6-K
Infosys Ltd (INFY)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the SecuritiesExchange Act of 1934
For the month of January 2026
Commission File Number 001-35754
Infosys Limited
(Exact name of Registrant as specified in its charter)
Not Applicable.
(Translation of Registrant's name into English)
Electronics City, Hosur Road, Bengaluru - 560 100,Karnataka, India. +91-80-2852-0261
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F þ Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):o
TABLE OF CONTENTS
| DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
|---|
| SIGNATURES |
| INDEX TO EXHIBITS |
| EXHIBIT 99.1 |
| EXHIBIT 99.2 |
| EXHIBIT 99.3 |
DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIALCONDITION
Infosys Limited (“we” or “the Company”) hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter and nine months ended December 31, 2025.
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 January 14, 2026, we announced our results of operations for the quarter and nine months ended December 31, 2025. A copy of the outcome of the board meeting is attached to this Form 6-K as Exhibit 99.1.
We issued press releases announcing our results under International Financial Reporting Standards ("IFRS"), copies of which are attached to this Form 6-K as Exhibit 99.2.
We have placed the form of release to stock exchanges concerning our results of operations for the quarter and nine months ended December 31, 2025 under Indian Accounting Standards (Ind-AS). A copy of the release to stock exchanges is attached to this Form 6-K as Exhibit 99.3.
The Board, on January 14, 2026, based on
the recommendations of the Nomination and Remuneration Committee, approved the annual time-based stock incentives in the form of Restricted
Stock Units (RSUs) to Salil Parekh, CEO & MD having a market value of 
3 crore as on the date of grant under the 2015 Stock
Incentive Compensation Plan (2015 Plan) in accordance with the terms of his employment agreement. The RSUs will vest in line with the
employment agreement. The RSUs will be granted w.e.f February 1, 2026 and the number of RSUs will be calculated based on the market price
at the close of trading day on a date immediately preceding the grant date. The exercise price of RSUs will be equal to the par value
of the share
The Board of Directors of the Company amongst
other matters, approved allotment of 6,914 equity shares of face value of 5 each, pursuant to exercise of Restricted Stock Units
by eligible employees as hereunder:
| · | 70 equity shares<br>under the 2015 Incentive Compensation Plan; |
|---|---|
| · | 6,844 equity shares<br>under the Infosys Expanded Stock Ownership Program 2019. |
| --- | --- |
Consequently, effective from January 14, 2026,
the issued and subscribed share capital of the Company stands increased to 20,27,33,74,065/- divided into 4,05,46,74,813 equity
shares of 5/- each.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Infosys Limited | |
|---|---|
| Date: January 14, 2026 | Jayesh Sanghrajka<br><br> <br>Chief Financial Officer |
INDEX TO EXHIBITS
| Exhibit No. | Description of Document |
|---|---|
| 99.1 | Outcome<br> of the Board Meeting |
| 99.2 | IFRS<br> USD press release |
| 99.3 | Form<br> of Release to Stock Exchanges |
Exhibit 99.1
Outcome of the Board meeting
Exhibit 99.2
IFRS USD Press Release
Strong Q3 Performance: Sequential Revenue Growth of 0.6% in CC, Large Deal Wins of $4.8 billion
Revenue Guidance for FY 26 revised to 3.0%-3.5%
Bengaluru, India – January 14,2026: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $5,099 million in Q3 revenues, year on year growth of 1.7% and sequential growth of 0.6% in constant currency. Reported IFRS operating margin was at 18.4%. Adjusted^1^ operating margin increased 0.2% sequentially to 21.2%. Free cash flow generation was robust at $915 million. Adjusted free cash flow generation was $965 million, 112.8% of adjusted net profit. TCV of large deal wins was $4.8 billion, with net new of 57%. Headcount increased by 5,043.
Revenues for YTD Dec'25 grew at 2.8% year on year in constant currency. Reported IFRS operating margin was at 20.0%. Adjusted operating margin was at 21.0%.
“Infosys delivered a strong Q3 performance demonstrating how our differentiated value propositions in enterprise AI, through Infosys Topaz, are consistently driving higher market share. Clients increasingly view Infosys as their AI partner with demonstrated expertise, innovation capabilities and strong delivery credentials. This has helped them unlock business potential and enhanced value realization”, said Salil Parekh, CEO and MD. “Central to this journey is our commitment to reskill, transform and empower our dedicated human resource pool to drive success in an AI augmented world” he added.
Guidance for FY26:
| · | Revenue growth of 3.0%-3.5% in constant currency |
|---|---|
| · | Operating margin of 20%-22% |
| --- | --- |
Key highlights:
| For quarter ended December 31, 2025 | For the nine months ended December 31, 2025 |
|---|---|
| · <br> Revenues in CC terms grew by 1.7% YoY and 0.6% QoQ<br><br><br>· <br> Reported IFRS revenues at $5,099 million, growth of 3.2% YoY<br><br><br>· <br> Reported IFRS operating margin at 18.4%; Adjusted operating margin at 21.2%<br><br><br>· <br> Reported IFRS Basic EPS at $0.18; adjusted Basic EPS at $0.21<br><br><br>· <br> FCF at $915 million; adjusted FCF at $965 million;<br>Adjusted FCF conversion at 112.8% of adjusted net | · <br> Revenues in CC terms grew by 2.8% YoY<br><br><br>· <br> Reported IFRS revenues at $15,117 million, growth of 3.9% YoY<br><br><br>· <br> Reported IFRS operating margin at 20.0%; Adjusted operating margin at 21.0%<br><br><br>· <br> Reported IFRS Basic EPS at $0.58; adjusted Basic EPS at $0.60<br><br><br>· <br> FCF at $2,900 million; adjusted FCF at $2,950 million;<br>Adjusted FCF conversion at 117.8% of adjusted net profit |
| 1. | ‘Adjusted’ financial measures presented in this release are non-IFRS financial<br>measures that exclude the impact of the provisions arising from the notifications by Government of India on Labour Codes for quarter<br>and nine months ended December 31, 2025 and are further described in this release. |
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| 2. | Operating margin guidance for FY26 excludes the adjustment with respect to Labour Codes of<br>$143 million in the current quarter. |
| --- | --- |
“Our performance was broad-based in Q3 with
0.6% sequential revenue growth, 0.2% adjusted operating margin expansion, stellar large deal wins at $4.8 billion and robust adjusted
free cash generation at $965 million in a seasonally weak quarter” said Jayesh Sanghrajka, CFO. “In line with our capital
allocation policy, we successfully completed the largest ever buyback of 18,000 crore and paid out interim dividend to shareholders”,
he added.
Client Wins & Testimonials
| · | Infosys extended its strategic collaboration with Metro Bank to transform the bank’s<br>finance operations with a suite of Workday solutions. Marc Page, Chief Financial Officer, Metro Bank, said, “We’re<br>continuing to transform our platforms through our partnership with Infosys, helping our digital advancement. This collaboration with<br>Infosys and Workday will help to unify our core finance operations, providing colleagues with self-service tools and simplifying daily<br>operations. This supports our long-term growth strategy and will help us to scale and evolve in the future.” |
|---|---|
| · | Infosys unveiled its AI-first GCC model to accelerate the setup and transformation of global<br>capability centers (GCCs) into AI-powered hubs for innovation and growth. Stefanie Neumann, CEO, Lufthansa Systems, said, “Our<br>collaboration with Infosys to establish a dedicated Global Capability Center has been a pivotal step in digital transformation journey<br>of Lufthansa Systems. By leveraging their strong GCC and AI capabilities, we are building a future-ready innovation hub that enables<br>our customers to enhance aviation safety, drive operational efficiency, and improve customer experience. This partnership empowers us<br>to accelerate our vision for sustainable and intelligent aviation.” |
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| · | Infosys announced its collaboration with NHS Business Services Authority (NHSBSA) to deliver<br>a new workforce management solution for NHS in England and Wales. Michael Brodie, Chief Executive, NHSBSA, said, “Delivering<br>the Future NHS Workforce Solution is a critical step in supporting the ambitions of the 10-Year Health Plan. The solution will go far<br>beyond simply replacing ESR - it will be a strategic enabler for building a workforce that is fit for the future. By working with Infosys,<br>we’re creating a modern, data-driven solution that will help the NHS better attract, retain and support its people.” |
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| · | Infosys collaborated with Telenor Shared Services to modernize its HR operations with a new<br>Oracle Fusion Cloud Human Capital Management (HCM) solution. Morten Dean Dunham, CEO, Telenor Shared Services, said, “Modernizing<br>our HR operations is crucial to improve efficiencies and employee experience. By collaborating with Infosys to implement Oracle Cloud<br>HCM, we are confident we will get a solution that meets our future needs. This change will further streamline our processes, provide<br>a unified view of critical data, and ultimately enhance the experience of our employees.” |
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| · | Infosys announced the launch of Infosys Topaz Fabric™, a purpose-built agentic services<br>suite – a multi-layer AI fabric that unifies infrastructure, models, data, applications, and workflows into a composable, agent-ready<br>ecosystem. Laxmi Srinivas Samayamantri, Vice President, Global Engineering, Data & Architecture, Nu Skin, said, “We<br>are collaborating with Infosys to enrich beauty and wellness commerce IT operations through the power of Agentic AI. Together, we are<br>expanding this further with Infosys Topaz Fabric by enabling Agent Assist features, which we anticipate will increase automation for<br>application and infrastructure support, enhance resilience, and elevate the user experience.” |
| --- | --- |
| · | Infosys announced the launch of the Infosys Customer Experience Suite for Salesforce to help<br>enterprises navigate their agentic transformation and scale their digital workforce. Marko Koistila, EVP Commercial Operations, VTT,<br>said, “Our sales team previously spent too much time on low-value tasks like lead grooming instead of fostering client relationships.<br>Agentforce automated the lead process, including contextual emails and meeting setups, allowing our team to focus on collaboration and<br>delivering superior customer experiences. Having Infosys, along with Fluido as our expert partners, VTT became one of the first organizations<br>outside Salesforce to implement a live SDR Agentforce agent. Building on the success of this initial implementation, we are collaborating<br>together to develop two additional Agentforce agents for other areas of organizational support.” |
| --- | --- |
| · | Infosys collaborated with Barry Callebaut to drive a multi-year, AI-powered digital transformation<br>aimed at creating an agile, tech-enabled enterprise that enhances customer experiences, operational efficiency, and innovation. AmrArafa, Chief Digital Officer, Barry Callebaut Group, said, "Our collaboration with Infosys will play a key role in advancing<br>Barry Callebaut’s Business Led digital transformation (BC Next Level) journey. As part of our BC Next Level strategic investment<br>program, we are focused on building a tech-enabled, agile enterprise that delivers superior customer experiences and operational excellence.<br>Infosys, with its AI-first approach and suite of generative AI platforms, will empower us to unlock efficiencies at scale, build connected<br>ecosystems, and accelerate innovation. Infosys’ deep domain expertise and commitment to co-innovation make them a trusted partner<br>in shaping our transformation roadmap." |
| --- | --- |
| · | Infosys collaborated with Fresenius on a project called ELEVATE, a business transformation<br>initiative aimed at unifying and modernizing the company’s global business processes and IT systems through SAP S/4HANA. FlorentDurup, Business Transformation Lead for the ELEVATE Program, Fresenius, said, “ELEVATE is the most critical business transformation<br>program for Fresenius and an important milestone of our journey. We have selected Infosys as the SI partner after a rigorous and exhaustive<br>process and are now moving forward with confidence to deliver the ambitious goals of the transformation program together. Through this<br>collaboration, Fresenius and Infosys will work closely to deliver a robust, future-ready platform that enhances agility, standardizes<br>processes, and enables data-driven decision-making across the organization.” |
| --- | --- |
Recognitions & Awards
Brand & Corporate
| · | Recognized as a Silver Employer in the India Workplace Equality Index (IWEI) 2025 for championing<br>inclusion and being a strong ally of the LGBTQIA+ community |
|---|---|
| · | Recognized for its people-first approach at the SHRM India HR Excellence Awards 2025 |
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| · | Recognized among the Most Inclusive Organizations for Women in Tech in the IT Service category<br>at the Wequity Award |
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| · | Infosys China recognized as one of the Best Workplaces™ in Greater China 2025 by Great<br>Place To Work™ |
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AI and Cloud Services
| · | Recognized as a leader in The Forrester Wave™: AI Technical Services, Q4 2025 |
|---|---|
| · | Positioned as a leader in Everest Group: Data and Analytics (D&A) Services PEAK Matrix®<br>Assessment 2025 |
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| · | Rated as a leader in NelsonHall: GenAI and Process Automation in Banking 2025 |
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| · | Recognized as a leader in IDC MarketScape: Asia/Pacific Professional and Managed Services<br>for Microsoft Azure 2025 Vendor Assessment |
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Key Digital Services
| · | Positioned as a leader in Gartner Magic Quadrant for Custom Software Development Services |
|---|---|
| · | Recognized as a leader in IDC MarketScape: Asia/Pacific Application Modernization Services<br>to AWS 2025 Vendor Assessment |
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| · | Recognized as a leader in IDC MarketScape: European Human First Digital Workplace Services<br>2025 Vendor Assessment |
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| · | Positioned as a leader in Everest Group: Adobe Services PEAK Matrix® Assessment 2025 |
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| · | Positioned as a leader in Everest Group: IT Service Management (ITSM) and Service Integration<br>and Management (SIAM) Services PEAK Matrix® Assessment 2025 |
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| · | Positioned as a leader in Everest Group: Enterprise Quality Engineering (QE) Services PEAK<br>Matrix Assessment 2025 |
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| · | Positioned as a leader in Everest Group: Global Capability Center (GCC) Setup Capabilities<br>in India – PEAK Matrix® Assessment 2025 |
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| · | Positioned as a leader in Everest Group: ServiceNow Services PEAK Matrix® Assessment<br>2025 |
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| · | Recognized as a leader in HFS Horizons: Legacy Application Modernization Services, 2025 |
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| · | Recognized as a leader in HFS Horizons: Enterprise Blockchain Services, 2025 |
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| · | Rated as a leader in NelsonHall: Advanced Digital Workplace Services 2025 |
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| · | Rated as a leader in NelsonHall: Quality Engineering 2025 |
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| · | Infosys BPM received the 2025 ISG Star of Excellence™ award for BPO Services Excellence |
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Industry & Solutions
| · | Recognized as a leader in IDC MarketScape: Worldwide Supply Chain Blue Yonder Ecosystem Services<br>2025–2026 Vendor Assessment |
|---|---|
| · | Recognized as a leader in IDC MarketScape: Worldwide Supply Chain Overall Ecosystem Services<br>2025–2026 Vendor Assessment |
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| · | Recognized as a leader in IDC MarketScape: Worldwide Manufacturing Intelligence Transformation<br>Strategic Consulting 2025 Vendor Assessment |
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| · | Recognized as a leader in IDC MarketScape: Worldwide Supply Chain SAP Ecosystem Services<br>2025-2026 Vendor Assessment |
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| · | Recognized as a leader in IDC MarketScape: Worldwide Supply Chain Oracle Ecosystem Services<br>2025-2026 Vendor Assessment |
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| · | Positioned as a leader in Everest Group: Property and Casualty (P&C) Insurance IT Services<br>PEAK Matrix® Assessment 2025 |
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| · | Positioned as a leader in Everest Group: Payments IT Services PEAK Matrix® Assessment<br>2025 |
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| · | Positioned as a leader in Everest Group: Banking IT Services PEAK Matrix® Assessment<br>2025 |
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| · | Recognized as a leader in HFS Semiconductor Horizons: The Best of Service Providers across<br>the Value Chain, 2025 |
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| · | Recognized as a leader in HFS Horizons: Life Sciences Service Providers 2025 |
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| · | Recognized as a leader in HFS Horizons: Intelligent Supply Chain Services, 2025 |
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| · | Recognized as a leader in HFS Horizons: Travel and Hospitality Service Provider Ecosystem,<br>2025 |
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| · | Infosys Finacle positioned as a leader in Everest Group’s Banking Customer Experience<br>Orchestration Products (CXOP) PEAK Matrix® Assessment 2025. |
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| · | Infosys Finacle along with its customers received four awards at the Global Banking and Finance<br>®️ Awards 2025 – Innovation Awards for Excellence in Margin Finance Innovation India with HDFC Bank; Most Innovative<br>Payments Channel Modernization in Colombia with Bancolombia; Technology Award for Best Core Banking Transformation with Real-Time Eventing<br>with Emirates NBD Bank; and Award for Best Customer Journey Initiative in Australia with Australian Military Bank |
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| · | Infosys Finacle recognized as The World’s Best Software Provider for Virtual Accounts<br>2025 and The World’s Best Software Provider for Liquidity Management 2025 by Euromoney Transaction Banking Awards |
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Read more about our Awards & Recognitions here.
About Infosys
| <br> <br><br><br><br>Infosys is a global leader in next-generation digital services and consulting. Over 330,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in 63 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 cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace.<br><br><br><br>Visit www.infosys.com to see how Infosys (NSE,<br>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, the McCamish cybersecurity incident, and the United States H-1B visa program 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 outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the US government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. 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, 2025. 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> | Chad Darwin <br><br>+1 323 422 3815 [email protected] |
Infosys Limited and subsidiaries
Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:
(Dollarsin millions)
| Particulars | December 31, 2025 | March 31, 2025 | |
|---|---|---|---|
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 2,216 | 2,861 | |
| Current investments | 769 | 1,460 | |
| Trade receivables | 4,020 | 3,645 | |
| Unbilled revenue | 1,477 | 1,503 | |
| Other current assets | 1,583 | 1,890 | |
| Total current assets | 10,065 | 11,359 | |
| Non-current assets | |||
| Property, plant and equipment and Right-of-use assets | 2,128 | 2,235 | |
| Goodwill and other Intangible assets | 1,636 | 1,505 | |
| Non-current investments | 990 | 1,294 | |
| Unbilled revenue | 224 | 261 | |
| Other non-current assets | 910 | 765 | |
| Total non-current assets | 5,888 | 6,060 | |
| Total assets | 15,953 | 17,419 | |
| LIABILITIES AND EQUITY | |||
| Current liabilities | |||
| Trade payables | 537 | 487 | |
| Unearned revenue | 1,235 | 994 | |
| Employee benefit obligations | 384 | 340 | |
| Other current liabilities and provisions | 3,399 | 3,191 | |
| Total current liabilities | 5,555 | 5,012 | |
| Non-current liabilities | |||
| Lease liabilities | 646 | 675 | |
| Other non-current liabilities | 465 | 477 | |
| Total non-current liabilities | 1,111 | 1,152 | |
| Total liabilities | 6,666 | 6,164 | |
| Total equity attributable to equity holders of the company | 9,233 | 11,205 | |
| Non-controlling interests | 54 | 50 | |
| Total equity | 9,287 | 11,255 | |
| Total liabilities and equity | 15,953 | 17,419 |
Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for:
(In $ million except per equity share data)
| Particulars | 3 months ended December 31, 2025 | 3 months ended December 31, 2024 | 9 months ended December 31, 2025 | 9 months ended December 31, 2024 |
|---|---|---|---|---|
| Revenues | 5,099 | 4,939 | 15,117 | 14,547 |
| Cost of sales | 3,660 | 3,444 | 10,593 | 10,103 |
| Gross profit | 1,439 | 1,495 | 4,524 | 4,444 |
| Operating expenses: | ||||
| Selling and marketing expenses | 257 | 218 | 769 | 671 |
| Administrative expenses | 245 | 224 | 725 | 693 |
| Total operating expenses | 502 | 442 | 1,494 | 1,364 |
| Operating profit | 937 | 1,053 | 3,030 | 3,080 |
| Other income, net of finance cost | 98 | 90 | 308 | 249 |
| Profit before income taxes | 1,035 | 1,143 | 3,338 | 3,329 |
| Income tax expense | 287 | 337 | 942 | 981 |
| Net profit (before non-controlling interest) | 748 | 806 | 2,396 | 2,348 |
| Net profit (after non-controlling interest) | 747 | 804 | 2,393 | 2,345 |
| Basic EPS ($) | 0.18 | 0.19 | 0.58 | 0.57 |
| Diluted EPS ($) | 0.18 | 0.19 | 0.58 | 0.56 |
NOTES:
| 1. | The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and nine months ended December 31, 2025, which have been taken on record at the Board meeting held on January 14, 2026. |
|---|---|
| 2. | As the quarter and nine months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the nine months ended figures reported in this statement. |
| --- | --- |
Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for 3 months ended
(in $ million except per equity share data)
| December 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Reported IFRS | Adjustment for Labour Codes^1^ | Adjusted<br><br> <br>non- IFRS | Reported IFRS | |
| Operating profit | 937 | 143 | 1,080 | 1,053 |
| Operating margin (%) | 18.4 | 2.8 | 21.2 | 21.3 |
| Profit before income taxes | 1,035 | 143 | 1,178 | 1,143 |
| Income tax expense | 287 | 35 | 322 | 337 |
| Net profit (after non-controlling interest) | 747 | 108 | 855 | 804 |
| Basic EPS ($) | 0.18 | 0.03 | 0.21 | 0.19 |
Reconciliation of additional financial measures to Adjusted financial measures for 3 months ended
(in $ million)
| December 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Reported | Adjustment for Labour Codes | Adjusted | Reported | |
| Operating cash flow | 962 | 50 | 1,012 | 1,325 |
| Capital expenditure | 47 | – | 47 | 62 |
| FCF – non-IFRS | 915 | 50 | 965 | 1,263 |
| FCF as a % of Net profit | 122.5 | 112.8 | 156.6 |
Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for 9 months ended
(in $ million except per equity share data)
| December 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Reported IFRS | Adjustment for Labour Codes^1^ | Adjusted<br><br> <br>non- IFRS | Reported IFRS | |
| Operating profit | 3,030 | 143 | 3,173 | 3,080 |
| Operating margin (%) | 20.0 | 1.0 | 21.0 | 21.2 |
| Profit before income taxes | 3,338 | 143 | 3,481 | 3,329 |
| Income tax expense | 942 | 35 | 977 | 981 |
| Net profit (after non-controlling interest) | 2,393 | 108 | 2,501 | 2,345 |
| Basic EPS ($) | 0.58 | 0.02 | 0.60 | 0.57 |
Reconciliation of additional financial measures to Adjusted financial measures for 9 months ended
(in $ million)
| December 31, 2025 | December 31, 2024 | |||
|---|---|---|---|---|
| Reported | Adjustment for Labour Codes | Adjusted | Reported | |
| Operating cash flow | 3,102 | 50 | 3,152 | 3,375 |
| Capital expenditure | 202 | – | 202 | 179 |
| FCF – non-IFRS | 2,900 | 50 | 2,950 | 3,196 |
| FCF as a % of Net profit | 121.0 | 117.8 | 136.1 |
NOTES:
| 1. | On November 21, 2025 the Government of India notified provisions of The Labour Codes. These Labour Codes consolidate twenty-nine existinglabour laws into a unified framework governing employee benefits during employment and post-employment and amongst other things introducechanges, including a uniform definition of wages and enhanced benefits relating to leave. The adjustments for Labour Codes represent anincrease in gratuity liability arising out of past service cost and increase in leave liability together by $143 million which is recognizedin the Consolidated Statement of Comprehensive Income. |
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| 2. | Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growthby comparing current period revenues in respective local currencies converted to US$ using prior period exchange rates and comparing thesame to our prior period reported revenues. |
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| 3. | A Fact Sheet providing<br>the operating metrics of the Company can be downloaded from www.infosys.com. |
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Exhibit 99.3
Form of Release to Stock Exchanges
| Infosys Limited<br><br> <br>Regd. office: Electronics City, Hosur Road,<br><br> <br>Bengaluru 560 100, India | CIN : L85110KA1981PLC013115<br><br> <br>Website: www.infosys.com<br><br> <br>email: [email protected]<br><br> <br>T: 91 80 2852 0261, F: 91 80 2852 0362 |
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Statement of Consolidated Audited Results of InfosysLimited and its subsidiaries for the quarter and nine months ended December 31, 2025 prepared in compliance with the Indian AccountingStandards (Ind-AS)
(in crore, except per equity share data)
| Particulars | Quarter endedDecember 31, | Quarter endedSeptember 30, | Quarter endedDecember 31, | Nine months ended December 31, | Year endedMarch 31, | |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2025 | |
| Audited | Audited | Audited | Audited | Audited | Audited | |
| Revenue from operations | 45,479 | 44,490 | 41,764 | 132,248 | 122,064 | 162,990 |
| Other income, net | 1,139 | 982 | 859 | 3,163 | 2,410 | 3,600 |
| Total Income | 46,618 | 45,472 | 42,623 | 135,411 | 124,474 | 166,590 |
| Expenses | ||||||
| Employee benefit expenses | 24,122 | 23,438 | 21,436 | 70,407 | 63,934 | 85,950 |
| Cost of technical sub-contractors | 4,092 | 3,879 | 3,302 | 11,469 | 9,661 | 12,937 |
| Travel expenses | 510 | 539 | 439 | 1,564 | 1,375 | 1,894 |
| Cost of software packages and others | 3,982 | 4,025 | 4,607 | 11,753 | 12,012 | 15,911 |
| Communication expenses | 159 | 160 | 157 | 462 | 473 | 620 |
| Consultancy and professional charges | 486 | 480 | 459 | 1,429 | 1,354 | 1,655 |
| Depreciation and amortisation expenses | 1,155 | 1,182 | 1,203 | 3,478 | 3,512 | 4,812 |
| Finance cost | 100 | 106 | 101 | 310 | 314 | 416 |
| Other expenses | 1,494 | 1,434 | 1,249 | 4,051 | 3,894 | 4,787 |
| Total expenses | 36,100 | 35,243 | 32,953 | 104,923 | 96,529 | 128,982 |
| Profit before exceptional item and tax | 10,518 | 10,229 | 9,670 | 30,488 | 27,945 | 37,608 |
| Exceptional item | ||||||
| Impact of Labour Codes (Refer to note (c)) | 1,289 | – | – | 1,289 | – | – |
| Profit before tax | 9,229 | 10,229 | 9,670 | 29,199 | 27,945 | 37,608 |
| Tax expense: | ||||||
| Current tax | 2,871 | 3,178 | 3,202 | 9,103 | 9,346 | 12,130 |
| Deferred tax | (308) | (324) | (354) | (869) | (1,113) | (1,272) |
| Profit for the period | 6,666 | 7,375 | 6,822 | 20,965 | 19,712 | 26,750 |
| Other comprehensive income | ||||||
| Items that will not be reclassified subsequently to profit or loss | ||||||
| Remeasurement of the net defined benefit liability/asset, net | 56 | (38) | (45) | (52) | 53 | (92) |
| Equity instruments through other comprehensive income, net | (4) | (8) | (15) | 23 | (10) | 19 |
| Items that will be reclassified subsequently to profit or loss | ||||||
| Fair value changes on derivatives designated as cash flow hedges, net | 4 | – | 56 | 10 | 32 | (24) |
| Exchange differences on translation of foreign operations | 354 | 862 | (483) | 2,235 | (27) | 357 |
| Fair value changes on investments, net | (23) | (34) | 10 | 66 | 136 | 199 |
| Total other comprehensive income/(loss), net of tax | 387 | 782 | (477) | 2,282 | 184 | 459 |
| Total comprehensive income for the period | 7,053 | 8,157 | 6,345 | 23,247 | 19,896 | 27,209 |
| Profit attributable to: | ||||||
| Owners of the company | 6,654 | 7,364 | 6,806 | 20,939 | 19,680 | 26,713 |
| Non-controlling interests | 12 | 11 | 16 | 26 | 32 | 37 |
| 6,666 | 7,375 | 6,822 | 20,965 | 19,712 | 26,750 | |
| Total comprehensive income attributable to: | ||||||
| Owners of the company | 7,040 | 8,140 | 6,336 | 23,204 | 19,863 | 27,167 |
| Non-controlling interests | 13 | 17 | 9 | 43 | 33 | 42 |
| 7,053 | 8,157 | 6,345 | 23,247 | 19,896 | 27,209 | |
| Paid up share capital (par value 5/- each, fully paid) |
2,024 | 2,074 | 2,072 | 2,024 | 2,072 | 2,073 |
| Other equity *^#^ | 93,745 | 93,745 | 86,045 | 93,745 | 86,045 | 93,745 |
| Earnings per equity share (par value 5/- each)** |
||||||
| Basic (in per share) |
16.17 | 17.76 | 16.43 | 50.64 | 47.52 | 64.50 |
| Diluted (in per share) |
16.14 | 17.74 | 16.39 | 50.55 | 47.40 | 64.34 |
| * | Balances for the quarter and nine months ended December 31, 2025 and quarter ended September30, 2025 represent balances as per the audited Balance Sheet as at March 31, 2025 and balances for the quarter and nine months endedDecember 31, 2024 represent balances as per the audited Balance Sheet as at March 31, 2024 as required by SEBI (Listing and Other DisclosureRequirements) Regulations, 2015 | |||||
| --- | --- | |||||
| ** | EPS is not annualized for the quarter and nine months ended December 31, 2025, quarterended September 30, 2025 and quarter and nine months ended December 31, 2024. | |||||
| --- | --- | |||||
| ^#^ | Excludes non-controlling interest | |||||
| --- | --- |
a) The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2025 have been taken on record by the Board of Directors at its meeting held on January 14, 2026. 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) Buyback of equity shares
The shareholders approved the proposal of buyback of
Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November
6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity
share capital of the Company as of June 30, 2025 (on standalone basis) at a price of 1,800/- per Equity share. The buyback was
offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American
Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e November 14, 2025) on a proportionate
basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November
26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished.
The buyback resulted in a cash outflow of 18,000 crore (excluding transactions costs). The Company funded the buyback from its
free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the
Companies Act, 2013, the Company has created a Capital Redemption Reserve of 50 crore equal to the nominal value of the shares
bought back as an appropriation from the general reserve during the quarter ended December 31, 2025.
c) Impact of Labour Codes
On November 21, 2025, the Government of India notified
provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety,
Health and Working Conditions Code, 2020, (‘Labour Codes’) which consolidate twenty-nine existing labour laws into a unified
framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes,
including a uniform definition of wages and enhanced benefits relating to leave.The Company has assessed the financial implications of
these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by
1,289 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the
Group has presented this incremental amount as “Impact of Labour Codes” under “Exceptional Item” in the Condensed
Consolidated Statement of Profit and Loss for the quarter and nine months ended December 31, 2025. The Group continues to monitor the
developments pertaining to Labour Codes and will evaluate impact if any on the measurement of liability pertaining to employee benefits.
d) Update on stock grants
The Board, on January 14, 2026, based on the recommendations
of the Nomination and Remuneration Committee, approved the annual time-based stock incentives in the form of Restricted Stock Units (RSUs)
to Salil Parekh, CEO & MD having a market value of 3 crore as on the date of grant under the 2015 Stock Incentive Compensation
Plan (2015 Plan) in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The
RSUs will be granted w.e.f February 1, 2026 and the number of RSUs will be calculated based on the market price at the close of trading
day on a date immediately preceding the grant date. The exercise price of RSUs will be equal to the par value of the share.
1. Information on dividends for the quarter andnine months ended December 31, 2025
The Board of Directors (in the meeting held on October
16, 2025) declared an interim dividend of 23/-per equity share. The record date for the payment was October 27, 2025 and the same
was paid on November 7, 2025. The interim dividend declared in the previous year was 21/- per equity share.
(in )
| Particulars | Quarter endedDecember 31, | Quarter endedSeptember 30, | Quarter endedDecember 31, | Nine months ended December 31, | Year endedMarch 31, | |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2025 | |
| Dividend per share (par value 5/- each) |
||||||
| Interim dividend | – | 23.00 | – | 23.00 | 21.00 | 21.00 |
| Final dividend | – | – | – | – | – | 22.00 |
2. Segment reporting (Consolidated - Audited)
(in crore)
| Particulars | Quarter endedDecember 31, | Quarter endedSeptember 30, | Quarter endedDecember 31, | Nine months ended December 31, | Year endedMarch 31, | |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2025 | |
| Revenue by business segment | ||||||
| Financial Services ^(1)^ | 12,817 | 12,320 | 11,589 | 36,932 | 33,561 | 45,175 |
| Manufacturing | 7,570 | 7,347 | 6,479 | 21,721 | 18,680 | 25,207 |
| Energy, Utilities, Resources and Services | 6,016 | 5,945 | 5,635 | 17,704 | 16,402 | 21,710 |
| Retail ^(2)^ | 5,829 | 5,639 | 5,746 | 17,119 | 16,619 | 22,059 |
| Communication ^(3)^ | 5,518 | 5,397 | 4,688 | 16,013 | 14,311 | 19,108 |
| Hi-Tech | 3,371 | 3,703 | 3,279 | 10,370 | 9,692 | 13,090 |
| Life Sciences ^(4)^ | 3,267 | 2,863 | 3,195 | 8,874 | 9,065 | 11,831 |
| All other segments ^(5)^ | 1,091 | 1,276 | 1,153 | 3,515 | 3,734 | 4,810 |
| Total | 45,479 | 44,490 | 41,764 | 132,248 | 122,064 | 162,990 |
| Less: Inter-segment revenue | – | – | – | – | – | – |
| Net revenue from operations | 45,479 | 44,490 | 41,764 | 132,248 | 122,064 | 162,990 |
| Segment Profit: | ||||||
| Financial Services ^(1)^ | 3,236 | 3,059 | 2,679 | 9,267 | 8,150 | 11,099 |
| Manufacturing | 1,735 | 1,752 | 1,357 | 4,903 | 3,661 | 4,856 |
| Energy, Utilities , Resources and Services | 1,493 | 1,506 | 1,528 | 4,436 | 4,520 | 6,097 |
| Retail ^(2)^ | 1,867 | 1,720 | 1,975 | 5,278 | 5,493 | 7,133 |
| Communication ^(3)^ | 936 | 1,017 | 818 | 2,834 | 2,506 | 3,341 |
| Hi-Tech | 767 | 763 | 816 | 2,298 | 2,424 | 3,220 |
| Life Sciences ^(4)^ | 698 | 534 | 819 | 1,786 | 2,045 | 2,663 |
| All other segments ^(5)^ | 67 | 184 | 123 | 476 | 562 | 827 |
| Total | 10,799 | 10,535 | 10,115 | 31,278 | 29,361 | 39,236 |
| Less: Other Unallocable expenditure* | 2,444 | 1,182 | 1,203 | 4,767 | 3,512 | 4,812 |
| Add: Unallocable other income | 974 | 982 | 859 | 2,998 | 2,410 | 3,600 |
| Less: Finance cost | 100 | 106 | 101 | 310 | 314 | 416 |
| Profit before tax and non-controlling interests | 9,229 | 10,229 | 9,670 | 29,199 | 27,945 | 37,608 |
| ^*^ | Unallocable expense includes 1,289 crore towards impactof Labour Codes for the quarter and nine months ended December 31,2025. (Refer note (c) above) |
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| ^(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 & identified 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.
3. Audited financial results of Infosys Limited(Standalone Information)
(in crore)
| Particulars | Quarter endedDecember 31, | Quarter endedSeptember 30, | Quarter endedDecember 31, | Nine months ended December 31, | Year endedMarch 31, | |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2025 | |
| Revenue from operations | 37,996 | 36,907 | 34,915 | 110,178 | 102,455 | 136,592 |
| Profit before exceptional item and tax | 10,817 | 10,469 | 8,844 | 29,946 | 26,379 | 35,441 |
| Exceptional item - Impact of Labour Codes | 1,146 | – | – | 1,146 | – | – |
| Profit before tax | 9,671 | 10,469 | 8,844 | 28,800 | 26,379 | 35,441 |
| Profit for the period | 7,363 | 7,759 | 6,358 | 21,236 | 18,939 | 25,568 |
The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the stock exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone financial statements as stated.
| By order of the Board for Infosys Limited | |
|---|---|
| Bengaluru, India<br><br> <br>January 14, 2026 | Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director |
The Board has also taken on record the consolidatedresults of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2025, prepared as per InternationalFinancial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:
(in US$ million, except per equity share data)
| Particulars | Quarter endedDecember 31, | Quarter endedSeptember 30, | Quarter endedDecember 31, | Nine months ended December 31, | Year endedMarch 31, | |
|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2025 | 2024 | 2025 | |
| Audited | Audited | Audited | Audited | Audited | Audited | |
| Revenues | 5,099 | 5,076 | 4,939 | 15,117 | 14,547 | 19,277 |
| Cost of sales | 3,660 | 3,516 | 3,444 | 10,593 | 10,103 | 13,405 |
| Gross profit | 1,439 | 1,560 | 1,495 | 4,524 | 4,444 | 5,872 |
| Operating expenses | 502 | 495 | 442 | 1,494 | 1,364 | 1,801 |
| Operating profit ^#^ | 937 | 1,065 | 1,053 | 3,030 | 3,080 | 4,071 |
| Other income, net | 109 | 112 | 102 | 343 | 287 | 425 |
| Finance cost | 11 | 12 | 12 | 35 | 38 | 49 |
| Profit before income taxes | 1,035 | 1,165 | 1,143 | 3,338 | 3,329 | 4,447 |
| Income tax expense | 287 | 325 | 337 | 942 | 981 | 1,285 |
| Net profit | 748 | 840 | 806 | 2,396 | 2,348 | 3,162 |
| Earnings per equity share * | ||||||
| Basic | 0.18 | 0.20 | 0.19 | 0.58 | 0.57 | 0.76 |
| Diluted | 0.18 | 0.20 | 0.19 | 0.58 | 0.56 | 0.76 |
| Total assets | 15,953 | 18,064 | 16,291 | 15,953 | 16,291 | 17,419 |
| Cash and cash equivalents and current investments | 2,985 | 5,005 | 3,596 | 2,985 | 3,596 | 4,321 |
| * | EPS is not annualized for the quarter and nine months ended December 31, 2025, quarterended September 30, 2025 and quarter and nine months ended December 31, 2024. | |||||
| --- | --- | |||||
| ^#^ | includes $143 million towards impact of Labour Codes for the quarter and nine months endedDecember 31,2025. (Refer note (c) above) | |||||
| --- | --- |
Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident, and the United States H-1B visa program 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 outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the US government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. 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, 2025. 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.