility GmbH	15
Infosys Turkey Bilgi Teknolojileri Limited Sirketi	48
1,508,060 (1,508,060) share Turkish Liras 100 (10,000) per share, fully paid up
Infosys Consulting S.R.L. (Argentina)	2
2,94,500 (2,94,500) shares AR 100 per share, fully paid up
Infosys Business Solutions LLC	8
10,000 (10,000) shares 100 per share, fully paid up
Danske IT and Support Services India Private Limited	82
3,27,788 (3,27,788) shares 10 per share fully paid up
InSemi Technology Services Private Limited(2)	–
10,33,440 (Nil) shares 10 per share fully paid up
Investments in Redeemable Preference shares of subsidiary
Infosys Singapore Pte Ltd	2,831
51,02,00,000 (51,02,00,000 ) shares
	11,981
Investments carried at fair value through profit or loss
Target maturity fund units	431
Others (1)	84
	515
Investments carried at fair value through other comprehensive income
Preference securities	91
Equity securities	2
	93
Quoted
Investments carried at amortized cost
Tax free bonds	1,731
Government bonds	14
	1,745
Investments carried at fair value through other comprehensive income
Non-convertible debentures	2,216
Equity Securities	113
Government Securities	6,689
	9,018
Total non-current investments	23,352
Current investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units	1,913
	1,913
Investments carried at fair value through other comprehensive income
Commercial Papers	4,507
Certificates of deposit	2,945
	7,452
Quoted
Investments carried at fair value through other comprehensive income
Government Securities	204
Non-convertible debentures	1,738
	1,942
Total current investments	11,307
Total investments	34,659
Aggregate amount of quoted investments	12,705
Market value of quoted investments (including interest accrued), current	1,942
Market value of quoted investments (including interest accrued), non-current	10,978
Aggregate amount of unquoted investments	21,954
# Aggregate amount of impairment in value of investments	94
Reduction in the fair value of assets held for sale	854
Investments carried at cost	11,981
Investments carried at amortized cost	1,745
Investments carried at fair value through other comprehensive income	18,505
Investments carried at fair value through profit or loss	2,428

All values are in US Dollars.

^(1)^

Uncalled capital commitments outstanding as of June 30, 2024 and March 31, 2024 was 5crore and 5 crore, respectively.

^(2)^

On May 10, 2024, Infosys Ltd acquired 100% voting interests in InSemi Technology ServicesPrivate Limited, a semiconductor design services company headquartered in India. This acquisition is expected to strengthen our expertisein semiconductor ecosystem and Engineering R&D services. The business acquisition was conducted by entering into a share purchaseagreement for a total consideration of 198 crore as on acquisition date, which includes a cash consideration of 168 croreand contingent consideration of up to 35 crore. The fair value of contingent consideration as of June 30, 2024 is 30 crore.

---

Refer to note 2.11 for accounting policies on financialinstruments.

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		June 30, 2024	March 31, 2024
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	3,017	1,913
Target maturity fund units - carried at fair value through profit or loss	Quoted price	439	431
Tax free bonds and government bonds - carried at amortized cost	Quoted price and market observable inputs	1,955	1,959
Non-convertible debentures - carried at fair value through other comprehensive income	Quoted price and market observable inputs	4,654	3,954
Government securities - carried at fair value through other comprehensive income	Quoted price and market observable inputs	6,677	6,893
Commercial Papers - carried at fair value through other comprehensive income	Market observable inputs	–	4,507
Certificates of deposit - carried at fair value through other comprehensive income	Market observable inputs	1,718	2,945
Quoted equity securities - carried at fair value through other comprehensive income	Quoted price	129	113
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	93	93
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	87	84
Total		18,769	22,892

Note : Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

2.5 LOANS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non- Current
Loan to subsidiary	10	–
Loans considered good - Unsecured
Other Loans
Loans to employees	29	34
	39	34
Loans credit impaired - Unsecured
Other Loans
Loans to employees	–	–
Less: Allowance for credit impairment	–	–
	–	–
Total non - current loans	39	34
Current
Loans considered good - Unsecured
Other Loans
Loans to employees	207	208
Total current loans	207	208
Total Loans	246	242

2.6 OTHER FINANCIAL ASSETS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non-current
Security deposits ^(1)^	208	205
Unbilled revenues ^(1)(5)#^	1,278	1,366
Others^(1)^**	211	185
Total non-current other financial assets	1,697	1,756
Current
Security deposits ^(1)^	23	25
Restricted deposits ^(1)*^	2,466	2,282
Unbilled revenues ^(1)(5)#^	5,026	4,993
Interest accrued but not due ^(1)^	242	476
Foreign currency forward and options contracts ^(2)(3)^	79	81
Others ^(1)(4)^**	2,517	2,272
Total current other financial assets	10,353	10,129
Total other financial assets	12,050	11,885
^(1)^ Financial assets carried at amortized cost	11,971	11,804
^(2)^Financial assets carried at fair value through other comprehensive income	18	23
^(3)^Financial assets carried at fair value through Profit or Loss	61	58
^(4)^ Includes dues from subsidiaries	2,229	2,052
^(5)^ Includes dues from subsidiaries	136	153
*	Restricted deposits represent deposit with financial institutions to settle employee related<br>obligations as and when they arise during the normal course of business.
---	---
^#^	Classified as financial asset as right to consideration is unconditional and is due only<br>after a passage of time.
---	---
**	Primarily includes net investment in lease arising on assets that are leased to customers<br>for a contract term normally ranging between 3 to 4 years, with lease payments generally due in monthly installments.
---	---

2.7 TRADE RECEIVABLES

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Trade Receivable considered good - Unsecured ^(1)^	26,373	25,575
Less: Allowance for expected credit loss	454	423
Trade Receivable considered good - Unsecured	25,919	25,152
Trade Receivable - credit impaired - Unsecured	134	157
Less: Allowance for credit impairment	134	157
Trade Receivable - credit impaired - Unsecured	–	–
Total trade receivables ^(2)^	25,919	25,152
^(1)^ Includes dues from subsidiaries	252	259
^(2)^ Includes dues from companies where directors are interested	–	–

2.8 CASH AND CASH EQUIVALENTS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Balances with banks
In current and deposit accounts	9,176	8,191
Cash on hand	–	–
Total Cash and cash equivalents	9,176	8,191
Balances with banks in unpaid dividend accounts	37	37
Deposit with more than 12 months maturity	–	–

Cash and cash equivalents as at June 30, 2024 and March 31, 2024 include restricted cash and bank balances of rupee symbol 78 crore and 44 crore, respectively.

The deposits maintained by the Company with banks and financial institutions comprise of time deposits, which can be withdrawn by the Company at any point without prior notice or penalty on the principal.

2.9 EARMARKED BANK BALANCE FOR DIVIDEND

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Earmarked bank balance for dividend	11,625	–
Total other assets	11,625	–

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of rupee symbol 20.00/- per equity share for the financial year ended March 31, 2024 and a special dividend of 8.00/- per equity share. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 26, 2024. Payment date for the dividend is July 01,2024. Earmarked bank balance for dividend represents cash which is deposited in a designated bank account only for payment of final dividend and special dividend for financial year ended March 31, 2024.

2.10 OTHER ASSETS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non-current
Capital advances	176	151
Advances other than capital advances
Others
Prepaid expenses	60	68
Defined benefit plan assets	9	9
Deferred contract cost
Cost of obtaining a contract	75	88
Cost of fulfillment	601	640
Unbilled revenues^(2)^	64	58
Withholding taxes and others	656	655
Total non-current other assets	1,641	1,669
Current
Advances other than capital advances
Payment to vendors for supply of goods	428	325
Others
Prepaid expenses ^(1)^	2,020	1,886
Unbilled revenues^(2)^	4,404	4,397
Deferred contract cost
Cost of obtaining a contract	211	154
Cost of fulfillment	307	266
Withholding taxes and others	2,347	2,593
Other receivables ^(1)^	16	15
Total current other assets	9,733	9,636
Total other assets	11,374	11,305
^(1)^ Includes dues from subsidiaries	143	155
^(2)^ Classified as non-financial asset as the contractual right to consideration is dependent on completion of contractual milestones.

Withholding taxes and others primarily consist of input tax credits and Cenvat/ VAT recoverable from Government of India.

2.11 FINANCIAL INSTRUMENTS

Accounting Policy

2.11.1 Initial recognition

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

2.11.2 Subsequent measurement

a. Non-derivative financial instruments

(i) Financial assets carried at amortized cost

(ii) Financial assets carried at fair value throughother comprehensive income (FVOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for its investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

(iii) Financial assets carried at fair valuethrough profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss.

(iv) Financial liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration recognized in a business combination which is subsequently measured at fair value through profit or loss.

(v) Investment in subsidiaries

Investment in subsidiaries is carried at cost in the separate financial statements.

b. Derivative financial instruments

The Company holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

(i) Financial assets or financial liabilities,carried at fair value through profit or loss.

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Company believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the Statement of Profit and Loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

(ii) Cash flow hedge

The Company designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. When a derivative is designated as a cash flow hedge instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the condensed standalone Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedge reserve till the period the hedge was effective remains in cash flow hedge reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the condensed standalone Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the Statement of Profit and Loss.

2.11.3 Derecognition of financial instruments

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Company's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

2.11.4 Fair value of financial instruments

In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

2.11.5 Impairment

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenues which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Company considers current and anticipated future economic conditions relating to industries the Company deals with and the countries where it operates.The amount of ECLs (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in statement of profit and loss.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at June 30, 2024 are as follows:

(In crore)

Particulars	Amortized cost	Financial assets/ liabilities at fair value through profit or loss<br><br> <br>****		Financial assets/liabilities at fair value through OCI<br><br> <br>****		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to note 2.8)	9,176	–	–	–	–	9,176	9,176
Earmarked bank balance for dividend (Refer to note 2.9)	11,625	–	–	–	–	11,625	11,625
Investments (Refer to note 2.4)
Preference securities, Equity securities and others	–	–	87	222	–	309	309
Tax free bonds and government bonds	1,742	–	–	–	–	1,742	1,955^(1)^
Liquid mutual fund units	–	–	3,017	–	–	3,017	3,017
Target maturity fund units	–	–	439	–	–	439	439
Certificates of deposit	–	–	–	–	1,718	1,718	1,718
Non convertible debentures	–	–	–	–	4,654	4,654	4,654
Government Securities	–	–	–	–	6,677	6,677	6,677
Trade receivables (Refer to note 2.7)	25,919	–	–	–	–	25,919	25,919
Loans (Refer to note 2.5)	246	–	–	–	–	246	246
Other financial assets (Refer to note 2.6) ^(3)^	11,971	–	61	–	18	12,050	11,961^(2)^
Total	60,679	–	3,604	222	13,067	77,572	77,696
Liabilities:
Trade payables (Refer to note 2.14)	2,869	–	–	–	–	2,869	2,869
Lease liabilities (Refer to note 2.3)	3,742	–	–	–	–	3,742	3,742
Other financial liabilities (Refer to note 2.13)	21,785	–	41	–	3	21,829	21,829
Total	28,396	–	41	–	3	28,440	28,440
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on tax free bonds and government bonds carried at amortizedcost of 89 crore
---	---
^(3)^	Excludes unbilled revenue on contracts where the right to consideration is dependent oncompletion of contractual milestones
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 2024 were as follows:

(In crore)

Particulars	Amortized cost	Financial assets/ liabilities at fair value through profit or loss<br><br> <br>****		Financial assets/liabilities at fair value through OCI<br><br> <br>****		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to note 2.8)	8,191	–	–	–	–	8,191	8,191
Investments (Refer to note 2.4)
Preference securities, Equity securities and others	–	–	84	206	–	290	290
Tax free bonds and government bonds	1,745	–	–	–	–	1,745	1,959^(1)^
Target maturity fund units	–	–	431	–	–	431	431
Liquid mutual fund units	–	–	1,913	–	–	1,913	1,913
Commercial Papers	–	–	–	–	4,507	4,507	4,507
Certificates of deposit	–	–	–	–	2,945	2,945	2,945
Non convertible debentures	–	–	–	–	3,954	3,954	3,954
Government Securities	–	–	–	–	6,893	6,893	6,893
Trade receivables (Refer to note 2.7)	25,152	–	–	–	–	25,152	25,152
Loans (Refer to note 2.5)	242	–	–	–	–	242	242
Other financial assets (Refer to note 2.6)^(3)^	11,804	–	58	–	23	11,885	11,801^(2)^
Total	47,134	–	2,486	206	18,322	68,148	68,278
Liabilities:
Trade payables (Refer to note 2.14)	2,493	–	–	–	–	2,493	2,493
Lease Liabilities (Refer to note 2.3)	3,766	–	–	–	–	3,766	3,766
Other financial liabilities (Refer to note 2.13)	11,569	–	20	–	1	11,590	11,590
Total	17,828	–	20	–	1	17,849	17,849
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on tax free bonds and government bonds carried at amortizedcost of 84 crore
---	---
^(3)^	Excludes unbilled revenue on contracts where the right to consideration is dependent oncompletion of contractual milestones
---	---

For trade receivables, trade payables, other assets and payables maturing within one year from the Balance Sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.

Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at June 30, 2024 is as follows:

(In crore)

Particulars	As at June 30, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.4)
Investments in tax free bonds	1,941	1,416	525	–
Investments in government bonds	14	14	–	–
Investments in liquid mutual fund units	3,017	3,017	–	–
Investments in target maturity fund units	439	439	–	–
Investments in certificates of deposit	1,718	–	1,718	–
Investments in non convertible debentures	4,654	4,407	247	–
Investments in government securities	6,677	6,677	–	–
Investments in equity securities	131	129	–	2
Investments in preference securities	91	–	–	91
Other investments	87	–	–	87
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to note 2.6)	79	–	79	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer to note 2.13)	14	–	14	–
Liability towards contingent consideration (Refer to note 2.13)^(1)^	30	–	–	30
^(1)^	Discount rate - 6%
---	---

During the three months ended June 30, 2024, Government securities of rupee symbol 72 crore were transferred from Level 2 to Level 1 of fair value hierarchy since these were valued based on quoted price. Further Tax free bonds of 525 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2024 was as follows:

(In crore)

Particulars	As at March 31, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.4)
Investments in tax free bonds	1,944	1,944	–	–
Investments in target maturity fund units	431	431	–	–
Investments in government bonds	15	15	–	–
Investments in liquid mutual fund units	1,913	1,913	–	–
Investments in certificates of deposit	2,945	–	2,945	–
Investments in commercial papers	4,507	–	4,507	–
Investments in non convertible debentures	3,954	3,697	257	–
Investments in government securities	6,893	6,820	73	–
Investments in equity securities	115	113	–	2
Investments in preference securities	91	–	–	91
Other investments	84	–	–	84
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to note 2.6)	81	–	81	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer note 2.13)	21	–	21	–

During the year ended March 31, 2024, tax free bonds and non-convertible debentures of rupee symbol 1,986 crore were transferred from Level 2 to Level 1 of fair value hierarchy since these were valued based on quoted price. Further government securities of 73 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Company are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in liquid mutual fund units, target maturity fund units, tax free bonds, certificates of deposit, commercial papers, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi-government organizations. The Company invests after considering counterparty risks based on multiple criteria including Tier I capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Company's risk management program.

2.12 EQUITY

Accounting policy

Ordinary Shares

Ordinary shares are classified as equity share capital. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

Description of reserves

Capital redemption reserve

Retained earnings

Retained earnings represent the amount of accumulated earnings of the Company.

Securities premium

The amount received in excess of the par value of equity shares has been classified as securities premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

Share options outstanding account

The Share options outstanding account is used to record the fair value of equity-settled share based payment transactions with employees. The amounts recorded in share options outstanding account are transferred to securities premium upon exercise of stock options and transferred to general reserve on account of stock options not exercised by employees.

Special Economic Zone Re-investment reserve

Other components of equity

Other components of equity include remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

Cash flow hedge reserve

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the condensed standalone Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

2.12.1 EQUITY SHARE CAPITAL

(In crore, except as otherwise stated)

Particulars	As at
	June 30, 2024	March 31, 2024
Authorized
Equity shares, 5/- par value
480,00,00,000 (480,00,00,000) equity shares	2,400	2,400
Issued, Subscribed and Paid-Up
Equity shares, 5/- par value ^(1)^	2,076	2,075
415,20,28,475 (415,08,67,464) equity shares fully paid-up
	2,076	2,075
^(1)^	Refer to note 2.21 for details of basic and diluted shares
---	---

Forfeited shares amounted to rupee symbol 1,500/- (1,500/-)

The Company has only one class of shares referred to as equity shares having a par value of rupee symbol 5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depository Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However, no such preferential amounts exist currently. There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.For details of shares reserved for issue under the employee stock option plan of the Company, refer to the note below.

The reconciliation of the number of shares outstanding and the amount of share capital as at June 30, 2024 and March 31, 2024 is set out below:

(in crore, except as stated otherwise)

Particulars	As at June 30, 2024		As at March 31, 2024
	Number of shares	Amount	Number of shares	Amount
As at the beginning of the period	4,15,08,67,464	2,075	4,14,85,60,044	2,074
Add: Shares issued on exercise of employee stock options	1,161,011	1	2,307,420	1
As at the end of the period	4,15,20,28,475	2,076	4,15,08,67,464	2,075

Capital allocation policy

Effective fiscal 2025, the Company expects to continue its policy of returning approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any. Under this policy, the Company expects to progressively increase its annual dividend per share (excluding special dividend if any).Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes

2.12.2 DIVIDEND

The amount of per share dividend recognized as distribution to equity shareholders is as follows:-

(in )

Particulars	Three months ended June 30,
	2024	2023
Final dividend for fiscal 2023	–	17.50
Special dividend for fiscal 2024	8.00	–
Final dividend for fiscal 2024	20.00	–

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of rupee symbol 20/- per equity share for the financial year ended March 31, 2024 and a special dividend of 8/- per equity share. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 26, 2024 which will result in a net cash outflow of 11,625 crore. Payment date for the dividend is July 01, 2024.

2.12.3 Employee Stock Option Plan (ESOP):

Accounting Policy

The Company recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the statement of profit and loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

Infosys Expanded Stock Ownership Program 2019 (the2019 Plan): On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

2015 Stock Incentive Compensation Plan (the 2015Plan): On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options would be the market price as on the date of grant.

Controlled trust holds 10,246,512 shares and 10,916,829 shares as at June 30, 2024 and March 31, 2024, respectively under the 2015 plan. Out of these shares, 2,00,000 equity shares each have been earmarked for welfare activities of the employees as at June 30, 2024 and March 31, 2024.

The following is the summary of grants made during the three months ended June 30, 2024

Particulars	2019 Plan		2015 Plan
	Three months ended June 30,		Three months ended June 30,
	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	70,699	78,281	295,168	333,596
Employees other than KMP	6,848	–	96,490	4,500
Total Grants	77,547	78,281	391,658	338,096

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

-	245,679 performance-based RSUs (Annual performance equity grant) of fair value of 34.75<br>crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.
-	14,140 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value<br>of 2 crore. These RSUs will vest in line with the employment<br>agreement based on achievement of certain environment, social and governance milestones as determined by the Board.
---	---
-	35,349 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value<br>of 5 crore. These RSUs will vest in line with the employment<br>agreement based on Company’s performance on cumulative relative TSR over the years and as determined by the Board.
---	---

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of June 30, 2024, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with Ind AS 102, Share based payment. The grant date for this purpose in accordance with Ind AS 102, Share based payment is July 1, 2022.

Under the 2019 plan:

The break-up of employee stock compensation expenseis as follows:

(in crore)

Particulars	Three months ended June 30,
	2024	2023
Granted to:
KMP	18	20
Employees other than KMP	170	112
Total ^(1)^	188	132
^(1)^ Cash settled stock compensation expense included in the above	1	1

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance-based options and Monte Carlo simulation model is used for TSR based options.The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

Particulars	For options granted in
	Fiscal 2025- Equity Shares-RSU	Fiscal 2025- ADR-RSU	Fiscal 2024- Equity Shares-RSU	Fiscal 2024- ADR-RSU
Weighted average share price () / ($ ADS)	1,414	16.87	1,588	19.19
Exercise price () / ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	23-26	23-28	23-31	25-33
Expected life of the option (years)	1-4	1-4	1-4	1-4
Expected dividends (%)	2-3	2-3	2-3	2-3
Risk-free interest rate (%)	7	5	7	4-5
Weighted average fair value as on grant date () / ($ ADS)	1,298	15.45	1,317	16.27

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

2.13 OTHER FINANCIAL LIABILITIES

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non-current
Others
Compensated absences	85	81
Accrued compensation to employees ^(1)^	11	7
Accrued expenses ^(1)^	1,663	1,779
Payable for acquisition of business - Contingent consideration ^(2)^	18	–
Other payables ^(1)^	5	74
Total non-current other financial liabilities	1,782	1,941
Current
Unpaid dividends ^(1)^	37	37
Others
Accrued compensation to employees ^(1)^	2,836	3,336
Accrued expenses ^(1)(4)^	5,452	5,134
Capital creditors ^(1)^	206	269
Compensated absences	2,232	2,078
Final dividend payable to shareholders^(1)(6)^	10,481	–
Payable for acquisition of business - Contingent consideration ^(2)^	12	–
Other payables ^(1)(5)^	1,094	933
Foreign currency forward and options contracts ^(2)(3)^	14	21
Total current other financial liabilities	22,364	11,808
Total other financial liabilities	24,146	13,749
^(1)^ Financial liability carried at amortized cost	21,785	11,569
^(2)^ Financial liability carried at fair value through profit or loss	41	20
^(3)^ Financial liability carried at fair value through other comprehensive income	3	1
^(4)^ Includes dues to subsidiaries	29	29
^(5)^ Includes dues to subsidiaries	411	405
^(6)^	Pertains to final dividend and special dividend for fiscal 2024 declared by the Companyand approved by the shareholders on June 26, 2024. Payment date for dividend is July 01, 2024 (Refer note 2.12.2)
---	---

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses, office maintenance and cost of third party software and hardware.

2.14 TRADE PAYABLES

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Outstanding dues of micro enterprises and small enterprises	109	92
Outstanding dues of creditors other than micro enterprises and small enterprises^(1)^	2,760	2,401
Total trade payables	2,869	2,493
^(1)^Includes dues to subsidiaries	1,167	778

2.15 OTHER LIABILITIES

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non-current
Others
Accrued defined benefit liability	133	123
Others	26	27
Total non - current other liabilities	159	150
Current
Unearned revenue	5,420	5,698
Others
Withholding taxes and others	3,346	1,974
Accrued defined benefit liability	2	2
Others	7	7
Total current other liabilities	8,775	7,681
Total other liabilities	8,934	7,831

2.16 PROVISIONS

Accounting Policy

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

a. Post-sales client support

The Company provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded in the Statement of Profit and Loss. The Company estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

b. Onerous contracts

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract.

Provision for post-sales client support and otherprovisions

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Others
Post-sales client support and other provisions	1,137	1,464
Total provisions	1,137	1,464

Provision for post sales client support and other provisions majorly represents costs associated with providing sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support and other provisions is included in cost of sales in the condensed consolidated statement of profit and loss.

2.17 INCOME TAXES

Accounting Policy

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.The Company offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the statement of Profit and Loss comprises:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Current taxes	2,686	2,065
Deferred taxes	(326)	125
Income tax expense	2,360	2,190

Income tax expense for the three months ended June 30, 2024 and June 30, 2023 includes provisions (net of reversals) of rupee symbol 45 crore and reversals (net of provisions) 46 crore, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

Deferred income tax for the three months ended June 30, 2024 and June 30, 2023 substantially relates to origination and reversal of temporary differences.

2.18 REVENUE FROM OPERATIONS

Accounting Policy

The Company derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Company’s core and digital offerings (together called as “software related services”). Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing, by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services (“performance obligations”) to customers in an amount that reflects the consideration the Company has received or expects to receive in exchange for these products or services (“transaction price”). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Company allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Company estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Company’s contracts may include variable consideration including rebates, volume discounts and penalties. The Company includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Company’s costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Company measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Company is unable to determine the standalone selling price, the Company uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Company is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Company uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Company uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Company considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Company expects to recover them.Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Company that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to expenses over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Company presents revenues net of indirect taxes in its Statement of Profit and Loss.

Revenue from operations for the three months ended June 30, 2024 and March 31, 2024 is as follows:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Revenue from software services	33,017	31,748
Revenue from products and platforms	266	63
Total revenue from operations	33,283	31,811

The percentage of revenue from fixed-price contracts for the three months ended June 30, 2024 and June 30, 2023 is 57% and 55%, respectively.

Trade receivables and Contract Balances

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Company’s Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Company’s receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the Balance Sheet.

2.19 OTHER INCOME, NET

2.19.1 Other income

Accounting Policy

Other income is comprised primarily of interest income, dividend income, gain / loss on investments and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

2.19.2 Foreign currency

Accounting Policy

Functional currency

The functional currency of the Company is the Indian rupee. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million).

Transactions and translations

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the condensed standalone Statement of Profit and Loss and reported within exchange gains/(losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of the transaction. The related revenue and expense are recognized using the same exchange rate.

Government grant

The Company recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the net profit in the Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate.

Other income for the three months ended June 30, 2024 and June 30, 2023 is as follows:

(In rupee symbol crore)

Particulars	Three months ended June 30,
	2024	2023
Interest income on financial assets carried at amortized cost
Tax free bonds and government bonds	30	33
Deposit with Bank and others	231	179
Interest income on financial assets carried at fair value through other comprehensive income
Non-convertible debentures, commercial papers, certificates of deposit and government securities	315	205
Income on investments carried at fair value through profit or loss
Gain / (loss) on liquid mutual funds and other investments	96	41
Dividend received from subsidiary	–	400
Exchange gains/(losses) on foreign currency forward and options contracts	46	135
Exchange gains/(losses) on translation of other assets and liabilities	(36)	(66)
Miscellaneous income, net	39	74
Total other income	721	1,001

2.20 EXPENSES

Accounting Policy

2.20.1 Gratuity and Pension

The Company provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible Indian employees of Infosys. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Company. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Company operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and / or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Statement of Profit and Loss.

2.20.2 Provident fund

2.20.3 Superannuation

Certain employees of Infosys are participants in a defined contribution plan. The Company has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

2.20.4 Compensated absences

The Company has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Employee benefit expenses
Salaries including bonus	15,752	15,708
Contribution to provident and other funds	510	499
Share based payments to employees (Refer to note 2.12)	188	132
Staff welfare	45	14
	16,495	16,353
Cost of software packages and others
For own use	462	378
Third party items bought for service delivery to clients	1,655	796
	2,117	1,174
Other expenses
Power and fuel	58	44
Brand and Marketing	310	224
Rates and taxes	94	75
Repairs and Maintenance	248	242
Consumables	7	7
Insurance	62	42
Provision for post-sales client support and others	(110)	54
Commission to non-whole time directors	4	3
Impairment loss recognized / (reversed) under expected credit loss model	4	86
Auditor's remuneration
Statutory audit fees	2	1
Contributions towards Corporate Social Responsibility	160	60
Others	95	133
	934	971

2.21 BASIC AND DILUTED SHARES USED IN COMPUTINGEARNINGS PER EQUITY SHARE

Accounting Policy

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

2.22 CONTINGENT LIABILITIES AND COMMITMENTS

Accounting Policy

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Contingent liabilities:
Claims against the Company, not acknowledged as debts^(1)^	2,703	2,649
[Amount paid to statutory authorities 5,640 crore (8,283 crore)]
Commitments:
Estimated amount of contracts remaining to be executed on capital contracts and not provided for (net of advances and deposits)^(2)^	849	688
Other Commitments*	5	5
*	Uncalled capital pertaining to investments
---	---
^(1)^	As at June 30, 2024 and March 31, 2024, claims against the Company not acknowledged as debts in respect of income tax matters amounted to 2,296 crore and 2,260 crore, respectively.The claims against the Company primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company financial position and results of operations.Amount paid to statutory authorities against the tax claims amounted to 5,630 crore and 8,273 crore as at June 30, 2024 and March 31, 2024, respectively.
---	---
^(2)^	Capital contracts primarily comprises of commitments for infrastructure facilities and computer equipments.
---	---

Legal Proceedings

The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business. The Company’s management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Company’s results of operations or financial condition.

2.23 RELATED PARTY TRANSACTIONS

Refer to the Company's Annual Report for the year ended March 31, 2024 for the full names and other details of the Company's subsidiaries and controlled trusts.

Changes in Subsidiaries

During the three months ended June 30, 2024, the following are the changes in the subsidiaries:

-	Danske IT and Support Services India Private Limited renamed as IDUNN Information Technology<br>Private Limited
-	On May 10, 2024 Infosys Ltd. acquired 100% of voting interests in InSemi Technology Services<br>Private Limited along with its subsidiary Elbrus Labs Private Limited
---	---

The Company’s related party transactions during the three months ended June 30, 2024 and March 31, 2024 and outstanding balances as at June 30, 2024 and March 31, 2024 are with its subsidiaries with whom the Company generally enters into transactions which are at arms length and in the ordinary course of business.

Change in key management personnel

The following are the changes in the key management personnel:

Executive Officers:

-	Jayesh Sanghrajka (appointed as Chief Financial Officer effective April 1, 2024)

Transactions with key management personnel

The table below describes the compensation to key management personnel which comprise directors and executive officers:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Salaries and other short term employee benefits to whole-time directors and executive officers^(1)(2)^	28	32
Commission and other benefits to non-executive / independent directors	4	4
Total	32	36
^(1)^	Total employee stock compensation expense for the three months ended June 30, 2024 andJune 30, 2023 includes a charge of 18 crore and 20 crore, respectively, towards key management personnel. (Refer to note2.12).
---	---
^(2)^	Does not include post-employment benefits and other long-term benefits based on actuarialvaluation as these are done for the Company as a whole.
---	---

2.24 SEGMENT REPORTING

The Company publishes this financial statement along with the interim condensed consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the interim condensed consolidated financial statements.

for and on behalf of the Board of Directors of Infosys Limited
Nandan M. Nilekani<br><br> <br>Chairman<br>DIN: 00041245	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director<br><br> <br>DIN: 01876159	Bobby Parikh<br><br> <br>Director<br><br> <br>DIN: 00019437
Bengaluru<br><br> <br>July 18, 2024	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918

Exhibit 99.10

Ind AS Consolidated

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim CondensedConsolidated Financial Statements

Opinion

We have audited the accompanying interim condensed consolidated financial statements of INFOSYS LIMITED (the “Company”), and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”), which comprise the Condensed Consolidated Balance Sheet as at June 30, 2024, the Condensed Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Condensed Consolidated Statement of Changes in Equity and the Condensed Consolidated Statement of Cash Flows for the three months ended on that date, and notes to the financial statements including a summary of the material accounting policies and other explanatory information (hereinafter referred to as the “interim condensed consolidated financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed consolidated financial statements give a true and fair view in conformity with the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at June 30, 2024, its consolidated profit and its consolidated total comprehensive income for the three months ended on that date, its consolidated changes in equity and its consolidated cash flows for the three months ended on that date.

Basis for Opinion

We conducted our audit of the interim condensed consolidated financial statements in accordance with the Standards on Auditing (“SAs”) specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the interim condensed consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the interim condensed consolidated financial statements.

Responsibilities of Management and Those Chargedwith Governance for the Interim Condensed Consolidated Financial Statements

The Company’s Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated total comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with Ind AS 34 and other accounting principles generally accepted in India. The respective Boards of Directors/Trustees of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the interim condensed consolidated financial statements by the Directors of the Company, as aforesaid.

In preparing the interim condensed consolidated financial statements, the respective Boards of Directors/Trustees of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their own respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors/Trustees of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit ofthe Interim Condensed Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the interim condensed consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these interim condensed consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

·	Identify and assess the risks of material misstatement of the interim condensed consolidated financial<br>statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that<br>is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud<br>is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the<br>override of internal control.
·	Obtain an understanding of internal financial controls relevant to the audit in order to design audit<br>procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.
---	---
·	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates<br>and related disclosures made by management.
---	---
·	Conclude on the appropriateness of management’s use of the going concern basis of accounting and,<br>based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant<br>doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to<br>draw attention in our auditor’s report to the related disclosures in the interim condensed consolidated financial statements or,<br>if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of<br>our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
---	---
·	Evaluate the overall presentation, structure and content of the interim condensed consolidated financial<br>statements, including the disclosures, and whether the interim condensed consolidated financial statements represent the underlying transactions<br>and events in a manner that achieves fair presentation.
---	---
·	Obtain sufficient appropriate audit evidence regarding the financial information of the entities within<br>the Group to express an opinion on the interim condensed consolidated financial statements. We are responsible for the direction, supervision<br>and performance of the audit of financial statements of such entities included in the interim condensed consolidated financial statements<br>of which we are independent auditors.
---	---

Materiality is the magnitude of misstatements in the interim condensed consolidated financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the interim condensed consolidated financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the interim condensed consolidated financial statements.

We communicate with those charged with governance of the Company and such other entities included in the interim condensed consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

Place: Bengaluru<br><br> <br>Date: July 18, 2024	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm's Registration No. 117366W/W-100018)<br><br> <br><br><br> <br><br><br> <br>Vikas Bagaria<br><br> <br>Partner<br><br> <br>(Membership No.060408)<br><br> <br>UDIN: 24060408BKFSMD5761

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under Indian Accounting Standards (Ind AS) for the three months ended June 30, 2024

Index
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Profit and Loss
Condensed Consolidated Statement of Changes in Equity
Condensed Consolidated Statement of Cash Flows
Overview and Notes to the Interim Condensed Consolidated Financial Statements
1. Overview
1.1 Company overview
1.2 Basis of preparation of financial statements
1.3 Basis of consolidation
1.4 Use of estimates and judgments
1.5 Critical accounting estimates and judgments
1.6 Recent accounting pronouncements
2. Notes to the Interim Condensed Consolidated Financial Statements
2.1 Business Combinations
2.2 Property, plant and equipment
2.3 Goodwill and intangible assets
2.4 Investments
2.5 Loans
2.6 Other financial assets
2.7 Trade receivables
2.8 Cash and cash equivalents
2.9 Earmarked bank balance for dividend
2.10 Other assets
2.11 Financial instruments
2.12 Equity
2.13 Other financial liabilities
2.14 Other liabilities
2.15 Provisions
2.16 Income taxes
2.17 Revenue from operations
2.18 Other income, net
2.19 Expenses
2.20 Leases
2.21 Basic and diluted shares used in computing earnings per equity share
2.22 Contingent liabilities and commitments
2.23 Related party transactions
2.24 Segment reporting
2.25 Function wise classification of Condensed Consolidated Statement of Profit and Loss

INFOSYS LIMITED AND SUBSIDIARIES

(In crore )

Condensed Consolidated Balance Sheets as at	Note No.	June 30, 2024	March 31, 2024
ASSETS
Non-current assets
Property, plant and equipment	2.2	11,967	12,370
Right-of-use assets	2.20	6,512	6,552
Capital work-in-progress		395	293
Goodwill	2.3	7,405	7,303
Other intangible assets		1,391	1,397
Financial assets
Investments	2.4	11,174	11,708
Loans	2.5	29	34
Other financial assets	2.6	3,069	3,105
Deferred tax assets (net)		469	454
Income tax assets (net)		3,487	3,045
Other non-current assets	2.10	2,066	2,121
Total non-current assets		47,964	48,382
Current assets
Financial assets
Investments	2.4	8,762	12,915
Trade receivables	2.7	30,930	30,193
Cash and cash equivalents	2.8	16,432	14,786
Earmarked bank balance for dividend	2.9	11,625	–
Loans	2.5	251	248
Other financial assets	2.6	12,011	12,085
Income tax assets (net)		3,032	6,397
Other current assets	2.10	13,012	12,808
Total current assets		96,055	89,432
Total assets		144,019	137,814
EQUITY AND LIABILITIES
Equity
Equity share capital	2.12	2,072	2,071
Other equity		80,997	86,045
Total equity attributable to equity holders of the Company		83,069	88,116
Non-controlling interests		349	345
Total equity		83,418	88,461
Liabilities
Non-current liabilities
Financial Liabilities
Lease liabilities	2.20	6,174	6,400
Other financial liabilities	2.13	1,959	2,130
Deferred tax liabilities (net)		1,474	1,794
Other non-current liabilities	2.14	243	235
Total non-current liabilities		9,850	10,559
Current liabilities
Financial Liabilities
Lease liabilities	2.20	2,187	1,959
Trade payables		3,693	3,956
Other financial liabilities	2.13	27,273	16,959
Other current liabilities	2.14	11,600	10,539
Provisions	2.15	1,504	1,796
Income tax liabilities (net)		4,494	3,585
Total current liabilities		50,751	38,794
Total equity and liabilities		144,019	137,814

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018
Vikas Bagaria<br><br> <br>Partner<br><br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br><br>DIN: 00041245	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director<br><br>DIN: 01876159	Bobby Parikh<br><br> <br>Director<br><br>DIN: 00019437
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br>Membership No. A21918
Bengaluru<br><br> <br>July 18, 2024

(In crore, except equity share and per equityshare data)

Condensed Consolidated Statement of Profit and Loss for the	Note No.	Three months ended June 30,
		2024	2023
Revenue from operations	2.17	39,315	37,933
Other income, net	2.18	838	561
Total income		40,153	38,494
Expenses
Employee benefit expenses	2.19	20,934	20,781
Cost of technical sub-contractors		3,169	3,124
Travel expenses		478	462
Cost of software packages and others	2.19	3,455	2,720
Communication expenses		147	182
Consultancy and professional charges		445	346
Depreciation and amortization expenses		1,149	1,173
Finance cost		105	90
Other expenses	2.19	1,250	1,254
Total expenses		31,132	30,132
Profit before tax		9,021	8,362
Tax expense:
Current tax	2.16	2,998	2,307
Deferred tax	2.16	(351)	110
Profit for the period		6,374	5,945
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		20	87
Equity instruments through other comprehensive income, net		14	1
		34	88
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		(3)	6
Exchange differences on translation of foreign operations		(104)	15
Fair value changes on investments, net		40	75
		(67)	96
Total other comprehensive income /(loss), net of tax		(33)	184
Total comprehensive income for the period		6,341	6,129
Profit attributable to:
Owners of the Company		6,368	5,945
Non-controlling interests		6	–
		6,374	5,945
Total comprehensive income attributable to:
Owners of the Company		6,337	6,132
Non-controlling interests		4	(3)
		6,341	6,129
Earnings per equity share
Equity shares of par value 5/- each
Basic ()		15.38	14.37
Diluted ()		15.35	14.35
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.21	4,140,272,627	4,137,234,750
Diluted (in shares)	2.21	4,148,077,672	4,142,207,951

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018
Vikas Bagaria<br><br> <br>Partner<br><br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br><br>DIN: 00041245	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director<br><br>DIN: 01876159	Bobby Parikh<br><br> <br>Director<br><br>DIN: 00019437
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br>Membership No. A21918
Bengaluru<br><br> <br>July 18, 2024

Condensed Consolidated Statement of Changes in Equity

(In crore)

Particulars		OTHER EQUITY
		Reserves & Surplus								Other comprehensive income
	Equity Share capital ^(1)^	Capital reserve	Capital redemption reserve	Securities Premium	Retained earnings	General reserve	Share Options Outstanding Account	Special Economic Zone Re-investment reserve ^(2)^	Other reserves ^(3)^	Equity instruments through other comprehensive income	Exchange differences on translating the financial statements of a foreign operation	Effective portion of Cash Flow Hedges	Other items of other comprehensive income / (loss)	Total equity attributable to equity holders of the Company	Non-controlling interest	Total equity
Balance as at April 1, 2023	2,069	54	169	166	58,957	1,054	878	10,014	19	247	2,325	(5)	(540)	75,407	388	75,795
Changes in equity for the three months ended June 30, 2023
Profit for the period	–	–	–	–	5,945	–	–	–	–	–	–	–	–	5,945	–	5,945
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	–	87	87	–	87
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	1	–	–	–	1	–	1
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	–	6	–	6	–	6
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	–	–	–	18	–	–	18	(3)	15
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	–	75	75	–	75
Total Comprehensive income for the period	–	–	–	–	5,945	–	–	–	–	1	18	6	162	6,132	(3)	6,129
Shares issued on exercise of employee stock options (Refer to Note 2.12)	1	–	–	1	–	–	–	–	–	–	–	–	–	2	–	2
Employee stock compensation expense (Refer to Note 2.12)	–	–	–	–	–	–	144	–	–	–	–	–	–	144	–	144
Transferred on account of exercise of stock options (Refer to note 2.12)	–	–	–	274	–	–	(274)	–	–	–	–	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	6	(6)	–	–	–	–	–	–	–	–	–
Dividends ^(1)^	–	–	–	–	(7,242)	–	–	–	–	–	–	–	–	(7,242)	–	(7,242)
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	(760)	–	–	760	–	–	–	–	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	202	–	–	(202)	–	–	–	–	–	–	–	–
Balance as at June 30, 2023	2,070	54	169	441	57,102	1,060	742	10,572	19	248	2,343	1	(378)	74,443	385	74,828

Condensed Consolidated Statement of Changes in Equity(contd.)

(In crore)

Particulars		OTHER EQUITY
		Reserves & Surplus								Other comprehensive income
	Equity Share capital ^(1)^	Capital reserve	Capital redemption reserve	Securities Premium	Retained earnings	General reserve	Share Options Outstanding Account	Special Economic Zone Re-investment reserve ^(2)^	Other reserves ^(3)^	Equity instruments through other comprehensive income	Exchange differences on translating the financial statements of a foreign operation	Effective portion of Cash Flow Hedges	Other items of other comprehensive income / (loss)	Total equity attributable to equity holders of the Company	Non-controlling interest	Total equity
Balance as at April 1, 2024	2,071	54	169	616	68,405	1,214	913	12,104	22	266	2,552	6	(276)	88,116	345	88,461
Changes in equity for the three months ended June 30, 2024
Profit for the period	–	–	–	–	6,368	–	–	–	–	–	–	–	–	6,368	6	6,374
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	–	20	20	–	20
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	14	–	–	–	14	–	14
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	–	(3)	–	(3)	–	(3)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	–	–	–	(102)	–	–	(102)	(2)	(104)
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	–	40	40	–	40
Total Comprehensive income for the period	–	–	–	–	6,368	–	–	–	–	14	(102)	(3)	60	6,337	4	6,341
Shares issued on exercise of employee stock options (Refer to Note 2.12)	1	–	–	2	–	–	–	–	–	–	–	–	–	3	–	3
Employee stock compensation expense (Refer to Note 2.12)	–	–	–	–	–	–	208	–	–	–	–	–	–	208	–	208
Transferred on account of exercise of stock options (Refer to Note 2.12)	–	–	–	220	–	–	(220)	–	–	–	–	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	18	(18)	–	–	–	–	–	–	–	–	–
Income tax benefit arising on exercise of stock options	–	–	–	–		–	2	–	–	–	–	–	–	2	–	2
Transfer to legal reserve	–	–	–	–	(2)	–	–	–	2	–	–	–	–	–	–	–
Dividends ^(1)^	–	–	–	–	(11,597)	–	–	–	–	–	–	–	–	(11,597)	–	(11,597)
Transferred from Special Economic Zone Re-investment reserve to retained earnings	–	–	–	–	247	–	–	(247)	–	–	–	–	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	104	–	–	(104)	–	–	–	–	–	–	–	–
Balance as at June 30, 2024	2,072	54	169	838	63,525	1,232	885	11,753	24	280	2,450	3	(216)	83,069	349	83,418
*	Net of tax
---	---
^(1)^	Net of treasury shares
---	---
^(2)^	The Special Economic Zone Re-investment Reserve has been created out of the profit ofeligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Groupfor acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income Tax Act, 1961.
---	---
^(3)^	Under the Swiss Code of Obligation, few subsidiaries of Infosys Consulting are requiredto appropriate a certain percentage of the annual profit to legal reserve which may be used only to cover losses or for measures designedto sustain the Company through difficult times, to prevent unemployment or to mitigate its consequences.
---	---

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018
Vikas Bagaria<br><br> <br>Partner<br><br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br><br>DIN: 00041245	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director<br><br>DIN: 01876159	Bobby Parikh<br><br> <br>Director<br><br>DIN: 00019437
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br>Membership No. A21918
Bengaluru<br><br> <br>July 18, 2024

Condensed Consolidated Statement of Cash Flows

Accounting policy

(In crore)

Particulars	Note No.	Three months ended June 30,
		2024	2023
Cash flow from operating activities
Profit for the period		6,374	5,945
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense	2.16	2,647	2,417
Depreciation and amortization		1,149	1,173
Interest and dividend income		(665)	(517)
Finance cost		106	90
Impairment loss recognized / (reversed) under expected credit loss model		(3)	91
Exchange differences on translation of assets and liabilities, net		23	(20)
Stock compensation expense		211	146
Provision for post sale client support		(108)	50
Other adjustments		62	505
Changes in assets and liabilities
Trade receivables and unbilled revenue		(499)	(101)
Loans, other financial assets and other assets		(422)	(311)
Trade payables		(271)	(106)
Other financial liabilities, other liabilities and provisions		(389)	(1,822)
Cash generated from operations		8,215	7,540
Income taxes (paid)/received		841	(1,379)
Net cash generated by operating activities		9,056	6,161
Cash flows from investing activities
Expenditure on property, plant and equipment and intangibles		(455)	(807)
Deposits placed with corporation		(335)	(444)
Redemption of deposits placed with Corporation		120	252
Interest and dividend received		853	670
Payment towards acquisition of business, net of cash acquired	2.1	(124)	–
Other receipts		1	126
Payments to acquire Investments
Liquid mutual fund units		(16,989)	(17,680)
Certificates of deposit		(1,440)	(1,285)
Commercial Papers		(2,226)	(1,558)
Non-convertible debentures		(1,051)	(104)
Other Investments		(6)	(3)
Proceeds on sale of Investments
Liquid mutual funds units		15,975	17,304
Certificates of deposit		2,820	3,974
Commercial Papers		7,135	824
Non-convertible debentures		490	375
Government securities		200	226
Net cash generated / (used in) from investing activities		4,968	1,870
Cash flows from financing activities
Payment of lease liabilities		(576)	(439)
Payment of dividends		–	(1)
Shares issued on exercise of employee stock options		3	2
Other payments		(118)	(209)
Net cash used in financing activities		(691)	(647)
Net increase / (decrease) in cash and cash equivalents		13,333	7,384
Effect of exchange rate changes on cash and cash equivalents		(62)	15
Cash and cash equivalents at the beginning of the period	2.8	14,786	12,173
Cash and cash equivalents at the end of the period	2.8	28,057	19,572
Supplementary information:
Restricted cash balance	2.8	398	381
Closing cash and cash equivalents as per Consolidated Statement of Cash Flows		28,057	19,572
Less: Earmarked bank balance for dividend	2.9	11,625	7,262
Closing cash and cash equivalents as per Consolidated Balance Sheet	2.8	16,432	12,310

The accompanying notes form an integral part ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018
Vikas Bagaria<br><br> <br>Partner<br><br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br><br>DIN: 00041245	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director<br><br>DIN: 01876159	Bobby Parikh<br><br> <br>Director<br><br>DIN: 00019437
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br>Membership No. A21918
Bengaluru<br><br> <br>July 18, 2024

Overview and notes to the Interim Condensed ConsolidatedFinancial Statements

1. Overview

1.1 Company overview

Infosys together with its subsidiaries and controlled trusts is hereinafter referred to as "the Group".

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics city, Hosur Road, Bengaluru 560100, Karnataka, India. The Company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company’s American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the Company's Board of Directors on July 18, 2024.

1.2 Basis of preparation of financial statements

These interim condensed consolidated financial statements are prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting , under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 ('the Act') and guidelines issued by the Securities and Exchange Board of India (SEBI). Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report for the year ended March 31, 2024. The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The material accounting policy information used in preparation of the audited interim condensed consolidated financial statements have been discussed in the respective notes.

1.3 Basis of consolidation

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the Company, are excluded.

1.4 Use of estimates and judgments

The preparation of the interim condensed consolidated financial statements in conformity with Ind AS requires the Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note no. 1.5. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the interim condensed consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

1.5 Critical accounting estimates and judgments

a. Revenue recognition

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group’s costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgment and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

b. Income taxes

The Group's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid / recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, the Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the Management believes that the Group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced (Refer to Notes 2.16).

c. Business combinations and intangible assets

Business combinations are accounted for using Ind AS 103, Business Combinations. Ind AS 103 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by the Management (Refer to Note 2.1 and2.3.2).

d. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by the Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology (Refer to Note 2.2).

e. Impairment of Goodwill

2. Notes to the Interim Condensed Consolidated FinancialStatements

2.1 BUSINESS COMBINATIONS

Accounting policy

Business combinations have been accounted for using the acquisition method under the provisions of Ind AS 103, Business Combinations.

Business combinations between entities under common control is accounted for at carrying value of the assets acquired and liabilities assumed in the Group's consolidated financial statements.

Acquisitions during the quarter ended June 30, 2024

The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

(In crore)

Component	Acquiree's carrying amount	Fair value adjustments	Purchase price allocated
Net Assets^(1)^	40	–	40
Intangible assets :
Customer contracts and relationships ^#^	–	60	60
Brand^#^	–	13	13
Deferred tax liabilities on intangible assets	–	(18)	(18)
Total	40	55	95
Goodwill			103
Total purchase price			198
^(1)^	Includes cash and cash equivalents acquired of 41crore.
---	---
^#^	The estimated useful life is around 1 year to 5 years
---	---

Goodwill is not tax-deductible.

The purchase consideration of 198 crore includes cash of 168 crore and contingent consideration with an estimated fair value of 30 crore as on the date of acquisition.

Fair value of trade receivables acquired is 32 crore as of acquisition date and as of June 30, 2024 the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder’s fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of 2 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Profit and loss for the three months ended June 30, 2024.

Proposed acquisition

On April 18, 2024, Infosys Germany GmBH wholly owned step down subsidiary of Infosys Limited entered into a definitive agreement to acquire 100% of the equity share capital in in-tech Holding GmbH, leading provider of Engineering R&D services headquartered in Germany, for a consideration including earn-outs amounting up to EUR 450 million (approximately 4,045 crore), subject to customary closing adjustments. Subsequently in July 2024 as on the date these financial statements were authorized for issuance, Infosys Germany GmBH completed its acquisition of in-tech Holding GmbH. Given the recent timing of the acquisition and pending completion of the valuations for identifiable net assets acquired and liabilities assumed, at the time these financial statements were authorized for issuance, the initial accounting for the business combination is incomplete. Accordingly, all the required disclosures for the business combination have not been made.

2.2 PROPERTY, PLANT AND EQUIPMENT

Accounting policy

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

Buildings ^(1)^	22-25 years
Plant and machinery ^(1)(2)^	5 years
Office equipment	5 years
Computer equipment ^(1)^	3-5 years
Furniture and fixtures ^(1)^	5 years
Vehicles^(1)^	5 years
Leasehold improvements	Lower of useful life of the asset or lease term
^(1)^-	Based on technical evaluation, the Management believes that the useful lives as givenabove best represent the period over which the Management expects to use these assets. Hence, the useful lives for these assets is differentfrom the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013
---	---
^(2)^	Includes Solar plant with a useful life of 25 years
---	---

Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and the cost of assets not ready to use before such date are disclosed under ‘Capital work-in-progress’. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

Impairment

If such assets are considered to be impaired, the impairment to be recognized in the Consolidated Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Consolidated Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2024 are as follows:

(In crore)

Particulars	Land - Freehold	Buildings ^(1)^	Plant and machinery	Office Equipment	Computer equipment	Furniture and fixtures	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2024	1,432	11,770	3,428	1,528	8,611	2,326	1,447	45	30,587
Additions	–	15	21	16	178	12	15	1	258
Additions on Business Combinations	–	–	–	–	1	–	–	–	1
Deletions*	–	(38)	(3)	(6)	(164)	(26)	(48)	(1)	(286)
Translation difference	–	(4)	(1)	–	(9)	(3)	(1)	–	(18)
Gross carrying value as at June 30, 2024	1,432	11,743	3,445	1,538	8,617	2,309	1,413	45	30,542
Accumulated depreciation as at April 1, 2024	–	(4,921)	(2,630)	(1,269)	(6,380)	(1,837)	(1,138)	(42)	(18,217)
Depreciation	–	(111)	(57)	(28)	(327)	(52)	(45)	(1)	(621)
Accumulated depreciation on deletions*	–	5	3	5	163	26	48	1	251
Translation difference	–	1	1	1	6	2	1	–	12
Accumulated depreciation as at June 30, 2024	–	(5,026)	(2,683)	(1,291)	(6,538)	(1,861)	(1,134)	(42)	(18,575)
Carrying value as at April 1, 2024	1,432	6,849	798	259	2,231	489	309	3	12,370
Carrying value as at June 30, 2024	1,432	6,717	762	247	2,079	448	279	3	11,967

The changes in the carrying value of property, plant and equipment for the three months ended June 30, 2023 were as follows:

(In crore)

Particulars	Land - Freehold	Buildings ^(1)^	Plant and machinery	Office Equipment	Computer equipment	Furniture and fixtures	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2023	1,431	11,562	3,302	1,482	8,519	2,303	1,445	45	30,089
Additions	–	5	22	26	219	28	27	–	327
Deletions*	–	–	(27)	(22)	(266)	(24)	(7)	–	(346)
Translation difference	–	(53)	(4)	(2)	(1)	–	(8)	–	(68)
Gross carrying value as at June 30, 2023	1,431	11,514	3,293	1,484	8,471	2,307	1,457	45	30,002
Accumulated depreciation as at April 1, 2023	–	(4,535)	(2,437)	(1,198)	(5,826)	(1,675)	(1,032)	(40)	(16,743)
Depreciation	–	(109)	(66)	(33)	(362)	(65)	(53)	(1)	(689)
Accumulated depreciation on deletions*	–	–	27	22	265	24	5	–	343
Translation difference	–	13	4	1	1	–	7	–	26
Accumulated depreciation as at June 30, 2023	–	(4,631)	(2,472)	(1,208)	(5,922)	(1,716)	(1,073)	(41)	(17,063)
Carrying value as at April 1, 2023	1,431	7,027	865	284	2,693	628	413	5	13,346
Carrying value as at June 30, 2023	1,431	6,883	821	276	2,549	591	384	4	12,939
*	During the three months ended June 30, 2024 and June 30, 2023, certain assets which were<br>not in use having gross book value of 126 crore (net book value: Nil) and 320<br>crore (net book value: Nil) respectively, were retired.
---	---
^(1)^	Buildings include 250/- being the value of five sharesof 50/- each in Mittal Towers Premises Co-operative Society Limited.
---	---

The aggregate depreciation has been included under depreciation and amortization expense in the interim condensed Consolidated Statement of Profit and Loss.

Repairs and maintenance costs are recognized in the Consolidated Statement of Profit and Loss when incurred.

2.3 GOODWILL AND OTHER INTANGIBLE ASSETS

2.3.1 Goodwill

Accounting policy

Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized in capital reserve. Goodwill is measured at cost less accumulated impairment losses.

Impairment

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins.

Following is a summary of changes in the carrying amount of goodwill:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Carrying value at the beginning	7,303	7,248
Goodwill on acquisitions (Refer to note 2.1)	103	–
Translation differences	(1)	55
Carrying value at the end	7,405	7,303

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or groups of CGUs, which benefit from the synergies of the acquisition.

2.3.2 Intangible Assets

Accounting policy

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances) and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labor, overhead costs that are directly attributable to prepare the asset for its intended use.

Impairment

If such assets are considered to be impaired, the impairment to be recognized in the Consolidated Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Consolidated Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

2.4 INVESTMENTS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non-current Investments
Unquoted
Investments carried at fair value through other comprehensive income
Preference securities	91	91
Equity instruments	2	2
	93	93
Investments carried at fair value through profit or loss
Target maturity fund units	439	431
Others ^(1)^	203	198
	642	629
Quoted
Investments carried at amortized cost
Government bonds	27	28
Tax free bonds	1,729	1,731
	1,756	1,759
Investments carried at fair value through other comprehensive income
Non convertible debentures	2,548	2,217
Equity securities	129	113
Government securities	6,006	6,897
	8,683	9,227
Total non-current investments	11,174	11,708
Current Investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units	3,729	2,615
	3,729	2,615
Investments carried at fair value through other comprehensive income
Commercial Paper	–	4,830
Certificates of deposit	1,718	3,043
	1,718	7,873
Quoted
Investments carried at fair value through other comprehensive income
Non convertible debentures	2,183	1,962
Government securities	1,132	465
	3,315	2,427
Total current investments	8,762	12,915
Total investments	19,936	24,623
Aggregate amount of quoted investments	13,754	13,413
Market value of quoted investments (including interest accrued), current	3,314	2,428
Market value of quoted investments (including interest accrued), non current	10,654	11,201
Aggregate amount of unquoted investments	6,182	11,210
Investments carried at amortized cost	1,756	1,759
Investments carried at fair value through other comprehensive income	13,809	19,620
Investments carried at fair value through profit or loss	4,371	3,244
^(1)^	Uncalled capital commitments outstanding as at June 30, 2024 and March 31, 2024 was 72crore and 79 crore, respectively.
---	---

Refer to Note 2.11 for Accounting policies on FinancialInstruments.

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		June 30, 2024	March 31, 2024
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	3,729	2,615
Target maturity fund units - carried at fair value through profit or loss	Quoted price	439	431
Tax free bonds and government bonds - carried at amortized cost	Quoted price and market observable inputs	1,968	1,973
Non-convertible debentures - carried at fair value through other comprehensive income	Quoted price and market observable inputs	4,731	4,179
Government securities - carried at fair value through other comprehensive income	Quoted price and market observable inputs	7,138	7,362
Commercial Papers - carried at fair value through other comprehensive income	Market observable inputs	–	4,830
Certificates of deposit - carried at fair value through other comprehensive income	Market observable inputs	1,718	3,043
Quoted Equity securities - carried at fair value through other comprehensive income	Quoted price	129	113
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	93	93
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	203	198
Total		20,148	24,837

Note: Certain quoted investments are classified asLevel 2 in the absence of active market for such investments.

2.5 LOANS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non Current
Loans considered good - Unsecured
Other loans
Loans to employees	29	34
	29	34
Loans credit impaired - Unsecured
Other loans
Loans to employees	2	2
Less: Allowance for credit impairment	(2)	(2)
	–	–
Total non-current loans	29	34
Current
Loans considered good - Unsecured
Other loans
Loans to employees	251	248
Total current loans	251	248
Total loans	280	282

2.6 OTHER FINANCIAL ASSETS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non Current
Security deposits ^(1)^	267	259
Unbilled revenues ^(1)#^	1,557	1,677
Restricted deposits ^(1)*^	58	47
Others ^(1)^	1,187	1,122
Total non-current other financial assets	3,069	3,105
Current
Security deposits ^(1)^	66	75
Restricted deposits ^(1)*^	2,739	2,535
Unbilled revenues ^(1)#^	7,772	7,923
Interest accrued but not due ^(1)^	286	537
Foreign currency forward and options contracts ^(2) (3)^	86	84
Others ^(1)**^	1,062	931
Total current other financial assets	12,011	12,085
Total other financial assets	15,080	15,190
^(1)^ Financial assets carried at amortized cost	14,994	15,106
^(2)^ Financial assets carried at fair value through other comprehensive income	18	23
^(3)^ Financial assets carried at fair value through profit or loss	68	61
*	Restricted deposits represent deposits with financial institutions to settle employee related<br>obligations as and when they arise during the normal course of business.
---	---
#	Classified as financial asset as right to consideration is unconditional and is due only<br>after a passage of time.
---	---
**	Primarily includes net investment in lease arising on assets that are leased to customers<br>for a contract term normally ranging between 3 to 4 years, with lease payments generally due in monthly installments.
---	---

2.7 TRADE RECEIVABLES

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Trade Receivable considered good - Unsecured	31,478	30,713
Less: Allowance for expected credit loss	548	520
Trade Receivable considered good - Unsecured	30,930	30,193
Trade Receivable - credit impaired - Unsecured	171	196
Less: Allowance for credit impairment	171	196
Trade Receivable - credit impaired - Unsecured	–	–
Total trade receivables	30,930	30,193

2.8 CASH AND CASH EQUIVALENTS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Balances with banks
In current and deposit accounts	16,432	14,786
Cash on hand	–	–
Total cash and cash equivalents	16,432	14,786
Balances with banks in unpaid dividend accounts	37	37
Deposit with more than 12 months maturity	50	57

Cash and cash equivalents as at June 30, 2024 and March 31, 2024 include restricted cash and bank balances of 398 crore and 348 crore respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

2.9 EARMARKED BANK BALANCE FOR DIVIDEND

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Earmarked bank balance for dividend	11,625	–
Total	11,625	–

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of 20/- per equity share for the financial year ended March 31, 2024 and a special dividend of 8/- per equity share. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 26, 2024. Payment date for the dividend is July 01, 2024. Earmarked bank balance for dividend represents cash which is deposited in a designated bank account only for payment of final dividend and special dividend for financial year ended March 31, 2024.

2.10 OTHER ASSETS

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non-current
Capital advances	178	155
Advances other than capital advances
Others
Withholding taxes and others	678	673
Unbilled revenues ^#^	95	103
Defined benefit plan assets	34	31
Prepaid expenses	319	343
Deferred Contract Cost
Cost of obtaining a contract	111	129
Cost of fulfillment	651	687
Total non-current other assets	2,066	2,121
Current
Advances other than capital advances
Payment to vendors for supply of goods	480	356
Others
Unbilled revenues ^#^	4,829	4,845
Withholding taxes and others	3,326	3,540
Prepaid expenses	3,502	3,329
Deferred Contract Cost
Cost of obtaining a contract	254	200
Cost of fulfillment	409	358
Other receivables	212	180
Total current other assets	13,012	12,808
Total other assets	15,078	14,929

^#^ Classified as non financial asset as the contractual right to consideration is dependent on completion of contractual milestones.

Withholding taxes and others primarily consist of input tax credits and Cenvat/VAT recoverable from Government of India.

2.11 FINANCIAL INSTRUMENTS

Accounting policy

2.11.1 Initial recognition

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

2.11.2 Subsequent measurement

a. Non-derivative financial instruments

(i) Financial assets carried at amortized cost

(ii) Financial assets carried at fair value throughother comprehensive income (FVOCI)

(iii) Financial assets carried at fair valuethrough profit or loss

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

(iv) Financial liabilities

b. Derivative financial instruments

(i) Financial assets or financial liabilities,carried at fair value through profit or loss.

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the Consolidated Statement of Profit and Loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

(ii) Cash flow hedge

The Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the interim condensed Consolidated Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the net profit in the Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified to net profit in the interim condensed Consolidated Statement of Profit and Loss.

2.11.3 Derecognition of financial instruments

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Group's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

2.11.4 Fair value of financial instruments

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximates fair value due to the short maturity of these instruments.

2.11.5 Impairment

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, ECLs are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at June 30, 2024 are as follows:

(In crore)

Particulars	Amortized cost	Financial assets/ liabilities at fair value through profit or loss		Financial assets/liabilities at fair value through OCI		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to Note 2.8)	16,432	–	–	–	–	16,432	16,432
Earmarked bank balance for dividend (Refer<br><br>Note no. 2.9)	11,625	–	–	–	–	11,625	11,625
Investments (Refer to Note 2.4)
Equity and preference securities	–	–	–	222	–	222	222
Tax free bonds and government bonds	1,756	–	–	–	–	1,756	1,968^(1)^
Liquid mutual fund units	–	–	3,729	–	–	3,729	3,729
Target maturity fund units	–	–	439	–	–	439	439
Non convertible debentures	–	–	–	–	4,731	4,731	4,731
Government securities	–	–	–	–	7,138	7,138	7,138
Certificates of deposit	–	–	–	–	1,718	1,718	1,718
Other investments	–	–	203	–	–	203	203
Trade receivables (Refer to Note 2.7)	30,930	–	–	–	–	30,930	30,930
Loans (Refer to Note 2.5)	280	–	–	–	–	280	280
Other financials assets (Refer to Note 2.6)^(3)^	14,994	–	68	–	18	15,080	14,991^(2)^
Total	76,017	–	4,439	222	13,605	94,283	94,406
Liabilities:
Trade payables	3,693	–	–	–	–	3,693	3,693
Lease liabilities (Refer to Note 2.20)	8,361	–	–	–	–	8,361	8,361
Financial Liability under option arrangements (Refer to Note 2.13)	–	–	590	–	–	590	590
Other financial liabilities (Refer to Note 2.13)	25,686	–	55	–	3	25,744	25,744
Total	37,740	–	645	–	3	38,388	38,388
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on tax free bonds and government bonds carried at amortizedcost of 89 crore
---	---
^(3)^	Excludes unbilled revenue on contracts where the right to consideration is dependent oncompletion of contractual milestones
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 2024 were as follows:

(In crore)

Particulars	Amortized cost	Financial assets/ liabilities at fair value through profit or loss		Financial assets/liabilities at fair value through OCI		Total carrying value	Total fair value
		Designated upon initial recognition	Mandatory	Equity instruments designated upon initial recognition	Mandatory
Assets:
Cash and cash equivalents (Refer to Note 2.8)	14,786	–	–	–	–	14,786	14,786
Investments (Refer to Note 2.4)
Equity and preference securities	–	–	–	206	–	206	206
Tax free bonds and government bonds	1,759	–	–	–	–	1,759	1,973^(1)^
Liquid mutual fund units	–	–	2,615	–	–	2,615	2,615
Target maturity fund units	–	–	431	–	–	431	431
Non convertible debentures	–	–	–	–	4,179	4,179	4,179
Government securities	–	–	–	–	7,362	7,362	7,362
Commercial paper	–	–	–	–	4,830	4,830	4,830
Certificates of deposit	–	–	–	–	3,043	3,043	3,043
Other investments	–	–	198	–	–	198	198
Trade receivables (Refer to Note 2.7)	30,193	–	–	–	–	30,193	30,193
Loans (Refer to Note 2.5)	282	–	–	–	–	282	282
Other financials assets (Refer to Note 2.6)^(3)^	15,106	–	61	–	23	15,190	15,106^(2)^
Total	62,126	–	3,305	206	19,437	85,074	85,204
Liabilities:
Trade payables	3,956	–	–	–	–	3,956	3,956
Lease liabilities (Refer to Note 2.20)	8,359	–	–	–	–	8,359	8,359
Financial Liability under option arrangements (Refer to Note 2.13)	–	–	597	–	–	597	597
Other financial liabilities (Refer to Note 2.13)	15,750	–	30	–	1	15,781	15,781
Total	28,065	–	627	–	1	28,693	28,693
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on tax free bonds and government bonds carried at amortizedcost of 84 crore
---	---
^(3)^	Excludes unbilled revenue on contracts where the right to consideration is dependent oncompletion of contractual milestones
---	---

Fair value hierarchy

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at June 30, 2024 is as follows:

(In crore)

Particulars	As at June 30, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.4)
Investments in liquid mutual funds	3,729	3,729	–	–
Investments in target maturity fund units	439	439	–	–
Investments in tax free bonds	1,941	1,416	525	–
Investments in government bonds	27	27	–	–
Investments in non convertible debentures	4,731	4,484	247	–
Investment in government securities	7,138	7,057	81	–
Investments in equity instruments	131	129	–	2
Investments in preference securities	91	–	–	91
Investments in certificates of deposit	1,718	–	1,718	–
Other investments	203	–	–	203
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to Note 2.6)	86	–	86	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer to Note 2.13)	28	–	28	–
Financial liability under option arrangements (Refer to Note 2.13) ^(1)^	590	–	–	590
Liability towards contingent consideration (Refer to Note 2.13)^(2)^	30	–	–	30
^(1)^	Discount rate ranges from 9% to 15%
---	---
^(2)^	Discount rate - 6%
---	---

During the three months ended June 30, 2024, government securities of 72 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, tax free bonds of 525 and government securities of 81 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2024 was as follows:

(In crore)

Particulars	As at March 31, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.4)
Investments in liquid mutual funds	2,615	2,615	–	–
Investments in target maturity fund units	431	431	–	–
Investments in tax free bonds	1,944	1,944	–	–
Investments in government bonds	29	29	–	–
Investments in non convertible debentures	4,179	3,922	257	–
Investment in government securities	7,362	7,289	73	–
Investments in equity instruments	115	113	–	2
Investments in preference securities	91	–	–	91
Investments in commercial paper	4,830	–	4,830	–
Investments in certificates of deposit	3,043	–	3,043	–
Other investments	198	–	–	198
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to Note 2.6)	84	–	84	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer to Note 2.13)	31	–	31	–
Financial liability under option arrangements (Refer to Note 2.13) ^(1)^	597	–	–	597
^(1)^	Discount rate ranges from 9% to 15%
---	---

During the year ended March 31, 2024, government securities , non convertible debentures and tax free bonds of 2,143 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, government securities of 73 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in liquid mutual fund units, target maturity fund units, tax-free bonds, certificates of deposit, commercial papers, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

2.12 EQUITY

Accounting policy

Ordinary Shares

Treasury Shares

Description of reserves

Capital Redemption Reserve

Retained earnings

Retained earnings represent the amount of accumulated earnings of the Group.

Securities premium

The amount received in excess of the par value of equity shares has been classified as securities premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

Share options outstanding account

The share options outstanding account is used to record the fair value of equity-settled share based payment transactions with employees. The amounts recorded in share options outstanding account are transferred to securities premium upon exercise of stock options and transferred to general reserve on account of stock options not exercised by employees.

Special Economic Zone Re-investment reserve

Other components of equity

Other components of equity include currency translation, remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

Currency translation reserve

The exchange differences arising from the translation of financial statements of foreign subsidiaries with functional currency other than Indian rupees is recognized in other comprehensive income and is presented within equity.

Cash flow hedge reserve

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the interim condensed Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

EQUITY SHARE CAPITAL

(In crore, except as otherwise stated)

Particulars	As at
	June 30, 2024	March 31, 2024
Authorized
Equity shares, 5 par value
480,00,00,000 (480,00,00,000) equity shares	2,400	2,400
Issued, Subscribed and Paid-Up
Equity shares, 5 par value^(1)^	2,072	2,071
4,14,17,81,963 (4,13,99,50,635) equity shares fully paid-up^(2)^
	2,072	2,071

Note: Forfeited shares amounted to 1,500 (1,500)

^(1)^	Refer to Note 2.21 for details of basic and diluted shares
^(2)^	Net of treasury shares 1,02,46,512 (1,09,16,829)
---	---

The Company has only one class of shares referred to as equity shares having a par value of 5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans

For details of shares reserved for issue under the employee stock option plan of the Company refer to the note below.

The reconciliation of the number of shares outstanding and the amount of share capital as at June 30, 2024 and March 31, 2024 are as follows:

(In crore, except as stated otherwise)

Particulars	As at June 30, 2024		As at March 31, 2024
	Number of shares	Amount	Number of shares	Amount
As at the beginning of the period	413,99,50,635	2,071	413,63,87,925	2,069
Add: Shares issued on exercise of employee stock options	18,31,328	1	35,62,710	2
As at the end of the period	414,17,81,963	2,072	413,99,50,635	2,071

Capital allocation policy

Dividend

The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:

(in )

Particulars	Three months ended June 30,
	2024	2023
Final dividend for fiscal 2023	–	17.50
Special dividend for fiscal 2024	8.00	–
Final dividend for fiscal 2024	20.00	–

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of 20/- per equity share for the financial year ended March 31, 2024 and a special dividend of 8/- per equity share. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 26, 2024 which will result in a net cash outflow of 11,597 crore, excluding dividend paid on treasury shares. Payment date for the dividend is July 01, 2024.

Employee Stock Option Plan (ESOP):

Accounting policy

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the statement of profit and loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

Infosys Expanded Stock Ownership Program 2019 (the2019 Plan) :

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 Plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 Plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the Company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

2015 Stock Incentive Compensation Plan (the 2015Plan) :

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Stock Incentive Compensation Plan. The maximum number of shares under the 2015 Plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

Controlled trust holds 1,02,46,512 and 1,09,16,829 shares as at June 30, 2024 and March 31, 2024, respectively, under the 2015 Plan. Out of these shares, 200,000 equity shares each have been earmarked for welfare activities of the employees as at June 30, 2024 and March 31, 2024.

The following is the summary of grants made during the three months ended June 30, 2024 and June 30, 2023:

Particulars	2019 Plan		2015 Plan
	Three months ended June 30,		Three months ended June 30,
	2024	2023	2024	2023
Equity Settled RSUs
Key Management Personnel (KMP)	70,699	78,281	295,168	333,596
Employees other than KMP	6,848	–	96,490	4,500
Total Grants	77,547	78,281	391,658	338,096

Notes on grants to KMP:

CEO & MD

Under the 2015 Plan:

245,679 performance-based RSUs (Annual performance equity grant) of fair value of 34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.
14,140 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of 2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.
35,349 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of 5 crore . These RSUs will vest in line with the employment agreement based on Company’s performance on cumulative relative TSR over the years and as determined by the Board.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of June 30, 2024, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with Ind AS 102, Share based payment. The grant date for this purpose in accordance with Ind AS 102, Share based payment is July 01, 2022.

Under the 2019 Plan:

The break-up of employee stock compensation expenseis as follows:

(in crore)

Particulars	Three months ended June 30,
	2024	2023
Granted to:
KMP	18	20
Employees other than KMP	193	126
Total ^(1)^	211	146
^(1)^ Cash-settled stock compensation expense included in the above	3	2

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

Particulars	For options granted in
	Fiscal 2025- Equity Shares-RSU	Fiscal 2025- ADS-RSU	Fiscal 2024- Equity Shares-RSU	Fiscal 2024- ADS-RSU
Weighted average share price () / ($ ADS)	1,414	16.87	1,588	19.19
Exercise price () / ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	23-26	23-28	23-31	25-33
Expected life of the option (years)	1-4	1-4	1-4	1-4
Expected dividends (%)	2-3	2-3	2-3	2-3
Risk-free interest rate (%)	7	5	7	4-5
Weighted average fair value as on grant date () / ($ ADS)	1,298	15.45	1,317	16.27

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

2.13 OTHER FINANCIAL LIABILITIES

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non-current
Others
Accrued compensation to employees ^(1)^	11	7
Accrued expenses ^(1)^	1,690	1,779
Compensated absences	93	89
Financial liability under option arrangements ^(2) #^	98	98
Payable for acquisition of business - Contingent consideration ^(2)^	18	–
Other Payables ^(1)(4)^	49	157
Total non-current other financial liabilities	1,959	2,130
Current
Unpaid dividends ^(1)^	37	37
Others
Accrued compensation to employees ^(1)^	3,807	4,454
Accrued expenses ^(1)^	8,396	8,224
Payable for acquisition of business - Contingent consideration ^(2)^	12	–
Payable by controlled trusts ^(1)^	211	211
Compensated absences	2,805	2,622
Financial liability under option arrangements ^(2) #^	492	499
Foreign currency forward and options contracts ^(2) (3)^	28	31
Capital creditors ^(1)^	227	310
Final dividend payable to shareholders ^(1)*^	10,452	–
Other payables ^(1)(4)^	806	571
Total current other financial liabilities	27,273	16,959
Total other financial liabilities	29,232	19,089
^(1)^ Financial liability carried at amortized cost	25,686	15,750
^(2)^ Financial liability carried at fair value through profit or loss	645	627
^(3)^ Financial liability carried at fair value through other comprehensive income	3	1

^(4)^ The Group entered into financing arrangements with a third party towards technology assets taken over by the Group from a customer as a part of transformation project which was not considered as distinct goods or services as the control related to those assets was not transferred to the Group in accordance with Ind AS 115 - Revenue from contract with customers. As at June 30, 2024 and March 31, 2024, the financial liability pertaining to such arrangements amounts to 263 crore and 372 crore, respectively.

Represents liability related to options issued by

the Group over the non-controlling interests in its subsidiaries

* Pertains to final dividend and special dividend declared by the Company for fiscal 2024 and approved by the shareholders on June 26, 2024. Payment date for dividend is July 01, 2024 (refer note no. 2.12)

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses, office maintenance and cost of third party software and hardware.

2.14 OTHER LIABILITIES

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Non-current
Others
Accrued defined benefit liability	168	159
Others	75	76
Total non-current other liabilities	243	235
Current
Unearned revenue	6,956	7,341
Others
Withholding taxes and others	4,625	3,185
Accrued defined benefit liability	9	5
Others	10	8
Total current other liabilities	11,600	10,539
Total other liabilities	11,843	10,774

2.15 PROVISIONS

Accounting policy

a. Post sales client support

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in Consolidated Statement of Profit and Loss. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

b. Onerous contracts

Provision for post-sales client support and otherprovisions:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current
Others
Post-sales client support and other provisions	1,504	1,796
Total provisions	1,504	1,796

Provision for post sales client support and other provisions is included in cost of sales in the condensed consolidated statement of profit and loss.

2.16 INCOME TAXES

Accounting policy

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Income tax expense in the Consolidated Statement of Profit and Loss comprises:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Current taxes	2,998	2,307
Deferred taxes	(351)	110
Income tax expense	2,647	2,417

Income tax expense for the three months ended June 30, 2024 and June 30, 2023 includes provisions (net of reversals) of 60 crore and reversals (net of provisions) of 15 crore, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

Deferred income tax for the three months ended June 30, 2024 and June 30, 2023 substantially relates to origination and reversal of temporary differences.

2.17 REVENUE FROM OPERATIONS

Accounting policy

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group’s costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

Revenue from licenses where the customer obtains a “right to use” the licenses is recognized at the time the license are made available to the customer. Revenue from licenses where the customer obtains a “right to access” is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to expenses over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Group presents revenues net of indirect taxes in its Consolidated Statement of Profit and Loss.

Revenue from operation for the three months ended June 30, 2024 and June 30, 2023 are as follows:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Revenue from software services	37,496	35,735
Revenue from products and platforms	1,819	2,198
Total revenue from operations	39,315	37,933

Products & platforms

Disaggregated revenue information

Revenue disaggregation by business segments has been included in segment information (Refer to Note 2.24). The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

For the three months ended June 30, 2024 and June 30, 2023:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Revenues by Geography*
North America	23,143	23,084
Europe	11,186	10,148
India	1,227	1,020
Rest of the world	3,759	3,681
Total	39,315	37,933

^*^Geographical revenue is based on thedomicile of customer

The percentage of revenue from fixed-price contracts for the three months ended June 30, 2024 and June 30, 2023 is 54% and 52%, respectively.

Trade Receivables and Contract Balances

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the consolidated Balance Sheet.

2.18 OTHER INCOME, NET

Accounting policy

Foreign currency

Accounting policy

Functional currency

Transactions and translations

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the Condensed Consolidated Statement of Profit and Loss and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the Condensed Consolidated Statement of Profit and Loss. However when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Government grant

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in net profit in the Consolidated Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in net profit in the Consolidated Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate.

Other income for the three months ended June 30, 2024 and June 30, 2023 is as follows:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Interest income on financial assets carried at amortized cost
Tax free bonds and Government bonds	30	34
Deposit with Bank and others	307	240
Interest income on financial assets carried at fair value through other comprehensive income
Non-convertible debentures, commercial paper, certificates of deposit and government securities	328	243
Income on investments carried at fair value through profit or loss
Gain / (loss) on liquid mutual funds and other investments	108	52
Exchange gains / (losses) on forward and options contracts	34	134
Exchange gains / (losses) on translation of other assets and liabilities	3	(137)
Miscellaneous income, net	28	(5)
Total other income	838	561

2.19 EXPENSES

Accounting policy

Gratuity and Pensions

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and/or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Consolidated Statement of Profit and Loss.

Provident fund

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The Companies have no further obligation to the plan beyond its monthly contributions.

Superannuation

Compensated absences

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Employee benefit expenses
Salaries including bonus	20,024	19,985
Contribution to provident and other funds	572	560
Share based payments to employees (Refer to Note 2.12)	211	146
Staff welfare	127	90
	20,934	20,781
Cost of software packages and others
For own use	588	489
Third party items bought for service delivery to clients	2,867	2,231
	3,455	2,720
Other expenses
Repairs and maintenance	334	324
Power and fuel	63	50
Brand and marketing	351	265
Rates and taxes	117	94
Consumables	49	44
Insurance	75	53
Provision for post-sales client support and others	(108)	50
Commission to non-whole time directors	4	3
Impairment loss recognized / (reversed) under expected credit loss model	(3)	91
Contributions towards Corporate Social Responsibility	171	70
Others	197	210
	1,250	1,254

2.20 Leases

Accounting Policy

The Group as a lessee

The Group’s lease asset classes primarily consist of leases for land, buildings and computers. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the Group changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

The Group as a lessor

Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2024:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2024	605	3,298	17	2,632	6,552
Additions^*^	–	273	3	284	560
Deletions	–	–	–	(149)	(149)
Depreciation	(2)	(181)	(2)	(248)	(433)
Translation difference	–	(3)	(1)	(14)	(18)
Balance as of June 30, 2024	603	3,387	17	2,505	6,512

^*^Net of adjustments on account of modifications.

Following are the changes in the carrying value of right-of-use assets for the three months ended June 30, 2023:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2023	623	3,896	15	2,348	6,882
Additions^*^	–	244	2	557	803
Deletions	–	(8)	–	(233)	(241)
Depreciation	(2)	(184)	(2)	(192)	(380)
Translation difference	(4)	(1)	–	(10)	(15)
Balance as of June 30, 2023	617	3,947	15	2,470	7,049

^*^Net of adjustments on account of modificationsand lease incentives

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the interim condensed Consolidated Statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at June 30, 2024 and March 31, 2024:

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Current lease liabilities	2,187	1,959
Non-current lease liabilities	6,174	6,400
Total	8,361	8,359

2.21 BASIC AND DILUTED SHARES USED IN COMPUTINGEARNINGS PER EQUITY SHARE

Accounting policy

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

2.22 CONTINGENT LIABILITIES AND COMMITMENTS

Accounting policy

2.22.1 Contingent liability

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Contingent liabilities :
Claims against the Group, not acknowledged as debts^(1)^	3,676	3,583
[Amount paid to statutory authorities 6,135 crore (8,754 crore)]

^(1)^ As at June 30, 2024 and March 31, 2024, claims against the Group not acknowledged as debts in respect of income tax matters amounted to 2,854 crore and 2,794 crore, respectively.

Amount paid to statutory authorities against the tax claims amounted to 6,122 crore and 8,743 crore as at June 30, 2024 and March 31, 2024, respectively.

2.22.2 McCamish Cybersecurity incident

2.22.3 Legal Proceedings

2.22.4 Commitments

(In crore)

Particulars	As at
	June 30, 2024	March 31, 2024
Estimated amount of contracts remaining to be executed on capital contracts and not provided for (net of advances and deposits)^(1)^	968	780
Other commitments*	72	79
^(1)^	Capital contracts primarily comprises of commitments for infrastructure facilities and computer<br>equipment.
---	---
*	Uncalled capital pertaining to investments
---	---

2.23 RELATED PARTY TRANSACTIONS

Refer to the Company's Annual Report for the year ended March 31, 2024 for the full names and other details of the Company's subsidiaries and controlled trusts.

Changes in Subsidiaries

During the three months ended June 30, 2024, the following are the changes in the subsidiaries:

.	Danske IT and Support Services India Private Limited renamed as IDUNN Information Technology<br>Private Limited
.	On May 10, 2024 Infosys Ltd. acquired 100% of voting interests in InSemi Technology Services<br>Private Limited along with its subsidiary Elbrus Labs Private Limited
---	---

Changes in key management personnel

The following are the changes in the key management personnel:

Executive Officers:

-	Jayesh Sanghrajka (appointed as Chief Financial Officer effective April 1, 2024)

Transaction with key management personnel:

The table below describes the compensation to key management personnel which comprise directors and executive officers:

(In crore)

Particulars	Three months ended June 30,
	2024	2023
Salaries and other short term employee benefits to whole-time directors and executive officers ^(1)(2)^	28	32
Commission and other benefits to non-executive/independent directors	4	4
Total	32	36
(1)	Total employee stock compensation expense for the three months ended June 30, 2024 andJune 30, 2023 includes a charge of 18 crore and 20 crore, respectively,towards key management personnel (Refer to Note 2.12).
---	---
(2)	Does not include post-employment benefits and other long-term benefits based on actuarialvaluation as these are done for the Company as a whole.
---	---

2.24 SEGMENT REPORTING

Ind AS 108, Operating segments, establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief Operating Decision Maker (CODM) 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 business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public services and revenue generated from customers located in India, Japan and China and other enterprises in Public services. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.17 Revenue from operations.

Business Segments

Three months ended June 30, 2024 and June 30, 2023:

(In crore)

Particulars<br><br> <br>****	Financial Services ^(1)^	Retail ^(2)^	Communication ^(3)^	Energy, Utilities, Resources and Services	Manufacturing	Hi-Tech	Life Sciences ^(4)^	All other segments ^(5)^	Total
Revenue from operations	10,816	5,428	4,744	5,220	5,778	3,147	2,866	1,316	39,315
	10,661	5,513	4,441	4,889	5,350	3,056	2,749	1,274	37,933
Identifiable operating expenses	6,088	2,697	3,114	2,715	3,783	1,783	1,757	751	22,688
	6,147	2,869	2,640	2,690	3,523	1,743	1,593	819	22,024
Allocated expenses	2,116	980	834	948	989	550	498	275	7,190
	1,969	1,015	817	909	855	511	454	315	6,845
Segment operating income	2,612	1,751	796	1,557	1,006	814	611	290	9,437
	2,545	1,629	984	1,290	972	802	702	140	9,064
Unallocable expenses									1,149
									1,173
Other income, net (Refer to Note 2.18)									838
									561
Finance cost									105
									90
Profit before tax									9,021
									8,362
Income tax expense									2,647
									2,417
Net Profit									6,374
									5,945
Depreciation and amortization									1,149
									1,173
Non-cash expenses other than depreciation and amortization									–
									–
^(1)^	Financial Services include enterprises in Financial Services and Insurance
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^(2)^	Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics
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^(3)^	Communication includes enterprises in Communication, Telecom OEM and Media
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^(4)^	Life Sciences includes enterprises in Life sciences and Health care
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^(5)^	Others include operating segments of businesses in India, Japan, China, Infosys PublicServices & other enterprises in Public Services
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Significant clients

No client individually accounted for more than 10% of the revenues for the three months ended June 30, 2024 and June 30, 2023, respectively.

2.25 FUNCTION WISE CLASSIFICATION OF CONDENSED CONSOLIDATEDSTATEMENT OF PROFIT AND LOSS

(In crore)

Particulars	Note No.	Three months ended June 30,
		2024	2023
Revenue from operations	2.17	39,315	37,933
Cost of Sales		27,177	26,382
Gross profit		12,138	11,551
Operating expenses
Selling and marketing expenses		1,937	1,783
General and administration expenses		1,913	1,877
Total operating expenses		3,850	3,660
Operating profit		8,288	7,891
Other income, net	2.18	838	561
Finance cost		105	90
Profit before tax		9,021	8,362
Tax expense:
Current tax	2.16	2,998	2,307
Deferred tax	2.16	(351)	110
Profit for the period		6,374	5,945
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		20	87
Equity instruments through other comprehensive income, net		14	1
		34	88
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		(3)	6
Exchange differences on translation of foreign operations, net		(104)	15
Fair value changes on investments, net		40	75
		(67)	96
Total other comprehensive income / (loss), net of tax		(33)	184
Total comprehensive income for the period		6,341	6,129
Profit attributable to:
Owners of the Company		6,368	5,945
Non-controlling interests		6	–
		6,374	5,945
Total comprehensive income attributable to:
Owners of the Company		6,337	6,132
Non-controlling interests		4	(3)
		6,341	6,129
for and on behalf of the Board of Directors of Infosys Limited
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Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
DIN: 00041245	DIN: 01876159	DIN: 00019437
Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
	Membership No. A21918
Bengaluru<br><br> <br>July 18, 2024