6-K - INFY - Equibles

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 2025

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

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 FINANCIAL CONDITION

Infosys Limited (“Infosys” or “the Company” or “we”) 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, 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 January 16, 2025, we announced our results of operations for the quarter and nine months ended December 31, 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 January 16, 2025, 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 and nine months ended December 31, 2024 and 2023 (as per IFRS); revenue by client geography offering, business segment, revenue by offering; information regarding our client concentration; employee information and metrics; cash flow and consolidated IT services information. We have attached this fact sheet to this Form 6-K as Exhibit 99.4.

On January 16, 2025, 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 December 31, 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 Consolidated Financial Statements of Infosys Limited and its subsidiaries in compliance with IFRS in US dollars and the Auditors Report; Audited Interim Condensed Financial Statements of Infosys Limited and its subsidiaries in compliance with IFRS in Indian Rupees and the Auditors Report; Audited Interim Condensed Standalone Financial Statements in compliance with Indian Accounting Standards (INDAS) and the Auditors Report; Audited Interim Condensed Consolidated Financial Statements in compliance with Indian Accounting Standards (INDAS) and the Auditors Report for the quarter and nine months ended December 31, 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<br><br> <br>/s/ Inderpreet Sawhney
Date: January 21, 2025	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 January 16, 2025 press conference
99.4	Fact Sheet regarding Registrant's Statement of Profit and Loss for the quarters ended December 31, 2024 and 2023 (as per IFRS); Revenue by Business Segment, Revenue by Offering, Client Geography, Information regarding Client Concentration; Employee Information and Metrics and Consolidated IT Services Information
99.5	Transcript of January 16, 2025 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 Condensed Consolidated Financial Statements of Infosys Limited and its Subsidiaries in compliance with IFRS in Indian Rupees and the Auditors Report thereon
99.9	Audited Interim Condensed Standalone Financial Statements of Infosys Limited for the quarter and nine months ended December 31, 2024 in compliance with Indian Accounting Standards (INDAS) and Auditors Report thereon.
99.10	Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its subsidiaries in compliance with INDAS for the quarter and nine months ended December 31, 2024 and Auditors Report there on.

Exhibit 99.1

IFRS USD Press Release

Strong growth of 6.1% YoY in CC, 80bps YoY operating margin expansion

Large deal TCV of $2.5 billion including63% net new; Headcount increased by 5,591

FY25 revenue guidancerevised to 4.5% - 5.0%

Bengaluru, India – January 16, 2025: Infosys (NSE, BSE, NYSE: INFY), a global leader in next generation digital services and consulting, delivered strong and broad-based performance with $4,939 million in Q3 revenues, growth of 1.7% sequentially and 6.1% year on year in constant currency. Operating margin for Q3 was at 21.3%, increase of 0.2% sequentially. Free cash flow for Q3 was highest ever at $1,263 million, growing 90% year on year. TCV of large deal wins was $2.5 billion, with 63% net new growing at 57% sequentially. Headcount increased for second consecutive quarter.

Revenues for YTD Dec’24 grew at 3.9% year on year in constant currency and in reported terms. Operating margin was at 21.2%, increase of 0.3% year on year.

“Our strong revenue growth sequentially in a seasonally weak quarter and broad-based year on year growth, along with robust operating parameters and margins, is a clear reflection of the success of our differentiated digital offerings, market positioning, and key strategic initiatives. We continue to strengthen our enterprise AI capabilities, particularly focusing on generative AI, which is witnessing increasing client traction”, said SalilParekh, CEO and MD. “This has led to another quarter of strong large deal wins and improved deal pipeline giving us greater confidence as we look ahead”, he added.

growth percentage

Guidancefor FY25:

·	Revenue growth of 4.5%-5.0% in constant currency
·	Operating margin<br>of 20%-22%
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Key highlights:
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For quarter ended December 31, 2024	For the nine months ended December 31, 2024
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· <br> Revenues in CC terms grew by 6.1% YoY and 1.7% QoQ<br><br><br>· <br> Reported revenues at $4,939 million, growth of 5.9% YoY<br><br><br>· <br> Operating margin at 21.3%, increase of 0.8% YoY and 0.2% QoQ<br><br><br>· <br> Basic EPS at $0.19, growth of 9.6% YoY<br><br><br>· <br> FCF at $1,263 million, growth of 89.9% YoY; FCF conversion at 156.6% of net profit	· <br> Revenues in CC terms grew by 3.9% YoY<br><br><br>· <br> Reported revenues at $14,547 million, growth of 3.9% YoY<br><br><br>· <br> Operating margin at 21.2%, growth of 0.3% YoY<br><br><br>· <br> Basic EPS at $0.57, growth of 6.1% YoY<br><br><br>· <br> FCF at $3,196 million, growth of 57.1% YoY; FCF conversion at 136.1% of net profit

“We had another quarter of strong performance with revenue growth across segments and operating margin expansion, leading to 11.4% EPS growth year on year in rupee terms. Our structured approach to operating margin expansion yielded more results in Q3, particularly due to benefits from improving realization and scale benefits” said Jayesh Sanghrajka, CFO. “Our sharp focus on cash flow is reflected in Free cash conversion to net profits of 157% in Q3 with free cash generation for 9 months of FY25 surpassing that of entire FY24”, he added.

1. Client wins & Testimonials

·	Infosys Compaz and Temasek, announced a strategic collaboration with StarHub to accelerate their<br>operations and drive technology-led innovations. Tan Kit Yong, Head of Enterprise Business Group, StarHub, said, “At StarHub,<br>we have always prided ourselves on being at the forefront of innovation. By collaborating with iCompaz, we are expanding our horizons<br>to offer an even wider range of offerings and technologies that are co-created to address the unique needs of our customers. Aligned with<br>our DARE+ strategy, this powerful synergy will better position us as the go-to full-service supplier for businesses that need connectivity,<br>cloud, cybersecurity, and other ICT services to accelerate their digital journeys.”
·	Infosys announced the extension of its existing collaboration with Old National Bank to accelerate its<br>operational and technological transformation. Jim Ryan, Chairman & CEO, Old National Bank, said, “At Old National,<br>we are committed to creating exceptional client and team member experiences. Infosys is expertly guiding us through business process enhancements,<br>with a strong emphasis on efficiency and value generation. We greatly appreciate Infosys’ commitment to our growth and success.”
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·	Infosys announced its collaboration with RheinEnergie to help enterprises drive their energy<br>transition and sustainability agenda forward. Stephan Segbers, Chief Sales Officer and member of the board, RheinEnergie, said, “RheinEnergie<br>firmly believes that innovative technological and digital solutions are intrinsic to achieving the ‘Energiewende’ and the<br>‘Wärmewende’, Germany’s planned transition to a low-carbon, nuclear-free economy. The powerful combination of Infosys’<br>global expertise in energy transition and cutting-edge technologies such as cloud and AI, and RheinEnergie’s extensive experience<br>in providing energy services allows us to offer enterprises a comprehensive suite of solutions to help manage their energy costs and navigate<br>their energy transition journey. We are excited about joining forces with Infosys and extend this innovative approach to businesses across<br>various sectors. Together, we can accelerate the transition to a clean energy future for a healthier planet.”
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·	Infosys announced the extension of its existing collaboration with Microsoft to help accelerate customer<br>adoption of generative AI and Microsoft Azure, globally. Nicole Dezen, Chief Partner Officer at Microsoft, said, “Our<br>expanded collaboration with Infosys will transform industries, enhance business operations, elevate employee experiences, and deliver<br>new value for customers. Together, we will harness the power of generative AI to deliver innovative solutions, drive AI Adoption and enable<br>unprecedented innovation for customers.”
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·	Infosys announced the launch of its small language models – Infosys Topaz BankingSLM and Infosys<br>Topaz ITOpsSLM – built using the powerful NVIDIA AI Stack. Jay Puri, Executive Vice President, Worldwide Field Operations,NVIDIA, said, “Generative AI and the recent advancements in agentic and physical AI are ushering in a new era of innovation<br>and productivity for enterprises worldwide. NVIDIA's full-stack AI platform combined with Infosys Topaz empowers businesses to build and<br>deploy custom AI applications that will transform industries, helping businesses unlock their full potential.”
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·	Infosys announced the launch of Google Cloud center of excellence, powered by Infosys Topaz, to foster<br>enterprise AI innovation. Victor Morales, Vice President of GSI and Consulting Partnerships, Google Cloud, said, “Infosys<br>and Google Cloud are committed to providing customers with the industry expertise and technology needed to accelerate digital transformation.<br>The center of excellence is a testament to our strong collaboration and dedication to helping businesses innovate with breakthrough solutions<br>powered by generative AI.”
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·	Infosys announced its strategic collaboration with zooplus to enhance its service capability and scalability.<br>Geoffroy Lefebvre, Chief Executive Officer, zooplus SE, said, “At zooplus our growth strategy has always been focused<br>on leveraging data-driven insights to meet our customers’ demands. Our collaboration with Infosys to establish our new technology<br>hub is a strategic decision driven by their AI-first strategies combined with expertise in delivering AI-powered solutions, with Infosys<br>Topaz. We are confident that through this collaboration we will unlock greater operational efficiencies, enhance customer experience,<br>and stay ahead in the competitive e-commerce landscape.”
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·	Infosys announced a strategic collaboration with Kardex to transform its business operations<br>using SAP S/4HANA. Thomas Reist, Chief Financial Officer of Kardex, said, “Our mission is to empower our customers to<br>optimize their intralogistics operations, enhancing efficiency, agility, and overall success. By continually evolving our solutions and<br>adapting to changing market demands, we aim to be the trusted partner of choice for companies seeking to boost their productivity. We<br>are confident that our partnership with Infosys will propel us forward. With their extensive expertise in process transformation, supported<br>by SAP solutions, and a proven track record of successful implementations, Infosys is the ideal partner to help us achieve our strategic<br>objectives. We look forward to this collaboration as a means to advance our growth and further strengthen our position as a market leader.”
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·	Infosys announced its collaboration with Southwark Council to launch its digital learning platform - Springboard in<br>the borough. Dionne Lowndes, Chief Digital & Technology Officer, Southwark Council, said, “Partnering with Infosys<br>to bring the Springboard platform to Southwark is a significant step towards realising our ambitious three-year digital strategy. The<br>initiative will not only empower our residents, but local businesses too, with vital digital skills and resources. By enhancing this kind<br>of accessibility and fostering innovation, we are working to enable our community to thrive in an ever-advancing technological world.”
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2. Recognitions & Awards

Brand

·	Awarded Silver in the India Workplace Equality Index (IWEI) 2024
·	Received the 2024 UN Women’s WEP India Award in the Gender-inclusive Workplace category
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·	Received multiple recognitions at The Asset ESG Corporate Awards 2024 - Platinum Award for Excellence,<br>Best Investor Relations Team, Best Initiative in Environmental Responsibility, and Best Initiative in Diversity and Inclusion categories
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·	Received the Shorty Impact Awards in the Gender Equality category for the #SpotItToStopIt campaign
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AI and Cloud Services

·	Received Binding Corporate Rules Certification from EU Data Protection Authorities
·	Positioned as a leader in Gartner Magic Quadrant for Cloud ERP Services
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·	Rated as a leader in The Forrester Wave™: Automation Fabric Services, Q4 2024
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·	Positioned as a leader in Microsoft Azure Services PEAK Matrix® Assessment 2024 by Everest Group
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·	Recognized as a leader in IDC MarketScape: Asia/Pacific Managed Cloud Services 2024–2025 Vendor<br>Assessment
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·	Recognized as a leader in IDC MarketScape: Worldwide Adobe Experience Cloud Professional Services 2024–2025<br>Vendor Assessment
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·	Positioned as a leader in HFS Horizons: AADA Quadfecta of Analytics, AI, Data Platforms, and Automation<br>Services for Generative Enterprise 2024
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·	Positioned as a leader in HFS Horizons: Azure Ecosystem Services Providers, 2024
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Key Digital Services

·	Rated as a leader in The Forrester Wave™: Infrastructure Outsourcing Services, Q4 2024
·	Recognized as a leader in IDC MarketScape: Asia/Pacific Salesforce Implementation Services 2024–2025<br>Vendor Assessment
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·	Recognized as a leader in IDC MarketScape: Worldwide Digital Workplace Services 2024 Vendor Assessment
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·	Recognized as a leader in IDC MarketScape: European SAP Modernization Services 2024 Vendor Assessment
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·	Positioned as a leader in HFS Horizons: IoT Service Providers, 2024
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·	Positioned as a leader in HFS Horizons: Sustainability Services, 2024
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·	Rated as a leader in Quality Engineering NEAT 2024 by NelsonHall
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·	Recognized as a Market Maker in CapioIT Salesforce SI and Solutions Providers Ecosystem Capture Share<br>Report, 2024
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·	Infosys BPM won the ‘Outsourcing Impact Champion’ award at the Outsourcing Impact Review (OIR)<br>2024 for ‘Project Genesis’
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·	Infosys BPM ranked as a Leader in ISG Provider Lens™ Quadrant Study on Procurement Services 2024
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·	Infosys BPM recognized as a Leader in the IDC MarketScape: Worldwide Enterprise Analytics and AI Business<br>Process Services for Finance and Accounting 2024 Vendor Assessment
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Industry & Solutions

·	Recognized as a leader in IDC MarketScape Worldwide Life Science R&D ITO Services 2024
·	Recognized as a leader in IDC MarketScape: Worldwide Smart Insurance Producer Management Applications
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·	Recognized as a leader in IDC MarketScape: Worldwide Service Providers for Utilities Customer Operations<br>2024 Vendor Assessment
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·	Positioned as a leader in HFS Horizons: Healthcare Payer Services 2024
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·	Positioned as a leader in HFS Horizons: The Best Service Providers for Commercial Banks, 2025
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·	Infosys Finacle has been positioned as a Leader by Everest Group in the Wealth Management Products PEAK Matrix®<br>Assessment 2024 Report
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·	Infosys Finacle has been positioned as a Leader by Everest Group in the Consumer Loan Origination Systems<br>(LOS) – Products PEAK Matrix® Assessment 2024 Report
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·	MEA Finance Banking Technology Awards 2024: Best Composable Banking Transformation - Emirates NBD and Infosys<br>Finacle
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Read more about our Awards & Recognitions here.

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 AIpowered 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, the McCamish cybersecurity incident and the related review and notification process are forwardlooking 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 amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of pending litigation. 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 https://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>

InfosysLimited and subsidiaries

Extractedfrom the Condensed Consolidated Balance Sheet under IFRS as at:

(Dollarsin millions)

	December 31, 2024	March 31, 2024
ASSETS
Current assets
Cash and cash equivalents	2,663	1,773
Current investments	933	1,548
Trade receivables	3,896	3,620
Unbilled revenue	1,318	1,531
Other current assets	1,428	2,250
Total current assets	10,238	10,722
Non-current assets
Property, plant and equipment and Right-of-use assets	2,183	2,323
Goodwill and other Intangible assets	1,508	1,042
Non-current investments	1,105	1,404
Unbilled revenue	301	213
Other non-current assets	956	819
Total non-current assets	6,053	5,801
Total assets	16,291	16,523
LIABILITIES AND EQUITY
Current liabilities
Trade payables	429	474
Unearned revenue	988	880
Employee benefit obligations	336	314
Other current liabilities and provisions	3,050	2,983
Total current liabilities	4,803	4,651
Non-current liabilities
Lease liabilities	667	767
Other non-current liabilities	465	500
Total non-current liabilities	1,132	1,267
Total liabilities	5,935	5,918
Total equity attributable to equity holders of the company	10,307	10,559
Non-controlling interests	49	46
Total equity	10,356	10,605
Total liabilities and equity	16,291	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 December 31, 2024	3 months ended December 31, 2023	9 months ended December 31, 2024	9 months ended December 31, 2023
Revenues	4,939	4,663	14,547	13,997
Cost of sales	3,444	3,274	10,103	9,755
Gross profit	1,495	1,389	4,444	4,242
Operating expenses:
Selling and marketing expenses	218	204	671	633
Administrative expenses	224	229	693	692
Total operating expenses	442	433	1,364	1,325
Operating profit	1,053	956	3,080	2,917
Other income, net ^(3)^	90	79	249	196
Profit before income taxes	1,143	1,035	3,329	3,113
Income tax expense	337	301	981	904
Net profit (before minority interest)	806	734	2,348	2,209
Net profit (after minority interest)	804	733	2,345	2,208
Basic EPS ($)	0.19	0.18	0.57	0.53
Diluted EPS ($)	0.19	0.18	0.56	0.53

NOTES:

1.	The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for thequarter and nine months ended December 31, 2024, which have been taken on record at the Board meeting held on January 16, 2025.
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.	As the quarter and nine months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statementadded up to the figures reported for the previous quarter might not always add up to the nine months ended figures reported in this statement.
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Exhibit 99.2

IFRS INR Press Release

Strong growth of 6.1% YoY in CC, 80 bps YoY operating margin expansion

Large deal TCV of $2.5 billion including63% net new; Headcount increased by 5,591

FY25 revenue guidance revised to 4.5%-5.0%

**Bengaluru, India – January 16, 2025:**Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered strong and broad-based performance with $4,939 million in Q3 revenues, growth of 1.7% sequentially and 6.1% year on year in constant currency. Operating margin for Q3 was at 21.3%, increase of 0.2% sequentially. Free cash flow for Q3 was highest ever at $1,263 million, growing 90% year on year. TCV of large deal wins was $2.5 billion, with 63% net new growing at 57% sequentially. Headcount increased for second consecutive quarter.

Revenues for YTD Dec’24 grew at 3.9% year on year in constant currency and in reported terms. Operating margin was at 21.2%, increase of 0.3% year on year.

growth percentage

Guidancefor FY25:

·	Revenue growth of 4.5%-5.0% in constant currency
·	Operating margin<br>of 20%-22%
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Key highlights:
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For quarter ended December 31, 2024	For the nine months ended December 31, 2024
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· <br> Revenues in CC terms grew by 6.1% YoY and 1.7% QoQ<br><br> <br><br><br><br>· <br> Reported revenues at 41,764 crore, growth of 7.6% YoY<br><br><br><br><br><br>· <br> Operating margin at 21.3%, increase of 0.8% YoY and 0.2% QoQ<br><br><br><br><br><br>· <br> Basic EPS at 16.43, growth of 11.4% YoY<br><br><br><br><br><br>· <br> FCF at 10,647 crore, growth of 91.9% YoY;<br>FCF conversion at 156.1% of net profit	· <br> Revenues in CC terms grew by 3.9% YoY<br><br><br><br><br><br>· <br> Reported revenues at 122,064 crore, growth of 5.5% YoY<br><br><br><br><br><br>· <br> Operating margin at 21.2%, growth of 0.3% YoY<br><br><br><br><br><br>· <br> Basic EPS at 47.52, growth of 7.7% YoY<br><br><br><br><br><br>· <br> FCF at 26,812 crore, growth of 59.3% YoY;<br>FCF conversion at 136.0% of net profit

“We had another quarter of strong performance with revenue growth across segments and operating margin expansion, leading to 11.4% EPS growth year on year in rupee terms. Our structured approach to operating margin expansion yielded more results in Q3, particularly due to benefits from improving realization and scale benefits” said Jayesh Sanghrajka, CFO. “Our sharp focus on cash flow is reflected in Free cash conversion to net profits of 157% in Q3 with free cash generation for 9 months of FY25 surpassing that of entire FY24”, he added.

2. Clientwins & Testimonials

·	Infosys<br> Compaz and Temasek, announced a strategic collaboration with StarHub to accelerate their<br> operations and drive technology-led innovations. Tan Kit Yong, Head of Enterprise Business Group, StarHub, said, “At StarHub, we have always prided ourselves on being at<br> the forefront of innovation. By collaborating with iCompaz, we are expanding our horizons<br> to offer an even wider range of offerings and technologies that are co-created to address<br> the unique needs of our customers. Aligned with our DARE+ strategy, this powerful synergy<br> will better position us as the go-to full-service supplier for businesses that need connectivity,<br> cloud, cybersecurity, and other ICT services to accelerate their digital journeys.”
·	Infosys<br> announced the extension of its existing collaboration with Old National Bank to accelerate<br> its operational and technological transformation. Jim Ryan, Chairman & CEO, Old National Bank, said, “At Old National, we are committed to creating exceptional client and<br> team member experiences. Infosys is expertly guiding us through business process enhancements,<br> with a strong emphasis on efficiency and value generation. We greatly appreciate Infosys’<br> commitment to our growth and success.”
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·	Infosys<br> announced its collaboration with RheinEnergie to help enterprises drive their energy transition<br> and sustainability agenda forward. Stephan Segbers, Chief Sales Officer and member of the board, RheinEnergie, said, “RheinEnergie firmly believes that innovative technological<br> and digital solutions are intrinsic to achieving the ‘Energiewende’ and the ‘Wärmewende’,<br> Germany’s planned transition to a low-carbon, nuclear-free economy. The powerful combination<br> of Infosys’ global expertise in energy transition and cutting-edge technologies such<br> as cloud and AI, and RheinEnergie’s extensive experience in providing energy services<br> allows us to offer enterprises a comprehensive suite of solutions to help manage their energy<br> costs and navigate their energy transition journey. We are excited about joining forces with<br> Infosys and extend this innovative approach to businesses across various sectors. Together,<br> we can accelerate the transition to a clean energy future for a healthier planet.”
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·	Infosys<br> announced the extension of its existing collaboration with Microsoft to help accelerate customer<br> adoption of generative AI and Microsoft Azure, globally. Nicole Dezen, Chief Partner Officer at Microsoft, said, “Our expanded collaboration with Infosys will transform industries,<br> enhance business operations, elevate employee experiences, and deliver new value for customers.<br> Together, we will harness the power of generative AI to deliver innovative solutions, drive<br> AI Adoption and enable unprecedented innovation for customers.”
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·	Infosys<br> announced the launch of its small language models – Infosys Topaz BankingSLM and Infosys<br> Topaz ITOpsSLM – built using the powerful NVIDIA AI Stack. Jay Puri, Executive Vice President, Worldwide Field Operations, NVIDIA, said, “Generative AI and the recent<br> advancements in agentic and physical AI are ushering in a new era of innovation and productivity<br> for enterprises worldwide. NVIDIA's full-stack AI platform combined with Infosys Topaz empowers<br> businesses to build and deploy custom AI applications that will transform industries, helping<br> businesses unlock their full potential.”
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·	Infosys<br> announced the launch of Google Cloud center of excellence, powered by Infosys Topaz, to foster<br> enterprise AI innovation. Victor Morales, Vice President of GSI and Consulting Partnerships, Google Cloud, said, “Infosys and Google Cloud are committed to providing customers<br> with the industry expertise and technology needed to accelerate digital transformation. The<br> center of excellence is a testament to our strong collaboration and dedication to helping<br> businesses innovate with breakthrough solutions powered by generative AI.”
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·	Infosys<br> announced its strategic collaboration with zooplus to enhance its service capability and<br> scalability. Geoffroy Lefebvre, Chief Executive Officer, zooplus SE, said, “At<br> zooplus our growth strategy has always been focused on leveraging data-driven insights to<br> meet our customers’ demands. Our collaboration with Infosys to establish our new technology<br> hub is a strategic decision driven by their AI-first strategies combined with expertise in<br> delivering AI-powered solutions, with Infosys Topaz. We are confident that through this collaboration<br> we will unlock greater operational efficiencies, enhance customer experience, and stay ahead<br> in the competitive e-commerce landscape.”
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·	Infosys<br> announced a strategic collaboration with Kardex to transform its business operations using<br> SAP S/4HANA. Thomas Reist, Chief Financial Officer of Kardex, said, “Our mission<br> is to empower our customers to optimize their intralogistics operations, enhancing efficiency,<br> agility, and overall success. By continually evolving our solutions and adapting to changing<br> market demands, we aim to be the trusted partner of choice for companies seeking to boost<br> their productivity. We are confident that our partnership with Infosys will propel us forward.<br> With their extensive expertise in process transformation, supported by SAP solutions, and<br> a proven track record of successful implementations, Infosys is the ideal partner to help<br> us achieve our strategic objectives. We look forward to this collaboration as a means to<br> advance our growth and further strengthen our position as a market leader.”
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·	Infosys<br> announced its collaboration with Southwark Council to launch its digital learning platform<br> - Springboard in the borough. Dionne Lowndes, Chief Digital & Technology Officer, Southwark Council, said, “Partnering with Infosys to bring the Springboard platform<br> to Southwark is a significant step towards realising our ambitious three-year digital strategy.<br> The initiative will not only empower our residents, but local businesses too, with vital<br> digital skills and resources. By enhancing this kind of accessibility and fostering innovation,<br> we are working to enable our community to thrive in an ever-advancing technological world.”
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3. Recognitions & Awards

Brand

·	Awarded Silver in the India Workplace Equality Index (IWEI) 2024
·	Received the 2024 UN Women’s WEP India Award in the Gender-inclusive Workplace category
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·	Received multiple recognitions at The Asset ESG Corporate Awards 2024 - Platinum Award for<br>Excellence, Best Investor Relations Team, Best Initiative in Environmental Responsibility, and Best Initiative in Diversity and Inclusion<br>categories
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·	Received the Shorty Impact Awards in the Gender Equality category for the #SpotItToStopIt<br>campaign
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AI and Cloud Services

·	Received Binding Corporate Rules Certification from EU Data Protection Authorities
·	Positioned as a leader in Gartner Magic Quadrant for Cloud ERP Services
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·	Rated as a leader in The Forrester Wave™: Automation Fabric Services, Q4 2024
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·	Positioned as a leader in Microsoft Azure Services PEAK Matrix® Assessment 2024 by Everest<br>Group
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·	Recognized as a leader in IDC MarketScape: Asia/Pacific Managed Cloud Services 2024–2025<br>Vendor Assessment
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·	Recognized as a leader in IDC MarketScape: Worldwide Adobe Experience Cloud Professional<br>Services 2024–2025 Vendor Assessment
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·	Positioned as a leader in HFS Horizons: AADA Quadfecta of Analytics, AI, Data Platforms,<br>and Automation Services for Generative Enterprise 2024
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·	Positioned as a leader in HFS Horizons: Azure Ecosystem Services Providers, 2024
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Key Digital Services

·	Rated as a leader in The Forrester Wave™: Infrastructure Outsourcing Services, Q4 2024
·	Recognized as a leader in IDC MarketScape: Asia/Pacific Salesforce Implementation Services<br>2024–2025 Vendor Assessment
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·	Recognized as a leader in IDC MarketScape: Worldwide Digital Workplace Services 2024 Vendor<br>Assessment
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·	Recognized as a leader in IDC MarketScape: European SAP Modernization Services 2024 Vendor<br>Assessment
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·	Positioned as a leader in HFS Horizons: IoT Service Providers, 2024
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·	Positioned as a leader in HFS Horizons: Sustainability Services, 2024
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·	Rated as a leader in Quality Engineering NEAT 2024 by NelsonHall
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·	Recognized as a Market Maker in CapioIT Salesforce SI and Solutions Providers Ecosystem Capture<br>Share Report, 2024
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·	Infosys BPM won the ‘Outsourcing Impact Champion’ award at the Outsourcing Impact<br>Review (OIR) 2024 for ‘Project Genesis’
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·	Infosys BPM ranked as a Leader in ISG Provider Lens™ Quadrant Study on Procurement<br>Services 2024
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·	Infosys BPM recognized as a Leader in the IDC MarketScape: Worldwide Enterprise Analytics<br>and AI Business Process Services for Finance and Accounting 2024 Vendor Assessment
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Industry & Solutions

·	Recognized as a leader in IDC MarketScape Worldwide Life Science R&D ITO Services<br>2024
·	Recognized as a leader in IDC MarketScape: Worldwide Smart Insurance Producer Management<br>Applications
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·	Recognized as a leader in IDC MarketScape: Worldwide Service Providers for Utilities Customer<br>Operations 2024 Vendor Assessment
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·	Positioned as a leader in HFS Horizons: Healthcare Payer Services 2024
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·	Positioned as a leader in HFS Horizons: The Best Service Providers for Commercial Banks,<br>2025
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·	Infosys Finacle has been positioned as a Leader by Everest Group in the Wealth Management<br>Products PEAK Matrix® Assessment 2024 Report
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·	Infosys Finacle has been positioned as a Leader by Everest Group in the Consumer Loan Origination<br>Systems (LOS) – Products PEAK Matrix® Assessment 2024 Report
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·	MEA Finance Banking Technology Awards 2024: Best Composable Banking Transformation - Emirates<br>NBD and Infosys Finacle
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Read more about our Awards & Recognitions here.

AboutInfosys

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, the McCamish cybersecurity incident and the related 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 amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of pending litigation. 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 https://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	Sandeep<br> Mahindroo<br><br> <br>+91<br> 80 3980 1018<br><br> <br>[email protected]
Media<br> Relations	Rishi<br> Basu<br><br> <br>+91<br> 80 4156 3998<br><br> <br>[email protected]	Harini<br> Babu<br><br> <br>+1<br> 469 996 3516<br><br> <br>[email protected]

InfosysLimited and subsidiaries

Extractedfrom the Condensed Consolidated Balance Sheet under IFRS as at:

(in ₹ crore)

	December 31, 2024	March 31, 2024
ASSETS
Current assets
Cash and cash equivalents	22,804	14,786
Current investments	7,985	12,915
Trade receivables	33,358	30,193
Unbilled revenue	11,283	12,768
Other current assets	12,225	18,770
Total current assets	87,655	89,432
Non-current assets
Property, plant and equipment and Right-of-use assets	18,692	19,370
Goodwill and other Intangible assets	12,918	8,700
Non-current investments	9,458	11,708
Unbilled revenue	2,579	1,780
Other non-current assets	8,184	6,824
Total non-current assets	51,831	48,382
Total assets	139,486	137,814
LIABILITIES AND EQUITY
Current liabilities
Trade payables	3,675	3,956
Unearned revenue	8,457	7,341
Employee benefit obligations	2,877	2,622
Other current liabilities and provisions	26,116	24,875
Total current liabilities	41,125	38,794
Non-current liabilities
Lease liabilities	5,715	6,400
Other non-current liabilities	3,978	4,159
Total non-current liabilities	9,693	10,559
Total liabilities	50,818	49,353
Total equity attributable to equity holders of the company	88,292	88,116
Non-controlling interests	376	345
Total equity	88,668	88,461
Total liabilities and equity	139,486	137,814

Extracted from the Condensed Consolidatedstatement of Comprehensive Income under IFRS for:

(in ₹ crore except per equity share data)

	3 months ended December 31, 2024	3 months ended December 31, 2023	9 months ended December 31, 2024	9 months ended December 31, 2023
Revenues	41,764	38,821	122,064	115,748
Cost of sales	29,120	27,253	84,771	80,666
Gross profit	12,644	11,568	37,293	35,082
Operating expenses:
Selling and marketing expenses	1,839	1,700	5,631	5,238
Administrative expenses	1,893	1,907	5,813	5,718
Total operating expenses	3,732	3,607	11,444	10,956
Operating profit	8,912	7,961	25,849	24,126
Other income, net ^(3)^	758	658	2,096	1,622
Profit before income taxes	9,670	8,619	27,945	25,748
Income tax expense	2,848	2,506	8,233	7,474
Net profit (before minority interest)	6,822	6,113	19,712	18,274
Net profit (after minority interest)	6,806	6,106	19,680	18,264
Basic EPS ()	16.43	14.76	47.52	44.13
Diluted EPS ()	16.39	14.74	47.40	44.08

NOTES:

1.	The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarterand nine months ended December 31, 2024, which have been taken on record at the Board meeting held on January 16, 2025.
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.	As the quarter and nine months ended figures are taken from the source androunded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters mightnot always add up to the nine months ended figures reported in this statement.
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Exhibit 99.3

Press Conference

Infosys Limited

Third Quarter Financial Results Conference Call

January 16, 2025

CORPORATE PARTICIPANTS:

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Rishi Basu

India Head - Corporate Communications

journalists

Ritu Singh

CNBC TV18

Haripriya Sureban

NDTV Profit

Beena Parmar

The Economic Times

Veena Mani

The Times of India

Reshab Shaw

Moneycontrol

Hritam Mukherjee

Reuters

Jas Bardia

Mint

Sanjana B

The Hindu BusinessLine

Rukmini Rao

Fortune India

Padmini Dhruvaraj

The Financial Express

Sonal Choudhary

Deccan Herald

Rishi Basu

A very good evening everyone and a very happy new year. Thank you for joining Infosys' Third Quarter Financial Results. My name is Rishi and on behalf of Infosys, I would like to welcome all of you today. I typically would have said, one question per media house, should I say that?

With that, I invite our Chief Executive Officer, Mr. Salil Parekh for his opening remarks. Over to you, Salil.

SalilParekh

Thanks, Rishi and good afternoon to all of you. Thank you for joining us here in person, a very Happy New Year to each one of you. Our revenue grew 1.7% quarter-on-quarter and 6.1% year-on-year in constant currency terms in Q3.

All verticals and most geographies grew year-on-year. We saw double-digit growth in Europe and India and in our manufacturing business. Large deals were at $2.5 bn, operating margin at 21.3%. Free cash flow for the quarter was at an all-time high of $1.26 bn. Headcount grew by over 5,000 sequentially we are now over 323,000 employees worldwide.

Financial Services in the U.S. continues to grow strongly in this quarter and over the past few quarters. We have seen a revival in European Financial Services during Q3. We are seeing an improvement in Retail and consumer product industry in the US with discretionary pressures easing. Automotive sector in Europe continues to remain slow. In Generative AI, we have built four small language models for banking, for IT operations, for cybersecurity, and broadly for enterprises.

In Generative AI, we are also developing over 100 new agents. These agents are for deployment within our clients, many of them already using agents that we have developed. Based on our strong performance in this quarter and our view for the rest of this financial year, we are revising our revenue growth guidance to growth of 4.5%-5% in constant currency terms. Our operating margin guidance remains unchanged at 20%-22%.

With that, let us open it up for questions.

RishiBasu

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

RituSingh

Hi, Salil, hi Jayesh, happy new year. Let me just start with that revenue growth that you have posted because Q3 is typically a seasonally weak quarter. The market estimates were about 1% growth, but you have been able to deliver 1.7%. Is the environment significantly better than what you saw three months ago, one, if you could give us a commentary on that.

On raising your revenue guidance to about 4.5%-5%, was in expected lines, but what is the implied growth rate for the fourth quarter then? Are you expecting a de-growth of about 2.5% given these margins that you have given?

Also, your wage hikes, I think last time we asked you and you said, it may happen in the fourth quarter. If that is on track, and what will be the impact on margins once you do undertake that and hiring again has been going up for the last two quarters. How should we read into that?

Again, coming back to your revenue question, if you are expecting a de-growth in the fourth quarter, will you continue the space of hiring? What is the demand outlook? And if I may add, you know, deal wins while they have been steady, they have not really accelerated. If you could give us a sense of what the pipeline looks like from here on? Thank you.

SalilParekh

So, thanks. I will try and go through the questions and some Jayesh will also answer. On the first, I think the view in Q3, and it was the growth at 1.7%. What we saw was, the last quarter, we had seen discretionary becoming good in Financial Services in the US.

Now this quarter, we have seen Financial Services in Europe also, the discretionary is showing signs of improving. And on Retail and consumer products in the US, it is showing signs of improving. So that, coupled with how we delivered in the quarter was the reason where we changed the guidance to increase.

Now the second, I think, was about if that is the guidance, what is the Q4 and so on? So there, first, as we have always shared, our Q1 and Q2 in a typical financial year are strong. Our Q3, Q4 are typically weak. So that is the sort of seasonality that we see in Q4, nothing more or less. Jayesh will give a little bit more color on some of these points.

On the hiring that you mentioned there, I will say a few words and I will pass it on to Jayesh. We have had a strong hiring in Q3 with this expansion of over 5,000 employees. And we see that based on some of the discretionary, this will continue, but it will have seasonality as we see in our revenue. For the next financial year, we are obviously not giving the growth guidance.

But what we do see is that many of the things we have put in place across the whole company, focus on large deals, focused on small deals, focused on artificial intelligence, making sure, we are doing cost takeout for clients. All of these things combined are helping the company to execute as well as it is doing. So let me pause here, if there is anything else.

RituSingh

How much of it was organic? How much inorganic because of the in-tech acquisition that as well?

JayeshSanghrajka

So, in-tech, let me just answer that and I will go back to other questions. in-tech was -- last quarter, we had pretty much 2.5 months of in-tech. So, this quarter, the in-tech was roughly around 20 bps in revenue.

Coming back to the other points, if you look at large deals, while the overall large deal number you will see is remaining same, within that, the net new has increased significantly. So last quarter, our net new was 40%. This quarter, our net new is 60%, which means that the large deals per se or the net new TCV of the large deals have gone up 1.5 times between Q2 and Q3. Our large deal pipeline has become stronger as we see, so all of that has led to our increase in guidance, just to add to the points that Salil was making.

Coming to the other question on comp, we had announced earlier that comp will happen in two phases, one phase from 1st January, the other one will happen from 1st of April. We are on-track with that. The first part of the comp is getting rolled out in this quarter and we are working with HR on that. So, the HR team is working on that.

RituSingh

The question rather was what will be the impact on margins?

JayeshSanghrajka

We do not define the impact on comp, I mean, exact impact on the comp in terms of margins. So, we will have some headwinds coming from the comp in Q4 and Q1 based on it. But broadly, the comp that we are expecting is 6% to 8% in India and the overseas comps will be in line with the earlier comp reviews.

RituSingh

I think, Salil, the question on discretionary spends on Hi-Tech, Telecom, some of these areas that you would continue to flag in the last quarter, if the outlook on that is improving? And if the BFSI momentum you expect to continue into the new year?

SalilParekh

So, on Hi-Tech and on Telecom, we have not seen a change. What we have seen the change is really on Financial Services more in Europe and on Retail consumer products in US, will it continue at this stage? That is what we are seeing in terms of what we saw in Q3. But we will wait and see how it looks beyond.

RishiBasu

Thank you. The next question is from NDTV Profit, Haripriya.

HaripriyaSureban

Hi, Salil. On the discretionary spending part that you mentioned, is this kind of change that you are seeing only sentimental, or do you see this translating in the upcoming budgets for the companies across the sectors that you mentioned?

And also, with the new administration coming in the US, what is the kind of impact that you are expecting from that? The market expects the stability to bring in a lot more -- budgets to open up a lot more. And also on the employee headcount, the attrition is also rising a little bit more if not gradually as well. So how do we read into that?

And on the margins, what is the kind of impact the cross-currency headwinds have had? There is a lot of movement that has happened in the currency. And also, would there be any furloughs or spillover?

And in the long term, you have had a guidance band for margin and it is there, but also it is quite narrow. And so, in the long term, how is it that you choose to improve on the margin part, given that there is also a margin project improvement that you have?

SalilParekh

So let me start off with some of them. The first one was on the discretionary. The budgets for our clients will be on a calendar year basis, which will start now. So, we will get a sense in this quarter itself. Our commentary is mainly on what we have seen in Q3 and how the discussions have been going and that seems to indicate the changes that I mentioned.

In terms of the new changes in the US, we will wait and see how it goes. Generally speaking, most people who are the economists and so on have a view that the economy there will do better. That is what our clients are saying, but we will wait and see how it goes. We have a business that works in those growth situations, in the cost situations. So, we are feeling quite confident in terms of the outlook there.

HaripriyaSureban

So, what is the dependency on the H1B visas? Do you see any impact there?

JayeshSanghrajka

Yes. I can answer that. So, if you look at over the years, our dependence on H1B visas have reduced significantly. First and foremost, our onsite mix has reduced significantly. We used to be in the 30% rate, but now we are at 24% rate. Within that, our nearshore has increased significantly.

And within the US onsite population that we have, our H1 independent folks are now 60 plus percent. We have now built a pretty resilient model from that perspective. And we are therefore much more confident from where we are versus where we used to be earlier.

JayeshSanghrajka

Yes. So, coming back to your other questions – attrition at this point in time has remained at 13.7%, which is one of the lower attritions that we have seen in the last multiple years. It is range-bound and we do not see a challenge there at this point in time. We have already added -- last two quarters, we have added net new employees. And our campus hiring program is also as per our plan. So, we do not really see a challenge there as well.

You had another question on margins. So, if you look at our margins this quarter, we have expanded our margins by 20 basis points during the quarter. And if I just take the puts-and-takes of that, 40 basis points came from currency benefit, both rupee depreciation as well as the cross-currencies. 30 basis points came from a maximus, mainly from the pricing benefit that we got, 20 basis points came from the expected credit loss provisions and lower provisions on post sale customer support, offset partly by higher third-party costs that we had. And the headwind of 70 basis points was furloughs and lower working days and other costs. So that is our margin walk for the quarter.

As we get into the next quarter, we will have headwinds coming from the compensation increase that we have rolled out already. So that would be a headwind. Currency, we will have to see how it pans out at this point in time. Looks like currency will give us some benefit in terms of margin, but we will have to see how the currency progresses through the quarter.

RishiBasu

Thank you. The next question is from The Economic Times, Beena.

BeenaParmar

Hi. I want to question on the hiring commitment. I think you had committed to 15,000 to 20,000 freshers, is that on track and how much have you hired so far under that? And what is the outlook for the next fiscal? And if you can just give us maybe this calendar year as well, what is the sort of hiring that you are looking at, both freshers and overall hiring?

On the deal momentum, if you could just give us a sense, which sectors are likely to grow in the next two quarters, while financial services is seeing a lot of pickup, could you delve into the other segments as well?

And with the deal cycle closing, a lot of other peers have said that - that is sort of shortening, if you could also give us some sense on how the cycle has been? And how is the large and mega deal pipeline going forward for the next near term, maybe next two quarters?

And the last thing, what sort of impact do you see because of the recent lawsuit that has been made public in one of your court filings, what is the business impact because of that lawsuit? And could you give us some color on the charges because I think some of it is very serious? So that’s it.

JayeshSanghrajka

Okay. So, if you look at the headcount, we are on-track in terms of headcount or the fresher hiring this year, we will be hiring 15,000 plus. We are expecting for FY26, at this point-in-time, 20,000 plus fresher hiring. We do not really give our outlook in terms of the lateral hiring, that is dependent on multiple factors, how the demand grows, how the attrition pans out, etc., etc. And it is also a factor that over the years, we have now moved to a very agile hiring model. So, we can pretty much fill this in India in two to three months, onsite in less than a month in terms of the demand. So, we do not really therefore, give out an overview or outlook in terms of the lateral hiring. But in terms of freshers, 15,000 plus for this year and 20,000 next year is what we are looking at this point.

SalilParekh

In terms of the industry and the next few quarters, as you mentioned, we do not give industry-specific views which are forward. We have that overall guidance, which we have increased. We have given a view more on what we have seen in Q3, and we think that is something that is a good sign because Financial Services, which was strong in the US, is now strong,the discretionary has come back in Europe and with the Retail and consumer products expanding.

Beyond that, Manufacturing still remains slow, and the other industries are at the same place where they were. So that is the way we are looking at it. But incrementally, we see that it is a better situation in Q3 than what we saw in Q2.

In terms of the large deals and the pipeline, our pipeline is strong. We typically do not give the value of it, but it is a strong pipeline with large deals and some mega deals. These are deals we feel good about, given the way that some of the conversions have happened. In terms of the timeline of the closure -- the deal timeline, we have seen essentially similar situation from what we saw in Q2. That is where we are, except, which is not just on the large deals, it is on the discretionary, where in those few industries that I mentioned, the discretionary moves a little bit faster. But the large deal movement is about the same in the pipeline. And in terms of any of the legal things, we have no additional comments here.

RishiBasu

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

VeenaMani

Good evening, gentlemen, and happy new year. So, your contribution from the top five clients has dropped to 12.7 from 13.4 a year back and compared to the previous quarter 13.7. What are the reasons for that?

So, the street has been expecting a more nuanced metric for a call out on the gen AI business. So, what would those metrics be for Infosys?

And also, there is a term in the industry called AI washing, where people generally, you use AI to the bare minimum and then give it an AI tag, is that happening? And can you tell me a little bit about that?

And also, is the headcount growth, the same pace going to continue with Generative AI being one of the main things being talked about in the industry? Also, one clarification, you mentioned 6% to 8% in India. So that is the quantum of hike or is that…

JayeshSanghrajka

Quantum of hike.

VeenaParmar

That is the quantum of hike. Sure.

JayeshSanghrajka

Yes. So, if you look at the contribution from the top five clients, many of them had furloughs this quarter. And this is typically the seasonal quarter from a furlough perspective that has impacted the contribution from the top clients.

SalilParekh

So, on Generative AI, I think you mentioned AI washing. So, I am not aware of that within Infosys, but you may be aware of that outside with some other companies. We are very clear on what we are doing on Generative AI. The small language model, just as an example, so today we have several discussions with clients, where they would like to use the small language models that we have built.

So how are they built? They are built by using the proprietary data that we have, let us say on banking or on IT operations. It then uses some very standard industry or in this case, a horizontal data. And then the client builds their own into that small language model.

Some clients are asking us to, for them to build a small language model of their own. So, for example, with a telco client, they want to build their own. Let us say company X telco, their own small language model, which we are helping them because we have the platform for it. And this is real Generative AI work that we are doing.

Then you look at agents. So to give you some example, we have built for a client -- this is actual work, not just like a proof of concept where we have built a research agent for a client, a large tech company, where they are now using that in their product area to support how queries are looked at and where their own people and their own customers can look at this, use this agent. And some of the statistics are quite impressive from going from something like 18 days of time to do things to 8 days of time to do things.

So, these are real examples. We see real benefits with clients. Another example of an agent, we built an agent for audit work for a professional services company. There are 3 different agents. They are now helping that company to more efficiently and with fewer errors do what they are doing in their audit activity.

So, the work we are doing in Generative AI, we feel, is leading in the industry. We are very clear in how it is being used across, because these are real projects with clients. Almost every discussion with clients has some element of it. So let us say the overall work is large, but there is always some element of Generative AI in that discussion that we are involved in.

RishiBasu

Thank you. The next question is from Moneycontrol, Reshab.

ReshabShaw

Thanks, Rishi. Happy new year, gentlemen, a couple of questions there. So, first of all, on the deal cycles, you highlighted that the North American market is already better but even Europe is getting better. So, on that front, are you seeing these cycles getting shorter and shorter?

Second, on your trainees, the Mysore campus cases now. I think the Forest Department has said the leopard has not been spotted. So, when are trainees going to be back on the campus? I hear that they will be back by 25th or 26th.

Also, Bhupendra, a person who went out on LinkedIn and said a lot of things on the work culture, so what are your views on that?

SalilParekh

So, first on the deal cycle, so where we have seen for example, the discretionary work coming back, where we talked about Financial Services or Retail in the specific geographies. There, for the discretionary work, things move relatively quickly. But the overall deal cycle, if you look at large deals has remained about the same.

In terms of our Mysore campus, with the sighting of the leopard, we engaged with the Karnataka Forest Department now and made sure that the safety of our employees, and also to make sure there was no harm to the leopard, we have taken all the appropriate steps. In fact, all the employees, we moved them outside the campus.

As of today, the Karnataka Forest Department has had a view where there has been no sighting or signs or whatever indications of the leopard for several days. And now we are in the process of looking at what the next steps will be.

In terms of the employee question that you mentioned, within Infosys, we have a very clear approach to make sure that everyone is treated fairly. We have a well-defined process of looking at how the performance is driven. We have equal opportunity in making sure that everyone gets the benefits of that. And we hold ourselves to this high standard.

RishiBasu

Thank you.

ReshabShaw

When will the trainees be back?

SalilParekh

So, we are now in the process of looking at that update and putting together the next steps for that.

RishiBasu

Thanks, Reshab. The next question is from Reuters News, Hritam.

HritamMukherjee

Hi, gentlemen. Congratulations on a good set of numbers. Sir, I wanted to know what is the latest update on the McCamish Cybersecurity incident? We had a couple of banks coming up saying that they were impacted. If you can give us some color on what is the latest and if there is any estimated impact on top line from that?

And secondly, Mr. Parekh, you gave some comments about the U.S. economy. But I want to ask you if you are feeling particularly confident about Trump's return to Presidency and now that his inauguration is a few weeks away, how do you look at US economy now that Trump is back? That’s all.

SalilParekh

So, on the first point, we have made several disclosures on that in the past which hold. In addition, the eDiscovery process for that is complete. Recently in December there were six different class action suits that were filed. The court has decided at the end of December to club or join all of them and allow for what is called a mediation process and that is the step that is underway today.

In terms of the US, I think the US market, or the economy has done incredibly well in the past few quarters with the way it has been managed post the COVID situation. And everything we see in terms of what the outlook is especially with what we saw on the inflation and the interest rates, that gives us a view that the US will remain a very good and strong market for us.

RishiBasu

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

Jas Bardia

Good evening. Three questions. If you can just throw a little more light on whether you are seeing deal tenures get shortened. Does this imply that every year you are seeing more deal renewals come up than say in the last 36 months? Then if I look at the sequential figures, the client contribution not just to the top 5, but also to the top 10 and top 25 clients from the top of those clients have been coming down, if you can help me explain that?

And third, are you seeing any sort of a pricing pressure in your conversations with clients going forward? If yes, which businesses are most affected?

SalilParekh

Let me start with the first one, Jayesh will have some points on the second and the third. On the deal cycles, we do not see a change from Q2 to Q3 as we have seen the market in what we are seeing on the large deals. We do see because the discretionary is slightly better on Financial Services or Retail in different geographies. Those are typically deals which get done a little bit quicker, but if you take the appropriate deals for them, it is remaining the same in that.

Jayesh will handle the other two. I just want to say one thing on pricing. We have some very strong positive momentum in pricing, but Jayesh will share the details.

JayeshSanghrajka

Yes, if you look at our margin expansion program, one of the tracks there is value-based selling and that is pricing in a way and that has delivered great results. The nine months over nine months pricing has improved by 3.6%. That is one which has helped us expand margins. If you look at our margin expansion, nine months over nine months has expanded by 30 basis points.

Despite the fact that we had multiple headwinds, headwinds coming from the comp increase that we did last year in November, so full year impact came this year. We had furloughs this quarter. We had impact of increased third-party costs. We had impact coming from an acquisition that we did on account of the amortization of intangibles. So, we have subsumed all of that and despite that, we have been able to increase our margins. One of the reasons is the pricing benefit that we got.

Coming to the next question, you asked about the reduction in revenues in multiple brackets. I think it is the same answer. The furloughs do impact clients across multiple brackets and the clients in top 5 clients do reflect in top 10 and top 20. So that is the main reason of the reduction there.

RishiBasu

Thank you. The next question is from the Hindu BusinessLine, Sanjana.

SanjanaB

Hello, gentlemen. So, I just wanted to understand what the demand trends are in key verticals like BFSI, Retail, Manufacturing because analysts had estimated that for Q3, BFSI will aid growth while weakness in Manufacturing will weigh on this growth. But this is the opposite for you, where Manufacturing has done better than BFSI. So just wanted to understand how these dynamics played out?

And also, in a previous conversation with the company, I learned that Infosys Cloud arm Cobalt enjoys better margins than your conventional services. But with a lot of focus on AI, I just wanted to understand, do you think Topaz will sort of -- the margins of Topaz will outpace this growth?

And another question, in Q2, you had mentioned that you had a double-digit growth in deals below $50 mn. So, do you see existing and incoming clients shifting their preferences towards smaller deals? Thank you.

SalilParekh

I will take the second and the third then maybe Jayesh will go on the first one. On the margins, you know for cloud or other things within the company, we typically do not share that externally. So, we have no real view on that. However, the way Jayesh shared a little bit of that, we have a program where we look at margins across the company in different components.

So, all of those things are helping us to make sure that the margin appropriately is growing. And we have an ambition in the long term of having better and better margins. So that is something that we look at, but we do not have this sort of external sharing of the cloud and so on.

JayeshSanghrajka

So, if you look at industries, within industries, our Financial Services has continued to grow stronger, especially the US Financial Services. We are seeing revived interest in the European Financial Services. In Retail we are seeing, again, better predictability in terms of US retail, especially the Retail and CPG on back of the better holiday seasons and better client sentiment. So those are the positives that we are seeing.

Manufacturing, while it has delivered double-digit growth, we still continue to see softness in Europe manufacturing, and that continues. Hi-Tech continues to remain soft for us. Communication, similar commentary, we are not seeing any challenge from that perspective.

Coming to geographies, the US has shown positive, year-on-year, grown positive year-on-year after four quarters of decline. Europe, as Salil said earlier, we have now had a double-digit, strong double-digit growth on back of multiple large deals. So overall, we do see those changes in the environment.

The question on smaller TCVs. So overall, smaller deals, the deal pipeline has continued to remain stable. The large deal pipelines have grown, as Salil said earlier. So overall, deal pipelines have become stronger between Q2 and Q3.

RishiBasu

Thank you. The next question is from Fortune India, Rukmini.

RukminiRao

Thank you. Salil, I have three questions. One, if we are to look at the corresponding quarter two fiscals ago, December 31st, 2022, if we are to look at the rate of growth of number of clients in the 1 mn bucket and the 50 mn bucket, it has been the fastest, about 85 and 10 odd clients. How do we read this -- are deals coming only in this kind of bucket now? And the $10 plus mn are the kind of deals that would have come are no longer there or there are fewer in the market itself.

And also, your days of outstanding sale on December 31st, 2022 was about 68 days, which is now up to 74 days, now six days of, I mean, and given that you have an improved cash flow now? Is it a lot of collections that have happened and that is reflecting in the free cash flow?

And third is, given that you have such excellent free cash flow, would it make you guys a lot more adventurous, look for bigger acquisitions, perhaps? Thank you.

SalilParekh

I will take the first and the third and DSO Jayesh will look at. So, on the buckets of clients, I think the way you looked at it, so we have a strong focus on making sure that all the different levels of clients we expand and some of that is what you are seeing in the data that you referenced. Now, the deal size is a slightly different parameter because the deal size will be like in a specific client, which will be over multiple years. So, part of it will get reflected into one specific year or a quarter or so on.

So, the deal size, as Jayesh was sharing, there is, and even we shared last quarter, we saw a good increase in that smaller deal size, not the large deal only. And then this quarter, as Jayesh shared, we have seen also the larger deal pipeline becoming bigger. So, that is one huge positive that we are seeing in the change of the pipeline in the deal size.

And the earlier point was on the size of our clients. We want to make sure that at all levels, we have an approach that builds up the client because today when a client trusts us with X mn, tomorrow it could be 3x or 5x and that is something that grows year-over-year. And that is part of something we have done internally, which is being reflected from the outside and the numbers.

So, typically there is a progression over time that happens. And part of some of the activities we do inside is to make sure that we share with our clients what other services we have that takes clients from that level to a different level once they become comfortable with it. Now, on the point on having so much cash and being adventurous, I think it is highly unlikely that we all be adventurous.

JayeshSanghrajka

Yes. Coming to the DSOs and the cash flow question, if you look at this quarter, we had -- as Salil said earlier, we had one of the highest cash generation, right? And that is on back of the multiple intervention that we have been doing for the last multiple quarters. We have had a razor sharp focus on cash conversion. Our unbilled and unearned has come down significantly in this quarter. Our unbilled minus unearned has come down by $300 mn.

So, typically that first converts into AR and then converts into cash. So, while you see, you know, an AR increase, if you look at AR, net of unbilled and unearned has come down by six days. And that has reflected in our cash flow. Of course, we also had a tax refund, which has helped our cash flow in the nine months. But even after that, adjusted for tax refund, our cash flow for the nine month period has gone up by 50% on a nine month over similar nine months last year.

RukminiRao

Will the DSO days get reduced

JayeshSanghrajka

As we collect, start collect, that is the endeavor.

RishiBasu

Thank you, Rukmini. The next question is from the Financial Express, Padmini.

PadminiDhruvaraj

Hi. So, was your revenue contribution from the rest of the world and 10 mn to 20 mn category customer affected due to dollar appreciation? And so, where is the India growth coming from and why is the rest of the world declining? And are you seeing any challenges in contract renewals with clients seeking expanded project scopes at same price and/or same scopes at reduced values? And is there lumpiness in megadeals because of AI’s fast evolution? And your nine-month margin average is already above 21%. So, is there a particular reason for retaining the guidance?

SalilParekh

Let me start with some of them first, you can come back to Jayesh. The question around what we do with the margin guidance, I think we will keep the same margin guidance, which is 20 to 22. We are not changing the margin guidance, even as you mentioned, with the nine month outlook. So, what was the one before that?

RishiBasu

Dollar appreciation.

SalilParekh

Yes, rest of the world you can do that.

JayeshSanghrajka

I will answer that. So, if you look at the rest of the world, the reason of decline in the rest of the world was because we had some one time in the -- last year same quarter, which was the third-party related cost and therefore the revenue that we got out of that. So, that has helped those quarters. Underlying growth has still remained strong for us and we do not see any challenge coming from there.

PadminiDhruvaraj

Where is the India growth coming from?

JayeshSanghrajka

India is a very small segment for us. So, any small change there will show large in percentage terms, but it is a very small segment for us. So, these projects will have some spikes and bottoms with depending on seasonality on those projects.

PadminiDhruvaraj

(Editor’s comment – audio unclear)

JayeshSanghrajka

As I said earlier -- the client segmentation is mainly impacted by furloughs in this quarter.

RishiBasu

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

SonalChoudhary

Hello gentlemen, congratulations on the result. A few questions here. One of your peers had highlighted that CY'25 will be a better year. How are you looking at it? Also, how have third party or pass through revenues been this quarter? Thirdly, also on the median salary package, if you could shed some light on that, has it increased for freshers? How has it been?

SalilParekh

So, on the first one, we give our guidance for the financial year. And we have increased our guidance for this financial year even with one quarter outstanding. We do not have a view beyond that, but what we are seeing is a clear change in the discretionary activities in Financial Services, in Retail, and consumer products.

So, it gives us a good confidence that overall we are executing very well within the company and clients are seeing tremendous traction with us. So, we feel that as a positive thing, but we do not have a view which is going beyond this financial year.

JayeshSanghrajka

And third-party cost has gone up. This is a seasonal quarter again, where the third-party cost of the percentage of revenue goes up. It is gone up in line of that.

SonalChoudhary

And also on the median salary package?

SalilParekh

So on that, we have no change to announce at this stage, no comment on that.

RishiBasu

Thank you. With that, we come to the end of this press conference. We thank our friends from media for being here today. Thank you, Salil and thank you, Jayesh. Before we conclude, please note that 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 high tea outside.

Exhibit 99.4

FactSheet

Revenue Growth- Q3 25

	Reported	CC
QoQ growth (%)	0.9%	1.7%
YoY growth (%)	5.9%	6.1%

Revenues by Business Segments

(in %)

	Quarter ended			YoY Growth
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023	Reported	CC
Financial services	27.8	27.2	27.8	5.8	6.1
Manufacturing	15.5	15.7	14.9	10.0	10.7
Retail	13.8	13.3	14.6	0.0	0.1
Energy, Utilities, Resources & Services	13.5	13.5	13.2	8.6	8.6
Communication	11.2	11.9	11.4	4.4	4.0
Hi-Tech	7.9	8.0	7.7	8.5	8.4
Life Sciences	7.6	7.3	7.6	6.5	6.3
Others	2.7	3.1	2.9	1.3	3.2
Total	100.0	100.0	100.0	5.9	6.1

Revenues by Client Geography

(in %)

	Quarter ended			YoY Growth
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023	Reported	CC
North America	58.4	57.4	59.0	4.9	4.8
Europe	29.8	29.8	28.2	11.9	12.2
Rest of the world	8.7	9.7	10.4	(11.7)	(11.1)
India	3.1	3.1	2.4	38.3	40.1
Total	100.0	100.0	100.0	5.9	6.1

Client Data

	Quarter ended
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023
Number of Clients
Active	1,876	1,870	1,872
Added during the period (gross)	101	86	88
Number of Million dollar clients*
1 Million dollar +	997	985	944
10 Million dollar +	301	307	308
50 Million dollar +	89	86	82
100 Million dollar +	41	41	40
Client contribution to revenues
Top 5 clients	12.7%	13.7%	13.4%
Top 10 clients	19.9%	20.9%	20.0%
Top 25 clients	34.2%	34.7%	33.7%
Days Sales Outstanding*	74	73	72
*	LTM (Last twelve months) Revenues
---	---

Effort & Utilization – ConsolidatedIT Services

(in %)

	Quarter ended
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023
Effort
Onsite	24.0	24.1	24.4
Offshore	76.0	75.9	75.6
Utilization
Including trainees	83.4	84.3	81.7
Excluding trainees	86.0	85.9	82.7

Employee Metrics

(Nos.)

	Quarter ended
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023
Total employees	323,379	317,788	322,663
S/W professionals	306,528	300,774	304,590
Sales & Support	16,851	17,014	18,073
Voluntary Attrition % (LTM - IT Services)	13.7%	12.9%	12.9%
% of Women Employees	39.0%	39.0%	39.3%

Cash Flow

In US $ million

	Quarter ended
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023
Free cash flow ^(1)^	1,263	839	665
Consolidated cash and investments ^(2)^	4,653	4,626	3,903

In crore

	Quarter ended
	Dec 31, 2024	Sep 30, 2024	Dec 31, 2023
Free cash flow ^(1)^	10,647	7,010	5,548
Consolidated cash and investments ^(2)^	39,836	38,767	32,476
^(1)^	Free cash flow is defined as net cash provided by operating activities less capital expenditureas 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-currentinvestments excluding investments in equity and preference shares and others (Non-IFRS measure)
---	---

Consolidated statement of Comprehensive Incomefor three months ended,

(Extracted from IFRS Financial Statement)

In US $ million, except per equity share data

Particulars	Dec 31, 2024	Dec 31, 2023	Growth %YoY	Sep 30, 2024	Growth %QoQ
Revenues	4,939	4,663	5.9%	4,894	0.9%
Cost of sales	3,444	3,274	5.2%	3,400	1.3%
Gross Profit	1,495	1,389	7.6%	1,494	0.1%
Operating Expenses:
Selling and marketing expenses	218	204	6.9%	221	-1.4%
Administrative expenses	224	229	-2.2%	240	-6.7%
Total Operating Expenses	442	433	2.1%	461	-4.1%
Operating Profit	1,053	956	10.1%	1,033	1.9%
Operating Margin %	21.3	20.5	0.8%	21.1	0.2%
Other Income, net^(1)^	90	79	13.9%	72	25.0%
Profit before income taxes	1,143	1,035	10.4%	1,105	3.4%
Income tax expense	337	301	12.0%	327	3.1%
Net Profit (before minority interest)	806	734	9.8%	778	3.6%
Net Profit (after minority interest)	804	733	9.6%	777	3.5%
Basic EPS ($)	0.19	0.18	9.6%	0.19	3.5%
Diluted EPS ($)	0.19	0.18	9.5%	0.19	3.5%
Dividend Per Share ($)^(2)^	-	-	-	0.25	-

Consolidated statement of Comprehensive Incomefor nine months ended,

(Extracted from IFRS Financial Statement)

In US $ million, except per equity share data

Particulars	Dec 31, 2024	Dec 31, 2023	Growth %
Revenues	14,547	13,997	3.9%
Cost of sales	10,103	9,755	3.6%
Gross Profit	4,444	4,242	4.8%
Operating Expenses:
Selling and marketing expenses	671	633	6.0%
Administrative expenses	693	692	0.1%
Total Operating Expenses	1,364	1,325	2.9%
Operating Profit	3,080	2,917	5.6%
Operating Margin %	21.2	20.8	0.3%
Other Income, net^(1)^	249	196	27.0%
Profit before income taxes	3,329	3,113	6.9%
Income tax expense	981	904	8.5%
Net Profit (before minority interest)	2,348	2,209	6.3%
Net Profit (after minority interest)	2,345	2,208	6.2%
Basic EPS ($)	0.57	0.53	6.1%
Diluted EPS ($)	0.56	0.53	6.0%
Dividend Per Share ($)^(2)(3)^	0.25	0.22	16.7%
(1)	Other income is net of Finance Cost
---	---
(2)	USD/INR exchange rate of 83.80 considered for Q2’25
---	---
(3)	Dividend Growth (%) calculated in INR terms
---	---

Consolidated statement of Comprehensive Incomefor three months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Dec 31, 2024	Dec 31, 2023	Growth %YoY	Sep 30, 2024	Growth %QoQ
Revenues	41,764	38,821	7.6%	40,986	1.9%
Cost of sales	29,120	27,253	6.9%	28,474	2.3%
Gross Profit	12,644	11,568	9.3%	12,512	1.1%
Operating Expenses:
Selling and marketing expenses	1,839	1,700	8.2%	1,855	-0.9%
Administrative expenses	1,893	1,907	-0.7%	2,008	-5.7%
Total Operating Expenses	3,732	3,607	3.5%	3,863	-3.4%
Operating Profit	8,912	7,961	11.9%	8,649	3.0%
Operating Margin %	21.3	20.5	0.8%	21.1	0.2%
Other Income, net^(1)^	758	658	15.2%	604	25.5%
Profit before income taxes	9,670	8,619	12.2%	9,253	4.5%
Income tax expense	2,848	2,506	13.6%	2,737	4.1%
Net Profit (before minority interest)	6,822	6,113	11.6%	6,516	4.7%
Net Profit (after minority interest)	6,806	6,106	11.4%	6,506	4.6%
Basic EPS ()	16.43	14.76	11.4%	15.71	4.6%
Diluted EPS ()	16.39	14.74	11.2%	15.68	4.6%
Dividend Per Share ()	-	-	-	21.00	-

Consolidated statement of Comprehensive Incomefor nine months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Dec 31, 2024	Dec 31, 2023	Growth %
Revenues	122,064	115,748	5.5%
Cost of sales	84,771	80,666	5.1%
Gross Profit	37,293	35,082	6.3%
Operating Expenses:
Selling and marketing expenses	5,631	5,238	7.5%
Administrative expenses	5,813	5,718	1.7%
Total Operating Expenses	11,444	10,956	4.5%
Operating Profit	25,849	24,126	7.1%
Operating Margin %	21.2	20.8	0.3%
Other Income, net^(1)^	2,096	1,622	29.2%
Profit before income taxes	27,945	25,748	8.5%
Income tax expense	8,233	7,474	10.2%
Net Profit (before minority interest)	19,712	18,274	7.9%
Net Profit (after minority interest)	19,680	18,264	7.8%
Basic EPS ()	47.52	44.13	7.7%
Diluted EPS ()	47.40	44.08	7.5%
Dividend Per Share ()	21.00	18.00	16.7%
(1)	Other income is net of Finance Cost
---	---

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 quarter might not always add up to the nine months ended figures reported in this statement.

Exhibit 99.5

      **Earnings Conference Call**

Infosys LimitedQ3 FY’25 Earnings Conference Call

January 16, 2025

CORPORATE PARTICIPANTS

Salil Parekh

Chief Executive Officer & Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Sandeep Mahindroo

Financial Controller & Head of Investor Relations

ANALYSTS

Ankur Rudra

JP Morgan

Yogesh Aggarwal

HSBC Securities

Bryan Bergin

TD Cowen

Rishi Jhunjhunwala

IIFL Institutional Equities

Jonathan Lee

Guggenheim Partners

Surendra Goel

Citigroup

Vibhor Singhal

Nuvama Institutional Equities

Ashwin Mehta

Ambit Capital

Jamie Friedman

Susquehanna International Group

Sandeep Shah

Equirus Securities

Sumeet Jain

CLSA India

Keith Bachman

BMO Capital

Abhinav Ganeshan

SBI Pension Funds

Moderator

Ladies and gentlemen, good day, and welcome to Infosys Limited Q3 FY'25 Earnings Conference Call. As a reminder, all participant lines will be in 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, Mr. Mahindroo.

Sandeep Mahindroo

Hello, everyone, and welcome to Infosys Earnings Call for Q3 FY'25. Let me start the call by wishing everyone a very Happy New Year. 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 that refers to our outlook for the future is a forward-looking statement, which must be read in conjunction with the risks that the company faces. A complete statement and explanation of these risks is 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.

Salil Parekh

Thanks, Sandeep. Good morning and good evening to all of you. Wish you a Happy New Year. Thank you all for joining us on this call.

Our revenue grew 1.7% quarter-on-quarter and 6.1% year-on-year in constant currency terms in Q3. All verticals and most geographies grew year-on-year. We saw double-digit growth in Europe and India and in our Manufacturing business.

Large deals were at $2.5 bn, operating margin at 21.3%. Free cash flow for the quarter was at an all-time high of $1.26 bn. Headcount grew by over 5,000 sequentially to now over 323,000 employees worldwide.

Financial Services in the U.S. continues to grow strongly in this quarter and over the past few quarters. We have seen a revival in European Financial Services during Q3. We are seeing an improvement in Retail and consumer product industry in the U.S. with discretionary pressures easing. Automotive sector in Europe continues to remain slow.

Demand trends remain stable in other industries, with clients continuing to prioritize cost takeout over discretionary initiatives.

Clients are turning to us as their partner of choice when it comes to enterprise AI to transform their business for growth and to manage operations more efficiently. With Infosys Topaz, our Generative AI-powered services and solutions, we are deepening our enterprise AI capabilities. We have built 4 small language models for banking, for IT operations, for cyber and for enterprises broadly. These small language models have 2.5 bn parameters. These models are built using some of our proprietary data sets.

We are developing over 100 new Generative AI agents for deployment within our clients. We are working closely with our Generative AI partner ecosystem to develop joint solutions for our clients, several of them on the platforms of the partners.

Here are some examples of the work we are doing for our clients in the Generative AI area. We developed a Generative AI-powered research agent that generated comprehensive solutions within seconds for requests made for the product support teams of a large technology company. We have created 3 audit agents to intelligently automate multiple tasks for a professional services company.

Based overall on our strong performance in this quarter and our view for the rest of this financial year, we are revising our revenue growth guidance to growth of 4.5% to 5% in constant currency. Our operating margin guidance remains unchanged at 20% to 22%.

With that, let me request Jayesh to share his views.

Jayesh Sanghrajka

Thank you, Salil. Good morning, good evening everyone, and thank you for joining the call today. As well, wish you all a very Happy New Year.

We had another strong quarter of all-round growth across verticals. This was backed by relentless execution resulting in improvements in multiple operating parameters leading to expansion in margin and cash conversion.

Here are some of the key highlights.

1.	We<br> had a strong all-around growth across verticals of 6.1% year-on-year in constant currency<br> terms.
2.	Among<br> geographies, North America returned to positive growth trajectory after 4 quarters, growing<br> at 4.8%. Europe grew at 12.2% YoY in constant currency terms, twice the company level.
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3.	Financial<br> Services saw a third consecutive quarter of volume growth, reflecting continued positivity<br> we are seeing in this sector.
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4.	Our<br> $50 mn clients increased by 7.
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5.	Large<br> deal TCV for the quarter was at $2.5 bn, 63% of this being net new, which is an increase<br> of 57% in net new deal TCV. Our large deal pipeline has become stronger in Q3.
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6.	Coming<br> to margins, Q3 margins are at 21.3%, 20 bps higher sequentially after absorbing impact of<br> furloughs and higher third-party costs. Margins were up 80 basis points year-on-year.
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7.	We<br> saw double-digit YoY increase in EPS of 11.4% to INR16.43.
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8.	Our<br> razer-sharp focus on cash flow resulted in very strong free cash flow of $1.2 bn for the<br> quarter and $3.2 bn for 9 months. This is an increase of 90% on YoY basis and 57% on 9-month<br> basis.
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9.	DSO<br> was at 74 days. However, DSO including unbilled net of unearned was down by 6 days at 86.<br> Our net unbilled revenues declined by $323 mn sequentially to lowest level in last 12 quarters.
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10.	Net<br> headcount addition continues for second consecutive quarter. We added 5,591 employees this<br> quarter.
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Let me now talk about some of this in greater detail.

We had a strong revenue growth of 1.7% sequentially and 6.1% on YoY basis in constant currency terms in a seasonally weak quarter. For the 9 months, revenue grew by 3.9%, both in constant currency and reported terms, with double-digit growth in Manufacturing.

Operating margins expanded to 21.3%, which is an increase of 20 bps sequentially and 80 bps year-on-year. The major components of sequential margin walk for the quarter are -

Tailwinds of

-	40<br> bps from currency movements
-	30<br> bps from Project Maximus
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-	20<br> bps from lower costs relating to provisions for post-sales customer support and expected<br> credit loss provision, offset by higher third-party costs
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Headwinds of

-	70<br> bps from furloughs and lower working days, offset by higher leave utilization and others.

Utilization, excluding trainees, was strong at 86% despite the low volume growth environment.

We are very pleased with the continued success of Project Maximus, which has resulted in benefits across various tracks. One such area is realization, which has increased by 3.6% over 9 months, resulting from strong performance emanating from value-based selling track. This has helped expand YTD margins by 30 basis points despite additional headwinds from FY'24 comp increase, higher variable payout, impact due to amortization of intangibles from recent acquisitions and large deal ramp-up.

Headcount at the end of quarter stood at 323,000, growing sequentially by approximately 5,600. This is the second consecutive quarter of headcount addition. Attrition remains low at 13.7%.

Coming to cash flows, our 9-month free cash flow has surpassed full year free cash flows for the last financial year. For the quarter, our free cash flows were at $1.26 bn, up 51% over last quarter and up 90% over the same period last year. FCF as a percentage of net profit for 9 months was 136%. Excluding income tax refunds, our free cash flow for the quarter was at $996 mn, up 27% over last quarter and up 50% over Q3'24. Our free cash flow, excluding tax refund as a percentage of net profit for the quarter, is at 123% and for the 9 months, is 109%, which is the highest conversion in over two decades.

Yield on cash balance was 6.91% in Q3.

ETR was at 29.5% for both Q3 and 9 months.

We closed 17 large deals with a TCV of $2.5 bn, 63% of this was net new. Vertical-wise, we signed 5 deals in Financial Services, 4 in Communication, 3 in Manufacturing, 2 each in Retail and EURS and one in Hi-Tech. Region-wise, we signed 11 large deals in America and 6 in Europe. This also includes a BOT deal with the client to set up a GCC in India.

For 9 months, large deal wins stood at 72 deals with TCV of $9 bn and 55% of this is net new.

Coming to verticals,

Financial services in the U.S. continues to see discretionary spend increase in capital markets, mortgages, cards and payments, which led to another quarter of volume growth. We have also seen a revival in Europe leading to Q3 backed by some large deals. Our expansion beyond the U.S., specifically into Nordics, Middle East and Southeast Asia is also contributing positively to our growth. Clients have started to view IT investments more favorably post-election-related certainty and interest rate cuts in recent months. While the focus remains on cost optimization, spending towards new growth areas like AI, cloud adoption, cybersecurity, data and analytics is observed.

Manufacturing continues to see weakness in the automotive in Europe. However, there is a continued momentum in areas such as engineering, IoT, supply chain, cloud ERP and digital transformation. The benefits of vendor consolidation are being more apparent, contributing to the growth of existing accounts and the establishment of new relationships. The pipeline is healthy, with a mix of large and small deals and a focus on cost takeout and portfolio rationalization.

We are seeing some signs of recovery in discretionary spend in the Retail and CPG vertical in the U.S. There is a pickup in deal activity backed by improved consumer sentiment and strong holiday season sales. Companies are looking at investing in brand and technology initiatives. S/4HANA migration deadline is driving budget allocation to make enterprise workload compliant. We are leveraging Infosys Topaz to showcase enhanced business value in predictive analytics and real-time insights and strategic decision-making.

Communication sector continues to face volatile macro environment, leading to growth challenges and rising opex pressure. Discretionary spending continues to be soft and current year growth is driven mainly by recent large deal wins focused on efficiency and consolidation.

In EURS sector, macro headwinds and supply-demand imbalances continue to influence spending patterns. Growth in demand for electricity to cater to data centres is expected to bring in more investment in energy. Resources clients are more watchful about the changing geopolitical dynamics impacting the supply chain. Discretionary spend remains muted. Our investment in industry clouds and energy transition solutions have helped us win multiple deals.

Hi-Tech continues to remain soft. Some clients are reducing the run cost and pausing discretionary investments. We are seeing opportunities in cost takeout deals, including legacy product management and managed services based business operations. Programs are driven by cloud computing and new tech like AI and ML.

Driven by our performance and outlook for the rest of the year, we are revising our FY'25 revenue guidance to 4.5% to 5% in constant currency terms. Our operating margin guidance remains at 20% to 22%.

With that, we can open the floor for questions.

Moderator

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

Ankur Rudra

Thank you and nice print. Can you comment a bit about if there were any one-time items in your revenues or margins this time? I do notice that your third-party costs moved up quite a bit perhaps ahead of revenue growth, and also volume growth was quite soft. So if you can talk a bit about how you think about volume growth into fiscal '26? I know you mentioned that you think it will be better than last year. And if there is any impact of AI impacting the volume of work? Thanks.

Jayesh Sanghrajka

Thanks, Ankur. So you are right, our third-party costs were higher this quarter. There is a bit of seasonality in every Q3. But yes, even considering that, it was higher than that. And that has impacted both cost and revenue.

In terms of volumes for FY'26, it is a little bit early, Ankur. As you know, we do get the visibility with clients in terms of budgets in February and March, and then it aligns with our annual cycle. So we would be able to give a clearer picture in April as we announce the guidance for the full year. There were no other one-offs either on revenue or costs in this quarter.

Ankur Rudra

Appreciate the color. Just if you can talk a bit about the guide. Now the guide increase is positive, but if you look at the implied number for Q4, it implies a negative number. Is this primarily due to seasonality or also partly from the third-party sales led business, which might shrink and which you have baked into the guide this time?

Jayesh Sanghrajka

Ankur, there are two parts, as you rightly said. One is, of course, the third-party seasonality, which is baked in Q4 guidance because Q3 was significantly higher. And Q4 also has lower working days and calendar days. So that is a headwind that we face in Q4. So, both of that are baked in the guidance.

Ankur Rudra

Appreciate it. Just last question, you mentioned a lot about small language model and agentic AI. Can you talk a bit about how, on a structured basis, this might impact the volumes of your work, the need for productivity pass back and if this will be net additive or dilutive to the amount of work Infosys can do for its clients?

Salil Parekh

Hi Ankur, this is Salil. On the agents, there, what we are seeing is good traction with clients where we have already deployed. The couple of examples I mentioned, where there are several live or production examples, not just proof and concept. What we are seeing is the agents are helping clients to achieve benefit, whether time reduction, cost reduction or greater impact in their customer base and growth. And they are being done in a broad-based way within the client.

So the way we are seeing it today is, the areas which can be addressed by agents. We are building about 100 new agents which expands the opportunity that we have to do this sort of work. So at this stage, it looks to us like this will give us over time more growth.

On small language models, there, the usage of that small language model is to create some activity, sometimes software development, sometimes customer service, sometimes the knowledge objects within the client and make a positive impact in that. And those all have some elements for them to get additional market share and for them to be more efficient. So the more they are deployed, again, for us, we see possibility of driving growth through that.

So one of the examples of a small language model, we are working with a client where they want to build their own small language model based on 1 of the 4 that we build, the enterprise one. And that then translates into their industry and for them to drive it more within the company. So for us, it is like having the model as a service.

So for us, it is an expansion of work in the more of those that clients are looking at. So at this stage, we are seeing a broader set of opportunities, while overall scale is small but it is looking like there will be more opportunities in this area.

Ankur Rudra

Thank you. Would you classify this nature of work, Salil, under cost-oriented, efficiency-oriented work or is this more discretionary-oriented work?

Salil Parekh

So today, AI is something where many clients are doing different programs. So it is not like the traditional tech which had that sort of a view and when industries were getting back, the discretionary was increasing and otherwise, it was more cost. Today, we see the spend is broad-based. The end outcome sometimes could be the cost or their own growth but it is not like that easily put into one of those buckets today, at least.

As it becomes more mainstream, we will be able to see how they use it. Today, there is a broader usage of AI within companies that is going on.

Ankur Rudra

Okay, appreciate it. Thank you and best of luck.

Moderator

Thank you. Next question is from the line of Yogesh Aggarwal from HSBC Securities. Please go ahead.

Yogesh Aggarwal

Hi, just have one question on the third-party items, the pass-through revenues. Jayesh, you talked about seasonality, which is for the fourth quarter. But in general, if you step back, will this line item continue to grow with the top line? Or is there a limit like one can expect like around 9%, 10%, it will settle down? Or this is a new reality that for every new deal, new work, the pass-through revenue will grow in line with the overall revenues?

Jayesh Sanghrajka

So Yogesh, at this point in time, we do not expect this to change significantly but it is also a factor of the large deals or the megadeals that come in at times, right? So it is dependent on, some of the large deals come in where you take over the tech, the process, people, technology from the client, and as a result, you do incur those costs on your P&L because you are providing an end-to-end solution to the client. So it is going to be a factor of that. But based on current visibility, we are not seeing any significant increase from here in the next few quarters at least.

Yogesh Aggarwal

Got it. Thanks.

Moderator

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

Bryan Bergin

Hi, thank you for taking the question. I wanted to start on pricing. So I think you mentioned a 3.6% 9-month realization tailwind, is very solid. I am just curious how you think that progresses from here as you pursue this value-based pricing strategy and what is a reasonable level of potential pricing impact you would expect going forward? And then just more broadly, can you comment on the competitive pricing situations in the market?

Jayesh Sanghrajka

So Bryan, as we had talked earlier, this is one of the pillars under our margin improvement program, and there were multiple tracks beneath that and those tracks are yielding results. It is difficult to predict from here, whether this kind of growth year-on-year will be sustained or not. But our endeavor is to keep improving and keep getting better from where we are. So very difficult to give a guidance there.

Having said that, coming to your second question, the pricing environment per se across, at least what we are seeing in the industry is stable at this point in time.

Bryan Bergin

Okay. And then on utilization, remains modestly above your normalized range around 86% ex trainees. Can you comment, is this a new normal? Will this move lower as hiring continues? Where do you see that progressing?

Jayesh Sanghrajka

Yes. So we have generally said 83%- 85% of utilization is a range that we are more comfortable with. 86% is a little bit above our comfort level but we do not expect it to change significantly either way. So yes, 83%- 85% is where we would like to be.

Bryan Bergin

Okay. Thank you.

Moderator

Thank you. Next question is from the line of Rishi Jhunjhunwala from India Infoline. Please go ahead.

Rishi Jhunjhunwala

Yes, thanks for the opportunity. I am sorry, I had dropped for a minute. So in case I am repeating the question. Just wanted to understand the growth in top 5 clients, right? So it has declined pretty sharply in this quarter, down more than 6% QoQ in dollar terms. And even on a year-on-year basis, there has not been much growth. So just trying to understand, what exactly is happening there?

Jayesh Sanghrajka

So, Rishi, the sequential change in the top 5 clients is pretty much furloughs, largely because you do see furloughs impacting many of the large clients. And of course, these are also reported numbers, so there could be a bit of currency impact as well depending on which geography the top 5 clients are.

The year-on-year will be client specific. There would be some deals which would have ramped up, ramped down as we have seen. So there could be multiple reasons. I do not think there is anything sectoral here in a way to decipher from here, in my mind.

Rishi Jhunjhunwala

Okay. And just secondly, clearly, last year, we had a pretty big year in terms of overall deal wins, almost $17.6 bn. This year, currently, we are annualizing at around $12 bn. Just wanted to understand, in terms of proportion of revenues that comes via pass-through, has that changed in the amount of deals that we have won in totality this year versus last year?

Jayesh Sanghrajka

No, not really, Rishi. If you look at last year, we had some of the megadeals in the deal signing which we had called out for as well. I think we had around 8 megadeals in the last year. So that has helped in the $17 bn TCV. But as you know, those deals are volatile. Some quarters, you do have megadeals and some not. There will always be a spike in the megadeals.

Outside of the megadeals, the large deals, we have been consistently in the range of $2.5 bn to $3 bn. If you look at this quarter, $2.5 bn has 63% net new which means that the net new sequentially has grown by 50% quarter-on-quarter. We do not expect any significant impact from the deals that we signed this year on the third party.

Rishi Jhunjhunwala

Okay, thank you so much.

Moderator

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

Jonathan Lee

Great, Happy New Year, thanks for taking our questions. Last quarter, you called out improvement in your smaller deal pipeline, but it does not sound like that continued into this quarter. What do you think is driving that difference, particularly given some of the improvement you have called out in discretionary demand?

Jayesh Sanghrajka

So Jonathan, as we said, our overall deal pipeline has grown because this quarter, our large deal pipeline has also become stronger and the pipeline outside of the large deals has remained stable. So that has reflected in our overall deal pipeline which has grown. There is also a reflection of everything that Salil talked about in terms of the positivity in certain sectors that we are seeing, especially the Financial Services in the U.S. and Europe, the positivity in Retail in U.S. and the cost takeout opportunities in some of the other segments that continues.

Jonathan Lee

Appreciate that color. On the European BFSI front, can you help us unpack some of the strength you called out there? What is it that you are seeing in your conversations there? And how durable is that strength?

Jayesh Sanghrajka

Yes. So, it is across the deals that we have signed. I mean we are not seeing a sectoral change in a way, but we are seeing a large number of deals that we have signed benefiting us in terms of the positivity in the coming quarters. It is across cloud deals and consolidation of some of the vendors that we have seen that should help us in coming quarters.

Jonathan Lee

Appreciate it, thanks for that level of detail.

Moderator

Thank you. Next question is from the line of Surendra Goel from Citigroup. Please go ahead.

Surendra Goel

Yes hi, good evening. One of the industry players called out AI-driven productivity pass back to a large client of theirs. Have you seen any such instances in any of your large clients?

Salil Parekh

So on the AI-driven productivity point, in general, what we see is whenever there is a productivity benefit, there is always sharing with clients. So in the AI-driven or the other, like outside of AI driven, we are not seeing a difference in the way it is being treated. Many of these, like the examples I gave on agents or some of the examples we have done in the past where we have looked at the foundation models, doing software development or customer service. Typically, some benefits will go with the client. And typically, we will get to keep some benefits.

Surendra Goel

Okay. Maybe I will ask the question more specifically. The top 5 client performance, has that been impacted by any such productivity pass-through?

Jayesh Sanghrajka

No, Suren. As I said earlier, it is more of furloughs this quarter. Some part of that is currency because some of the clients are in the different geographies, non-U.S. geographies. And if you look at year-on-year, I do not think there is any sectoral behavior we are seeing there.

Surendra Goel

Sure. Thanks a lot.

Moderator

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

Vibhor Singhal

Yes, hi. Thanks for taking my question. I had a couple of questions. So the first question is on the expected growth rate for Q4, which as per the guidance, comes in the negative territory. Now you alluded to the point that it is probably based on the seasonality. So should we assume that this is the reality for business now that the overall business mix that we have at this point of time, in general, Q4 is going to be sharply, let us say, lower than what Q3 does?

Despite the fact that Q3 itself would be lower because of the furloughs and the holiday season that we see? If you can answer that, and then I have a follow-up question?

Jayesh Sanghrajka

Yes. So Vibhor, if you look at, Q3 was benefited by some of the third-party revenue, right? So to that extent, there is an additional seasonality versus what we generally see in Q3 and Q4 as a seasonality. Historically, if you look at our first half, it is always been stronger than the second half, and within second half, depending on how the calendar days and working days play out, you would see one quarter better than the other quarter.

This year, we have lower working and calendar days, both in Q3 and Q4 and that does have Q3 and Q4 impacted. Plus, Q3 has larger furloughs. Q4 will have some furloughs. So you will see overall some furlough flushback offset by working day and calendar day impact and a reversal of the benefit that we got in terms of the third-party revenue.

Vibhor Singhal

Got it. And the third-party revenue will also have the seasonality of maybe peaking out in Q3 and then maybe tempering down in the following quarters? Is that also fair to believe?

Jayesh Sanghrajka

Yes. That is how generally is, right? In Q3, you do see many of these deals having a larger volume.

Vibhor Singhal

Got it. Fair point. Just one last question is on the Retail vertical. I am sorry if I missed out in the opening part. I mean what is our outlook in that vertical overall that we are seeing? I mean you have alluded to discretionary spend picking up earlier. I think a couple of your competitors also have had basically seen the vertical bottoming out. How is this vertical playing out for us and our outlook for this in coming quarters?

Jayesh Sanghrajka

So Vibhor, what we have said is, we are seeing positivity in Retail and CPG in the U.S. That is reflecting from the fact that the sales in the holiday season is better. The consumer sentiment is getting positive. So all of that is starting to reflect in the deal pipeline, etc. and the client’s behavior in terms of decision-making, etc. So we are seeing that positivity and in the next 1 or 2 quarters, it should start reflecting in terms of volume.

Vibhor Singhal

And the deal pipeline in the vertical also remains strong?

Jayesh Sanghrajka

Yes, deal pipeline overall has remained strong. If we look at, again, in this quarter also, we did sign a couple of Retail deals as well.

Vibhor Singhal

Got it, sir. Thank you so much for taking my question and wish you all the best.

Moderator

Thank you. Next question is from the line of Ashwin Mehta from Ambit Capital. Please go ahead.

Ashwin Mehta

Yes, hi. Thanks for the opportunity. Just wanted to check in terms of impact of the wage hikes, will it be a full impact next quarter? Or will it be staggered? And what is the margin impact that you see of wage hikes?

Jayesh Sanghrajka

So Ashwin, as we have said earlier, our comp roll-out is going to happen in two phases. First phase starting 1st January and the second phase will start from 1st April. The India wage increases would be, on an average, 6% to 8%. Of course, the higher performers would get much higher, etc., and the overseas would be low single digit. We have not really called out the margin impact on account of that. Most of the employees will get comp increase in Q4.

Ashwin Mehta

Okay. Thanks. And just one follow-up to an earlier question. So you indicated that the top 5 client decline was largely furlough led. So ideally, this should recover in the next quarter itself, right?

Jayesh Sanghrajka

Yes. I mean likely yes, Ashwin. We do not give the projections by the brackets of clients but furloughs should reverse for sure.

Ashwin Mehta

Okay. So the decline is much higher - because you had almost a 1% drag because of these top 5 clients. And in terms of our guidance, there is a decent enough decline built in. So essentially, the decline is much more. Is the understanding correct?

Jayesh Sanghrajka

So Ashwin, as I said earlier, it is going to be furloughs, it will be currency, plus it can also be factors like third party, if one of those clients had third party last quarter versus this quarter. So there could be those things. I am not seeing any sectoral behavior in those brackets, which is where the client is behaving differently.

Ashwin Mehta

Okay. Thanks Jayesh. Thanks for the clarification.

Moderator

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

Jamie Friedman

Hi. Good evening. Nice print. So Salil, how are you characterizing the linearity narrative now because I see you are taking up the headcount, which seems quite constructive? I was wondering the automation impact contemplation relative to linearity?

Salil Parekh

So on linearity, we see currently there is benefits coming as you stated from automation. There is also benefits that Jayesh was sharing earlier from pricing. But broadly speaking, at the scale we are operating at today, we still see benefits with the employee headcount increase.

So for us, that is a good signal on a net basis because it is showing that we are expanding the work that we are doing overall. In the medium, long term, there are different views that could develop. But right now, we are positive with the employee growth and we do see the pluses and the minuses with some of those elements you referenced internally.

Jamie Friedman

Thank you. And a separate question with regard to the net new number, which was quite robust. Does the net new reflect either the similar like vertical operating group or service lines as the current base of business? Or is there something that is like net-net new going on in the new bookings?

Salil Parekh

So we are also positive on the net new. It demonstrates an expansion of what we are doing typically with existing or new clients. We do not, sort of detail out the specific service line but at a macro level, sufficient to say that we see very good traction on areas like cloud. We see good traction in a small way on what we were discussing earlier on Generative AI.

We are seeing good traction on areas like SAP S/4HANA. We are seeing good traction as Jayesh shared earlier on broadly cost takeout. So these are not, let us say, all net-net new Generative AI is, but it is a mix of these things without sort of getting into the specifics on the 63%.

Jamie Friedman

Perfect. Thank you. I will join back in the queue.

Moderator

Thank you. Next question is from the line of Sandeep Shah from Equirus Securities. Please go ahead.

Sandeep Shah

Yes. Thanks for the opportunity. Salil, just the first question. When we entered FY'25, we had a lot of support of the megadeal, large deals which have ramped up in the first 9 months of FY'25. With those largely into the ramp-up stage and might go on into steady state, do you believe FY'26 we may have to worry? Or do you believe FY'26, as some of the industry peers are calling out, better than FY'25? So, do you believe that for the industry FY'26 could be better than FY'25?

Salil Parekh

So there as I think you know, we do not have a comment externally on the next financial year. What we are very clear is with this better view on Financial Services. So the first was U.S., now Financial Services Europe, the better view on Retail and consumer products, U.S, we are starting to see some positivity on the discretionary. With a net new of 60% looking good, we will see where that brings us into the next cycle. And overall, going in with an increased guidance, we feel confident going into Q4.

We also see the deal pipeline for large deals looking more robust than it was at this time last quarter. So overall we see our execution of what we are driving and the traction that the clients are giving us is incredible. That is what we have to say because we stop in terms of specific guidance at March 31. But generally speaking, what we are seeing underlying seems to be positive.

Sandeep Shah

Okay. Just other questions. Any color in terms of deal pipeline below $50 mn which has grown 10% QoQ in the 2Q? Any update on the same? Second, in terms of margin, Jayesh, do you believe the likely reversal in the third party would be enough to offset the wage hike impact in the third quarter?

And also in terms of the recruitment which we have done in this quarter, can you throw color, is it more fresher driven or is it more lateral driven?

Jayesh Sanghrajka

Sorry, Sandeep, what was your first question?

Sandeep Shah

Small deal pipeline?

Jayesh Sanghrajka

Yes, small deal pipeline. The small deal pipeline remained stable as compared to last quarter. As Salil said, our large deal pipeline has grown. So our overall pipeline, therefore, has become stronger. So that is the point number one. Point number two, we will have headwinds in terms of compensation. We will have tailwinds coming if the third-party cost is coming down and some bit of currency depending on how the currency plays out. But at this point in time, where we are, there could be some benefits from there. So that is broadly the puts and takes. We do not really quantify each of them as we get into this quarter. So I would not get there.

Sandeep Shah

And the last question on recruitment?

Jayesh Sanghrajka

So I think recruitment is a combination of both freshers and laterals. Again, we have not broken up this number. But for the year, we will hire 15,000 plus freshers in line with our original commentary. And for the next year we are expecting 20,000 plus.

Sandeep Shah

Okay. Thanks and all the best.

Moderator

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

Sumeet Jain

Hi, thanks for the opportunity. If I recall correctly, last quarter you mentioned that sub-$20 mn (editor comment- reference is to sub-$50 mn deals) deals had a very strong pipeline. So can you just comment, did you actually see the positive impact of that in 3Q? And how does that deal pipeline look like at this stage?

Jayesh Sanghrajka

So, Sumeet, what we said was the sub-$50 mn deals which had grown by double digits. We have not really called it out how much of that is converted, how much of that is not. And in any case, whatever we convert in this quarter will start showing up results in Q4 onwards. So that is how it runs out.

The idea of giving that data point last quarter was we saw a significant change there, which we thought it was important to share it with investors. But we are not breaking that up further as to how much of that got converted or not. At this point in time, we still continue to see that as stable. The large deal pipeline has become stronger.

Sumeet Jain

All right. Got it. That is helpful. And secondly in terms of -- sorry, actually I forgot my second question. Maybe I will come back in the queue.

Moderator

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

Keith Bachman

Hi, thank you very much. My question is on cost to serve your clients. And what I mean by that is, how is AI changing your cost to serve today? And I am not talking about AI deals. I am talking about the broader or questioning the broader portfolio. And how do you envision that changing, say, a year from now?

Salil Parekh

So, there in terms of AI and our cost to serve, what we are seeing, some of these elements we have discussed in the past at the level of what our activity is. We see applying, for example, some of the small language models and large language models within the company for areas like software development.

And we have seen some benefits accrue from that. Now the place where this becomes the most relevant is when we have clients where there is a large common sort of foundation of approach, a common foundation of data infrastructure or, for example, where we have our own business of Finacle where we have started to apply these.

We are now rolling this out where we see common elements across our own internal business. And those are benefits that will support us and it will be one of the levers that will help us over time on our margin activity and is part of our program. We do not have an external quantification but that is something, that is one of the elements of the approach we are driving through internally.

And as time goes on, you need some large common element, common data set to make impact on that area, on area of customer service and other areas where Gen AI can be applied within Infosys.

Keith Bachman

Okay. Let me ask my follow-up related to that. You called out SAP as being a strong area for you. And I think it is candidly strong for a number of different vendors or suppliers. Presumably, Gen AI will help with deployments over time because there is a notion of software development as the SAP ECC customers migrate to the cloud.

And so as that develops into more robust capabilities for Infosys, how does that change your pricing to the customers, say, a year from now for deployment of SAP work? Because if you are getting a benefit, presumably as the customers will want to share in that benefit. So how do you think, is it a source of deflation for you? Or how do you think that unfolds, particularly from the software development side?

Salil Parekh

So I think if I understood what you are asking, this is on SAP software development when we are doing it for our clients. In that instance, today, the demand, as we were sharing earlier on S/4HANA or even on RISE, which is the cloud migration piece, is strong in the SAP area. Now that work is more implementation or migration. So it is not typically software development.

Having said that, some elements of the agents that we discussed before, especially in the finance process, which is where we are seeing the biggest impact today, in like invoicing and other finance activities, we will see some impact and benefit.

However, stepping back all of that, let us say, benefit will eventually, at least from past experience is almost always shared with the client in some way. So I do not see that approach of sharing will change and which to us means we will get some benefit and the client will get some benefit.

Keith Bachman

Okay, I will cede the floor. Thank you.

Moderator

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

Sumeet Jain

Yes hi. Thanks for the opportunity again. My second question is actually around the Retail vertical growth sustainability. I think last entire year, we mentioned that because of high interest rates and inflationary environment in the U.S., this vertical had a pretty subdued growth. So we saw a pretty strong sequential growth here. How do you see the sustainability of growth in CY'25? And post the U.S. election outcome, do you see any client sentiment changing particularly in this vertical?

Jayesh Sanghrajka

So Sumeet, the Q3 growth in Retail was also helped by some of the third-party deals that we talked about earlier. But as I said, and Salil said as well, the Retail and CPG in the U.S., we are seeing a revival in terms of growth on the back of the strong holiday season sales as well as the consumer sentiment changing. At this point in time, we are seeing revival and interest from clients in terms of spending, which should ideally reflect into growth in the next few quarters.

Sumeet Jain

Right. And secondly, in terms of the Gen AI rollout, are you seeing any specific verticals where the impact is slightly higher in terms of volume gains or increase in pricing?

Salil Parekh

So Generative AI today is in discussion across almost every industry, most clients. So some of the examples that we were discussing earlier like in a technology company, we are doing a lot of work in the telco area. And of course, in Financial Services, where we discussed overall segment and the Retail point we discussed.

But Generative AI discussions are more broad-based. A lot of clients are quite actively looking at doing something. Most clients have some internal and then, with us, some external activity going on there.

Sumeet Jain

Got it. That is helpful, Salil. And lastly, I just want to understand the 3.6% YoY increase in pricing you mentioned in the first 9 months. What has been the primary factor behind that very strong increase in pricing?

Jayesh Sanghrajka

So Sumeet, this is Jayesh here. This is the program that we have been running on margin expansion, and there is one dedicated pillar, which is value-based selling, and there are multiple tracks beneath that. I think many of those tracks have started yielding results, whether it is change request, whether it is differential pricing, etc.

And all of that has yielded results in multiple ways. Of course, even the lean automation is also reflected in pricing eventually, right? Because we are able to deliver the same output with lesser people, it will reflect in pricing. So all of that would show up in pricing.

Sumeet Jain

Alright, that is helpful. So that is all I had. Thanks for the opportunity again and all the best.

Moderator

Thank you. Next question is from the line of Abhinav Ganeshan from SBI Pension Funds. Please go ahead.

Abhinav Ganeshan

Hello. Thank you for the opportunity and congratulations on the great set of numbers. I just wanted some more clarity on this third-party software packages which have risen to around 9.5% of revenue for the current quarter. I think in your comments, you alluded to Retail vertical taking up some of that. If you can give some more color, are there any more verticals you would like to call out and also geographies?

Jayesh Sanghrajka

So Abhinav, we do not really split this by geographies and verticals. There was one specific question that Sumeet asked and I was responding to that question. But we cannot really break this by geography or verticals.

Abhinav Ganeshan

Okay. Sorry to just follow up on this, but I just wanted to understand, if you can give a broader color? Now in the recent last 2 years, if you look at it, our cost takeout deals have gone up compared to the discretionary spend. Now discretionary spends are returning. So this number has trended up from around 6% to 9.5%. So once discretionary comes back, do you feel that this will kind of stabilize and maybe then trend down later, if you can comment on that?

Jayesh Sanghrajka

So Abhinav, as I said earlier in the call as well, this is going to be dependent on many of the large deals that we sign and what are the contours of those large deals. If the large deals is a deal where we are taking over people, process, technology and providing an end-to-end solution to the client, it will come with some of these third-party costs like hardware, software, etc.

And that will automatically show up on our books as cost. But, then we are providing an integrated solution to our clients, which is much more secure in the long term. So that is how it is. It is going to depend on, in the future, what part of the deals or the larger deals come through as a lock, stock, and barrel kind of a program that we are taking over everything from the client.

Abhinav Ganeshan

Got it, sir. I appreciate the same. One last question from my side. Now your utilization has reached around 86%, so just wanted to understand, what would be your comfort zone for the coming quarter and the coming year and how would we get there? If you can give some color? Thanks.

Jayesh Sanghrajka

Yes, as I said earlier as well, our utilization comfort level is 83% to 85%. This quarter we are tad above that. But yes, what would be more comfortable in a growth environment would be 83%- 85%.

Abhinav Ganeshan

I appreciate the color. That is all from my side. Thank you and all the best.

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.

Salil Parekh

Thank you. This is Salil. So first, thank you, everyone, for joining in. I just wanted to share a couple of observations.

Very strong growth in this quarter, especially Financial Services-U.S. Financial Services-Europe now started to see traction in discretionary. Retail, consumer products - U.S., all of those are good signs for us. Extremely strong cash generation, good large deals with very good net new, continued deep sort of capability building and traction on Generative AI with our clients.

And with that, an increase in our growth guidance, third in 3 quarters. So we continue to see, as the environment starts to be more supportive in FS, Retail, the execution that we are driving within Infosys resonating with our clients and we continue to see that traction with the increase in the guidance for the third consecutive quarter.

Thank you, everyone, and catch up with you at the next quarterly call.

Moderator

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

Exhibit99.6

Form of Release to Stock Exchanges

INDEPENDENTAuditor’s Report ON AUDIT OF CONSOLIDATED FINANCIALRESULTS

To The 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 and nine months ended December 31, 2024 (the “Statement”), being submitted by the Parent 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 the results<br>of the subsidiaries as given in the Annexure to this report;
(ii)	is presented in<br>accordance with the requirements of the Listing Regulations; and
---	---
(iii)	gives a true and<br>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”)<br>read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit<br>and consolidated total comprehensive income and other financial information of the Group for the quarter and nine months ended December<br>31, 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 for the quarter and nine months ended December 31, 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 for the Statement

The Statement, which includes the 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 for the three months and nine months ended December 31, 2024. This responsibility includes the preparation and presentation of the Statement 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 Board of Directors of the companies included in the Group are responsible for maintenance of 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 this Statement by the Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies 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 Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for audit of theConsolidated Financial Results for the quarter and nine months ended December 31, 2024

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter and nine months ended December 31, 2024, 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 skepticism throughout the audit. We also:

•	Identify and assess<br>the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to<br>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<br>of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for<br>the 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<br>appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained,<br>whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to<br>continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s<br>report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are<br>based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the<br>Group to cease to continue as a going concern.
---	---
•	Evaluate the overall<br>presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions<br>and events in a manner that achieves fair presentation.
---	---
•	Perform procedures<br>in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
---	---
•	Obtain sufficient<br>appropriate audit evidence regarding the Financial Information of the entities within the Group to express an opinion on the Statement.<br>We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in<br>the Statement of which we are the independent auditors.
---	---

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement 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 Statement.

We communicate with those charged with governance of the Company and such other entities included in the Statement 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<br> No. 060408)
Date: January 16, 2025	UDIN:<br> 25060408BMOCIC6405

Annexureto Auditor’s Report

List of Entities:

1.	Infosys Technologies<br>(China) Co. Limited
2.	Infosys Technologies<br>S. de R. L. de C. V.
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3.	Infosys Technologies<br>(Sweden) AB
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4.	Infosys Technologies<br>(Shanghai) Company Limited
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5.	Infosys Nova Holdings<br>LLC.
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6.	EdgeVerve Systems<br>Limited
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7.	Infosys Austria<br>GmbH
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8.	Skava Systems Private<br>Limited (liquidated effective November 14, 2024)
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9.	Infosys Chile SpA
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10.	Infosys Arabia Limited<br>(under liquidation)
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11.	Infosys Consulting<br>Ltda.
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12.	Infosys Luxembourg<br>S.a.r.l
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13.	Infosys Americas<br>Inc. (liquidated effective July 14, 2023)
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14.	Infosys Public Services,<br>Inc. USA
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15.	Infosys BPM Limited
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16.	Infosys (Czech Republic)<br>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 Consulting<br>AG
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24.	Infosys Consulting<br>GmbH
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25.	Infosys Consulting<br>S.R.L (Romania) (Renamed as Infosys Romania SRL)
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26.	Infosys Consulting<br>SAS
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27.	Infy Consulting<br>Company Ltd.
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28.	Infy Consulting<br>B.V.
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29.	Infosys Consulting<br>S.R.L (Argentina)
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30.	Infosys Consulting<br>(Belgium) NV
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31.	Panaya 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 Basics<br>Holdings Limited (under liquidation)
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35.	Brilliant<br>Basics Limited (under liquidation)
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36.	Infosys Singapore<br>Pte. Ltd.
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37.	Infosys Middle East<br>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,<br>merged into Infosys Nova Holdings LLC with effect from January 01, 2025
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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)
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53.	Outbox<br>systems Inc. dba Simplus (US), merged into Infosys Nova Holdings LLC with effect from January 01, 2025
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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., merged into Infosys Nova Holdings LLC with effect from January 01, 2025
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62.	Kaleidoscope<br>Animations, Inc., merged into Infosys Nova Holdings LLC with effect from January 01, 2025
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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
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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)<br>SDN. BHD.
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78.	oddity space GmbH,<br>merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023
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79.	oddity jungle GmbH<br>merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023
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80.	oddity waves GmbH<br>merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023
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81.	oddity group Services<br>GmbH merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023
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82.	oddity code GmbH<br>merged into 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)
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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
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90.	BASE life science GmbH
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91.	BASE life science Ltd.
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92.	BASE life science S.A.S
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93.	BASE life science S.r.l.
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94.	Innovisor Inc.
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95.	BASE life science Inc.
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96.	BASE life science S.L.
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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
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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)
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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
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103.	Infosys Services (Thailand) Limited,<br>a Wholly-owned subsidiary of Infosys Limited was incorporated on July 26, 2024.
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104.	Infy tech SAS, a Wholly-owned<br>subsidiary of Infosys Singapore Pte Limited was incorporated on July 03, 2024.
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105.	in-tech Holding GmbH (acquired<br>by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limtied) on<br>July 17, 2024
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106.	in-tech GmbH (Subsidiary of in-tech<br>Holding GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary<br>of Infosys Limited) on July 17, 2024)
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107.	in-tech Automotive Engineering<br>SL (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly<br>owned subsidiary of Infosys Limited) on July 17, 2024)
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108.	ProIT (Subsidiary of in-tech<br>GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys<br>Limited) on July 17, 2024)
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109.	in-tech Automotive Engineering<br>de R.L. de C.V (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited<br>(a wholly owned subsidiary of Infosys Limited) on July 17, 2024) (under liquidation)
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110.	drivetech Fahrversuch GmbH (Subsidiary<br>of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary<br>of Infosys Limited) on July 17, 2024)
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111.	Friedrich Wagner Holding Inc<br>(Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly<br>owned subsidiary of Infosys Limited) on July 17, 2024) (under liquidation)
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112.	in-tech Automotive Engineering<br>LLC (Subsidiary of Friedrich Wagner Holding Inc) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte.<br>Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024) (liquidated effective November 30, 2024)
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113.	in-tech Services LLC (Subsidiary<br>of Friedrich Wagner Holding Inc) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly<br>owned subsidiary of Infosys Limited) on July 17, 2024) (liquidated effective November 30, 2024)
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114.	Friedrich & Wagner Asia Pacific<br>GmbH (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly<br>owned subsidiary of Infosys Limited) on July 17, 2024)
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115.	in-tech engineering s.r.o (Subsidiary<br>of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited<br>(a wholly owned subsidiary of Infosys Limited) on July 17, 2024)
---	---
116.	in-tech engineering GmbH (Subsidiary<br>of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited<br>(a wholly owned subsidiary of Infosys Limited) on July 17, 2024)
---	---
117.	in-tech engineering services<br>S.R.L (Subsidiary of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys<br>Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)
---	---
118.	in-tech Group Ltd (Subsidiary<br>of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited<br>(a wholly owned subsidiary of Infosys Limited) on July 17, 2024)
---	---
119.	in-tech Group India Private Limited<br>(Subsidiary of in-tech Group Ltd) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly<br>owned subsidiary of Infosys Limited) on July 17, 2024)
---	---
120.	In-tech Automotive Engineering<br>Shenyang Co. (Subsidiary of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of<br>Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)
---	---
121.	In-tech Automotive Engineering<br>Bejing Co., Ltd (Subsidiary of In-tech Automotive Engineering Shenyang Co.) (acquired by Infosys Germany GmbH, a wholly owned subsidiary<br>of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)
---	---
122.	Infosys Employees Welfare Trust
---	---
123.	Infosys Employee Benefits Trust
---	---
124.	Infosys Science Foundation
---	---
125.	Infosys Expanded Stock Ownership<br>Trust
---	---
126.	Blitz 24-893 SE, Germany acquired<br>by Infosys Singapore Pte Ltd on October 17, 2024
---	---

INDEPENDENT Auditor’s Report****ON AUDIT OF STANDALONE FINANCIAL RESULTS

To TheBoard of Directors of INFOSYS Limited

Opinion

We have audited the accompanying statement of Standalone Financial Results of INFOSYS LIMITED (the “Company”) for the quarter and nine months ended December 31, 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)	is presented in<br>accordance with the requirements of the Listing Regulations; and
(ii)	gives a true and<br>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”)<br>read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and total comprehensive<br>income and other financial information of the Company for the quarter and nine months ended December 31, 2024.
---	---

(i)

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

(ii)

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 and nine months ended December 31, 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 and nine months ended December 31, 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 for the Statement

The 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 for the three months and nine months ended December 31, 2024. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and nine months ended December 31, 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 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. 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 Statements that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are 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 are also responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for audit of theStandalone Financial Results for the quarter and nine months ended December 31, 2024

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 skepticism throughout the audit. We also:

•	Identify and assess<br>the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to<br>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<br>of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for<br>the purpose of expressing an opinion on the effectiveness of such controls.
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•	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<br>appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained,<br>whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to<br>continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s<br>report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are<br>based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the<br>Company to cease to continue as a going concern.
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•	Evaluate the overall<br>presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions<br>and events in a manner that achieves fair presentation.
---	---
•	Obtain sufficient<br>appropriate audit evidence regarding the Statement to express an opinion on the Statement.
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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><br><br> <br>
	Vikas Bagaria
	Partner
Place: Bengaluru	(Membership<br> No. 060408)
Date: January 16, 2025	UDIN:<br> 25060408BMOCIE3647

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>Telephone: 91 80 2852 0261, <br><br>Fax: 91<br> 80 2852 0362

Statement of Consolidated Audited Results of Infosys Limited and itssubsidiaries for the quarter and nine months ended December 31, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine monthsendedDecember 31,		Year endedMarch 31,
	2024	2024	2023	2024	2023	2024
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	41,764	40,986	38,821	122,064	115,748	153,670
Other income, net	859	712	789	2,410	1,982	4,711
Total Income	42,623	41,698	39,610	124,474	117,730	158,381
Expenses
Employee benefit expenses	21,436	21,564	20,651	63,934	62,228	82,620
Cost of technical sub-contractors	3,302	3,190	3,066	9,661	9,264	12,232
Travel expenses	439	458	387	1,375	1,288	1,759
Cost of software packages and others	4,607	3,949	3,722	12,012	9,828	13,515
Communication expenses	157	169	169	473	531	677
Consultancy and professional charges	459	451	504	1,354	1,237	1,726
Depreciation and amortization expenses	1,203	1,160	1,176	3,512	3,515	4,678
Finance cost	101	108	131	314	360	470
Other expenses	1,249	1,396	1,185	3,894	3,731	4,716
Total expenses	32,953	32,445	30,991	96,529	91,982	122,393
Profit before tax	9,670	9,253	8,619	27,945	25,748	35,988
Tax expense:
Current tax	3,202	3,146	2,419	9,346	7,216	8,390
Deferred tax	(354)	(409)	87	(1,113)	258	1,350
Profit for the period	6,822	6,516	6,113	19,712	18,274	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	(45)	78	71	53	94	120
Equity instruments through other comprehensive income, net	(15)	(9)	(9)	(10)	31	19
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	56	(21)	(46)	32	(17)	11
Exchange differences on translation of foreign operations	(483)	560	436	(27)	457	226
Fair value changes on investments, net	10	86	52	136	107	144
Total other comprehensive income/(loss), net of tax	(477)	694	504	184	672	520
Total comprehensive income for the period	6,345	7,210	6,617	19,896	18,946	26,768
Profit attributable to:
Owners of the company	6,806	6,506	6,106	19,680	18,264	26,233
Non-controlling interests	16	10	7	32	10	15
	6,822	6,516	6,113	19,712	18,274	26,248
Total comprehensive income attributable to:
Owners of the company	6,336	7,190	6,605	19,863	18,934	26,754
Non-controlling interests	9	20	12	33	12	14
	6,345	7,210	6,617	19,896	18,946	26,768
Paid up share capital (par value 5/- each, fully paid)	2,072	2,072	2,070	2,072	2,070	2,071
Other equity *^#^	86,045	86,045	73,338	86,045	73,338	86,045
Earnings per equity share (par value 5/- each)**
Basic (in per share)	16.43	15.71	14.76	47.52	44.13	63.39
Diluted (in per share)	16.39	15.68	14.74	47.40	44.08	63.29
*	Balances for the quarter and nine months ended December 31, 2024 and quarter ended September30, 2024 represent balances as per the audited Balance Sheet as at March 31, 2024 and balancesfor the quarter and nine months ended December 31, 2023 represent balances as per the audited Balance Sheet as at March 31, 2023 as requiredby SEBI (Listing and Other Disclosure Requirements) Regulations, 2015
---	---
**	EPS is not annualized for the quarter and nine months ended December 31, 2024, quarterended September 30, 2024 and quarter and nine months ended December 31, 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 and nine months ended December 31, 2024 have been taken on record by the Board of Directors at its meeting held on January 16, 2025. 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 stock grants

The Board, on January 16, 2025, 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 rupee 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, 2025 and the number of RSUs will be calculated based on the market price at the close of trading on a date immediately preceding the grant date. The exercise price of RSUs will be equal to the par value of the share.

2. Information on dividends for the quarter andnine months ended December 31, 2024

The Board of Directors (in the meeting held on October 17, 2024) declared an interim dividend of rupee 21/- per equity share. The record date for the payment was October 29, 2024 and the same was paid on November 8, 2024. The interim dividend declared in the previous year was rupee 18/- per equity share.

(in )

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine monthsendedDecember 31,		Year endedMarch 31,
	2024	2024	2023	2024	2023	2024
Dividend per share (par value 5/- each)
Interim dividend	–	21.00	–	21.00	18.00	18.00
Final dividend	–	–	–	–	–	20.00
Special dividend	–	–	–	–	–	8.00

3. Segment reporting (Consolidated - Audited)

(in crore)

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine monthsendedDecember 31,		Year endedMarch 31,
	2024	2024	2023	2024	2023	2024
Revenue by business segment
Financial Services ^(1)^	11,589	11,156	10,783	33,561	32,149	42,158
Retail ^(2)^	5,746	5,446	5,649	16,619	17,075	22,504
Communication ^(3)^	4,688	4,879	4,421	14,311	13,325	17,991
Energy, Utilities, Resources and Services	5,635	5,546	5,121	16,402	14,966	20,035
Manufacturing	6,479	6,424	5,786	18,680	16,710	22,298
Hi-Tech	3,279	3,266	2,985	9,692	9,095	12,411
Life Sciences ^(4)^	3,195	3,004	2,954	9,065	8,753	11,515
All other segments ^(5)^	1,153	1,265	1,122	3,734	3,675	4,758
Total	41,764	40,986	38,821	122,064	115,748	153,670
Less: Inter-segment revenue	–	–	–	–	–	–
Net revenue from operations	41,764	40,986	38,821	122,064	115,748	153,670
Segment profit before tax, depreciation and non-controlling interests:
Financial Services ^(1)^	2,679	2,860	2,260	8,150	7,384	9,324
Retail ^(2)^	1,975	1,768	1,715	5,493	5,018	6,882
Communication ^(3)^	818	892	860	2,506	2,879	3,688
Energy, Utilities, Resources and Services	1,528	1,435	1,450	4,520	4,091	5,523
Manufacturing	1,357	1,297	1,110	3,661	3,116	4,197
Hi-Tech	816	794	758	2,424	2,349	3,153
Life Sciences ^(4)^	819	614	766	2,045	2,266	2,898
All other segments ^(5)^	123	149	218	562	538	760
Total	10,115	9,809	9,137	29,361	27,641	36,425
Less: Other Unallocable expenditure	1,203	1,160	1,176	3,512	3,515	4,678
Add: Unallocable other income	859	712	789	2,410	1,982	4,711
Less: Finance cost	101	108	131	314	360	470
Profit before tax and non-controlling interests	9,670	9,253	8,619	27,945	25,748	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	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine monthsended December 31,		Year endedMarch 31,
	2024	2024	2023	2024	2023	2024
Revenue from operations	34,915	34,257	32,491	102,455	96,932	128,933
Profit before tax	8,844	9,407	8,876	26,379	25,539	35,953
Profit for the period	6,358	6,813	6,552	18,939	18,754	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
January 16, 2025	Chief Executive Officer and Managing Director

The Board has also taken on record the condensedconsolidated results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2024, prepared as perInternational Financial 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,
	2024	2024	2023	2024	2023	2024
	Audited	Audited	Audited	Audited	Audited	Audited
Revenues	4,939	4,894	4,663	14,547	13,997	18,562
Cost of sales	3,444	3,400	3,274	10,103	9,755	12,975
Gross profit	1,495	1,494	1,389	4,444	4,242	5,587
Operating expenses	442	461	433	1,364	1,325	1,753
Operating profit	1,053	1,033	956	3,080	2,917	3,834
Other income, net	102	85	95	287	239	568
Finance cost	12	13	16	38	43	56
Profit before income taxes	1,143	1,105	1,035	3,329	3,113	4,346
Income tax expense	337	327	301	981	904	1,177
Net profit	806	778	734	2,348	2,209	3,169
Earnings per equity share *
Basic (in $ per share)	0.19	0.19	0.18	0.57	0.53	0.77
Diluted (in $ per share)	0.19	0.19	0.18	0.56	0.53	0.76
Total assets	16,291	16,928	15,606	16,291	15,606	16,523
Cash and cash equivalents and current investments	3,596	3,488	2,598	3,596	2,598	3,321
*	EPS is not annualized for the quarter and nine months ended December 31, 2024, quarterended September 30, 2024 and quarter and nine months ended December 31, 2023.
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Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident and the related 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 amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of pending litigation. 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.

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>Telephone: 91 80 2852 0261, <br><br>Fax: 91<br> 80 2852 0362

Statement of Audited Results of Infosys Limitedfor the quarter and nine months ended December 31, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity sharedata)

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine months ended December 31,		Year endedMarch 31,
	2024	2024	2023	2024	2023	2024
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	34,915	34,257	32,491	102,455	96,932	128,933
Other income, net	1,001	1,737	1,582	3,459	3,934	7,417
Total income	35,916	35,994	34,073	105,914	100,866	136,350
Expenses
Employee benefit expenses	16,849	16,864	16,304	50,208	49,092	65,139
Cost of technical sub-contractors	4,829	4,751	4,670	14,412	13,991	18,638
Travel expenses	329	354	296	1,054	1,001	1,372
Cost of software packages and others	2,977	2,380	1,811	7,474	4,793	6,891
Communication expenses	115	125	119	344	379	489
Consultancy and professional charges	322	299	282	887	772	1,059
Depreciation and amortization expense	661	670	738	2,029	2,222	2,944
Finance cost	50	61	82	170	215	277
Other expenses	940	1,083	895	2,957	2,862	3,588
Total expenses	27,072	26,587	25,197	79,535	75,327	100,397
Profit before tax	8,844	9,407	8,876	26,379	25,539	35,953
Tax expense:
Current tax	2,785	2,956	2,231	8,428	6,476	7,306
Deferred tax	(299)	(362)	93	(988)	309	1,413
Profit for the period	6,358	6,813	6,552	18,939	18,754	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	(37)	81	73	63	92	128
Equity instruments through other comprehensive income, net	(16)	(9)	(9)	(11)	31	19
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	57	(21)	(46)	33	(17)	11
Fair value changes on investments, net	9	83	49	128	95	129
Total other comprehensive income/ (loss), net of tax	13	134	67	213	201	287
Total comprehensive income for the period	6,371	6,947	6,619	19,152	18,955	27,521
Paid-up share capital (par value 5/- each fully paid)	2,076	2,076	2,075	2,076	2,075	2,075
Other Equity*	79,101	79,101	65,671	79,101	65,671	79,101
Earnings per equity share (par value 5 /- each)**
Basic (in per share)	15.31	16.41	15.79	45.62	45.19	65.62
Diluted (in per share)	15.29	16.38	15.78	45.53	45.15	65.56
*	Balances for the quarter and nine months ended December 31, 2024 and quarter ended September30, 2024 represent balances as per the audited Balance Sheet as at March 31, 2024 and balances for the quarter and nine months endedDecember 31, 2023 represent balances as per the audited Balance Sheet as at March 31, 2023 as required by SEBI (Listing and Other DisclosureRequirements) Regulations, 2015.
---	---
**	EPS is not annualized for the quarter and nine months ended December 31, 2024, quarterended September 30, 2024 and quarter and nine months ended December 31, 2023.
---	---

1. Notes pertaining to the current quarter

a) The audited interim condensed standalone financial statements for the quarter and nine months ended December 31, 2024 have been taken on record by the Board of Directors at its meeting held on January 16, 2025. 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 stock grants

2. Information on dividends for the quarter andnine months ended December 31, 2024

(in )

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine months ended December 31,		Year endedMarch 31,
	2024	2024	2023	2024	2023	2024
Dividend per share (par value 5/- each)
Interim dividend	–	21.00	–	21.00	18.00	18.00
Final dividend	–	–	–	–	–	20.00
Special dividend	–	–	–	–	–	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 and nine months ended December 31, 2024.

	By order of the Board <br><br>for Infosys Limited
Bengaluru, India	Salil Parekh
January 16, 2025	Chief Executive Officer and Managing Director
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>Telephone: 91 80 2852 0261, <br><br>Fax: 91<br> 80 2852 0362
---	---

Extract of Consolidated Audited Financial Resultsof Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2024 prepared in compliance with the IndianAccounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter endedDecember 31,	Nine monthsendedDecember 31,	Quarter endedDecember 31,
	2024	2024	2023
Revenue from operations	41,764	122,064	38,821
Profit before tax	9,670	27,945	8,619
Profit for the period	6,822	19,712	6,113
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax)	6,345	19,896	6,617
Profit attributable to:
Owners of the company	6,806	19,680	6,106
Non-controlling interests	16	32	7
	6,822	19,712	6,113
Total comprehensive income attributable to:
Owners of the company	6,336	19,863	6,605
Non-controlling interest	9	33	12
	6,345	19,896	6,617
Paid-up share capital (par value 5/- each fully paid)	2,072	2,072	2,070
Other equity *^#^	86,045	86,045	73,338
Earnings per share (par value 5/- each)**
Basic (in per share)	16.43	47.52	14.76
Diluted (in per share)	16.39	47.40	14.74
*	Balances for the quarter and nine months ended December 31, 2024 represent balances asper the audited Balance Sheet as at March 31, 2024 and balances for the quarter ended December 31, 2023 represent balances as per theaudited Balance Sheet as at March 31, 2023 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015.
---	---
**	EPS is not annualized for the quarter and nine months ended December 31, 2024 and quarterended December 31, 2023
---	---
^#^	Excludes non-controlling interest
---	---

1. Notes pertaining to the current quarter

b) Update on stock grants

2. Information on dividends for the quarter andnine months ended December 31, 2024

(in )

Particulars	Quarter ended December 31,	Nine months ended December 31,	Quarter ended December 31,
	2024	2024	2023
Dividend per share (par value 5/- each)
Interim dividend	–	21.00	–

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

(in crore)

Particulars	Quarter endedDecember 31,	Nine monthsendedDecember 31,	Quarter endedDecember 31,
	2024	2024	2023
Revenue from operations	34,915	102,455	32,491
Profit before tax	8,844	26,379	8,876
Profit for the period	6,358	18,939	6,552

The above is an extract of the detailed formatof Quarterly 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 (URL:www.infosys.com/investors). The same can be accessed by scanning the QR codeprovided below.

	By order of the Board <br><br>for Infosys Limited
Bengaluru, India	Salil Parekh
January 16, 2025	Chief Executive Officer and Managing Director

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident and the related 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 amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of pending litigation. 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.

Exhibit 99.7

IFRS USD Earning Release

INDEPENDENT AUDITOR’S REPORT TO THE BOARD OF DIRECTORSOF 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 December 31, 2024, the Condensed Consolidated Statement of Comprehensive Income for the three months and nine months ended on that date, the Condensed Consolidated Statement of Changes in Equity and the Condensed Consolidated Statement of Cash Flows for the nine 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 December 31, 2024, its consolidated profit and its consolidated total comprehensive income for the three months and nine months ended on that date, its consolidated changes in equity and its consolidated cash flows for the nine 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 ThoseCharged with 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 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 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 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<br>of material misstatement of the Interim Condensed Consolidated Financial Statements, 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 controls 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 effectiveness of such controls.
---	---
·	Evaluate the appropriateness<br>of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
---	---
·	Conclude on the appropriateness<br>of management’s 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 Interim Condensed Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions<br>are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause<br>the Group to cease to continue as a going concern.
---	---
·	Evaluate the overall presentation,<br>structure and content of the Interim Condensed Consolidated Financial Statements, including the disclosures, and whether the Interim Condensed<br>Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
---	---
·	Obtain sufficient appropriate<br>audit evidence regarding the financial information of the entities within the Group to express an opinion on the Interim Condensed Consolidated<br>Financial Statements. We are responsible for the direction, supervision and performance of the audit of financial statements of such entities<br>included in the Interim Condensed Consolidated Financial Statements 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: January 16, 2025	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: 25060408BMOCIH9606

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS)in US Dollars for the three months and nine months ended December31, 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 Investments
2.3 Financial instruments
2.4 Prepayments and other assets
2.5 Other liabilities
2.6 Provisions and other contingencies
2.7 Property, plant and equipment
2.8 Leases
2.9 Goodwill and Intangible assets
2.10 Business combinations
2.11 Employees' Stock Option Plans (ESOP)
2.12 Income Taxes
2.13 Basic and diluted shares used in computing earnings per equity share
2.14 Related party transactions
2.15 Segment reporting
2.16 Revenue from Operations
2.17 Unbilled Revenue
2.18 Equity
2.19 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	December 31, 2024	March 31, 2024
ASSETS
Current assets
Cash and cash equivalents	2.1	2,663	1,773
Current investments	2.2	933	1,548
Trade receivables		3,896	3,620
Unbilled revenue	2.17	1,318	1,531
Prepayments and other current assets	2.4	1,397	1,473
Income tax assets	2.12	3	767
Derivative financial instruments	2.3	28	10
Total current assets		10,238	10,722
Non-current assets
Property, plant and equipment	2.7	1,442	1,537
Right-of-use assets	2.8	741	786
Goodwill	2.9	1,160	875
Intangible assets		348	167
Non-current investments	2.2	1,105	1,404
Unbilled revenue	2.17	301	213
Deferred income tax assets	2.12	92	55
Income tax assets	2.12	453	365
Other non-current assets	2.4	411	399
Total Non-current assets		6,053	5,801
Total assets		16,291	16,523
LIABILITIES AND EQUITY
Current liabilities
Trade payables		429	474
Lease liabilities	2.8	293	235
Derivative financial instruments	2.3	20	4
Current income tax liabilities	2.12	525	430
Unearned revenue		988	880
Employee benefit obligations		336	314
Provisions	2.6	174	215
Other current liabilities	2.5	2,038	2,099
Total current liabilities		4,803	4,651
Non-current liabilities
Lease liabilities	2.8	667	767
Deferred income tax liabilities	2.12	181	216
Employee benefit obligations		11	11
Other non-current liabilities	2.5	273	273
Total Non-current liabilities		1,132	1,267
Total liabilities		5,935	5,918
Equity
Share capital - 5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,142,082,081 (4,139,950,635) equity shares fully paid up, net of 10,187,113 (10,916,829) treasury shares as at December 31, 2024 (March 31, 2024)	2.18	325	325
Share premium		495	425
Retained earnings		12,873	12,557
Cash flow hedge reserves		5	1
Other reserves		1,230	1,623
Capital redemption reserve		24	24
Other components of equity		(4,645)	(4,396)
Total equity attributable to equity holders of the Company		10,307	10,559
Non-controlling interests		49	46
Total equity		10,356	10,605
Total liabilities and equity		16,291	16,523

The accompanying notes form an integral part of the interim condensedconsolidated 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<br>	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>January 16, 2025

(Dollars in millions except equity share and per equityshare data)

Condensed Consolidated Statement of Comprehensive Income for the	Three months ended		Nine months ended
	December 31, 2024	December 31, 2023	December 31, 2024	December 31, 2023
Revenues	4,939	4,663	14,547	13,997
Cost of sales	3,444	3,274	10,103	9,755
Gross profit	1,495	1,389	4,444	4,242
Operating expenses
Selling and marketing expenses	218	204	671	633
Administrative expenses	224	229	693	692
Total operating expenses	442	433	1,364	1,325
Operating profit	1,053	956	3,080	2,917
Other income, net	102	95	287	239
Finance cost	12	16	38	43
Profit before income taxes	1,143	1,035	3,329	3,113
Income tax expense	337	301	981	904
Net profit	806	734	2,348	2,209
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	(6)	8	6	11
Equity instruments through other comprehensive income, net	(2)	(1)	(1)	4
	(8)	7	5	15
Items that will be reclassified subsequently to profit or loss
Fair value changes on investments, net	1	7	16	13
Fair value changes on derivatives designated as cash flow hedge, net	7	(6)	4	(2)
Exchange differences on translation of foreign operations	(276)	34	(270)	(63)
	(268)	35	(250)	(52)
Total other comprehensive income/(loss), net of tax	(276)	42	(245)	(37)
Total comprehensive income	530	776	2,103	2,172
Profit attributable to:
Owners of the Company	804	733	2,345	2,208
Non-controlling interests	2	1	3	1
	806	734	2,348	2,209
Total comprehensive income attributable to:
Owners of the Company	530	775	2,100	2,171
Non-controlling interests	–	1	3	1
	530	776	2,103	2,172
Earnings per equity share
Basic ()	0.19	0.18	0.57	0.53
Diluted ()	0.19	0.18	0.56	0.53
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	4,141,941,436	4,138,963,794	4,141,344,081	4,138,282,170
Diluted (in shares)	4,151,534,784	4,143,565,697	4,151,568,329	4,143,506,821

All values are in US Dollars.

The accompanying notes form an integral part of the interim condensedconsolidated 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<br>	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>January 16, 2025

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 nine months ended December 31, 2023
Net profit	–	–	–	2,208	–	–	–	–	2,208	1	2,209
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	11	11	–	11
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	4	4	–	4
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	(2)	–	(2)	–	(2)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	(63)	(63)	–	(63)
Fair value changes on investments, net*	–	–	–	–	–	–	–	13	13	–	13
Total comprehensive income for the period	–	–	–	2,208	–	–	(2)	(35)	2,171	1	2,172
Shares issued on exercise of employee stock options (Refer to note 2.11)	2,810,164	–	–	–	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	51	–	–	–	–	–	51	–	51
Transfer on account of options not exercised	–	–	(4)	4	–	–	–	–	–	–	–
Transferred to other reserves	–	–	–	(281)	281	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	58	(58)	–	–	–	–	–	–
Buyback of shares pertaining to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(2)	(2)
Dividends^#^	–	–	–	(1,777)	–	–	–	–	(1,777)	–	(1,777)
Balance as at December 31, 2023	4,139,198,089	325	413	11,613	1,593	24	(2)	(4,349)	9,617	51	9,668
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 nine months ended December 31, 2024
Net profit	–	–	–	2,345	–	–	–	–	2,345	3	2,348
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	6	6	–	6
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	(1)	(1)	–	(1)
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	4	–	4	–	4
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	(270)	(270)	–	(270)
Fair value changes on investments, net*	–	–	–	–	–	–	–	16	16	–	16
Total comprehensive income for the period	–	–	–	2,345	–	–	4	(249)	2,100	3	2,103
Shares issued on exercise of employee stock options (Refer to note 2.11)	2,131,446	–	1	–	–	–	–	–	1	–	1
Employee stock compensation expense (Refer to note 2.11)	–	–	70	–	–	–	–	–	70	–	70
Transferred on account of options not exercised	–	–	(2)	2	–	–	–	–	–	–	–
Income tax benefit arising on exercise of stock options (Refer to note 2.12)	–	–	1	–	–	–	–	–	1	–	1
Transferred to other reserves	–	–	–	(9)	9	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	45	(45)	–	–	–	–	–	–
Transferred from other reserves to retained earnings	–	–	–	357	(357)	–	–	–	–	–	–
Dividends^#^	–	–	–	(2,424)	–	–	–	–	(2,424)	–	(2,424)
Balance as at December 31, 2024	4,142,082,081	325	495	12,873	1,230	24	5	(4,645)	10,307	49	10,356
*	net of tax
---	---
#	net of treasury shares
---	---
^(1)^	excludes treasury shares of 10,187,113 as at December 31, 2024, 10,916,829 as at April1, 2024, 11,249,465 as at December 31, 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 the interim condensedconsolidated 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<br>	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>January 16, 2025

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	Nine months ended
		December 31, 2024	December 31, 2023
Operating activities
Net Profit		2,348	2,209
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation and amortization		419	425
Interest and dividend income		(99)	(95)
Finance cost		38	43
Income tax expense	2.12	981	904
Exchange differences on translation of assets and liabilities, net		5	15
Impairment loss recognized/(reversed) under expected credit loss model		12	27
Stock compensation expense		72	52
Provision for post sale client support		14	25
Other adjustments		67	132
Changes in working capital
Trade receivables and unbilled revenue		(338)	(429)
Prepayments and other assets		24	(83)
Trade payables		(37)	(5)
Unearned revenue		132	61
Other liabilities and provisions		78	(183)
Cash generated from operations		3,716	3,098
Income taxes paid		(341)	(864)
Net cash generated by operating activities		3,375	2,234
Investing activities
Expenditure on property, plant and equipment and intangibles		(179)	(200)
Deposits placed with Corporation		(128)	(89)
Redemption of deposits placed with Corporation		82	76
Interest and dividend received		92	91
Payment for acquisition of business, net of cash acquired	2.10	(377)	–
Payment of contingent consideration pertaining to acquisition of business		–	(12)
Payments to acquire Investments
Liquid mutual funds units		(6,541)	(6,439)
Certificates of deposit		(334)	(510)
Quoted debt securities		(162)	(41)
Commercial paper		(290)	(580)
Other investments		(5)	(1)
Proceeds on sale of investments
Quoted debt securities		233	173
Certificates of deposit		620	723
Commercial paper		854	435
Liquid mutual funds units		6,534	6,316
Other investments		1	2
Other receipts		1	15
Net cash used in investing activities		401	(41)
Financing activities
Payment of lease liabilities		(212)	(174)
Payment of dividends		(2,416)	(1,777)
Payment of dividends to non-controlling interests of subsidiary		–	–
Payment towards buyback of shares pertaining to non controlling interest of subsidiary		–	(2)
Shares issued on exercise of employee stock options		1	–
Loan repayment of in-tech Holding GmbH (Refer to note 2.10)		(118)	–
Other payments		(54)	(64)
Other receipts		–	–
Net cash used in financing activities		(2,799)	(2,017)
Net increase/(decrease) in cash and cash equivalents		977	176
Effect of exchange rate changes on cash and cash equivalents		(87)	(17)
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	2,663	1,640
Supplementary information:
Restricted cash balance	2.1	50	45

The accompanying notes form an integral part of the interim condensedconsolidated 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<br>	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>January 16, 2025

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 January 16, 2025.

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.

As the quarter and year to date 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 year to date figures reported in this statement.

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. 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 2.12)

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 2.10 and 2.9.2)

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 2.7)

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. (Refer to note 2.9.1)

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 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures	Contracts Referencing Nature-dependent Electricity

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 Disclosures inFinancial 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 January 1, 2027, although early adoption is permitted. The Group is yet to evaluate the impact of the amendment.

Amendments to IFRS 9 Financial Instruments and IFRS7 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.

On December 18, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, relating to factors an entity is required to consider in assessing the own-use requirements for contracts to buy and take delivery of nature-dependent renewable electricity; hedge accounting treatment for nature-dependent renewable electricity and related disclosures.

The effective date for adoption of these amendments 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 these amendments.

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
	December 31, 2024	March 31, 2024
Cash and bank deposits	2,663	1,773
Total Cash and cash equivalents	2,663	1,773

Cash and cash equivalents as at December 31, 2024 and March 31, 2024 include restricted cash and bank balances of $50 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 Investments

The carrying value of the investments are as follows:

(Dollars in millions)

Particulars	As at
	December 31, 2024	March 31, 2024
(i) Current Investments
Amortized Cost
Quoted debt securities	14	–
Fair Value through other comprehensive income
Quoted Debt Securities	473	291
Certificates of deposits	86	365
Commercial Paper	23	579
Fair Value through profit or loss
Liquid mutual fund units	337	313
Total current investments	933	1,548
(ii) Non– current Investments**
Amortized Cost
Quoted debt securities	191	211
Fair Value through other comprehensive income
Quoted debt securities	813	1,093
Quoted equity securities	11	14
Unquoted equity and preference securities	11	11
Fair Value through profit or loss
Target maturity fund units	53	51
Unquoted equity and preference securities	3	–
Others^(1)^	23	24
Total Non-current investments	1,105	1,404
Total investments	2,038	2,952
Investments carried at amortized cost	205	211
Investments carried at fair value through other comprehensive income	1,417	2,353
Investments carried at fair value through profit or loss	416	388

^(1)^ Uncalled capital commitments outstandingas on December 31, 2024 and March 31, 2024 was $12 million and $9 million, respectively.

Refer to note 2.3 for accounting policies on financial instruments.

Method of fair valuation:

(Dollars in millions)

Class of investment	Method	Fair value
		December 31, 2024	March 31, 2024
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	337	313
Target maturity fund units - carried at fair value through profit or loss	Quoted price	53	51
Quoted debt securities- carried at amortized cost	Quoted price and market observable inputs	223	236
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	1,286	1,384
Commercial Paper - carried at fair value through other comprehensive income	Market observable inputs	23	579
Certificates of Deposit - carried at fair value through other comprehensive income	Market observable inputs	86	365
Unquoted equity and preference securities - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	3	–
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	11	14
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	23	24
Total		2,056	2,977

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

2.3 Financial instruments

Accounting Policy

2.3.1 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.

2.3.2 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 certain 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

Primarily 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.

2.3.3 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.

2.3.4 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.

2.3.5 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 December 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)	2,663	–	–	–	–	2,663	2,663
Investments (Refer to note 2.2)
Liquid mutual fund units	–	–	337	–	–	337	337
Target maturity fund units	–	–	53	–	–	53	53
Quoted debt securities	205	–	–	–	1,286	1,491	1,509^(1)^
Certificates of deposit	–	–	–	–	86	86	86
Commercial Papers	–	–	–	–	23	23	23
Quoted equity securities	–	–	–	11	–	11	11
Unquoted equity and preference securities	–	3	–	11	–	14	14
Unquoted investment others	–	–	23	–	–	23	23
Trade receivables	3,896	–	–	–	–	3,896	3,896
Unbilled revenues (Refer to note 2.17)^(3)^	1,140	–	–	–	–	1,140	1,140
Prepayments and other assets (Refer to note 2.4)	762	–	–	–	–	762	756^(2)^
Derivative financial instruments	–	–	19	–	9	28	28
Total	8,666	3	432	22	1,404	10,527	10,539
Liabilities:
Trade payables	429	–	–	–	–	429	429
Lease liabilities (Refer to note 2.8)	960	–	–	–	–	960	960
Derivative financial instruments	–	–	19	–	1	20	20
Financial liability under option arrangements <br><br>(Refer to note 2.5)	–	–	70	–	–	70	70
Other liabilities including contingent consideration<br><br>(Refer to note 2.5)	1,818	–	3	–	–	1,821	1,821
Total	3,207	–	92	–	1	3,300	3,300
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on quoted debt securities carried at amortized cost of $6 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 2.2)
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 2.17)^(3)^	1,151	–	–	–	–	1,151	1,151
Prepayments and other assets (Refer to note 2.4)	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 2.8)	1,002	–	–	–	–	1,002	1,002
Derivative financial instruments	–	–	4	–	–	4	4
Financial liability under option arrangements <br><br>(Refer to note 2.5)	–	–	72	–	–	72	72
Other liabilities including contingent consideration (Refer to note 2.5)	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 December 31, 2024 is as follows:

(Dollars in millions)

Particulars	As at December 31, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.2)
Investments in liquid mutual fund units	337	337	–	–
Investments in target maturity fund units	53	53	–	–
Investments in quoted debt securities	1,509	1,267	242	–
Investments in certificates of deposit	86	–	86	–
Investments in commercial paper	23	–	23	–
Investments in unquoted equity and preference securities	14	–	–	14
Investments in quoted equity securities	11	11	–	–
Investments in unquoted investments others	23	–	–	23
Others
Derivative financial instruments- gain	28	–	28	–
Liabilities
Derivative financial instruments - loss	20	–	20	–
Financial liability under option arrangements (Refer to note 2.5)^(1)^	70	–	–	70
Liability<br> towards contingent consideration (Refer to note 2.5)^(2)^	3	–	–	3
^(1)^	Discount rate ranges from 9% to 15%
---	---
^(2)^	Discount rate - 6%
---	---

During the nine months ended December 31, 2024, quoted debt securities of $38 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 $242 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 2.2)
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	10	–	10	–
Liabilities
Derivative financial instruments- loss	4	–	4	–
Financial liability under option arrangements (Refer to note 2.5)^(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.

2.4 Prepayments and other assets

Prepayments and other assets consist of the following:

(Dollars in millions)

Particulars	As at
	December 31, 2024	March 31, 2024
Current
Security deposits^(1)^	9	9
Loans to employees^(1)^	29	30
Prepaid expenses^(2)^	293	399
Interest accrued and not due^(1)^	64	64
Withholding taxes and others^(2)^	371	424
Advance payments to vendors for supply of goods^(2)^	30	43
Deposit with corporations^(1)(3)^	338	304
Deferred contract cost
Cost of obtaining a contract^(2)^	48	24
Cost of fulfillment^(2)^	54	43
Other non financial assets ^(2)^	16	21
Other financial assets^(1)(4)^	145	112
Total Current prepayment and other assets	1,397	1,473
Non-current
Security deposits^(1)^	31	31
Loans to employees^(1)^	3	4
Prepaid expenses^(2)^	32	41
Deposit with corporations^(1)(3)^	8	6
Defined benefit plan assets^(2)^	23	4
Deferred contract cost
Cost of obtaining a contract ^(2)^	31	16
Cost of fulfillment^(2)^	86	82
Withholding taxes and others^(2)^	62	81
Other financial assets^(1)(4)^	135	134
Total Non- current prepayment and other assets	411	399
Total prepayment and other assets	1,808	1,872
^(1)^ Financial assets carried at amortized cost	762	694

*^(2)^*Non financial assets

^(3)^ Deposit with corporation represents amounts deposited to settle certain employee-related 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 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/VAT recoverable from tax authorities.

2.5 Other liabilities

Other liabilities comprise the following:

(Dollars in millions)

Particulars	As at
	December 31, 2024	March 31, 2024
Current
Accrued compensation to employees^(1)^	468	534
Accrued expenses^(1)^	1014	986
Accrued defined benefit liability^(3)^	1	1
Withholding taxes and others^(3)^	398	382
Liabilities of controlled trusts^(1)^	20	25
Liability towards contingent consideration^(2)^	1	–
Capital Creditors^(1)^	25	37
Financial liability under option arrangements^(2)(4)^	58	60
Other non-financial liabilities^(3)^	2	1
Other financial liabilities^(1)(5)^	51	73
Total current other liabilities	2,038	2,099
Non-current
Accrued compensation to employees^(1)^	2	1
Accrued expenses^(1)^	234	213
Accrued defined benefit liability ^(3)^	11	19
Liability towards contingent consideration^(2)^	2	–
Financial liability under option arrangements^(2)(4)^	12	12
Other non-financial liabilities^(3)^	8	10
Other financial liabilities^(1)(5)^	4	18
Total non-current other liabilities	273	273
Total other liabilities	2,311	2,372
^(1)^ Financial liability carried at amortized cost	1,818	1,887
^(2)^ Financial liability carried at fair value through profit or loss	73	72

*^(3)^*Non financial liabilities

^(4)^ Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries.

^(5)^ 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 December 31, 2024 and March 31, 2024, the financial liability pertaining to such arrangements amounts to $11 million and $45 million, 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.

2.6 Provisions and other contingencies

Accounting Policy

2.6.1 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 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

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 supportand other provisions

(Dollars in millions)

Particulars	As at
	December 31, 2024	March 31, 2024
Post sales client support and other provisions	174	215
Total provisions	174	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 December 31, 2024 and March 31, 2024, claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $96 million (822 crore) and $95 million (789 crore), respectively.

2.6.2 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 non-availability 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 from 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.

2.6.3 Legal proceedings

From March 6, 2024 through July 25, 2024, six actions were filed in the U.S. District Court for the Northern District of Georgia against McCamish. The actions arise out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. All six actions have since been consolidated, and the consolidated class action complaint was filed on November 7, 2024, purportedly on behalf of all persons residing in the United States whose personally identifiable information was compromised in the incident, including all who were sent a notice of the incident. On December 20, 2024, the Court granted the parties’ joint motion to stay proceedings pending the parties’ efforts to resolve the lawsuit through mediation.

Apart from legal proceedings and claims arising from the McCamish cybersecurity incident, 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.

2.7 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 December 31, 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 October 1, 2024	171	1,408	644	1,040	409	6	3,678
Additions	–	1	8	32	6	–	47
Deletions**	–	(8)	(4)	(26)	(4)	–	(42)
Translation difference	(4)	(33)	(16)	(26)	(10)	–	(89)
Gross carrying value as at December 31, 2024	167	1,368	632	1,020	401	6	3,594
Accumulated depreciation as at October 1, 2024	–	(615)	(513)	(808)	(331)	(5)	(2,272)
Depreciation	–	(13)	(10)	(37)	(8)	–	(68)
Accumulated depreciation on deletions**	–	1	3	26	3	–	33
Translation difference	–	15	13	19	8	–	55
Accumulated depreciation as at December 31, 2024	–	(612)	(507)	(800)	(328)	(5)	(2,252)
Capital work-in progress as at October 1, 2024							80
Carrying value as at October 1, 2024	171	793	131	232	78	1	1,486
Capital work-in progress as at December 31, 2024							100
Carrying value as at December 31, 2024	167	756	125	220	73	1	1,442

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 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 October 1, 2023	172	1,388	623	1,023	411	6	3,623
Additions	–	1	4	25	1	–	31
Deletions*	–	(7)	(6)	(27)	(7)	–	(47)
Translation difference	–	(1)	1	–	1	–	1
Gross carrying value as at December 31, 2023	172	1,381	622	1,021	406	6	3,608
Accumulated depreciation as at October 1, 2023	–	(572)	(483)	(739)	(314)	(5)	(2,113)
Depreciation	–	(14)	(13)	(41)	(12)	–	(80)
Accumulated depreciation on deletions*	–	7	5	27	7	–	46
Translation difference	–	1	–	–	(1)	–	–
Accumulated depreciation as at December 31, 2023	–	(578)	(491)	(753)	(320)	(5)	(2,147)
Capital work-in progress as at October 1, 2023							77
Carrying value as at October 1, 2023	172	816	140	284	97	1	1,587
Capital work-in progress as at December 31, 2023							86
Carrying value as at December 31, 2023	172	803	131	268	86	1	1,547

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 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	–	5	23	74	17	–	119
Additions - Business Combination (Refer to Note 2.10)	–	–	1	1	3	–	5
Deletions**	–	(13)	(11)	(58)	(15)	–	(97)
Translation difference	(4)	(35)	(18)	(29)	(10)	–	(96)
Gross carrying value as at December 31, 2024	167	1,368	632	1,020	401	6	3,594
Accumulated depreciation as at April 1, 2024	–	(590)	(498)	(765)	(322)	(5)	(2,180)
Depreciation	–	(40)	(34)	(114)	(28)	–	(216)
Accumulated depreciation on deletions**	–	2	10	57	14	–	83
Translation difference	–	16	15	22	8	–	61
Accumulated depreciation as at December 31, 2024	–	(612)	(507)	(800)	(328)	(5)	(2,252)
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 December 31, 2024							100
Carrying value as at December 31, 2024	167	756	125	220	73	1	1,442
**	During the three months and nine months ended December 31, 2024, certain assets which were<br>not in use having gross book value of $20 million (net book value: Nil) and $47 million (net book value: Nil) respectively, were retired.
---	---

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 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	–	2	18	71	14	–	105
Deletions*	–	(7)	(14)	(75)	(13)	–	(109)
Translation difference	(2)	(21)	(7)	(12)	(4)	–	(46)
Gross carrying value as at December 31, 2023	172	1,381	622	1,021	406	6	3,608
Accumulated depreciation as at April 1, 2023	–	(552)	(468)	(709)	(300)	(5)	(2,034)
Depreciation	–	(41)	(42)	(127)	(36)	–	(246)
Accumulated depreciation on deletions*	–	7	13	75	12	–	107
Translation difference	–	8	6	8	4	–	26
Accumulated depreciation as at December 31, 2023	–	(578)	(491)	(753)	(320)	(5)	(2,147)
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 December 31, 2023							86
Carrying value as at December 31, 2023	172	803	131	268	86	1	1,547
*	During the three months and nine months ended December 31, 2023, certain assets which were<br>not in use having gross book value of $16 million (net book value: Nil) and $71 million (net book value: Nil) respectively, 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 consolidated 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. 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 $128 million and $94 million as at December 31, 2024 and March 31, 2024, respectively.

2.8 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 December 31, 2024

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of October 1, 2024	72	415	3	308	798
Additions^*^	–	17	1	30	48
Deletions	–	(12)	–	(17)	(29)
Depreciation / Amortization	(1)	(22)	–	(32)	(55)
Translation difference	(1)	(8)	(1)	(11)	(21)
Balance as of December 31, 2024	70	390	3	278	741

^^*	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 December 31, 2023

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of October 1, 2023	74	459	2	302	837
Additions^*^	–	1	–	63	64
Deletions	(1)	(6)	–	(16)	(23)
Depreciation / Amortization	–	(22)	–	(27)	(49)
Impairment^#^	–	(10)	–	–	(10)
Translation difference	–	2	–	7	9
Balance as of December 31, 2023	73	424	2	329	828

^^*	Net of adjustments on account of modifications
^#^	included under other expenses. Refer note 2.19
---	---

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 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^*^	–	63	2	111	176
Addition due to Business Combination (Refer to Note 2.10)	–	19	1	–	20
Deletions	–	(16)	(1)	(55)	(72)
Depreciation / Amortization	(1)	(64)	(1)	(88)	(154)
Translation difference	(1)	(8)	–	(6)	(15)
Balance as of December 31, 2024	70	390	3	278	741

^^*	Net of adjustments on account of modifications

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 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^*^	–	39	1	181	221
Deletions	(1)	(11)	–	(65)	(77)
Depreciation / Amortization	–	(66)	(1)	(75)	(142)
Impairment^#^	–	(10)	–	–	(10)
Translation difference	(2)	(2)	–	3	(1)
Balance as of December 31, 2023	73	424	2	329	828

^^*	Net of adjustments on account of modifications and lease incentives
#	included under other expenses. Refer note 2.19
---	---

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 December 31, 2024 and March 31, 2024

(Dollars in millions)

Particulars	As at
	December 31, 2024	March 31, 2024
Current lease liabilities	293	235
Non-current lease liabilities	667	767
Total	960	1,002

2.9 Goodwill and Intangible assets

2.9.1 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
	December 31, 2024	March 31, 2024
Carrying value at the beginning	875	882
Goodwill on acquisitions (Refer to note 2.10)	309	–
Translation differences	(24)	(7)
Carrying value at the end	1,160	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.

2.9.2 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.

2.10 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.

Acquisition

InSemi

On May 10, 2024, Infosys Ltd acquired 100% voting interests in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India. This acquisition is expected to strengthen our expertise in semiconductor ecosystem and Engineering R&D services.

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			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 December 31, 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 Consolidated 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 December 31, 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.

in-tech Holding GmbH

On July 17, 2024, Infosys Germany GmbH wholly owned step down subsidiary of Infosys Limited acquired 100% voting interests in in-tech Holding GmbH, a leading provider of engineering R&D services headquartered in Germany. This acquisition is expected to strengthen Infosys’ engineering R&D capabilities and reaffirms its continued commitment to global clients to navigate their digital engineering journey.

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
Assets^(1)^	87	–	87
Liabilities	(43)	–	(43)
Intangible assets:
Customer contracts and relationships^#^	–	205	205
Brand^#^	–	18	18
Deferred tax liabilities on intangible assets	–	(61)	(61)
Goodwill			297
Loan	(118)	–	(118)
Total purchase price			385
Loan repayment			118
Total cash outflow			503

^(1)^	Includes cash and cash equivalents acquired of $23 million.
^#^	The estimated useful life is around 3 year to 10 years
---	---

Goodwill is not tax-deductible.

The total purchase consideration of $385 million comprises the cash consideration paid to selling shareholders at the acquisition date.

Additionally, this acquisition has retention bonus and management incentive payable to the employees of the acquiree over two to five 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 Profit and loss over the period of service.

Fair value of trade receivables acquired is $17 million as of acquisition date and as of December 31, 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 $1 million related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the quarter ended September 30, 2024.

2.11 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 1,01,87,113 and 10,916,829 shares as at December 31, 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 December 31, 2024 and March 31, 2024.

The following is the summary of grants during three months and nine months ended December 31, 2024 and December 31, 2023:

Particulars	2019 Plan				2015 Plan
	Three months ended December 31,		Nine months ended December 31,		Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	–	35,990	70,699	114,271	–	88,040	295,168	421,636
Employees other than KMP	–	464,260	6,848	464,260	22,880	1,169,660	152,220	1,197,940
Total Grants	–	500,250	77,547	578,531	22,880	1,257,700	447,388	1,619,576
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	–	7,950	–	7,950
	–	–	–	–	–	7,950	–	7,950
Total Grants	–	500,250	77,547	578,531	22,880	1,265,650	447,388	1,627,526

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 December 31, 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Granted to:
KMP	2	2	6	6
Employees other than KMP	20	16	66	46
Total ^(1)^	22	18	72	52
^(1)^Cash settled stock compensation expense included in the above	1	1	2	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- ADS-RSU	Fiscal 2024- Equity Shares-RSU	Fiscal 2024- ADS-RSU
Weighted average share price () / ($ ADS)	1,437	18.42	1,588	19.19
Exercise price ()/ ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	21-26	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	4-5	7	4-5
Weighted average fair value as on grant date () / ($ ADS)	1,319	16.94	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.

2.12 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.

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 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 million)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Current taxes
Domestic taxes	289	223	845	644
Foreign taxes	89	67	268	229
	378	290	1,113	873
Deferred taxes
Domestic taxes	(24)	21	(84)	66
Foreign taxes	(17)	(10)	(48)	(35)
	(41)	11	(132)	31
Income tax expense	337	301	981	904

Income tax expense for the three months ended December 31, 2024 and December 31, 2023 includes provisions (net of reversals) of $13 million and reversals (net of provisions) of $8 million. Income tax expense for the nine months ended December 31, 2024 and December 31, 2023 includes provisions (net of reversals) of $30 million and reversals (net of provisions) of $16 million. 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 and nine months ended December 31, 2024 and December 31, 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 December 31, 2024, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $340 million (2,915 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 $409 million (3,500 crore) and $1,048 million (8,743 crore) as at December 31, 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.

2.13 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.

2.14 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 nine months ended December 31, 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
---	---
.	Infosys Services (Thailand) Limited, a Wholly-owned subsidiary of Infosys Limited was incorporated<br>on July 26, 2024.
---	---
.	Infy tech SAS, a Wholly-owned subsidiary of Infosys Singapore Pte Limited was incorporated<br>on July 03, 2024.
---	---
.	On July 17, 2024, Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte.<br>Limited, acquired 100% of voting interests in in-tech Holding GmbH along with its subsidiary in-tech GmbH along with its six subsidiaries<br>in-tech Automotive Engineering SL, ProIT, in-tech Automotive Engineering de R.L. de C.V, drivetech Fahrversuch GmbH, Friedrich Wagner<br>Holding Inc along with its two subsidiaries (in-tech Automotive Engineering LLC and in-tech Services LLC) and Friedrich & Wagner<br>Asia Pacific GmbH along with its five subsidiaries in-tech engineering s.r.o, in-tech engineering GmbH, in-tech engineering services<br>S.R.L, in-tech Group Ltd along with its subsidiary (in-tech Group India Private Limited) and In-tech Automotive Engineering Shenyang<br>Co., Ltd along with its subsidiary (In-tech Automotive Engineering Beijing Co., Ltd)
---	---
.	On October 17, 2024, Infosys Singapore Pte Ltd. acquired 100% of voting interests in Blitz<br>24-893 SE ,Germany
---	---
.	Skava systems Private Limited, a wholly-owned subsidiary of Infosys ltd has been liquidated<br>effective November 14, 2024
---	---
.	in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH<br>is under liquidation.
---	---
.	Friedrich Wagner Holding Inc, a wholly-owned subsidiary of in-tech GmbH is under liquidation.
---	---
.	in-tech Services LLC, a wholly-owned subsidiary of Friedrich Wagner Holding Inc has been<br>liquidated effective November 30, 2024
---	---
.	in-tech Automotive Engineering LLC, a wholly-owned subsidiary of Friedrich Wagner Holding<br>Inc has been liquidated effective November 30, 2024
---	---
.	Infosys Consulting S.r.l. (Romania) renamed as Infosys Romania S.r.l.
---	---
.	Kaleidoscope Animations, a wholly-owned subsidiary of Infosys Nova Holdings LLC merged into<br>Infosys Nova Holdings LLC effective January 1, 2025
---	---
.	Blue Acorn iCi Inc, a wholly-owned subsidiary of Infosys Nova Holdings LLC merged into Infosys<br>Nova Holdings LLC effective January 1, 2025
---	---
.	WongDoody Inc, a wholly-owned subsidiary of Infosys limited merged into Infosys Nova Holdings<br>LLC effective January 1, 2025
---	---
.	Outbox systems Inc. dba Simplus (US), a wholly-owned subsidiary of Infosys Nova Holdings<br>LLC merged into Infosys Nova Holdings LLC effective January 1, 2025
---	---

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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Salaries and other short term employee benefits to whole-time directors and executive officers^(1)(2)^	3	3	10	10
Commission and other benefits to non-executive/ independent directors	1	–	2	1
Total	4	3	12	11
^(1)^	Total employee stock compensation expense for the three months ended December 31, 2024and December 31, 2023 includes a charge of $2 million and $2 million respectively, towards key management personnel. For the nine monthsended December 31, 2024 and December 31, 2023, includes a charge of $6 million and $6 million respectively, towards key management personnel.(Refer note 2.11)
---	---
^(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.
---	---

2.15 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 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 2.16 Revenue from operations

2.15.1 Business segments

For the three months ended December 31, 2024 andDecember 31, 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	1,371	679	555	666	766	388	378	136	4,939
	1,295	679	531	614	696	358	355	135	4,663
Identifiable operating expenses	811	332	363	382	488	227	225	92	2,920
	781	357	334	330	455	210	205	81	2,753
Allocated expenses	243	114	95	103	118	65	56	29	823
	243	115	94	110	107	58	58	28	813
Segment Profit	317	233	97	181	160	96	97	15	1,196
	271	207	103	174	134	90	92	26	1,097
Unallocable expenses									143
									141
Operating profit									1,053
									956
Other income, net									102
									95
Finance Cost									12
									16
Profit before income taxes									1,143
									1,035
Income tax expense									337
									301
Net profit									806
									734
Depreciation and amortization									**** 143
									141
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
---	---

For the nine months ended December 31, 2024 andDecember 31, 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	4,000	1,981	1,706	1,954	2,226	1,155	1,080	445	14,547
	3,888	2,066	1,611	1,807	2,024	1,099	1,058	444	13,997
Identifiable operating expenses	2,289	977	1,114	1,085	1,428	666	658	283	8,500
	2,266	1,102	972	982	1,323	633	614	277	8,169
Allocated expenses	740	350	293	330	362	200	178	95	2,548
	729	356	291	333	321	183	170	103	2,486
Segment Profit	971	654	299	539	436	289	244	67	3,499
	893	608	348	492	380	283	274	64	3,342
Unallocable expenses									419
									425
Operating profit									3,080
									2,917
Other income, net									287
									239
Finance Cost									38
									43
Profit before income taxes									3,329
									3,113
Income tax expense									981
									904
Net profit									2,348
									2,209
Depreciation and amortization									419
									425
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
---	---

2.15.2 Significant clients

No client individually accounted for more than 10% of the Revenue for the three months and nine months ended December 31, 2024 and December 31, 2023, respectively.

2.16 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 interim Consolidated Statement of Comprehensive Income.

Revenues for the three months and nine months ended December 31, 2024 and December 31, 2023 is as follows:

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Revenue from software services	4,703	4,416	13,871	13,208
Revenue from products and platforms	236	247	676	789
Total revenue from operations	4,939	4,663	14,547	13,997

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 2.15). 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.

Three months and nine months ended December 31,2024 and December 31, 2023

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
*Revenues by Geography^^**
North America	2,886	2,752	8,468	8,442
Europe	1,470	1,313	4,269	3,797
India	153	111	454	369
Rest of the world	430	487	1,356	1,389
Total	4,939	4,663	14,547	13,997

^*^Geographical revenue is based on thedomicile of customer

The percentage of revenue from fixed-price contracts for the three months ended December 31, 2024 and December 31, 2023 is 55% and 55%, respectively. The percentage of revenue from fixed-price contracts for the nine months ended December 31, 2024 and December 31, 2023 is 54% and 53%, 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 balance sheet.

2.17 Unbilled Revenue

(Dollars in millions)

Particulars	As at
	December 31, 2024	March 31, 2024
Unbilled financial asset ^(1)^	1,140	1,151
Unbilled non financial asset ^(2)^	479	593
Total	1,619	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.
---	---

2.18 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 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.

2.18.1 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.

2.18.2 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.

2.18.3 Share options

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

2.18.4 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. 10,187,113 shares and 10,916,829 shares were held by controlled trust, as at December 31, 2024 and March 31, 2024, respectively.

2.18.5 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.

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 December 31, 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	Nine months ended December 31, 2024		Nine months ended December 31, 2023
	in	in US Dollars	in	in US Dollars
Interim dividend for fiscal 2025	21.00	0.25	–	–
Special dividend for fiscal 2024	8.00	0.10	–	–
Final dividend for fiscal 2024	20.00	0.24	–	–
Interim dividend for fiscal 2024	–	–	18.00	0.22
Final dividend for fiscal 2023	–	–	17.50	0.21

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 resulted in a net cash outflow of $1,386 million, excluding dividend paid on treasury shares.

The Board of Directors in their meeting held on October 17, 2024 declared an interim dividend of 21/- per equity share (approximately $0.25 per equity share) which resulted in a net cash outflow of $1,031 million, excluding dividend paid on treasury shares.

2.19 Break-up of expenses and other income, net

Accounting policy

2.19.1 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.

2.19.2 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.

2.19.3 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.

2.19.4 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.

2.19.5 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.

2.19.6 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.

2.19.7 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.

2.19.8 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 ofexpenses:

Cost of sales

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Employee benefit costs	2,285	2,237	6,858	6,784
Depreciation and amortization	143	141	419	425
Travelling costs	33	34	108	111
Cost of technical sub-contractors	390	368	1,151	1,120
Cost of software packages for own use	70	65	206	182
Third party items bought for service delivery to clients	472	379	1,214	995
Consultancy and professional charges	6	15	27	22
Communication costs	8	10	27	32
Repairs and maintenance	15	12	44	40
Provision for post-sales client support	11	4	14	25
Others	11	9	35	19
Total	3,444	3,274	10,103	9,755

Selling and marketing expenses

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Employee benefit costs	168	163	511	499
Travelling costs	12	8	36	27
Branding and marketing	33	26	105	87
Consultancy and professional charges	4	4	13	13
Communication costs	1	–	1	1
Others	–	3	5	6
Total	218	204	671	633

Administrative expenses

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Employee benefit costs	83	81	252	244
Consultancy and professional charges	44	41	121	114
Repairs and maintenance	31	30	93	91
Power and fuel	6	6	21	18
Communication costs	10	10	29	31
Travelling costs	7	5	20	18
Rates and taxes	7	10	32	29
Insurance charges	8	6	26	19
Commission to non-whole time directors	1	–	2	1
Impairment loss recognized/(reversed) under expected credit loss model	1	1	12	27
Contribution towards Corporate Social Responsibility	20	16	59	42
Others	6	23	26	58
Total	224	229	693	692

Other income for the three months and nine monthsended December 31, 2024 and December 31, 2023 is as follows:

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Interest income on financial assets carried at amortized cost	47	31	132	98
Interest income on financial assets carried at fair value through other comprehensive income	23	28	88	83
Gain/(loss) on investments carried at fair value through profit or loss	6	12	28	24
Exchange gains / (losses) on forward and options contracts	28	(18)	(16)	(11)
Exchange gains / (losses) on translation of other assets and liabilities	(12)	27	34	25
Others	10	15	21	20
Total	102	95	287	239
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<br><br> <br>January 16, 2025

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 ConsolidatedFinancial Statements

Opinion

Basis for Opinion

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

The respective Boards of Directors 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

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: January 16, 2025	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: 25060408BMOCIG6779

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS)in Indian Rupee for the three months and nine months ended December31, 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 Investments
2.3 Financial instruments
2.4 Prepayments and other assets
2.5 Other liabilities
2.6 Provisions and other contingencies
2.7 Property, plant and equipment
2.8 Leases
2.9 Goodwill and Intangible Assets
2.10 Business combinations
2.11 Employees' Stock Option Plans (ESOP)
2.12 Income Taxes
2.13 Reconciliation of basic and diluted shares used in computing earnings per equity share
2.14 Related party transactions
2.15 Segment reporting
2.16 Revenue from Operations
2.17 Unbilled Revenue
2.18 Equity
2.19 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	December 31, 2024	March 31, 2024
ASSETS
Current assets
Cash and cash equivalents	2.1	22,804	14,786
Current investments	2.2	7,985	12,915
Trade receivables		33,358	30,193
Unbilled revenue	2.17	11,283	12,768
Prepayments and other current assets	2.4	11,963	12,289
Income tax assets	2.12	26	6,397
Derivative financial instruments	2.3	236	84
Total current assets		87,655	89,432
Non-current assets
Property, plant and equipment	2.7	12,347	12,818
Right-of-use assets	2.8	6,345	6,552
Goodwill	2.9	9,935	7,303
Intangible assets		2,983	1,397
Non-current investments	2.2	9,458	11,708
Unbilled revenue	2.17	2,579	1,780
Deferred income tax assets	2.12	786	454
Income tax assets	2.12	3,880	3,045
Other non-current assets	2.4	3,518	3,325
Total non-current assets		51,831	48,382
Total assets		139,486	137,814
LIABILITIES AND EQUITY
Current liabilities
Trade payables		3,675	3,956
Lease liabilities	2.8	2,506	1,959
Derivative financial instruments	2.3	169	31
Current income tax liabilities	2.12	4,497	3,585
Unearned revenue		8,457	7,341
Employee benefit obligations		2,877	2,622
Provisions	2.6	1,494	1,796
Other current liabilities	2.5	17,450	17,504
Total current liabilities		41,125	38,794
Non-current liabilities
Lease liabilities	2.8	5,715	6,400
Deferred income tax liabilities	2.12	1,547	1,794
Employee benefit obligations		92	89
Other non-current liabilities	2.5	2,339	2,276
Total non-current liabilities		9,693	10,559
Total liabilities		50,818	49,353
Equity
Share capital - 5 par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,142,082,081 (4,139,950,635) equity shares fully paid up, net of 10,187,113 (10,916,829) treasury shares as at December 31, 2024 (March 31, 2024)	2.18	2,072	2,071
Share premium		2,136	1,550
Retained earnings		72,382	69,674
Cash flow hedge reserves		38	6
Other reserves		8,802	12,104
Capital redemption reserve		169	169
Other components of equity		2,693	2,542
Total equity attributable to equity holders of the Company		88,292	88,116
Non-controlling interests		376	345
Total equity		88,668	88,461
Total liabilities and equity		139,486	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<br>	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>January 16, 2025

(In crore except equity share and per equityshare data)

Condensed Consolidated Statement of Comprehensive Income for the	Note	Three months ended December 31,		Nine months ended December 31,
		2024	2023	2024	2023
Revenues	2.16	41,764	38,821	122,064	115,748
Cost of sales	2.19	29,120	27,253	84,771	80,666
Gross profit		12,644	11,568	37,293	35,082
Operating expenses
Selling and marketing expenses	2.19	1,839	1,700	5,631	5,238
Administrative expenses	2.19	1,893	1,907	5,813	5,718
Total operating expenses		3,732	3,607	11,444	10,956
Operating profit		8,912	7,961	25,849	24,126
Other income, net	2.19	859	789	2,410	1,982
Finance cost		101	131	314	360
Profit before income taxes		9,670	8,619	27,945	25,748
Income tax expense	2.12	2,848	2,506	8,233	7,474
Net profit		6,822	6,113	19,712	18,274
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		(45)	71	53	94
Equity instruments through other comprehensive income, net	2.2	(15)	(9)	(10)	31
		(60)	62	43	125
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		56	(46)	32	(17)
Exchange differences on translation of foreign operations		(483)	436	(27)	457
Fair value changes on investments, net	2.2	10	52	136	107
		(417)	442	141	547
Total other comprehensive income/(loss), net of tax		(477)	504	184	672
Total comprehensive income		6,345	6,617	19,896	18,946
Profit attributable to:
Owners of the Company		6,806	6,106	19,680	18,264
Non-controlling interests		16	7	32	10
		6,822	6,113	19,712	18,274
Total comprehensive income attributable to:
Owners of the Company		6,336	6,605	19,863	18,934
Non-controlling interests		9	12	33	12
		6,345	6,617	19,896	18,946
Earnings per equity share
Equity shares of par value 5/- each
Basic ()		16.43	14.76	47.52	44.13
Diluted ()		16.39	14.74	47.40	44.08
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.13	4,141,941,436	4,138,963,794	4,141,344,081	4,138,282,170
Diluted (in shares)	2.13	4,151,534,784	4,143,565,697	4,151,568,329	4,143,506,821

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<br>	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>January 16, 2025

(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 the nine months ended December 31, 2023
Net profit	–	–	–	18,264	–	–	–	–	18,264	10	18,274
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	94	–	94	–	94
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	31	–	31	–	31
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	–	(17)	(17)	–	(17)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	455	–	455	2	457
Fair value changes on investments, net*	–	–	–	–	–	–	107	–	107	–	107
Total comprehensive income for the period	–	–	–	18,264	–	–	687	(17)	18,934	12	18,946
Shares issued on exercise of employee stock options (Refer to note 2.11)	2,810,164	1	3	–	–	–	–	–	4	–	4
Employee stock compensation expense (Refer to note 2.11)	–	–	417	–	–	–	–	–	417	–	417
Transfer on account of options not exercised	–	–	(32)	32	–	–	–	–	–	–	–
Transferred to other reserves	–	–	–	(2,326)	2,326	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	485	(485)	–	–	–	–	–	–
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(2)	(2)
Buyback of shares pertaining to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(18)	(18)
Dividends^#^	–	–	–	(14,692)	–	–	–	–	(14,692)	–	(14,692)
Balance as at December 31, 2023	4,139,198,089	2,070	1,453	61,826	11,855	169	2,719	(22)	80,070	380	80,450
Balance as at April 1, 2024	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 the nine months ended December 31, 2024
Net profit	–	–	–	19,680	–	–	–	–	19,680	32	19,712
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	53	–	53	–	53
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	(10)	–	(10)	–	(10)
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	32	32	–	32
Exchange differences on translation of foreign operations	–	–	–	–	–	–	(28)	–	(28)	1	(27)
Fair value changes on investments, net*	–	–	–	–	–	–	136	–	136	–	136
Total comprehensive income for the period	–	–	–	19,680	–	–	151	32	19,863	33	19,896
Shares issued on exercise of employee stock options (Refer to note 2.11)	2,131,446	1	4	–	–	–	–	–	5	–	5
Employee stock compensation expense (Refer to note 2.11)	–	–	591	–	–	–	–	–	591	–	591
Income tax benefit arising on exercise of stock options (Refer to note 2.12)	–	–	12	–	–	–	–	–	12	–	12
Transferred on account of options not exercised	–	–	(21)	21	–	–	–	–	–	–	–
Transferred to other reserves	–	–	–	(74)	74	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	377	(377)	–	–	–	–	–	–
Transferred from other reserves to retained earnings	–	–	–	2,999	(2,999)	–	–	–	–	–	–
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(2)	(2)
Dividends^#^	–	–	–	(20,295)	–	–	–	–	(20,295)	–	(20,295)
Balance as at December 31, 2024	4,142,082,081	2,072	2,136	72,382	8,802	169	2,693	38	88,292	376	88,668
*	net of tax
---	---
#	net of treasury shares
---	---
^(1)^	excludes treasury shares of 10,187,113 as at December 31, 2024, 10,916,829 as at April1, 2024, 11,249,465 as at December 31, 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>Membership No. 060408<br>	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>January 16, 2025

Infosys Limited and subsidiaries

Condensed Consolidated Statement of Cash Flows

Accounting Policy

(In crore)

Particulars	Note	Nine months ended December 31,
		2024	2023
Operating activities
Net Profit		19,712	18,274
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation and amortization		3,512	3,515
Income tax expense	2.12	8,233	7,474
Finance cost		314	360
Interest and dividend income		(833)	(790)
Exchange differences on translation of assets and liabilities, net		64	129
Impairment loss recognized/(reversed) under expected credit loss model		100	219
Stock compensation expense		605	426
Provision for post sale client support		117	203
Other adjustments		557	1,095
Changes in working capital
Trade receivables and unbilled revenue		(2,839)	(3,555)
Prepayments and other assets		198	(683)
Trade payables		(313)	(39)
Unearned revenue		1,110	511
Other liabilities and provisions		653	(1,513)
Cash generated from operations		31,190	25,626
Income taxes paid		(2,864)	(7,146)
Net cash generated by operating activities		28,326	18,480
Investing activities
Expenditure on property, plant and equipment and intangibles		(1,514)	(1,647)
Deposits placed with corporation		(1,075)	(737)
Redemption of deposits placed with corporation		688	628
Interest and dividend received		773	750
Payment for acquisition of business, net of cash acquired	2.10	(3,155)	–
Payment of contingent consideration pertaining to acquisition of business		–	(101)
Payments to acquire Investments
- Quoted debt securities		(1,363)	(337)
- Liquid mutual fund units		(54,887)	(53,255)
- Certificates of deposit		(2,793)	(4,219)
- Commercial paper		(2,421)	(4,804)
- Other investments		(43)	(11)
Proceeds on sale of investments
- Quoted debt securities		1,961	1,429
- Liquid mutual fund units		54,843	52,238
- Certificates of deposit		5,199	5,981
- Commercial paper		7,135	3,599
- Other investments		11	18
- Other receipts		7	128
Net cash generated/(used) in investing activities		3,366	(340)
Financing activities
Payment of lease liabilities		(1,775)	(1,448)
Payment of dividends		(20,286)	(14,695)
Loan repayment of in-tech Holding GmbH (Refer to note 2.10)		(985)	–
Payment of dividends to non-controlling interests of subsidiary		(2)	(2)
Other payments		(455)	(528)
Other receipts		–	2
Shares issued on exercise of employee stock options		5	4
Payment towards buyback of shares pertaining to non controlling interest of subsidiary		–	(18)
Net cash used in financing activities		(23,498)	(16,685)
Net increase/(decrease) in cash and cash equivalents		8,194	1,455
Effect of exchange rate changes on cash and cash equivalents		(176)	17
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	22,804	13,645
Supplementary information:
Restricted cash balance	2.1	424	376

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<br>	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>January 16, 2025

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 January 16, 2025.

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.

As the quarter and year-end 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 year-end figures reported in this statement.

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 2.12)

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 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 IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures	Contracts Referencing Nature-dependent Electricity

Amendments to IAS 21

IFRS 18 – Presentation and Disclosures inFinancial 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 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
	December 31, 2024	March 31, 2024
Cash and bank deposits	22,804	14,786
Total Cash and cash equivalents	22,804	14,786

Cash and cash equivalents as at December 31, 2024 and March 31, 2024 include restricted cash and bank balances of 424 crore and 348 crore, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the Company.

2.2 Investments

The carrying value of the investments are as follows:

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
(i) Current Investments
Amortized Cost
Quoted debt securities	118	–
Fair Value through other comprehensive income
Quoted debt securities	4,050	2,427
Commercial papers	198	4,830
Certificate of deposit	739	3,043
Fair Value through profit or loss
Liquid mutual fund units	2,880	2,615
Total current investments	7,985	12,915
(ii) Non-current Investments
Amortized Cost
Quoted debt securities	1,635	1,759
Fair Value through other comprehensive income
Quoted debt securities	6,957	9,114
Quoted equity securities	97	113
Unquoted equity and preference securities	94	93
Fair Value through profit or loss
Target maturity fund units	455	431
Unquoted equity and preference securities	25	–
Others^(1)^	195	198
Total non-current investments	9,458	11,708
Total investments	17,443	24,623
Investments carried at amortized cost	1,753	1,759
Investments carried at fair value through other comprehensive income	12,135	19,620
Investments carried at fair value through profit or loss	3,555	3,244
^(1)^	Uncalled capital commitments outstanding as at December 31, 2024 and March 31, 2024 was107 crore and 79 crore, respectively.
---	---

Refer to note 2.3 for accounting policies on financialinstruments.

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		December 31, 2024	March 31, 2024
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	2,880	2,615
Target maturity fund units - carried at fair value through profit or loss	Quoted price	455	431
Quoted debt securities- carried at amortized cost	Quoted price and market observable inputs	1,906	1,973
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	11,007	11,541
Commercial papers- carried at fair value through other comprehensive income	Market observable inputs	198	4,830
Certificates of deposit- carried at fair value through other comprehensive income	Market observable inputs	739	3,043
Quoted equity securities carried at fair value through other comprehensive income	Quoted price	97	113
Unquoted equity and preference securities - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, option pricing model	25	–
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, option pricing model	94	93
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, option pricing model	195	198
Total		17,596	24,837

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

2.3 Financial instruments

Accounting Policy

2.3.1 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.

2.3.2 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

(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.

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

Primarily, 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.

2.3.3 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.

2.3.4 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.

2.3.5 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 interim condensed consolidated statement of comprehensive income.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at December 31, 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)	22,804	–	–	–	–	22,804	22,804
Investments (Refer to note 2.2)
Liquid mutual fund units	–	–	2,880	–	–	2,880	2,880
Target maturity fund units	–	–	455	–	–	455	455
Quoted debt securities	1,753	–	–	–	11,007	12,760	12,913^(1)^
Commercial Papers	–	–	–	–	198	198	198
Certificates of deposit	–	–	–	–	739	739	739
Quoted equity securities	–	–	–	97	–	97	97
Unquoted equity and preference securities	–	25	–	94	–	119	119
Unquoted investment others	–	–	195	–	–	195	195
Trade receivables	33,358	–	–	–	–	33,358	33,358
Unbilled revenues (Refer to note 2.17)^(3)^	9,759	–	–	–	–	9,759	9,759
Prepayments and other assets (Refer to note 2.4)	6,517	–	–	–	–	6,517	6,462^(2)^
Derivative financial instruments	–	–	155	–	81	236	236
Total	74,191	25	3,685	191	12,025	90,117	90,215
Liabilities:
Trade payables	3,675	–	–	–	–	3,675	3,675
Lease liabilities (Refer to note 2.8)	8,221	–	–	–	–	8,221	8,221
Derivative financial instruments	–	–	159	–	10	169	169
Financial liability under option arrangements (Refer to note 2.5)	–	–	595	–	–	595	595
Other liabilities including contingent consideration (Refer to note 2.5)	15,564	–	31	–	–	15,595	15,595
Total	27,460	–	785	–	10	28,255	28,255
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on quoted debt securities carried at amortized cost of 55crore.
---	---
^(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 2.2)
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 2.17)^(3)^	9,600	–	–	–	–	9,600	9,600
Prepayments and other assets (Refer to note 2.4)	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 2.8)	8,359	–	–	–	–	8,359	8,359
Derivative financial instruments	–	–	30	–	1	31	31
Financial liability under option arrangements (Refer to note 2.5)	–	–	597	–	–	597	597
Other liabilities including contingent consideration (Refer to note 2.5)	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 December 31, 2024 is as follows:

(In crore)

Particulars	As at December 31, 2024	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.2)
Investments in liquid mutual fund units	2,880	2,880	–	–
Investments in target maturity fund units	455	455	–	–
Investments in quoted debt securities	12,913	10,843	2,070	–
Investments in certificates of deposit	739	–	739	–
Investments in commercial papers	198	–	198	–
Investments in quoted equity securities	97	97	–	–
Investments in unquoted equity and preference securities	119	–	–	119
Investments in unquoted investments others	195	–	–	195
Others
Derivative financial instruments - gain	236	–	236	–
Liabilities
Derivative financial instruments - loss	169	–	169	–
Financial liability under option arrangements (Refer to note 2.5)^(1)^	595	–	–	595
Liability towards contingent consideration (Refer to note 2.5)^(2)^	31	–	–	31
^(1)^	Discount rate ranges from 9% to 15%
---	---
^(2)^	Discount rate - 6%
---	---

During the nine months ended December 31, 2024, quoted debt securities of 329 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 2,071 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 2.2)
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	84	–	84	–
Liabilities
Derivative financial instruments- loss	31	–	31	–
Financial liability under option arrangements (Refer to note 2.5)^(1)^	597	–	–	597
^(1)^	Discount rate ranges from 9% to 15%
---	---

During the year ended March 31, 2024, quoted debt securities of 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.

2.4 Prepayments and other assets

Prepayments and other assets consist of the following:

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Current
Security deposits^(1)^	72	75
Loans to employees^(1)^	246	248
Prepaid expenses^(2)^	2,509	3,329
Interest accrued and not due^(1)^	545	537
Withholding taxes and others^(2)^	3,179	3,540
Advance payments to vendors for supply of goods^(2)^	257	356
Deposit with corporations^(1)(3)^	2,899	2,535
Deferred contract cost
Cost of obtaining a contract ^(2)^	409	200
Cost of fulfillment ^(2)^	467	358
Other non financial assets ^(2)^	139	180
Other financial assets^(1)(4)^	1,241	931
Total current prepayment and other assets	11,963	12,289
Non-current
Security deposits^(1)^	267	259
Loans to employees^(1)^	21	34
Prepaid expenses^(2)^	275	343
Withholding taxes and others^(2)^	531	673
Deposit with corporations^(1)(3)^	70	47
Deferred contract cost
Cost of obtaining a contract ^(2)^	268	129
Cost of fulfillment ^(2)^	731	687
Defined benefit plan assets^(2)^	199	31
Other financial assets^(1)(4)^	1,156	1,122
Total non- current prepayment and other assets	3,518	3,325
Total prepayment and other assets	15,481	15,614
^(1)^ Financial assets carried at amortized cost	6,517	5,788

^(2)^Non financial assets

^(3)^ Deposit with corporation represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business.

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

2.5 Other liabilities

Other liabilities comprise the following:

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Current
Accrued compensation to employees^(1)^	4,004	4,454
Accrued defined benefit liability ^(3)^	7	5
Accrued expenses^(1)^	8,684	8,224
Withholding taxes and others^(3)^	3,413	3,185
Liabilities of controlled trusts^(1)^	173	211
Liability towards contingent consideration^(2)^	11	-
Capital Creditors^(1)^	216	310
Financial liability under option arrangements^(2)(4)^	495	499
Other non-financial liabilities ^(3)^	12	8
Other financial liabilities^(1)(5)^	435	608
Total current other liabilities	17,450	17,504
Non-current
Accrued expenses^(1)^	2,003	1,779
Accrued defined benefit liability ^(3)^	95	159
Accrued compensation to employees^(1)^	19	7
Liability towards contingent consideration^(2)^	20	-
Financial liability under option arrangements^(2)(4)^	100	98
Other financial liabilities^(1)(5)^	30	157
Other non-financial liabilities^(3)^	72	76
Total non-current other liabilities	2,339	2,276
Total other liabilities	19,789	19,780
^(1)^Financial liability carried at amortized cost	15,564	15,750
^(2)^Financial liability carried at fair value through profit or loss	626	597

^(3)^ Non financial liabilities

^(4)^ Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries

^(5)^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 December 31, 2024 and March 31, 2024, the financial liability pertaining to such arrangements amounts to 91 crore and 372 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.

2.6 Provisions and other contingencies

Accounting Policy

2.6.1 Provisions

a. Post sales client support

b. Onerous contracts

Provision for post sales client support and otherprovisions

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Post sales client support and other provisions	1,494	1,796
Total provisions	1,494	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 December 31, 2024 and March 31, 2024 claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities - Refer to note 2.12) amounted to 822 crore and 789 crore respectively.

2.6.2 McCamish Cybersecurity incident

2.6.3 Legal proceedings

2.7 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 usefullife 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 December 31, 2024 are as follows:

(In crore)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at October 1, 2024	1,430	11,800	5,429	8,714	3,432	47	30,852
Additions	–	6	68	266	51	1	392
Deletions**	–	(65)	(35)	(228)	(37)	–	(365)
Translation difference	–	(25)	(4)	(18)	(13)	–	(60)
Gross carrying value as at December 31, 2024	1,430	11,716	5,458	8,734	3,433	48	30,819
Accumulated depreciation as at October 1, 2024	–	(5,151)	(4,331)	(6,771)	(2,777)	(42)	(19,072)
Depreciation	–	(111)	(87)	(309)	(70)	(1)	(578)
Accumulated depreciation on deletions**	–	6	24	224	31	–	285
Translation difference	–	9	4	10	12	–	35
Accumulated depreciation as at December 31, 2024	–	(5,247)	(4,390)	(6,846)	(2,804)	(43)	(19,330)
Capital work-in progress as at October 1, 2024							676
Carrying value as at October 1, 2024	1,430	6,649	1,098	1,943	655	5	12,456
Capital work-in progress as at December 31, 2024							858
Carrying value as at December 31, 2024	1,430	6,469	1,068	1,888	629	5	12,347

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2023 are as follows:

(In crore)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at October 1, 2023	1,429	11,527	5,201	8,496	3,421	45	30,119
Additions	1	4	40	203	7	1	256
Deletions*	–	(55)	(43)	(222)	(65)	(1)	(386)
Translation difference	–	22	5	20	15	–	62
Gross carrying value as at December 31, 2023	1,430	11,498	5,203	8,497	3,378	45	30,051
Accumulated depreciation as at October 1, 2023	–	(4,749)	(4,040)	(6,132)	(2,614)	(42)	(17,577)
Depreciation	–	(114)	(114)	(340)	(97)	(1)	(666)
Accumulated depreciation on deletions*	–	55	43	218	64	1	381
Translation difference	–	(6)	(4)	(13)	(13)	–	(36)
Accumulated depreciation as at December 31, 2023	–	(4,814)	(4,115)	(6,267)	(2,660)	(42)	(17,898)
Capital work-in progress as at October 1, 2023							637
Carrying value as at October 1, 2023	1,429	6,778	1,161	2,364	807	3	13,179
Capital work-in progress as at December 31, 2023							717
Carrying value as at December 31, 2023	1,430	6,684	1,088	2,230	718	3	12,870

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 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	–	38	195	620	145	2	1,000
Additions - Business Combination (Refer to Note 2.10)	–	1	11	6	23	2	43
Deletions**	–	(107)	(90)	(493)	(127)	(1)	(818)
Translation difference	–	14	1	(10)	2	–	7
Gross carrying value as at December 31, 2024	1,430	11,716	5,458	8,734	3,433	48	30,819
Accumulated depreciation as at April 1, 2024	–	(4,921)	(4,182)	(6,380)	(2,692)	(42)	(18,217)
Depreciation	–	(335)	(286)	(957)	(231)	(2)	(1,811)
Accumulated depreciation on deletions**	–	12	79	483	120	1	695
Translation difference	–	(3)	(1)	8	(1)	–	3
Accumulated depreciation as at December 31, 2024	–	(5,247)	(4,390)	(6,846)	(2,804)	(43)	(19,330)
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 December 31, 2024							858
Carrying value as at December 31, 2024	1,430	6,469	1,068	1,888	629	5	12,347

** During the three months and nine months ended December 31, 2024, certain assets which were not in use having gross book value of 171 crore (net book value: Nil) and 400 crore (net book value: Nil), respectively were retired.

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 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	1	13	148	586	118	1	867
Deletions*	–	(55)	(113)	(622)	(111)	(1)	(902)
Translation difference	–	(22)	(1)	14	6	–	(3)
Gross carrying value as at December 31, 2023	1,430	11,498	5,203	8,497	3,378	45	30,051
Accumulated depreciation as at April 1, 2023	–	(4,535)	(3,877)	(5,826)	(2,465)	(40)	(16,743)
Depreciation	–	(339)	(349)	(1,051)	(297)	(3)	(2,039)
Accumulated depreciation on deletions*	–	55	112	617	107	1	892
Translation difference	–	5	(1)	(7)	(5)	–	(8)
Accumulated depreciation as at December 31, 2023	–	(4,814)	(4,115)	(6,267)	(2,660)	(42)	(17,898)
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 December 31, 2023							717
Carrying value as at December 31, 2023	1,430	6,684	1,088	2,230	718	3	12,870

* During the three months and nine months ended December 31, 2023, certain assets which were not in use having gross book value of 137 crore (net book value: Nil) and 594 crore (net book value: Nil), respectively 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 1096 crore and 780 crore as at December 31, 2024 and March 31, 2024, respectively.

2.8 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

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 December 31, 2024:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of October 1, 2024	604	3,481	23	2,584	6,692
Additions*	–	147	5	262	414
Deletions	–	(97)	–	(145)	(242)
Depreciation / Amortization	(2)	(186)	(2)	(269)	(459)
Translation difference	(1)	(6)	(2)	(51)	(60)
Balance as of December 31, 2024	601	3,339	24	2,381	6,345

* 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 December 31, 2023:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of October 1, 2023	616	3,811	15	2,508	6,950
Additions*	–	7	5	521	533
Deletions	(10)	(49)	(1)	(133)	(193)
Impairment^#^	–	(88)	–	–	(88)
Depreciation / Amortization	(1)	(180)	(2)	(223)	(406)
Translation difference	2	26	1	67	96
Balance as of December 31, 2023	607	3,527	18	2,740	6,892

* Net of adjustments on account of modifications

# included under other expenses. Refer note 2.19

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 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*	–	532	11	936	1,479
Addition due to Business Combination (Refer to note 2.10)	–	155	5	–	160
Deletions	–	(132)	(6)	(460)	(598)
Depreciation / Amortization	(5)	(534)	(8)	(742)	(1,289)
Translation difference	1	20	5	15	41
Balance as of December 31, 2024	601	3,339	24	2,381	6,345

* Net of adjustments on account of modifications

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 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*	–	333	10	1,496	1,839
Deletions	(10)	(89)	(1)	(540)	(640)
Impairment^#^	–	(88)	–	–	(88)
Depreciation / Amortization	(5)	(543)	(7)	(617)	(1,172)
Translation difference	(1)	18	1	53	71
Balance as of December 31, 2023	607	3,527	18	2,740	6,892
*	Net of adjustments on account of modifications and lease incentives
---	---
^#^	included under other expenses. Refer note 2.19
---	---

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 December 31, 2024 and March 31, 2024:

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Current lease liabilities	2,506	1,959
Non-current lease liabilities	5,715	6,400
Total	8,221	8,359

2.9 Goodwill and Intangible assets

2.9.1 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
	December 31, 2024	March 31, 2024
Carrying value at the beginning	7,303	7,248
Goodwill on acquisitions (Refer to note 2.10)	2,593	–
Translation differences	39	55
Carrying value at the end	9,935	7,303

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

2.9.2 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.

2.10 Business combinations

Accounting policy

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

Acquisition

InSemi

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			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 December 31, 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 Comprehensive Income for the three months ended June 30, 2024.

in-tech Holding GmbH

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
Assets^(1)^	731	–	731
Liabilities	(364)	–	(364)
Intangible assets:
Customer contracts and relationships^#^	–	1,720	1,720
Brand^#^	–	147	147
Deferred tax liabilities on intangible assets	–	(511)	(511)
Goodwill			2,490
Loan	(985)	–	(985)
Total purchase price			3,228
Loan repayment			985
Total cash outflow			4,213
^(1)^	Includes cash and cash equivalents acquired of 197crore.
---	---
^#^	The estimated useful life is around 3 year to 10 years
---	---

Goodwill is not tax-deductible.

The total purchase consideration of EUR 356 million (3,228 crore) comprises the cash consideration paid to selling shareholders at the acquisition date.

Fair value of trade receivables acquired is 139 crore as of acquisition date and as of December 31, 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 4 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the quarter ended September 30, 2024.

2.11 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 1,01,87,113 and 10,916,829 shares as at December 31, 2024 and March 31, 2024, respectively under the 2015 plan, out of which 200,000 equity shares each have been earmarked for welfare activities of the employees as at December 31, 2024 and March 31, 2024.

The following is the summary of grants made during the three months and nine months ended December 31, 2024 and December 31, 2023:

Particulars	2019 Plan				2015 Plan
	Three months ended December 31,		Nine months ended December 31,		Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	–	35,990	70,699	114,271	–	88,040	295,168	421,636
Employees other than KMP	–	464,260	6,848	464,260	22,880	1,169,660	152,220	1,197,940
Total Grants	–	500,250	77,547	578,531	22,880	1,257,700	447,388	1,619,576
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	–	7,950	–	7,950
	–	–	–	–	–	7,950	–	7,950
Total Grants	–	500,250	77,547	578,531	22,880	1,265,650	447,388	1,627,526

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.

Under the 2019 plan:

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

(in crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Granted to:
KMP	17	14	52	51
Employees other than KMP	168	133	553	375
Total ^(1)^	185	147	605	426
^(1)^Cash settled stock compensation expense included in the above	2	2	14	9

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)	1,437	18.42	1,588	19.19
Exercise price ()/ ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	21-26	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	4-5	7	4-5
Weighted average fair value as on grant date () / ($ ADS)	1,319	16.94	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.

2.12 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Current taxes
Domestic taxes	2,450	1,858	7,093	5,325
Foreign taxes	752	561	2,253	1,891
	3,202	2,419	9,346	7,216
Deferred taxes
Domestic taxes	(209)	174	(705)	548
Foreign taxes	(145)	(87)	(408)	(290)
	(354)	87	(1,113)	258
Income tax expense	2,848	2,506	8,233	7,474

Income tax expense for the three months ended December 31, 2024 and December 31, 2023 includes provisions (net of reversal) of 106 crore and reversal (net of provisions) of 64 crore, respectively. Income tax expense for the nine months ended December 31, 2024 and December 31, 2023 includes provisions (net of reversal) of 249 crore and reversal (net of provisions) of 136 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 and nine months ended December 31, 2024 and December 31, 2023 substantially relates to origination and reversal of temporary differences.

As at December 31, 2024, claims against the Group not acknowledged as debts from the Income tax authorities amounted to 2,915 crore.

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

The amount paid to statutory authorities against the tax claims amounted to 3,500 crore and 8,743 crore as at December 31, 2024 and March 31, 2024, respectively.

2.13 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.

2.14 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 nine months ended December 31, 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
---	---
.	Infosys Services (Thailand) Limited, a Wholly-owned subsidiary of Infosys Limited was incorporated<br>on July 26, 2024.
---	---
.	Infy tech SAS, a Wholly-owned subsidiary of Infosys Singapore Pte Limited was incorporated<br>on July 03, 2024.
---	---
.	On July 17, 2024, Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte.<br>Limited, acquired 100% of voting interests in in-tech Holding GmbH along with its subsidiary in-tech GmbH along with its six subsidiaries<br>in-tech Automotive Engineering SL, ProIT, in-tech Automotive Engineering de R.L. de C.V, drivetech Fahrversuch GmbH, Friedrich Wagner<br>Holding Inc along with its two subsidiaries (in-tech Automotive Engineering LLC and in-tech Services LLC) and Friedrich & Wagner<br>Asia Pacific GmbH along with its five subsidiaries in-tech engineering s.r.o, in-tech engineering GmbH, in-tech engineering services<br>S.R.L, in-tech Group Ltd along with its subsidiary (in-tech Group India Private Limited) and In-tech Automotive Engineering Shenyang<br>Co., Ltd along with its subsidiary (In-tech Automotive Engineering Bejing Co., Ltd)
---	---
.	On October 17, 2024, Infosys Singapore Pte Ltd. acquired 100% of voting interests in Blitz<br>24-893 SE ,Germany
---	---
.	Skava systems Private Limited, a wholly-owned subsidiary of Infosys ltd has been liquidated<br>effective November 14, 2024
---	---
.	in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH<br>is under liquidation.
---	---
.	Friedrich Wagner Holding Inc, a wholly-owned subsidiary of in-tech GmbH is under liquidation.
---	---
.	in-tech Services LLC, a wholly-owned subsidiary of Friedrich Wagner Holding Inc has been<br>liquidated effective November 30, 2024
---	---
.	in-tech Automotive Engineering LLC, a wholly-owned subsidiary of Friedrich Wagner Holding<br>Inc has been liquidated effective November 30, 2024
---	---
.	Infosys Consulting S.r.l. (Romania) renamed as Infosys Romania S.r.l.
---	---
.	Kaleidoscope Animations, a wholly-owned subsidiary of Infosys Nova Holdings LLC merged into<br>Infosys Nova Holdings LLC effective January 1, 2025
---	---
.	Blue Acorn iCi Inc, a wholly-owned subsidiary of Infosys Nova Holdings LLC merged into Infosys<br>Nova Holdings LLC effective January 1, 2025
---	---
.	WongDoody Inc, a wholly-owned subsidiary of Infosys limited merged into Infosys Nova Holdings<br>LLC effective January 1, 2025
---	---
.	Outbox systems Inc. dba Simplus (US), a wholly-owned subsidiary of Infosys Nova Holdings<br>LLC merged into Infosys Nova Holdings LLC effective January 1, 2025
---	---

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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Salaries and other employee benefits to whole-time directors and executive officers^(1)(2)^	28	24	84	82
Commission and other benefits to non-executive/ independent directors	5	4	14	12
Total	33	28	98	94
^(1)^	For the three months ended December 31, 2024 and December 31, 2023, includes a chargeof 17 crore and 14 crore respectively, towards employee stock compensationexpense. For the nine months ended December 31, 2024 and December 31, 2023, includes a charge of 52crore and 51 crore respectively, towards employee stock compensation expense. (Refer to note 2.11).
---	---
^(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.
---	---

2.15 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 2.16 Revenue from operations.

2.15.1 Business segments

Three months ended December 31, 2024 and December31, 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	11,589	5,746	4,688	5,635	6,479	3,279	3,195	1,153	41,764
	10,783	5,649	4,421	5,121	5,786	2,985	2,954	1,122	38,821
Identifiable operating expenses	6,859	2,803	3,067	3,229	4,128	1,914	1,906	781	24,687
	6,504	2,974	2,781	2,751	3,787	1,745	1,703	675	22,920
Allocated expenses	2,051	968	803	878	994	549	470	249	6,962
	2,019	960	780	920	889	482	485	229	6,764
Segment Profit	2,679	1,975	818	1,528	1,357	816	819	123	10,115
	2,260	1,715	860	1,450	1,110	758	766	218	9,137
Unallocable expenses									1,203
									1,176
Operating profit									8,912
									7,961
Other income, net									859
									789
Finance cost									101
									131
Profit before income taxes									9,670
									8,619
Income tax expense									2,848
									2,506
Net profit									6,822
									6,113
Depreciation and amortization									1,203
									1,176
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
---	---

Nine months ended December 31, 2024 and December31, 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	33,561	16,619	14,311	16,402	18,680	9,692	9,065	3,734	122,064
	32,149	17,075	13,325	14,966	16,710	9,095	8,753	3,675	115,748
Identifiable operating expenses	19,206	8,195	9,346	9,111	11,984	5,587	5,527	2,372	71,328
	18,740	9,113	8,038	8,121	10,941	5,237	5,077	2,286	67,553
Allocated expenses	6,205	2,931	2,459	2,771	3,035	1,681	1,493	800	21,375
	6,025	2,944	2,408	2,754	2,653	1,509	1,410	851	20,554
Segment Profit	8,150	5,493	2,506	4,520	3,661	2,424	2,045	562	29,361
	7,384	5,018	2,879	4,091	3,116	2,349	2,266	538	27,641
Unallocable expenses									3,512
									3,515
Operating profit									25,849
									24,126
Other income, net									2,410
									1,982
Finance cost									314
									360
Profit before income taxes									27,945
									25,748
Income tax expense									8,233
									7,474
Net profit									19,712
									18,274
Depreciation and amortization									3,512
									3,515
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
---	---

2.15.2 Significant clients

No client individually accounted for more than 10% of the revenues for the three months and nine months ended December 31, 2024 and December 31, 2023, respectively.

2.16 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 and nine months ended December 31, 2024 and December 31, 2023 is as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Revenue from software services	39,766	36,767	116,395	109,221
Revenue from products and platforms	1,998	2,054	5,669	6,527
Total revenue from operations	41,764	38,821	122,064	115,748

Products & platforms

Disaggregated revenue information

For the three months and nine months ended December31, 2024 and December 31, 2023

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
*Revenues by Geography^^**
North America	24,404	22,911	71,053	69,805
Europe	12,430	10,934	35,824	31,407
India	1,293	920	3,808	3,048
Rest of the world	3,637	4,056	11,379	11,488
Total	41,764	38,821	122,064	115,748

^*^Geographical revenues is based on thedomicile of customer.

The percentage of revenue from fixed-price contracts for the quarter ended December 31, 2024 and December 31, 2023 is 55% and 55%, respectively. The percentage of revenue from fixed-price contracts for the nine months ended December 31, 2024 and December 31, 2023 is 54% and 53% 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.

2.17 Unbilled Revenue

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Unbilled financial asset ^(1)^	9,759	9,600
Unbilled non financial asset ^(2)^	4,103	4,948
Total	13,862	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.
---	---

2.18 Equity

Accounting policy

Ordinary Shares

Treasury Shares

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 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.

Other Reserve

Capital Redemption Reserve

Cash flow hedge reserve

Other components of equity

2.18.1 Voting

2.18.2 Liquidation

2.18.3 Share options

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

2.18.4 Share capital and share premium

2.18.5 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Interim dividend for fiscal 2025	21.00	–	21.00	–
Special dividend for fiscal 2024	–	–	8.00	–
Final dividend for fiscal 2024	–	–	20.00	–
Interim dividend for fiscal 2024	–	18.00	–	18.00
Final dividend for fiscal 2023	–	–	–	17.50

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 resulted in a net cash outflow of 11,597 crore, excluding dividend paid on treasury shares.

The Board of Directors in their meeting held on October 17, 2024 declared an interim dividend of 21/- per equity share which resulted in a net cash outflow of 8,698 crore, excluding dividend paid on treasury shares.

2.19 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 Interim Condensed 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 and presentation 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Employee benefit costs	19,316	18,621	57,534	56,088
Depreciation and amortization	1,203	1,176	3,512	3,515
Travelling costs	279	283	908	915
Cost of technical sub-contractors	3,300	3,064	9,659	9,261
Cost of software packages for own use	586	540	1,726	1,504
Third party items bought for service delivery to clients	3,995	3,152	10,199	8,238
Consultancy and professional charges	57	124	230	187
Communication costs	71	85	226	262
Repairs and maintenance	130	103	370	333
Provision for post-sales client support	91	35	117	203
Others	92	70	290	160
Total	29,120	27,253	84,771	80,666

Selling and marketing expenses

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Employee benefit costs	1,418	1,358	4,289	4,125
Travelling costs	103	64	302	228
Branding and marketing	273	219	876	717
Communication costs	2	3	8	10
Consultancy and professional charges	37	36	111	106
Others	6	20	45	52
Total	1,839	1,700	5,631	5,238

Administrative expenses

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Employee benefit costs	702	672	2,111	2,015
Consultancy and professional charges	365	344	1,013	944
Repairs and maintenance	264	248	782	747
Power and fuel	51	49	172	150
Communication costs	84	81	239	259
Travelling costs	57	40	165	145
Impairment loss recognized/(reversed) under expected credit loss model	5	13	100	219
Rates and taxes	61	80	268	241
Insurance charges	72	49	221	155
Commission to non-whole time directors	5	4	13	11
Contribution towards Corporate Social Responsibility	164	137	493	351
Others	63	190	236	481
Total	1,893	1,907	5,813	5,718

Other income for the three months and nine monthsended December 31, 2024 and December 31, 2023 is as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Interest income on financial assets carried at amortized cost	396	258	1,106	807
Interest income on financial assets carried at fair value through other comprehensive income	195	232	741	689
Gain/(loss) on investments carried at fair value through other comprehensive income	–	–	2	–
Gain/(loss) on investments carried at fair value through profit or loss	52	97	233	197
Exchange gains / (losses) on forward and options contracts	231	(152)	(135)	(89)
Exchange gains / (losses) on translation of other assets and liabilities	(104)	230	285	210
Others	89	124	178	168
Total	859	789	2,410	1,982
for and on behalf of the Board of Directors of Infosys Limited
---	---	---
Nandan M. Nilekani<br><br> <br>Chairman<br><br> <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>January 16, 2025	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918

Exhibit 99.9

Ind AS Standalone

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYSLIMITED

Report on the Audit of the Interim Condensed Standalone Financial Statements

Opinion

We have audited the accompanying interim condensed standalone financial statements of INFOSYSLIMITED (the “Company”), which comprise the Condensed Balance Sheet as at December 31, 2024, the Condensed Statement of Profit and Loss (including Other Comprehensive Income) for the three months and nine months ended on that date, the Condensed Statement of Changes in Equity and the Condensed Statement of Cash Flows for the nine 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 December 31, 2024 its profit and total comprehensive income for the three months and nine months ended on that date, changes in equity and its cash flows for the nine 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<br>of material misstatement of the interim condensed standalone financial statements, whether due to fraud or error, design and perform audit<br>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 controls 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 effectiveness of such controls.
---	---
·	Evaluate the appropriateness<br>of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
---	---
·	Conclude on the appropriateness<br>of management’s 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 Company’s ability to continue as a going concern.<br>If 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 interim condensed standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions<br>are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause<br>the Company to cease to continue as a going concern.
---	---
·	Evaluate the overall presentation,<br>structure and content of the interim condensed standalone financial statements, including the disclosures, and whether the interim condensed<br>standalone financial statements represent the underlying transactions 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: January 16, 2025	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: 25060408BMOCIF6470

INFOSYS LIMITED

Condensed Standalone Financial Statements under Indian AccountingStandards (Ind AS) for the three months and nine months ended December 31, 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 Other assets
2.10 Financial instruments
2.11 Equity
2.12 Other financial liabilities
2.13 Trade payables
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 Basic and diluted shares used in computing earnings per equity share
2.21 Contingent liabilities and commitments
2.22 Related party transactions
2.23 Segment Reporting

INFOSYS LIMITED

(In crore)

Condensed Balance Sheet as at	Note No.	December 31, 2024	March 31, 2024
ASSETS
Non-current assets
Property, plant and equipment	2.1	9,866	10,813
Right-of-use assets	2.3	3,125	3,303
Capital work-in-progress		625	277
Goodwill	2.2	211	211
Financial assets
Investments	2.4	25,774	23,352
Loans	2.5	31	34
Other financial assets	2.6	2,602	1,756
Deferred tax assets (net)	2.16	260	–
Income tax assets (net)	2.16	3,407	2,583
Other non-current assets	2.9	1,892	1,669
Total non-current assets		47,793	43,998
Current assets
Financial assets
Investments	2.4	6,621	11,307
Trade receivables	2.7	28,288	25,152
Cash and cash equivalents	2.8	14,021	8,191
Loans	2.5	205	208
Other financial assets	2.6	11,523	10,129
Income tax assets (net)	2.16	–	6,329
Other current assets	2.9	8,390	9,636
Total current assets		69,048	70,952
Total assets		116,841	114,950
EQUITY AND LIABILITIES
Equity
Equity share capital	2.11	2,076	2,075
Other equity		78,513	79,101
Total equity		80,589	81,176
LIABILITIES
Non-current liabilities
Financial liabilities
Lease liabilities	2.3	2,741	3,088
Other financial liabilities	2.12	2,088	1,941
Deferred tax liabilities (net)		806	1,509
Other non-current liabilities	2.14	77	150
Total non - current liabilities		5,712	6,688
Current liabilities
Financial liabilities
Lease liabilities	2.3	776	678
Trade payables	2.13
Total outstanding dues of micro enterprises and small enterprises		126	92
Total outstanding dues of creditors other than micro enterprises <br><br>and small enterprises		2,590	2,401
Other financial liabilities	2.12	13,129	11,808
Other current liabilities	2.14	8,984	7,681
Provisions	2.15	1,178	1,464
Income tax liabilities (net)		3,757	2,962
Total current liabilities		30,540	27,086
Total equity and liabilities		116,841	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	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 Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br><br> <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
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918
Bengaluru<br><br> <br>January 16, 2025

INFOSYS LIMITED

(In crore except equity share and per equityshare data)

Condensed Statement of Profit and Loss for the	Note No.	Three months ended December 31,		Nine months ended December 31,
		2024	2023	2024	2023
Revenue from operations	2.17	34,915	32,491	102,455	96,932
Other income, net	2.18	1,001	1,582	3,459	3,934
Total income		35,916	34,073	105,914	100,866
Expenses
Employee benefit expenses	2.19	16,849	16,304	50,208	49,092
Cost of technical sub-contractors		4,829	4,670	14,412	13,991
Travel expenses		329	296	1,054	1,001
Cost of software packages and others	2.19	2,977	1,811	7,474	4,793
Communication expenses		115	119	344	379
Consultancy and professional charges		322	282	887	772
Depreciation and amortization expenses		661	738	2,029	2,222
Finance cost		50	82	170	215
Other expenses	2.19	940	895	2,957	2,862
Total expenses		27,072	25,197	79,535	75,327
Profit before tax		8,844	8,876	26,379	25,539
Tax expense:
Current tax	2.16	2,785	2,231	8,428	6,476
Deferred tax	2.16	(299)	93	(988)	309
Profit for the period		6,358	6,552	18,939	18,754
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		(37)	73	63	92
Equity instruments through other comprehensive income, net		(16)	(9)	(11)	31
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		57	(46)	33	(17)
Fair value changes on investments, net		9	49	128	95
Total other comprehensive income/ (loss), net of tax		13	67	213	201
Total comprehensive income for the period		6,371	6,619	19,152	18,955
Earnings per equity share
Equity shares of par value 5/- each
Basic (in per share)		15.31	15.79	45.62	45.19
Diluted (in per share)		15.29	15.78	45.53	45.15
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.20	4,152,169,718	4,150,398,147	4,151,766,693	4,149,948,587
Diluted (in shares)	2.20	4,159,730,983	4,153,337,842	4,159,798,359	4,153,265,047

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	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<br><br> <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
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918
Bengaluru<br><br> <br>January 16, 2025

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 nine months ended December 31, 2023
Profit for the period	–	–	–	–	–	18,754	–	–	–	–	–	–	18,754
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	92	92
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	31	–	–	31
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	(17)	–	(17)
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	95	95
Total comprehensive income for the period	–	–	–	–	–	18,754	–	–	–	31	(17)	187	18,955
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	–	(2,326)	–	–	2,326	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	461	–	–	(461)	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.11)	–	–	–	–	351	–	–	(351)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	32	(32)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.11)	1	–	–	–	–	–	–	–	–	–	–	–	1
Employee stock compensation expense (Refer to note 2.11)	–	–	–	–	–	–	–	417	–	–	–	–	417
Dividends	–	–	–	–	–	(14,733)	–	–	–	–	–	–	(14,733)
Balance as at December 31, 2023	2,075	54	2,862	169	484	54,339	34	912	11,519	291	(22)	(332)	72,385

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 nine months ended December 31, 2024
Profit for the period	–	–	–	–	–	18,939	–	–	–	–	–	–	18,939
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	63	63
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	(11)	–	–	(11)
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	33	–	33
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	128	128
Total comprehensive income for the period	–	–	–	–	–	18,939	–	–	–	(11)	33	191	19,152
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	337	–	–	(337)	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve to retained earnings	–	–	–	–	–	2,999	–	–	(2,999)	–	–	–	–
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	–	(74)	–	–	74	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.11)	–	–	–	–	253	–	–	(253)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	21	(21)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.11)	1	–	–	–	2	–	–	–	–	–	–	–	3
Employee stock compensation expense (Refer to note 2.11)	–	–	–	–	–	–	–	591	–	–	–	–	591
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	–	12	–	–	–	–	12
Dividends	–	–	–	–	–	(20,345)	–	–	–	–	–	–	(20,345)
Balance as at December 31, 2024	2,076	54	2,862	169	835	64,407	183	1,242	8,525	268	39	(71)	80,589
*	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	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<br><br> <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
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918
Bengaluru<br><br> <br>January 16, 2025

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.	Nine months ended December 31,
		2024	2023
Cash flow from operating activities
Profit for the period		18,939	18,754
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation and Amortization		2,029	2,222
Income tax expense	2.16	7,440	6,785
Impairment loss recognized / (reversed) under expected credit loss model		86	194
Finance cost		170	215
Interest and dividend income		(2,888)	(3,325)
Stock compensation expense		537	378
Provision for post sale client support		111	205
Exchange differences on translation of assets and liabilities, net		106	48
Other adjustments		107	162
Changes in assets and liabilities
Trade receivables and unbilled revenue		(3,984)	(3,459)
Loans, other financial assets and other assets		(784)	(1,016)
Trade payables		222	(10)
Other financial liabilities, other liabilities and provisions		2,942	(170)
Cash generated from operations		25,033	20,983
Income taxes paid		(2,106)	(6,313)
Net cash generated by operating activities		22,927	14,670
Cash flow from investing activities
Expenditure on property, plant and equipment		(1,018)	(1,373)
Deposits placed with corporation		(915)	(625)
Redemption of deposits placed with corporation		531	459
Interest and dividend received		1,465	1,252
Dividend received from subsidiary		1,322	2,118
Loan given to subsidiaries		(10)	–
Loan repaid by subsidiaries		–	4
Investment in subsidiaries		(4,360)	(63)
Payment towards acquisition of entities		(184)	–
Receipt / (payment) from entities under liquidation		–	80
Other receipts		–	123
Payments to acquire investments
Liquid mutual fund units		(49,723)	(46,790)
Commercial papers		(2,273)	(4,270)
Certificates of deposit		(2,246)	(3,169)
Non-convertible debentures		(1,361)	(337)
Other investments		(25)	(2)
Proceeds on sale of investments
Liquid mutual fund units		49,790	45,744
Non-convertible debentures		1,290	800
Certificates of deposit		4,945	4,387
Commercial papers		6,660	3,045
Government Securities		200	5
Tax free bonds and government bonds		–	150
Other investments		11	13
Net cash (used in) / generated from investing activities		4,099	1,551
Cash flow from financing activities
Payment of Lease Liabilities		(687)	(624)
Shares issued on exercise of employee stock options		3	1
Other (payments)/receipts		(168)	(158)
Payment of dividends		(20,336)	(14,736)
Net cash used in financing activities		(21,188)	(15,517)
Net increase / (decrease) in cash and cash equivalents		5,838	704
Effect of exchange rate changes on cash and cash equivalents		(8)	(28)
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	14,021	7,210
Supplementary information:
Restricted cash balance	2.8	58	54

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	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<br><br> <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
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918
Bengaluru<br><br> <br>January 16, 2025

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 January 16, 2025.

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).

2.1 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 interim 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 interim 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 December 31, 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 October 1, 2024	1,430	10,660	3,240	1,401	7,398	2,154	943	45	27,271
Additions	–	5	5	34	189	15	19	–	267
Deletions**	–	(42)	(4)	(14)	(148)	(7)	(17)	–	(232)
Gross carrying value as at December 31, 2024	1,430	10,623	3,241	1,421	7,439	2,162	945	45	27,306
Accumulated depreciation as at October 1, 2024	–	(4,771)	(2,817)	(1,172)	(5,810)	(1,767)	(753)	(42)	(17,132)
Depreciation	–	(102)	(43)	(25)	(259)	(41)	(31)	–	(501)
Accumulated depreciation on deletions**	–	6	4	14	148	7	14	–	193
Accumulated depreciation as at December 31, 2024	–	(4,867)	(2,856)	(1,183)	(5,921)	(1,801)	(770)	(42)	(17,440)
Carrying value as at October 1, 2024	1,430	5,889	423	229	1,588	387	190	3	10,139
Carrying value as at December 31, 2024	1,430	5,756	385	238	1,518	361	175	3	9,866

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2023 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 October 1, 2023	1,429	10,454	3,160	1,333	7,211	2,163	1,021	45	26,816
Additions	1	4	9	28	168	–	4	1	215
Deletions*	–	(55)	(15)	(7)	(139)	(22)	(48)	(1)	(287)
Gross carrying value as at December 31, 2023	1,430	10,403	3,154	1,354	7,240	2,141	977	45	26,744
Accumulated depreciation as at October 1, 2023	–	(4,427)	(2,654)	(1,101)	(5,230)	(1,643)	(727)	(42)	(15,824)
Depreciation	–	(103)	(55)	(29)	(282)	(57)	(43)	(1)	(570)
Accumulated depreciation on deletions*	–	55	15	7	139	20	48	1	285
Accumulated depreciation as at December 31, 2023	–	(4,475)	(2,694)	(1,123)	(5,373)	(1,680)	(722)	(42)	(16,109)
Carrying value as at October 1, 2023	1,429	6,027	506	232	1,981	520	294	3	10,992
Carrying value as at December 31, 2023	1,430	5,928	460	231	1,867	461	255	3	10,635

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 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	–	29	39	82	437	41	51	1	680
Deletions**	–	(85)	(12)	(31)	(377)	(39)	(69)	(1)	(614)
Gross carrying value as at December 31, 2024	1,430	10,623	3,241	1,421	7,439	2,162	945	45	27,306
Accumulated depreciation as at April 1, 2024	–	(4,575)	(2,732)	(1,139)	(5,497)	(1,709)	(733)	(42)	(16,427)
Depreciation	–	(304)	(136)	(75)	(796)	(130)	(103)	(1)	(1,545)
Accumulated depreciation on deletions**	–	12	12	31	372	38	66	1	532
Accumulated depreciation as at December 31, 2024	–	(4,867)	(2,856)	(1,183)	(5,921)	(1,801)	(770)	(42)	(17,440)
Carrying value as at April 1, 2024	1,430	6,104	482	231	1,882	451	230	3	10,813
Carrying value as at December 31, 2024	1,430	5,756	385	238	1,518	361	175	3	9,866
**	During the three months and nine months ended December 31, 2024, certain assets which were<br>not in use having gross book value of 142 crore (net book value: Nil) and 335<br>crore (net book value: Nil), respectively were retired.
---	---

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2023 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, 2023	1,429	10,445	3,144	1,314	7,235	2,129	968	45	26,709
Additions	1	13	43	61	467	52	54	1	692
Additions through business transfer	–	–	–	2	12	8	12	–	34
Deletions*	–	(55)	(33)	(23)	(474)	(48)	(57)	(1)	(691)
Gross carrying value as at December 31, 2023	1,430	10,403	3,154	1,354	7,240	2,141	977	45	26,744
Accumulated depreciation as at April 1, 2023	–	(4,223)	(2,558)	(1,060)	(4,977)	(1,549)	(646)	(40)	(15,053)
Depreciation	–	(307)	(169)	(86)	(867)	(177)	(132)	(3)	(1,741)
Accumulated depreciation on deletions*	–	55	33	23	471	46	56	1	685
Accumulated depreciation as at December 31, 2023	–	(4,475)	(2,694)	(1,123)	(5,373)	(1,680)	(722)	(42)	(16,109)
Carrying value as at April 1, 2023	1,429	6,222	586	254	2,258	580	322	5	11,656
Carrying value as at December 31, 2023	1,430	5,928	460	231	1,867	461	255	3	10,635
*	During the three months and nine months ended December 31, 2023, certain assets which were<br>old having gross book value of 129 crore (net book value: Nil) and 490<br>crore (net book value: Nil), respectively were retired.
---	---
^(1)^	Buildings include 250/- being the value of fiveshares of 50/- each in Mittal Towers 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 crore)

Particulars	As at
	December 31, 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 December 31, 2024:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at October 1, 2024	532	2,133	604	3,269
Additions*	–	140	21	161
Deletions	–	(74)	(70)	(144)
Depreciation / Amortization	(1)	(107)	(53)	(161)
Balance as at December 31, 2024	531	2,092	502	3,125
*	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 December 31, 2023:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at October 1, 2023	546	2,689	433	3,668
Additions*	–	2	145	147
Deletions	(10)	(47)	(13)	(70)
Impairment^#^	–	(88)	–	(88)
Depreciation / Amortization	(1)	(121)	(48)	(170)
Balance as at December 31, 2023	535	2,435	517	3,487
*	Net of adjustments on account of modifications
---	---
#	included under other expenses. Refer note 2.19
---	---

Following are the changes in the carrying value of right of use assets for the nine months ended December 31, 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*	–	218	305	523
Deletions	–	(74)	(139)	(213)
Depreciation / Amortization	(3)	(318)	(167)	(488)
Balance as at December 31, 2024	531	2,092	502	3,125
*	Net of adjustments on account of modifications
---	---

Following are the changes in the carrying value of right of use assets for the nine months ended December 31, 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*	–	290	370	660
Deletions	(10)	(77)	(76)	(163)
Impairment^#^	–	(88)	–	(88)
Depreciation / Amortization	(3)	(359)	(121)	(483)
Balance as at December 31, 2023	535	2,435	517	3,487
*	Net of adjustments on account of modifications and lease incentives
---	---
#	included under other expenses. Refer note 2.19
---	---

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 December 31, 2024 and March 31, 2024:

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Current lease liabilities	776	678
Non-current lease liabilities	2,741	3,088
Total	3,517	3,766

2.4 INVESTMENTS

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non-current investments
Equity instruments of subsidiaries	13,724	9,150
Redeemable Preference shares of subsidiary	2,831	2,831
Preference securities and equity securities	216	206
Target maturity fund units	455	431
Others	62	84
Tax free bonds	1,619	1,731
Government bonds	14	14
Non-convertible debentures	1,404	2,216
Government Securities	5,449	6,689
Total non-current investments	25,774	23,352
Current investments
Liquid mutual fund units	2,030	1,913
Commercial Papers	198	4,507
Certificates of deposit	341	2,945
Tax free bonds	104	–
Government Securities	1,281	204
Non-convertible debentures	2,667	1,738
Total current investments	6,621	11,307
Total carrying value	32,395	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
2,73,19,411 (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
2,770,326 (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
in-tech Group India Private Limited	–
10,000 (Nil) shares 10 per share fully paid up
Infosys Services (Thailand) Limited	–
49,99,998 (Nil) shares THB 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

All values are in Indian Rupees.

(In crore, except as otherwise stated)

Particulars	As at
	December 31, 2024	March 31, 2024
Investments carried at fair value through profit or loss
Target maturity fund units	455	431
Equity and Preference securities	25	–
Others ^(1)^	62	84
	542	515
Investments carried at fair value through other comprehensive income
Preference securities	92	91
Equity securities	2	2
	94	93
Quoted
Investments carried at amortized cost
Tax free bonds	1,619	1,731
Government bonds	14	14
	1,633	1,745
Investments carried at fair value through other comprehensive income
Non-convertible debentures	1,404	2,216
Equity Securities	97	113
Government Securities	5,449	6,689
	6,950	9,018
Total non-current investments	25,774	23,352
Current investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units	2,030	1,913
	2,030	1,913
Investments carried at fair value through other comprehensive income
Commercial Papers	198	4,507
Certificates of deposit	341	2,945
	539	7,452
Quoted
Investments carried at amortized cost
Tax free bonds	104	–
	104	–
Investments carried at fair value through other comprehensive income
Government Securities	1,281	204
Non-convertible debentures	2,667	1,738
	3,948	1,942
Total current investments	6,621	11,307
Total investments	32,395	34,659
Aggregate amount of quoted investments	12,635	12,705
Market value of quoted investments (including interest accrued), current	4,060	1,942
Market value of quoted investments (including interest accrued), non-current	8,750	10,978
Aggregate amount of unquoted investments	19,760	21,954
^#^Aggregate amount of impairment in value of investments	94	94
Reduction in the fair value of assets held for sale	854	854
Investments carried at cost	16,555	11,981
Investments carried at amortized cost	1,737	1,745
Investments carried at fair value through other comprehensive income	11,531	18,505
Investments carried at fair value through profit or loss	2,572	2,428
^(1)^	Uncalled capital commitments outstanding as of December 31, 2024 and March 31, 2024 was5 crore 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 cashconsideration of 168 crore and contingent consideration with an estimated fair value of 30crore as on the date of acquisition.At the acquisition date, the key inputs used in determination of the fair value of contingent considerationare the probabilities assigned towards achievement of financial targets and discount rate of 5.9%. The undiscounted value of contingentconsideration as of December 31, 2024 was 33 crore.
---	---

Refer to note 2.10 for accounting policies on financialinstruments.

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		December 31, 2024	March 31, 2024
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	2,030	1,913
Target maturity fund units - carried at fair value through profit or loss	Quoted price	455	431
Tax free bonds and government bonds - carried at amortized cost	Quoted price and market observable inputs	1,889	1,959
Non-convertible debentures - carried at fair value through other comprehensive income	Quoted price and market observable inputs	4,071	3,954
Government securities - carried at fair value through other comprehensive income	Quoted price and market observable inputs	6,730	6,893
Commercial Papers - carried at fair value through other comprehensive income	Market observable inputs	198	4,507
Certificates of deposit - carried at fair value through other comprehensive income	Market observable inputs	341	2,945
Quoted equity securities - carried at fair value through other comprehensive income	Quoted price	97	113
Unquoted equity and preference securities - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	25	–
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	94	93
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	62	84
Total		15,992	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
	December 31, 2024	March 31, 2024
Non- Current
Loan to subsidiary ^(1)^	10	–
Loans considered good - Unsecured
Other Loans
Loans to employees	21	34
	31	34
Loans credit impaired - Unsecured
Other Loans
Loans to employees	–	–
Less: Allowance for credit impairment	–	–
	–	–
Total non - current loans	31	34
Current
Loans considered good - Unsecured
Other Loans
Loans to employees	205	208
Total current loans	205	208
Total Loans	236	242
^(1)^ Includes dues from subsidiaries	10	–

2.6 OTHER FINANCIAL ASSETS

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non-current
Security deposits ^(1)^	205	205
Unbilled revenues ^(1)(5)#^	2,202	1,366
Others^(1)^**	195	185
Total non-current other financial assets	2,602	1,756
Current
Security deposits ^(1)^	22	25
Restricted deposits ^(1)*^	2,666	2,282
Unbilled revenues ^(1)(5)#^	5,148	4,993
Interest accrued but not due ^(1)^	463	476
Foreign currency forward and options contracts ^(2)(3)^	230	81
Others ^(1)(4)^**	2,994	2,272
Total current other financial assets	11,523	10,129
Total other financial assets	14,125	11,885
^(1)^ Financial assets carried at amortized cost	13,895	11,804
^(2)^Financial assets carried at fair value through other comprehensive income	81	23
^(3)^Financial assets carried at fair value through Profit or Loss	149	58
^(4)^ Includes dues from subsidiaries	2,617	2,052
^(5)^ Includes dues from subsidiaries	131	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
	December 31, 2024	March 31, 2024
Current
Trade Receivable considered good - Unsecured ^(1)^	28,784	25,575
Less: Allowance for expected credit loss	496	423
Trade Receivable considered good - Unsecured	28,288	25,152
Trade Receivable - credit impaired - Unsecured	171	157
Less: Allowance for credit impairment	171	157
Trade Receivable - credit impaired - Unsecured	–	–
Total trade receivables ^(2)^	28,288	25,152
^(1)^ Includes dues from subsidiaries	284	259
^(2)^ Includes dues from companies where directors are interested	–	–

2.8 CASH AND CASH EQUIVALENTS

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Balances with banks
In current and deposit accounts	14,021	8,191
Cash on hand	–	–
Total Cash and cash equivalents	14,021	8,191
Balances with banks in unpaid dividend accounts	46	37
Deposit with more than 12 months maturity	–	–

Cash and cash equivalents as at December 31, 2024 and March 31, 2024 include restricted cash and bank balances of rupee 58 crore and rupee 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 OTHER ASSETS

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non-current
Capital advances	170	151
Advances other than capital advances
Others
Prepaid expenses	110	68
Defined benefit plan assets	158	9
Deferred contract cost
Cost of obtaining a contract	243	88
Cost of fulfillment	574	640
Unbilled revenues^(2)^	129	58
Withholding taxes and others	508	655
Total non-current other assets	1,892	1,669
Current
Advances other than capital advances
Payment to vendors for supply of goods	201	325
Others
Prepaid expenses ^(1)^	1,677	1,886
Unbilled revenues^(2)^	3,565	4,397
Deferred contract cost
Cost of obtaining a contract	250	154
Cost of fulfillment	390	266
Withholding taxes and others	2,284	2,593
Other receivables ^(1)^	23	15
Total current other assets	8,390	9,636
Total other assets	10,282	11,305
^(1)^Includes dues from subsidiaries	174	155
^(2)^	Classified as non-financial asset as the contractual right to consideration is dependenton completion of contractual milestones.
---	---

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

2.10 FINANCIAL INSTRUMENTS

Accounting Policy

2.10.1 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.

2.10.2 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 certain 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

Primarily, 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.

2.10.3 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.

2.10.4 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.

2.10.5 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 December 31, 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)	14,021	–	–	–	–	14,021	14,021
Investments (Refer to note 2.4)
Preference securities, Equity securities and others	–	25	62	191	–	278	278
Tax free bonds and government bonds	1,737	–	–	–	–	1,737	1,889^(1)^
Liquid mutual fund units	–	–	2,030	–	–	2,030	2,030
Target maturity fund units	–	–	455	–	–	455	455
Commercial Papers	–	–	–	–	198	198	198
Certificates of deposit	–	–	–	–	341	341	341
Non convertible debentures	–	–	–	–	4,071	4,071	4,071
Government Securities	–	–	–	–	6,730	6,730	6,730
Trade receivables (Refer to note 2.7)	28,288	–	–	–	–	28,288	28,288
Loans (Refer to note 2.5)	236	–	–	–	–	236	236
Other financial assets (Refer to note 2.6) ^(3)^	13,895	–	149	–	81	14,125	14,070^(2)^
Total	58,177	25	2,696	191	11,421	72,510	72,607
Liabilities:
Trade payables (Refer to note 2.13)	2,716	–	–	–	–	2,716	2,716
Lease liabilities (Refer to note 2.3)	3,517	–	–	–	–	3,517	3,517
Other financial liabilities (Refer to note 2.12)	12,635	–	168	–	10	12,813	12,813
Total	18,868	–	168	–	10	19,046	19,046

^(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 55 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)	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 2.13)	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 2.12)	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 December 31, 2024 is as follows:

(In crore)

Particulars	As at December 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	1,875	333	1,542	–
Investments in government bonds	14	14	–	–
Investments in liquid mutual fund units	2,030	2,030	–	–
Investments in target maturity fund units	455	455	–	–
Investments in certificates of deposit	341	–	341	–
Investments in commercial papers	198	–	198	–
Investments in non convertible debentures	4,071	3,543	528	–
Investments in government securities	6,730	6,730	–	–
Investments in equity securities	99	97	–	2
Investments in preference securities	117	–	–	117
Other investments	62	–	–	62
Others
Derivative financial instruments - gain (Refer to Note 2.6)	230	–	230	–
Liabilities
Derivative financial instruments - loss (Refer to Note 2.12)	147	–	147	–
Liability towards contingent consideration (Refer to note 2.12)^(1)^	31	–	–	31
^(1)^	Discount rate - 6%
---	---

During the nine months ended December 31, 2024, Government securities and non convertible debenture of rupee 329 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 and non convertible debenture of rupee 2071 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	81	–	81	–
Liabilities
Derivative financial instruments - loss	21	–	21	–

During the year ended March 31, 2024, tax free bonds and non-convertible debentures of rupee 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 rupee 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.

2.11 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.

2.11.1 EQUITY SHARE CAPITAL

(In crore, except as otherwise stated)

Particulars	As at
	December 31, 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
415,22,69,194 (415,08,67,464) equity shares fully paid-up
	2,076	2,075
^(1)^	Refer to note 2.20 for details of basic and diluted shares
---	---

Forfeited shares amounted to rupee 1,500/- ( rupee 1,500/-)

The Company has only one class of shares referred to as equity shares having a par value of rupee 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 December 31, 2024 and March 31, 2024 is set out below:

(in crore, except as stated otherwise)

Particulars	As at December 31, 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	1,401,730	1	2,307,420	1
As at the end of the period	4,15,22,69,194	2,076	4,15,08,67,464	2,075

Capital allocation policy

2.11.2 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 December 31,		Nine months ended December 31,
****	2024	2023	2024	2023
Interim dividend for fiscal 2025	21.00	–	21.00	–
Special dividend for fiscal 2024	–	–	8.00	–
Final dividend for fiscal 2024	–	–	20.00	–
Interim dividend for fiscal 2024	–	18.00	–	18.00
Final dividend for fiscal 2023	–	–	–	17.50

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of rupee 20/- per equity share for the financial year ended March 31, 2024 and a special dividend of rupee 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 resulted in a net cash outflow of rupee 11,625 crore.The Board of Directors in their meeting held on October 17, 2024 declared an interim dividend of rupee 21/- per equity share which resulted in a net cash outflow of rupee 8,720 crore.

2.11.3 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.

Controlled trust holds 1,01,87,113 shares and 1,09,16,829 shares as at December 31, 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 December 31, 2024 and March 31, 2024.

The following is the summary of grants made during the three months and nine months ended December 31, 2024 and December 31, 2023:

Particulars	2019 Plan				2015 Plan
	Three months ended December 31,		Nine months ended December 31,		Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	–	35,990	70,699	114,271	–	88,040	295,168	421,636
Employees other than KMP	–	464,260	6,848	464,260	22,880	1,169,660	152,220	1,197,940
Total Grants	–	500,250	77,547	578,531	22,880	1,257,700	447,388	1,619,576
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	–	7,950	–	7,950
	–	–	–	–	–	7,950	–	7,950
Total Grants	–	500,250	77,547	578,531	22,880	1,265,650	447,388	1,627,526

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<br>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 agreement based on Company’s<br>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 December 31, 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 Board, on April 18, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to rupee 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Granted to:
KMP	17	14	52	51
Employees other than KMP	150	117	485	327
Total ^(1)^	167	131	537	378
^(1)^Cash settled stock compensation expense included in the above	2	–	7	3

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)	1,437	18.42	1,588	19.19
Exercise price () / ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	21-26	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	4-5	7	4-5
Weighted average fair value as on grant date () / ($ ADS)	1,319	16.94	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.

2.12 OTHER FINANCIAL LIABILITIES

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non-current
Others
Compensated absences	83	81
Accrued compensation to employees ^(1)^	10	7
Accrued expenses ^(1)^	1,975	1,779
Payable for acquisition of business -Contingent consideration ^(2)^	20	–
Other payables ^(1)^	–	74
Total non-current other financial liabilities	2,088	1,941
Current
Unpaid dividends ^(1)^	46	37
Others
Accrued compensation to employees ^(1)^	3,062	3,336
Accrued expenses ^(1)(4)^	6,436	5,134
Capital creditors ^(1)^	191	269
Compensated absences	2,321	2,078
Payable for acquisition of business - Contingent consideration ^(2)^	11	–
Other payables ^(1)(5)^	915	933
Foreign currency forward and options contracts ^(2)(3)^	147	21
Total current other financial liabilities	13,129	11,808
Total other financial liabilities	15,217	13,749
^(1)^ Financial liability carried at amortized cost	12,635	11,569
^(2)^ Financial liability carried at fair value through profit or loss	168	20
^(3)^ Financial liability carried at fair value through other comprehensive income	10	1
^(4)^ Includes dues to subsidiaries	91	29
^(5)^ Includes dues to subsidiaries	550	405

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.

2.13 TRADE PAYABLES

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Outstanding dues of micro enterprises and small enterprises	126	92
Outstanding dues of creditors other than micro enterprises and small enterprises^(1)^	2,590	2,401
Total trade payables	2,716	2,493
^(1)^Includes dues to subsidiaries	930	778

2.14 OTHER LIABILITIES

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non-current
Others
Accrued defined benefit liability	56	123
Others	21	27
Total non - current other liabilities	77	150
Current
Unearned revenue	6,786	5,698
Others
Withholding taxes and others	2,186	1,974
Accrued defined benefit liability	2	2
Others	10	7
Total current other liabilities	8,984	7,681
Total other liabilities	9,061	7,831

2.15 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
	December 31, 2024	March 31, 2024
Current
Others
Post-sales client support and other provisions	1,178	1,464
Total provisions	1,178	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 interim condensed standalone 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 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.

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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Current taxes	2,785	2,231	8,428	6,476
Deferred taxes	(299)	93	(988)	309
Income tax expense	2,486	2,324	7,440	6,785

Income tax expense for the three months ended December 31, 2024 and December 31, 2023 includes provisions (net of reversals) of rupee 82 crores and reversal (net of provisions) of rupee 71 crore. Income tax expense for the nine months ended December 31, 2024 and December 31, 2023 includes provisions (net of reversals) of rupee 215 crore and reversal (net of provisions) of rupee 151 crore. 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 and nine months ended December 31, 2024 and December 31, 2023 substantially relates to origination and reversal of temporary differences.

2.17 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 and nine months ended December 31, 2024 and December 31, 2023 is as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Revenue from software services	34,631	32,405	101,648	96,697
Revenue from products and platforms	284	86	807	235
Total revenue from operations	34,915	32,491	102,455	96,932

The percentage of revenue from fixed-price contracts for the three months ended December 31, 2024 and December 31, 2023 is 59% and 58%, respectively. The percentage of revenue from fixed-price contracts for the nine months ended December 31, 2024 and December 31, 2023 is 58% and 56% 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.

2.18 OTHER INCOME, NET

2.18.1 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.

2.18.2 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 and nine months ended December 31, 2024 and December 31, 2023 is as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Interest income on financial assets carried at amortized cost
Tax free bonds and government bonds	31	33	91	101
Deposit with Bank and others	277	159	764	505
Interest income on financial assets carried at fair value through other comprehensive income
Non-convertible debentures, commercial papers, certificates of deposit and government securities	185	208	711	601
Income on investments carried at fair value through profit or loss
Gain / (loss) on liquid mutual funds and other investments	37	81	194	160
Income on investments carried at fair value through other comprehensive income	-	-	2	-
Dividend received from subsidiary	200	927	1,322	2,118
Exchange gains/(losses) on foreign currency forward and options contracts	274	(202)	(107)	(103)
Exchange gains/(losses) on translation of other assets and liabilities	(93)	289	281	340
Miscellaneous income, net	90	87	201	212
Total other income	1,001	1,582	3,459	3,934

2.19 EXPENSES

Accounting Policy

2.19.1 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.

2.19.2 Provident fund

2.19.3 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.

2.19.4 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Employee benefit expenses
Salaries including bonus	16,036	15,569	47,866	47,033
Contribution to provident and other funds	527	511	1,545	1,502
Share based payments to employees (Refer to note 2.11)	167	131	537	378
Staff welfare	119	93	260	179
	16,849	16,304	50,208	49,092
Cost of software packages and others
For own use	488	429	1,434	1,215
Third party items bought for service delivery to clients	2,489	1,382	6,040	3,578
	2,977	1,811	7,474	4,793
Other expenses
Power and fuel	45	44	152	130
Brand and Marketing	229	182	757	601
Rates and taxes	39	58	201	188
Repairs and Maintenance	245	233	732	719
Consumables	6	7	21	18
Insurance	63	41	184	128
Provision for post-sales client support and others	92	31	111	205
Commission to non-whole time directors	5	4	13	11
Impairment loss recognized / (reversed) under expected credit loss model	19	10	86	194
Auditor's remuneration
Statutory audit fees	2	1	6	5
Contributions towards Corporate Social Responsibility	153	125	458	315
Others	42	159	236	348
	940	895	2,957	2,862

2.20 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.

2.21 CONTINGENT LIABILITIES AND COMMITMENTS

Accounting Policy

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Contingent liabilities:
Claims against the Company, not acknowledged as debts^(1)^	2,736	2,649
[Amount paid to statutory<br> authorities 3,122 crore (8,283 crore)]
Commitments:
Estimated amount of contracts remaining to be executed on capital contracts and not provided for <br><br>(net of advances and deposits)^(2)^	993	688
Other Commitments*	5	5
*	Uncalled capital pertaining to investments
---	---
^(1)^	As at December 31, 2024 and March 31, 2024, claims against the Company not acknowledged as debts in respect of income tax matters amounted to 2,342 crore and 2,260 crore, respectively.<br><br> <br><br><br> <br>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's financial position and results of operations.<br><br> <br><br><br> <br>Amount paid to statutory authorities against the tax claims amounted to 3,117 crore and 8,273 crore as at December 31, 2024 and March 31, 2024, respectively.
---	---
^(2)^	Capital contracts primarily comprises of commitments for infrastructure facilities and computer<br>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.

2.22 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 nine months ended December 31, 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
---	---
-	Infosys Services (Thailand) Limited, a Wholly-owned subsidiary of Infosys Limited was incorporated<br>on July 26, 2024.
---	---
-	Infy tech SAS, a Wholly-owned subsidiary of Infosys Singapore Pte Limited was incorporated<br>on July 03, 2024.
---	---
-	On July 17, 2024, Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte.<br>Limited, acquired 100% of voting interests in in-tech Holding GmbH along with its subsidiary in-tech GmbH along with its six subsidiaries<br>in-tech Automotive Engineering SL, ProIT, in-tech Automotive Engineering de R.L. de C.V, drivetech Fahrversuch GmbH, Friedrich Wagner<br>Holding Inc along with its two subsidiaries (in-tech Automotive Engineering LLC and in-tech Services LLC) and Friedrich & Wagner<br>Asia Pacific GmbH along with its five subsidiaries in-tech engineering s.r.o, in-tech engineering GmbH, in-tech engineering services<br>S.R.L, in-tech Group Ltd along with its subsidiary (in-tech Group India Private Limited) and In-tech Automotive Engineering Shenyang<br>Co., Ltd along with its subsidiary (In-tech Automotive Engineering Bejing Co., Ltd)
---	---
-	On October 17, 2024, Infosys Singapore Pte Ltd. acquired 100% of voting interests in Blitz<br>24-893 SE ,Germany
---	---
-	Skava systems Private Limited, a wholly-owned subsidiary of Infosys ltd has been liquidated<br>effective November 14, 2024
---	---
-	in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH<br>is under liquidation.
---	---
-	Friedrich Wagner Holding Inc, a wholly-owned subsidiary of in-tech GmbH is under liquidation.
---	---
-	in-tech Services LLC, a wholly-owned subsidiary of Friedrich Wagner Holding Inc has been<br>liquidated effective November 30, 2024
---	---
-	in-tech Automotive Engineering LLC, a wholly-owned subsidiary of Friedrich Wagner Holding<br>Inc has been liquidated effective November 30, 2024
---	---
-	Infosys Consulting S.r.l. (Romania) renamed as Infosys Romania S.r.l.
---	---
-	Kaleidoscope Animations, a wholly-owned subsidiary of Infosys Nova Holdings LLC merged into<br>Infosys Nova Holdings LLC effective January 1, 2025
---	---
-	Blue Acorn iCi Inc, a wholly-owned subsidiary of Infosys Nova Holdings LLC merged into Infosys<br>Nova Holdings LLC effective January 1, 2025
---	---
-	WongDoody Inc, a wholly-owned subsidiary of Infosys limited merged into Infosys Nova Holdings<br>LLC effective January 1, 2025
---	---
-	Outbox systems Inc. dba Simplus (US), a wholly-owned subsidiary of Infosys Nova Holdings<br>LLC merged into Infosys Nova Holdings LLC effective January 1, 2025
---	---

The Company’s related party transactions during the three months and nine months ended December 31, 2024 and December 31, 2023 and outstanding balances as at December 31, 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Salaries and other short term employee benefits to whole-time directors and executive officers^(1)(2)^	28	24	84	82
Commission and other benefits to non-executive / independent directors	5	4	14	12
Total	33	28	98	94
^(1)^	Total employee stock compensation expense for the three months ended December 31, 2024and December 31, 2023 includes a charge of 17 crore and 14 crore, respectively, towards key management personnel.For thenine months ended December 31, 2024 and December 31, 2023, includes a charge of 52 crore and 51 crore respectively, towardskey management personnel. (Refer to note 2.11).
---	---
^(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.
---	---

2.23 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><br> <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>January 16, 2025	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 December 31, 2024, the Condensed Consolidated Statement of Profit and Loss (including Other Comprehensive Income) for the three months and nine months ended on that date, the Condensed Consolidated Statement of Changes in Equity and the Condensed Consolidated Statement of Cash Flows for the nine 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 December 31, 2024, its consolidated profit and its consolidated total comprehensive income for the three months and nine months ended on that date, its consolidated changes in equity and its consolidated cash flows for the nine 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 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 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 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<br>financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit<br>evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting<br>from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,<br>or the override of internal control.
·	Obtain an understanding of internal financial controls relevant to the audit in order to<br>design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness<br>of such controls.
---	---
·	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting<br>estimates and related disclosures made by management.
---	---
·	Conclude on the appropriateness of management’s use of the going concern basis of accounting<br>and, 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<br>to draw attention in our auditor’s report to the related disclosures in the interim condensed consolidated financial statements<br>or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date<br>of 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<br>financial statements, including the disclosures, and whether the interim condensed consolidated financial statements represent the underlying<br>transactions and events in a manner that achieves fair presentation.
---	---
·	Obtain sufficient appropriate audit evidence regarding the financial information of the entities<br>within the Group to express an opinion on the interim condensed consolidated financial statements. We are responsible for the direction,<br>supervision and performance of the audit of financial statements of such entities included in the interim condensed consolidated financial<br>statements 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: January 16, 2025	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: 25060408BMOCID3040

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under Indian Accounting Standards (Ind AS) for the three months and nine months ended December31, 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
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 Other assets
2.10 Financial instruments
2.11 Equity
2.12 Other financial liabilities
2.13 Other liabilities
2.14 Provisions
2.15 Income taxes
2.16 Revenue from operations
2.17 Other income, net
2.18 Expenses
2.19 Leases
2.20 Basic and diluted shares used in computing earnings per equity share
2.21 Contingent liabilities and commitments
2.22 Related party transactions
2.23 Segment reporting
2.24 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.	December 31, 2024	March 31, 2024
ASSETS
Non-current assets
Property, plant and equipment	2.2	11,489	12,370
Right-of-use assets	2.19	6,345	6,552
Capital work-in-progress		685	293
Goodwill	2.3	9,935	7,303
Other intangible assets		2,983	1,397
Financial assets
Investments	2.4	9,458	11,708
Loans	2.5	21	34
Other financial assets	2.6	3,912	3,105
Deferred tax assets (net)		786	454
Income tax assets (net)		3,880	3,045
Other non-current assets	2.9	2,337	2,121
Total non-current assets		51,831	48,382
Current assets
Financial assets
Investments	2.4	7,985	12,915
Trade receivables	2.7	33,358	30,193
Cash and cash equivalents	2.8	22,804	14,786
Loans	2.5	246	248
Other financial assets	2.6	12,333	12,085
Income tax assets (net)		26	6,397
Other current assets	2.9	10,903	12,808
Total current assets		87,655	89,432
Total assets		139,486	137,814
EQUITY AND LIABILITIES
Equity
Equity share capital	2.11	2,072	2,071
Other equity		86,220	86,045
Total equity attributable to equity holders of the Company		88,292	88,116
Non-controlling interests		376	345
Total equity		88,668	88,461
Liabilities
Non-current liabilities
Financial Liabilities
Lease liabilities	2.19	5,715	6,400
Other financial liabilities	2.12	2,264	2,130
Deferred tax liabilities (net)		1,547	1,794
Other non-current liabilities	2.13	167	235
Total non-current liabilities		9,693	10,559
Current liabilities
Financial Liabilities
Lease liabilities	2.19	2,506	1,959
Trade payables		3,675	3,956
Other financial liabilities	2.12	17,064	16,959
Other current liabilities	2.13	11,889	10,539
Provisions	2.14	1,494	1,796
Income tax liabilities (net)		4,497	3,585
Total current liabilities		41,125	38,794
Total equity and liabilities		139,486	137,814

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	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>January 16, 2025

(In crore, except equity share and per equityshare data)

Condensed Consolidated Statement of Profit and Loss for the	Note No.	Three months ended December 31,		Nine months ended December 31,
		2024	2023	2024	2023
Revenue from operations	2.16	41,764	38,821	122,064	115,748
Other income, net	2.17	859	789	2,410	1,982
Total income		42,623	39,610	124,474	117,730
Expenses
Employee benefit expenses	2.18	21,436	20,651	63,934	62,228
Cost of technical sub-contractors		3,302	3,066	9,661	9,264
Travel expenses		439	387	1,375	1,288
Cost of software packages and others	2.18	4,607	3,722	12,012	9,828
Communication expenses		157	169	473	531
Consultancy and professional charges		459	504	1,354	1,237
Depreciation and amortization expenses		1,203	1,176	3,512	3,515
Finance cost		101	131	314	360
Other expenses	2.18	1,249	1,185	3,894	3,731
Total expenses		32,953	30,991	96,529	91,982
Profit before tax		9,670	8,619	27,945	25,748
Tax expense:
Current tax	2.15	3,202	2,419	9,346	7,216
Deferred tax	2.15	(354)	87	(1,113)	258
Profit for the period		6,822	6,113	19,712	18,274
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		(45)	71	53	94
Equity instruments through other comprehensive income, net		(15)	(9)	(10)	31
		(60)	62	43	125
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		56	(46)	32	(17)
Exchange differences on translation of foreign operations		(483)	436	(27)	457
Fair value changes on investments, net		10	52	136	107
		(417)	442	141	547
Total other comprehensive income /(loss), net of tax		(477)	504	184	672
Total comprehensive income for the period		6,345	6,617	19,896	18,946
Profit attributable to:
Owners of the Company		6,806	6,106	19,680	18,264
Non-controlling interests		16	7	32	10
		6,822	6,113	19,712	18,274
Total comprehensive income attributable to:
Owners of the Company		6,336	6,605	19,863	18,934
Non-controlling interests		9	12	33	12
		6,345	6,617	19,896	18,946
Earnings per equity share
Equity shares of par value 5/- each
Basic ()		16.43	14.76	47.52	44.13
Diluted ()		16.39	14.74	47.40	44.08
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.20	4,141,941,436	4,138,963,794	4,141,344,081	4,138,282,170
Diluted (in shares)	2.20	4,151,534,784	4,143,565,697	4,151,568,329	4,143,506,821

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<br><br> <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
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918
Bengaluru<br><br> <br>January 16, 2025

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 nine months ended December 31, 2023
Profit for the period		–	–	–	18,264	–	–	–	–	–	–	–	–	18,264	10	18,274
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	–	94	94	–	94
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	31	–	–	–	31	–	31
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	–	(17)	–	(17)	–	(17)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	–	–	–	455	–	–	455	2	457
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	–	107	107	–	107
Total Comprehensive income for the period	–	–	–	–	18,264	–	–	–	–	31	455	(17)	201	18,934	12	18,946
Shares issued on exercise of employee stock options (Refer to Note 2.11)	1	–	–	3	–	–	–	–	–	–	–	–	–	4	–	4
Employee stock compensation expense (Refer to Note 2.11)	–	–	–	–	–	–	417	–	–	–	–	–	–	417	–	417
Transferred on account of exercise of stock options (Refer to note 2.11)	–	–	–	351	–	–	(351)	–	–	–	–	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	32	(32)	–	–	–	–	–	–	–	–	–
Dividends ^(1)^	–	–	–	–	(14,692)	–	–	–	–	–	–	–	–	(14,692)	–	(14,692)
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(2)	(2)
Buyback of shares pertaining to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(18)	(18)
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	(2,326)	–	–	2,326	–	–	–	–	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	485	–	–	(485)	–	–	–	–	–	–	–	–
Balance as at December 31, 2023	2,070	54	169	520	60,688	1,086	912	11,855	19	278	2,780	(22)	(339)	80,070	380	80,450

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 nine months ended December 31, 2024
Profit for the period	–	–	–	–	19,680	–	–	–	–	–	–	–	–	19,680	32	19,712
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	–	53	53	–	53
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	(10)	–	–	–	(10)	–	(10)
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	–	32	–	32	–	32
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	–	–	–	(28)	–	–	(28)	1	(27)
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	–	136	136	–	136
Total Comprehensive income for the period	–	–	–	–	19,680	–	–	–	–	(10)	(28)	32	189	19,863	33	19,896
Shares issued on exercise of employee stock options (Refer to Note 2.11)	1	–	–	4	–	–	–	–	–	–	–	–	–	5	–	5
Employee stock compensation expense (Refer to Note 2.11)	–	–	–	–	–	–	591	–	–	–	–	–	–	591	–	591
Transferred on account of exercise of stock options (Refer to Note 2.11)	–	–	–	253	–	–	(253)	–	–	–	–	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	21	(21)	–	–	–	–	–	–	–	–	–
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	12	–	–	–	–	–	–	12	–	12
Transfer to legal reserve	–	–	–	–	(2)	–	–	–	2	–	–	–	–	–	–	–
Dividends ^(1)^	–	–	–	–	(20,295)	–	–	–	–	–	–	–	–	(20,295)	–	(20,295)
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(2)	(2)
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	(74)	–	–	74	–	–	–	–	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve to retained earnings	–	–	–	–	2,999	–	–	(2,999)	–	–	–	–	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	377	–	–	(377)	–	–	–	–	–	–	–	–
Balance as at December 31, 2024	2,072	54	169	873	71,090	1,235	1,242	8,802	24	256	2,524	38	(87)	88,292	376	88,668
*	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> <br>Membership No. 060408	Nandan M. Nilekani<br><br> <br>Chairman<br><br> <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
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918
Bengaluru<br><br> <br>January 16, 2025

Condensed Consolidated Statement of Cash Flows

Accounting policy

(In crore)

Particulars	Note No.	Nine months ended December 31,
		2024	2023
Cash flow from operating activities
Profit for the period		19,712	18,274
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense	2.15	8,233	7,474
Depreciation and amortization		3,512	3,515
Interest and dividend income		(1,847)	(1,495)
Finance cost		314	360
Impairment loss recognized / (reversed) under expected credit loss model		100	219
Exchange differences on translation of assets and liabilities, net		64	129
Stock compensation expense		605	426
Provision for post sale client support		117	203
Other adjustments		557	1,089
Changes in assets and liabilities
Trade receivables and unbilled revenue		(2,839)	(3,555)
Loans, other financial assets and other assets		235	(738)
Trade payables		(313)	(39)
Other financial liabilities, other liabilities and provisions		1,763	(1,002)
Cash generated from operations		30,213	24,860
Income taxes paid		(2,864)	(7,146)
Net cash generated by operating activities		27,349	17,714
Cash flows from investing activities
Expenditure on property, plant and equipment and intangibles		(1,514)	(1,647)
Deposits placed with corporation		(1,075)	(737)
Redemption of deposits placed with Corporation		688	628
Interest and dividend received		1,750	1,516
Payment towards acquisition of business, net of cash acquired	2.1	(3,155)	–
Payment of contingent consideration pertaining to acquisition of business		–	(101)
Other receipts		7	128
Payments to acquire Investments
Tax free bonds and government bonds		(2)	–
Liquid mutual fund units		(54,887)	(53,255)
Certificates of deposit		(2,793)	(4,219)
Commercial Papers		(2,421)	(4,804)
Non-convertible debentures		(1,361)	(337)
Other Investments		(43)	(11)
Proceeds on sale of Investments
Tax free bonds and government bonds		–	150
Liquid mutual funds units		54,843	52,238
Certificates of deposit		5,199	5,981
Commercial Papers		7,135	3,599
Non-convertible debentures		1,506	975
Government securities		455	304
Equity and preference securities		–	18
Others		11	–
Net cash generated / (used in) from investing activities		4,343	426
Cash flows from financing activities
Payment of lease liabilities		(1,775)	(1,448)
Payment of dividends		(20,286)	(14,695)
Loan repayment of in-tech Holding GmbH (Refer to Note 2.1)		(985)	–
Payment of dividend to non-controlling interest of subsidiary		(2)	(2)
Payment towards buyback of shares pertaining to non controlling interest of subsidiary		–	(18)
Shares issued on exercise of employee stock options		5	4
Other receipts		–	2
Other payments		(455)	(528)
Net cash used in financing activities		(23,498)	(16,685)
Net increase / (decrease) in cash and cash equivalents		8,194	1,455
Effect of exchange rate changes on cash and cash equivalents		(176)	17
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	22,804	13,645
Supplementary information:
Restricted cash balance	2.8	424	376

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<br><br> <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
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918
Bengaluru<br><br> <br>January 16, 2025

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 January 16, 2025.

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.

As the quarter and year-to-date 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 year-to-date figures reported in this statement.

1.3 Basis of consolidation

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 2.15).

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.

Acquisition

InSemi

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

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 Profit and loss over the period of service.

Fair value of trade receivables acquired is rupee 32 crore as of acquisition date and as of December 31, 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 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.

in-tech Holding GmbH

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
Assets^(1)^	731	–	731
Liabilities	(364)	–	(364)
Intangible assets:
Customer contracts and relationships^#^	–	1,720	1,720
Brand^#^	–	147	147
Deferred tax liabilities on intangible assets	–	(511)	(511)
Goodwill	–	–	2,490
Loan	(985)		(985)
Total purchase price			3,228
Loan repayment			985
Total cash outflow			4,213
^(1)^	Includes cash and cash equivalents acquired of 197crore.
---	---
^#^	The estimated useful life is around 3 year to 10 years
---	---

Goodwill is not tax-deductible.

The total purchase consideration of EUR 356 million ( rupee 3,228 crore) comprises the cash consideration paid to selling shareholders at the acquisition date.

Fair value of trade receivables acquired is rupee 139 crore as of acquisition date and as of December 31, 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 4 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Profit and loss for the quarter ended September 30, 2024.

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 December 31, 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 October 1, 2024	1,432	11,800	3,465	1,578	8,714	2,367	1,449	47	30,852
Additions	–	6	8	51	266	24	36	1	392
Deletions**	–	(65)	(13)	(18)	(228)	(15)	(26)	–	(365)
Translation difference	–	(25)	(1)	(3)	(18)	(5)	(8)	–	(60)
Gross carrying value as at December 31, 2024	1,432	11,716	3,459	1,608	8,734	2,371	1,451	48	30,819
Accumulated depreciation as at October 1, 2024	–	(5,151)	(2,735)	(1,309)	(6,771)	(1,899)	(1,165)	(42)	(19,072)
Depreciation	–	(111)	(44)	(30)	(309)	(44)	(39)	(1)	(578)
Accumulated depreciation on deletions**	–	6	3	18	224	10	24	–	285
Translation difference	–	9	2	2	10	3	9	–	35
Accumulated depreciation as at December 31, 2024	–	(5,247)	(2,774)	(1,319)	(6,846)	(1,930)	(1,171)	(43)	(19,330)
Carrying value as at October 1, 2024	1,432	6,649	730	269	1,943	468	284	5	11,780
Carrying value as at December 31, 2024	1,432	6,469	685	289	1,888	441	280	5	11,489

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 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 October 1, 2023	1,431	11,527	3,307	1,487	8,496	2,331	1,495	45	30,119
Additions	1	4	12	30	203	–	5	1	256
Deletions*	–	(55)	(16)	(10)	(222)	(28)	(54)	(1)	(386)
Translation difference	–	22	2	3	20	5	10	–	62
Gross carrying value as at December 31, 2023	1,432	11,498	3,305	1,510	8,497	2,308	1,456	45	30,051
Accumulated depreciation as at October 1, 2023	–	(4,749)	(2,534)	(1,228)	(6,132)	(1,768)	(1,124)	(42)	(17,577)
Depreciation	–	(114)	(64)	(33)	(340)	(62)	(52)	(1)	(666)
Accumulated depreciation on deletions*	–	55	16	10	218	27	54	1	381
Translation difference	–	(6)	(2)	(2)	(13)	(4)	(9)	–	(36)
Accumulated depreciation as at December 31, 2023	–	(4,814)	(2,584)	(1,253)	(6,267)	(1,807)	(1,131)	(42)	(17,898)
Carrying value as at October 1, 2023	1,431	6,778	773	259	2,364	563	371	3	12,542
Carrying value as at December 31, 2023	1,432	6,684	721	257	2,230	501	325	3	12,153

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 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	–	38	52	108	620	81	99	2	1,000
Additions on Business Combinations (Refer to note 2.1)	–	1	–	11	6	23	–	2	43
Deletions**	–	(107)	(22)	(39)	(493)	(55)	(101)	(1)	(818)
Translation difference	–	14	1	–	(10)	(4)	6	–	7
Gross carrying value as at December 31, 2024	1,432	11,716	3,459	1,608	8,734	2,371	1,451	48	30,819
Accumulated depreciation as at April 1, 2024	–	(4,921)	(2,630)	(1,269)	(6,380)	(1,837)	(1,138)	(42)	(18,217)
Depreciation	–	(335)	(156)	(88)	(957)	(146)	(127)	(2)	(1,811)
Accumulated depreciation on deletions**	–	12	12	38	483	50	99	1	695
Translation difference	–	(3)	–	–	8	3	(5)	–	3
Accumulated depreciation as at December 31, 2024	–	(5,247)	(2,774)	(1,319)	(6,846)	(1,930)	(1,171)	(43)	(19,330)
Carrying value as at April 1, 2024	1,432	6,849	798	259	2,231	489	309	3	12,370
Carrying value as at December 31, 2024	1,432	6,469	685	289	1,888	441	280	5	11,489
**	During the three months and nine months ended December 31, 2024, certain assets which were<br>not in use having gross book value of 171 crore (net book value: Nil) and 400<br>crore (net book value: Nil), respectively were retired.
---	---

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2023 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, 2023	1,431	11,562	3,302	1,482	8,519	2,303	1,445	45	30,089
Additions	1	13	53	73	586	67	73	1	867
Deletions*	–	(55)	(48)	(46)	(622)	(65)	(65)	(1)	(902)
Translation difference	–	(22)	(2)	1	14	3	3	–	(3)
Gross carrying value as at December 31, 2023	1,432	11,498	3,305	1,510	8,497	2,308	1,456	45	30,051
Accumulated depreciation as at April 1, 2023	–	(4,535)	(2,437)	(1,198)	(5,826)	(1,675)	(1,032)	(40)	(16,743)
Depreciation	–	(339)	(196)	(98)	(1,051)	(192)	(160)	(3)	(2,039)
Accumulated depreciation on deletions*	–	55	48	45	617	63	63	1	892
Translation difference	–	5	1	(2)	(7)	(3)	(2)	–	(8)
Accumulated depreciation as at December 31, 2023	–	(4,814)	(2,584)	(1,253)	(6,267)	(1,807)	(1,131)	(42)	(17,898)
Carrying value as at April 1, 2023	1,431	7,027	865	284	2,693	628	413	5	13,346
Carrying value as at December 31, 2023	1,432	6,684	721	257	2,230	501	325	3	12,153
*	During the three months and nine months ended December 31, 2023, certain assets which were<br>not in use having gross book value of 137 crore (net book value: Nil) and 594<br>crore (net book value: Nil), respectively were retired.
---	---
^(1)^	Buildings include 250/- being the value of fiveshares of 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
	December 31, 2024	March 31, 2024
Carrying value at the beginning	7,303	7,248
Goodwill on acquisitions (Refer to note 2.1)	2,593	–
Translation differences	39	55
Carrying value at the end	9,935	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
	December 31, 2024	March 31, 2024
Non-current Investments
Unquoted
Investments carried at fair value through other comprehensive income
Preference securities	92	91
Equity instruments	2	2
	94	93
Investments carried at fair value through profit or loss
Target maturity fund units	455	431
Equity and Preference securities	25	–
Others ^(1)^	195	198
	675	629
Quoted
Investments carried at amortized cost
Government bonds	16	28
Tax free bonds	1,619	1,731
	1,635	1,759
Investments carried at fair value through other comprehensive income
Non convertible debentures	1,404	2,217
Equity securities	97	113
Government securities	5,553	6,897
	7,054	9,227
Total non-current investments	9,458	11,708
Current Investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units	2,880	2,615
	2,880	2,615
Investments carried at fair value through other comprehensive income
Commercial Paper	198	4,830
Certificates of deposit	739	3,043
	937	7,873
Quoted
Investments carried at amortized cost
Government bonds	14	–
Tax free bonds	104	–
	118	–
Investments carried at fair value through other comprehensive income
Non convertible debentures	2,667	1,962
Government securities	1,383	465
	4,050	2,427
Total current investments	7,985	12,915
Total investments	17,443	24,623
Aggregate amount of quoted investments	12,857	13,413
Market value of quoted investments (including interest accrued), current	4,161	2,428
Market value of quoted investments (including interest accrued), non current	8,872	11,201
Aggregate amount of unquoted investments	4,586	11,210
Investments carried at amortized cost	1,753	1,759
Investments carried at fair value through other comprehensive income	12,135	19,620
Investments carried at fair value through profit or loss	3,555	3,244
^(1)^	Uncalled capital commitments outstanding as at December 31, 2024 and March 31, 2024 was107 crore and 79 crore, respectively.
---	---

Refer to Note 2.10 for Accounting policies on FinancialInstruments.

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		December 31, 2024	March 31, 2024
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	2,880	2,615
Target maturity fund units - carried at fair value through profit or loss	Quoted price	455	431
Tax free bonds and government bonds - carried at amortized cost	Quoted price and market observable inputs	1,906	1,973
Non-convertible debentures - carried at fair value through other comprehensive income	Quoted price and market observable inputs	4,071	4,179
Government securities - carried at fair value through other comprehensive income	Quoted price and market observable inputs	6,936	7,362
Commercial Papers - carried at fair value through other comprehensive income	Market observable inputs	198	4,830
Certificates of deposit - carried at fair value through other comprehensive income	Market observable inputs	739	3,043
Quoted Equity securities - carried at fair value through other comprehensive income	Quoted price	97	113
Unquoted equity and preference securities - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	25	–
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	94	93
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	195	198
Total		17,596	24,837

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

2.5 LOANS

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non Current
Loans considered good - Unsecured
Other loans
Loans to employees	21	34
	21	34
Loans credit impaired - Unsecured
Other loans
Loans to employees	2	2
Less: Allowance for credit impairment	(2)	(2)
	–	–
Total non-current loans	21	34
Current
Loans considered good - Unsecured
Other loans
Loans to employees	246	248
Total current loans	246	248
Total loans	267	282

2.6 OTHER FINANCIAL ASSETS

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non Current
Security deposits ^(1)^	267	259
Unbilled revenues ^(1)#^	2,419	1,677
Restricted deposits ^(1)*^	70	47
Others ^(1)^	1,156	1,122
Total non-current other financial assets	3,912	3,105
Current
Security deposits ^(1)^	72	75
Restricted deposits ^(1)*^	2,899	2,535
Unbilled revenues ^(1)#^	7,340	7,923
Interest accrued but not due ^(1)^	545	537
Foreign currency forward and options contracts ^(2) (3)^	236	84
Others ^(1)**^	1,241	931
Total current other financial assets	12,333	12,085
Total other financial assets	16,245	15,190
^(1)^ Financial assets carried at amortized cost	16,009	15,106
^(2)^ Financial assets carried at fair value through other comprehensive income	81	23
^(3)^ Financial assets carried at fair value through profit or loss	155	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
	December 31, 2024	March 31, 2024
Current
Trade Receivable considered good - Unsecured	33,966	30,713
Less: Allowance for expected credit loss	608	520
Trade Receivable considered good - Unsecured	33,358	30,193
Trade Receivable - credit impaired - Unsecured	210	196
Less: Allowance for credit impairment	210	196
Trade Receivable - credit impaired - Unsecured	–	–
Total trade receivables	33,358	30,193

2.8 CASH AND CASH EQUIVALENTS

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Balances with banks
In current and deposit accounts	22,804	14,786
Cash on hand	–	–
Total cash and cash equivalents	22,804	14,786
Balances with banks in unpaid dividend accounts	46	37
Deposit with more than 12 months maturity	25	57

Cash and cash equivalents as at December 31, 2024 and March 31, 2024 include restricted cash and bank balances of rupee 424 crore and rupee 348 crore respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

2.9 OTHER ASSETS

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non-current
Capital advances	173	155
Advances other than capital advances
Others
Withholding taxes and others	531	673
Unbilled revenues ^#^	160	103
Defined benefit plan assets	199	31
Prepaid expenses	275	343
Deferred Contract Cost
Cost of obtaining a contract	268	129
Cost of fulfillment	731	687
Total non-current other assets	2,337	2,121
Current
Advances other than capital advances
Payment to vendors for supply of goods	257	356
Others
Unbilled revenues ^#^	3,943	4,845
Withholding taxes and others	3,179	3,540
Prepaid expenses	2,509	3,329
Deferred Contract Cost
Cost of obtaining a contract	409	200
Cost of fulfillment	467	358
Other receivables	139	180
Total current other assets	10,903	12,808
Total other assets	13,240	14,929
^#^	Classified as non financial asset as the contractual right to consideration is dependent<br>on completion of contractual milestones.
---	---

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

2.10 FINANCIAL INSTRUMENTS

Accounting policy

2.10.1 Initial recognition

2.10.2 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

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

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.

2.10.3 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.

2.10.4 Fair value of financial instruments

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.

2.10.5 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 December 31, 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)	22,804	–	–	–	–	22,804	22,804
Investments (Refer to Note 2.4)
Equity and preference securities	–	25	–	191	–	216	216
Tax free bonds and government bonds	1,753	–	–	–	–	1,753	1,906^(1)^
Liquid mutual fund units	–	–	2,880	–	–	2,880	2,880
Target maturity fund units	–	–	455	–	–	455	455
Non convertible debentures	–	–	–	–	4,071	4,071	4,071
Government securities	–	–	–	–	6,936	6,936	6,936
Certificates of deposit	–	–	–	–	739	739	739
Commercial paper	–	–	–	–	198	198	198
Other investments	–	–	195	–	–	195	195
Trade receivables (Refer to Note 2.7)	33,358	–	–	–	–	33,358	33,358
Loans (Refer to Note 2.5)	267	–	–	–	–	267	267
Other financials assets (Refer to Note 2.6)^(3)^	16,009	–	155	–	81	16,245	16,190^(2)^
Total	74,191	25	3,685	191	12,025	90,117	90,215
Liabilities:
Trade payables	3,675	–	–	–	–	3,675	3,675
Lease liabilities (Refer to Note 2.19)	8,221	–	–	–	–	8,221	8,221
Financial Liability under option arrangements (Refer to Note 2.12)	–	–	595	–	–	595	595
Other financial liabilities (Refer to Note 2.12)	15,564	–	190	–	10	15,764	15,764
Total	27,460	–	785	–	10	28,255	28,255
^(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 55 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 2.19)	8,359	–	–	–	–	8,359	8,359
Financial Liability under option arrangements (Refer to Note 2.12)	–	–	597	–	–	597	597
Other financial liabilities (Refer to Note 2.12)	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 December 31, 2024 is as follows:

(In crore)

Particulars	As at December 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 fund units	2,880	2,880	–	–
Investments in target maturity fund units	455	455	–	–
Investments in tax free bonds	1,875	333	1,542	–
Investments in government bonds	31	31	–	–
Investments in non convertible debentures	4,071	3,543	528	–
Investment in government securities	6,936	6,936	–	–
Investments in equity instruments	99	97	–	2
Investments in preference securities	117	–	–	117
Investments in commercial paper	198	–	198	–
Investments in certificates of deposit	739	–	739	–
Other investments	195	–	–	195
Others
Derivative financial instruments - gain (Refer to Note 2.6)	236	–	236	–
Liabilities
Derivative financial instruments - loss (Refer to Note 2.12)	169	–	169	–
Financial liability under option arrangements (Refer to Note 2.12) ^(1)^	595	–	–	595
Liability towards contingent consideration (Refer to Note 2.12)^(2)^	31	–	–	31
^(1)^	Discount rate ranges from 9% to 15%
---	---
^(2)^	Discount rate - 6%
---	---

During the nine months ended December 31, 2024, government securities and non convertible debentures of rupee 329 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non convertible debentures and tax free bonds of rupee 2,071 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 fund units	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 (Refer to Note 2.6)	84	–	84	–
Liabilities
Derivative financial instruments - loss (Refer to Note 2.12)	31	–	31	–
Financial liability under option arrangements (Refer to Note 2.12) ^(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 rupee 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 rupee 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.

2.11 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
	December 31, 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
414,20,82,081 (413,99,50,635) equity shares fully paid-up^(2)^
	2,072	2,071

Note: Forfeited shares amounted to rupee 1,500 ( rupee 1,500)

^(1)^	Refer to Note 2.20 for details of basic and diluted shares
^(2)^	Net of treasury shares 1,01,87,113 (1,09,16,829)
---	---

The Company has only one class of shares referred to as equity shares having a par value of rupee 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 December 31, 2024 and March 31, 2024 are as follows:

(In crore, except as stated otherwise)

Particulars	As at December 31, 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	21,31,446	1	35,62,710	2
As at the end of the period	414,20,82,081	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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Interim dividend for fiscal 2025	21.00	–	21.00	–
Special dividend for fiscal 2024	–	–	8.00	–
Final dividend for fiscal 2024	–	–	20.00	–
Interim dividend for fiscal 2024	–	18.00	–	18.00
Final dividend for fiscal 2023	–	–	–	17.50

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of rupee 20/- per equity share for the financial year ended March 31, 2024 and a special dividend of rupee 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 resulted in a net cash outflow of rupee 11,597 crore, excluding dividend paid on treasury shares.

The Board of Directors in their meeting held on October 17, 2024 declared an interim dividend of rupee 21/- per equity share which resulted in a net cash outflow of rupee 8,698 crore, excluding dividend paid on treasury shares.

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 1,01,87,113 and 1,09,16,829 shares as at December 31, 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 December 31, 2024 and March 31, 2024.

The following is the summary of grants made during the three months and nine months ended December 31, 2024 and December 31, 2023:

Particulars	2019 Plan				2015 Plan
	Three months ended December 31,		Nine months ended December 31,		Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Equity Settled RSUs
Key Management Personnel (KMP)	–	35,990	70,699	114,271	–	88,040	295,168	421,636
Employees other than KMP	–	464,260	6,848	464,260	22,880	1,169,660	152,220	1,197,940
Total Grants	–	500,250	77,547	578,531	22,880	1,257,700	447,388	1,619,576
Cash settled RSU
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	–	7,950	–	7,950
	–	–	–	–	–	7,950	–	7,950
Total Grants	–	500,250	77,547	578,531	22,880	1,265,650	447,388	1,627,526

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<br>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 agreement based on Company’s<br>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 December 31, 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Granted to:
KMP	17	14	52	51
Employees other than KMP	168	133	553	375
Total ^(1)^	185	147	605	426
^(1)^ Cash-settled stock compensation expense included in the above	2	2	14	9

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)	1,437	18.42	1,588	19.19
Exercise price () / ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	21-26	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	4-5	7	4-5
Weighted average fair value as on grant date () / ($ ADS)	1,319	16.94	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.

2.12 OTHER FINANCIAL LIABILITIES

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non-current
Others
Accrued compensation to employees ^(1)^	19	7
Accrued expenses ^(1)^	2,003	1,779
Compensated absences	92	89
Financial liability under option arrangements ^(2) #^	100	98
Payable for acquisition of business - Contingent consideration ^(2)^	20	–
Other Payables ^(1)(4)^	30	157
Total non-current other financial liabilities	2,264	2,130
Current
Unpaid dividends ^(1)^	46	37
Others
Accrued compensation to employees ^(1)^	4,004	4,454
Accrued expenses ^(1)^	8,684	8,224
Payable for acquisition of business - Contingent consideration ^(2)^	11	–
Payable by controlled trusts ^(1)^	173	211
Compensated absences	2,877	2,622
Financial liability under option arrangements ^(2) #^	495	499
Foreign currency forward and options contracts ^(2) (3)^	169	31
Capital creditors ^(1)^	216	310
Other payables ^(1)(4)^	389	571
Total current other financial liabilities	17,064	16,959
Total other financial liabilities	19,328	19,089
^(1)^ Financial liability carried at amortized cost	15,564	15,750
^(2)^ Financial liability carried at fair value through profit or loss	785	627
^(3)^ Financial liability carried at fair value through other comprehensive income	10	1
^(4)^	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 December 31, 2024 and March 31, 2024, the financial liability pertaining to such arrangements amounts to 91<br>crore and 372 crore, respectively.
---	---
^#^	Represents liability related to options issued by the Group over the non-controlling interests<br>in its subsidiaries
---	---

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.

2.13 OTHER LIABILITIES

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Non-current
Others
Accrued defined benefit liability	95	159
Others	72	76
Total non-current other liabilities	167	235
Current
Unearned revenue	8,457	7,341
Others
Withholding taxes and others	3,413	3,185
Accrued defined benefit liability	7	5
Others	12	8
Total current other liabilities	11,889	10,539
Total other liabilities	12,056	10,774

2.14 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
	December 31, 2024	March 31, 2024
Current
Others
Post-sales client support and other provisions	1,494	1,796
Total provisions	1,494	1,796

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.

2.15 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Current taxes	3,202	2,419	9,346	7,216
Deferred taxes	(354)	87	(1,113)	258
Income tax expense	2,848	2,506	8,233	7,474

Income tax expense for the three months ended December 31, 2024 and December 31, 2023 includes provisions (net of reversals) of rupee 106 crore and reversals (net of provisions) of rupee 64 crore, respectively. Income tax expense for the nine months ended December 31, 2024 and December 31, 2023 includes provisions (net of reversals) of rupee 249 crore and reversals (net of provisions) of rupee 136 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 and nine months ended December 31, 2024 and December 31, 2023 substantially relates to origination and reversal of temporary differences.

2.16 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.

The Group presents revenues net of indirect taxes in its Consolidated Statement of Profit and Loss.

Revenue from operation for the three months and nine months ended December 31, 2024 and December 31, 2023 are as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Revenue from software services	39,766	36,767	116,395	109,221
Revenue from products and platforms	1,998	2,054	5,669	6,527
Total revenue from operations	41,764	38,821	122,064	115,748

Products & platforms

Disaggregated revenue information

Revenue disaggregation by business segments has been included in segment information (Refer to Note 2.23). 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 and nine months ended December 31, 2024 and December 31, 2023:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Revenues by Geography*
North America	24,404	22,911	71,053	69,805
Europe	12,430	10,934	35,824	31,407
India	1,293	920	3,808	3,048
Rest of the world	3,637	4,056	11,379	11,488
Total	41,764	38,821	122,064	115,748
^^*	Geographical revenue is based on the domicile of customer
---	---

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.

2.17 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 and nine months ended December 31, 2024 and December 31, 2023 is as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Interest income on financial assets carried at amortized cost
Tax free bonds and Government bonds	31	33	92	101
Deposit with Bank and others	365	225	1,014	706
Interest income on financial assets carried at fair value through other comprehensive income
Non-convertible debentures, commercial paper, certificates of deposit and government securities	195	232	741	689
Income on investments carried at fair value through profit or loss
Gain / (loss) on liquid mutual funds and other investments	52	97	233	197
Income on investments carried at fair value through other comprehensive income	–	–	2	–
Exchange gains / (losses) on forward and options contracts	231	(152)	(135)	(89)
Exchange gains / (losses) on translation of other assets and liabilities	(104)	230	285	210
Miscellaneous income, net	89	124	178	168
Total other income	859	789	2,410	1,982

2.18 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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Employee benefit expenses
Salaries including bonus	20,502	19,799	61,173	59,789
Contribution to provident and other funds	591	571	1,738	1,684
Share based payments to employees (Refer to Note 2.11)	185	147	605	426
Staff welfare	158	134	418	329
	21,436	20,651	63,934	62,228
Cost of software packages and others
For own use	612	570	1,813	1,590
Third party items bought for service delivery to clients	3,995	3152	10,199	8,238
	4,607	3,722	12,012	9,828
Other expenses
Repairs and maintenance	336	314	997	962
Power and fuel	51	49	172	151
Brand and marketing	274	220	879	722
Rates and taxes	63	80	270	241
Consumables	60	40	162	122
Insurance	75	50	228	158
Provision for post-sales client support and others	91	35	117	203
Commission to non-whole time directors	5	4	13	11
Impairment loss recognized / (reversed) under expected credit loss model	5	13	100	219
Contributions towards Corporate Social Responsibility	164	137	493	351
Others	125	243	463	591
	1,249	1,185	3,894	3,731

2.19 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.

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 December 31, 2024:

(In crore)

Particulars	Category of ROU asset
	Land	Buildings	Vehicles	Computers	Total
Balance as of October 1, 2024	604	3,481	23	2,584	6,692
Additions^*^	–	147	5	262	414
Deletions	–	(97)	–	(145)	(242)
Depreciation / Amortization	(2)	(186)	(2)	(269)	(459)
Translation difference	(1)	(6)	(2)	(51)	(60)
Balance as of December 31, 2024	601	3,339	24	2,381	6,345

^^*	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 December 31, 2023:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of October 1, 2023	616	3,811	15	2,508	6,950
Additions^*^	–	7	5	521	533
Deletions	(10)	(49)	(1)	(133)	(193)
Impairment ^#^	–	(88)	–	–	(88)
Depreciation / Amortization	(1)	(180)	(2)	(223)	(406)
Translation difference	2	26	1	67	96
Balance as of December 31, 2023	607	3,527	18	2,740	6,892

^^*	Net of adjustments on account of modifications
^#^	included under other expenses. Refer note 2.18
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Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 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^*^	–	532	11	936	1,479
Addition due to Business Combination (Refer to Note 2.1)	–	155	5	–	160
Deletions	–	(132)	(6)	(460)	(598)
Depreciation / Amortization	(5)	(534)	(8)	(742)	(1,289)
Translation difference	1	20	5	15	41
Balance as of December 31, 2024	601	3,339	24	2,381	6,345

^^*	Net of adjustments on account of modifications.

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 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^*^	–	333	10	1,496	1,839
Deletions	(10)	(89)	(1)	(540)	(640)
Impairment ^#^	–	(88)	–	–	(88)
Depreciation / Amortization	(5)	(543)	(7)	(617)	(1,172)
Translation difference	(1)	18	1	53	71
Balance as of December 31, 2023	607	3,527	18	2,740	6,892

^^*	Net of adjustments on account of modifications and lease incentives
^#^	included under other expenses. Refer note 2.18
---	---

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 December 31, 2024 and March 31, 2024:

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Current lease liabilities	2,506	1,959
Non-current lease liabilities	5,715	6,400
Total	8,221	8,359

2.20 BASIC AND DILUTED SHARES USED 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.

2.21 CONTINGENT LIABILITIES AND COMMITMENTS

Accounting policy

2.21.1 Contingent liability

(In crore)

Particulars	As at
	December 31, 2024	March 31, 2024
Contingent liabilities :
Claims against the Group, not acknowledged as debts^(1)^	3,737	3,583
[Amount paid to statutory authorities 3,509<br>crore (8,754 crore)]
^(1)^	As at December 31, 2024 and March 31, 2024, claims against the Group not acknowledged as<br>debts in respect of income tax matters amounted to 2,915 crore and 2,794<br>crore, respectively.
---	---

Amount paid to statutory authorities against the tax claims amounted to rupee 3,500 crore and rupee 8,743 crore as at December 31, 2024 and March 31, 2024, respectively.

2.21.2 McCamish Cybersecurity incident

2.21.3 Legal Proceedings

2.21.4 Commitments

(In crore)

Particulars	As at
	December 31, 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)^	1,096	780
Other commitments*	107	79

^(1)^	Capital contracts primarily comprises of commitments for infrastructure facilities and computer<br>equipment.
*	Uncalled capital pertaining to investments
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2.22 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 nine months ended December 31, 2024, the following are the changes in the subsidiaries.

·	Danske IT and Support Services India Private Limited renamed as IDUNN Information<br>Technology Private Limited
·	On May 10, 2024 Infosys Ltd. acquired 100% of voting interests in InSemi Technology<br>Services Private Limited along with its subsidiary Elbrus Labs Private Limited
---	---
·	Infosys Services (Thailand) Limited, a Wholly-owned subsidiary of Infosys Limited<br>was incorporated on July 26, 2024.
---	---
·	Infy tech SAS, a Wholly-owned subsidiary of Infosys Singapore Pte Limited was incorporated<br>on July 03, 2024.
---	---
·	On July 17, 2024, Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore<br>Pte. Limited, acquired 100% of voting interests in in-tech Holding GmbH along with its subsidiary in-tech GmbH along with its six subsidiaries<br>in-tech Automotive Engineering SL, ProIT, in-tech Automotive Engineering de R.L. de C.V, drivetech Fahrversuch GmbH, Friedrich Wagner<br>Holding Inc along with its two subsidiaries (in-tech Automotive Engineering LLC and in-tech Services LLC) and Friedrich & Wagner<br>Asia Pacific GmbH along with its five subsidiaries in-tech engineering s.r.o, in-tech engineering GmbH, in-tech engineering services<br>S.R.L, in-tech Group Ltd along with its subsidiary (in-tech Group India Private Limited) and In-tech Automotive Engineering Shenyang<br>Co., Ltd along with its subsidiary (In-tech Automotive Engineering Bejing Co., Ltd)
---	---
·	On October 17, 2024, Infosys Singapore Pte Ltd. acquired 100% of voting interests<br>in Blitz 24-893 SE ,Germany
---	---
·	Skava systems Private Limited, a wholly-owned subsidiary of Infosys ltd has been<br>liquidated effective November 14, 2024
---	---
·	in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech<br>GmbH is under liquidation.
---	---
·	Friedrich Wagner Holding Inc, a wholly-owned subsidiary of in-tech GmbH is under<br>liquidation.
---	---
·	in-tech Services LLC, a wholly-owned subsidiary of Friedrich Wagner Holding Inc has<br>been liquidated effective November 30, 2024
---	---
·	in-tech Automotive Engineering LLC, a wholly-owned subsidiary of Friedrich Wagner<br>Holding Inc has been liquidated effective November 30, 2024
---	---
·	Infosys Consulting S.r.l. (Romania) renamed as Infosys Romania S.r.l.
---	---
·	Kaleidoscope Animations, a wholly-owned subsidiary of Infosys Nova Holdings LLC merged<br>into Infosys Nova Holdings LLC effective January 1, 2025
---	---
·	Blue Acorn iCi Inc, a wholly-owned subsidiary of Infosys Nova Holdings LLC merged<br>into Infosys Nova Holdings LLC effective January 1, 2025
---	---
·	WongDoody Inc, a wholly-owned subsidiary of Infosys limited merged into Infosys Nova<br>Holdings LLC effective January 1, 2025
---	---
·	Outbox systems Inc. dba Simplus (US), a wholly-owned subsidiary of Infosys Nova Holdings<br>LLC merged into Infosys Nova Holdings LLC effective January 1, 2025
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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 December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Salaries and other short term employee benefits to whole-time directors and executive officers ^(1)(2)^	28	24	84	82
Commission and other benefits to non-executive/independent directors	5	4	14	12
Total	33	28	98	94
(1)	Total employee stock compensation expense for the three months ended December 31, 2024and December 31, 2023 includes a charge of 17 crore and 14crore, respectively, towards key management personnel. For the nine months ended December 31, 2024 and December 31, 2023 includes a chargeof 52 crore and 51 crore, respectively, towards key managementpersonnel. (Refer to Note 2.11)
---	---
(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.
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2.23 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 2.16 Revenue from operations.

Business Segments

Three months ended December 31, 2024 and December 31, 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 from operations	11,589	5,746	4,688	5,635	6,479	3,279	3,195	1,153	41,764
	10,783	5,649	4,421	5,121	5,786	2,985	2,954	1,122	38,821
Identifiable operating expenses	6,859	2,803	3,067	3,229	4,128	1,914	1,906	781	24,687
	6,504	2,974	2,781	2,751	3,787	1,745	1,703	675	22,920
Allocated expenses	2,051	968	803	878	994	549	470	249	6,962
	2,019	960	780	920	889	482	485	229	6,764
Segment operating income	2,679	1,975	818	1,528	1,357	816	819	123	10,115
	2,260	1,715	860	1,450	1,110	758	766	218	9,137
Unallocable expenses									1,203
									1,176
Other income, net									859
									789
Finance cost									101
									131
Profit before tax									9,670
									8,619
Income tax expense									2,848
									2,506
Net Profit									6,822
									6,113
Depreciation and amortization									1,203
									1,176
Non-cash expenses other than depreciation and amortization									–
									–

Nine months ended December 31, 2024 and December 31, 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 from operations	33,561	16,619	14,311	16,402	18,680	9,692	9,065	3,734	122,064
	32,149	17,075	13,325	14,966	16,710	9,095	8,753	3,675	115,748
Identifiable operating expenses	19,206	8,195	9,346	9,111	11,984	5,587	5,527	2,372	71,328
	18,740	9,113	8,038	8,121	10,941	5,237	5,077	2,286	67,553
Allocated expenses	6,205	2,931	2,459	2,771	3,035	1,681	1,493	800	21,375
	6,025	2,944	2,408	2,754	2,653	1,509	1,410	851	20,554
Segment operating income	8,150	5,493	2,506	4,520	3,661	2,424	2,045	562	29,361
	7,384	5,018	2,879	4,091	3,116	2,349	2,266	538	27,641
Unallocable expenses									3,512
									3,515
Other income, net									2,410
									1,982
Finance cost									314
									360
Profit before tax									27,945
									25,748
Income tax expense									8,233
									7,474
Net Profit									19,712
									18,274
Depreciation and amortization expense									3,512
									3,515
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
---	---
^(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
---	---

Significant clients

No client individually accounted for more than 10% of the revenues for the three months and nine months ended December 31, 2024 and December 31, 2023, respectively.

2.24 FUNCTION WISE CLASSIFICATION OF CONDENSED CONSOLIDATEDSTATEMENT OF PROFIT AND LOSS

(In crore)

Particulars	Note No.	Three months ended December 31,		Nine months ended December 31,
		2024	2023	2024	2023
Revenue from operations	2.16	41,764	38,821	122,064	115,748
Cost of Sales		29,120	27,253	84,771	80,666
Gross profit		12,644	11,568	37,293	35,082
Operating expenses
Selling and marketing expenses		1,839	1,700	5,631	5,238
General and administration expenses		1,893	1,907	5,813	5,718
Total operating expenses		3,732	3,607	11,444	10,956
Operating profit		8,912	7,961	25,849	24,126
Other income, net	2.17	859	789	2,410	1,982
Finance cost		101	131	314	360
Profit before tax		9,670	8,619	27,945	25,748
Tax expense:
Current tax	2.15	3,202	2,419	9,346	7,216
Deferred tax	2.15	(354)	87	(1,113)	258
Profit for the period		6,822	6,113	19,712	18,274
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		(45)	71	53	94
Equity instruments through other comprehensive income, net		(15)	(9)	(10)	31
		(60)	62	43	125
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		56	(46)	32	(17)
Exchange differences on translation of foreign operations, net		(483)	436	(27)	457
Fair value changes on investments, net		10	52	136	107
		(417)	442	141	547
Total other comprehensive income / (loss), net of tax		(477)	504	184	672
Total comprehensive income for the period		6,345	6,617	19,896	18,946
Profit attributable to:
Owners of the Company		6,806	6,106	19,680	18,264
Non-controlling interests		16	7	32	10
		6,822	6,113	19,712	18,274
Total comprehensive income attributable to:
Owners of the Company		6,336	6,605	19,863	18,934
Non-controlling interests		9	12	33	12
		6,345	6,617	19,896	18,946
for and on behalf of the Board of Directors of Infosys Limited
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Nandan M. Nilekani<br><br> <br>Chairman<br><br> <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>January 16, 2025	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary<br><br> <br>Membership No. A21918