UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the SecuritiesExchange Act of 1934

For the quarter and year ended March 31, 2024

Commission File Number 001-35754

Infosys Limited

(Exact name of Registrant as specified in its charter)

Not Applicable.

(Translation of Registrant's name into English)

Electronics City, Hosur Road, Bengaluru - 560 100,Karnataka, India. +91-80-2852-0261

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

TABLE OF CONTENTS

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SIGNATURES
INDEX TO EXHIBITS
EXHIBIT 99.1
EXHIBIT 99.2
EXHIBIT 99.3
EXHIBIT 99.4
EXHIBIT 99.5
EXHIBIT 99.6
EXHIBIT 99.7
EXHIBIT 99.8
EXHIBIT 99.9
EXHIBIT 99.10

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIALCONDITION

Infosys Limited (“we” or “the Company”) hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter and year ended March 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 April 18, 2024, we announced our results of operations for the quarter and year ended March 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 April 18, 2024, we held a press conference to announce our results, which was followed by a question and answer session. The transcript of this press conference is attached to this Form 6-K as Exhibit 99.3.

We have also made available to the public on our website, www.infosys.com, a fact sheet that provides details on our profit and loss account summary for the quarter and year ended March 31, 2024 and 2023 (as per IFRS); revenue by client geography offering, business segment, information regarding our client concentration; employee information and metrics; and consolidated IT services information. We have attached this fact sheet to this Form 6-K as Exhibit 99.4.

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

We placed form of releases to stock exchanges and advertisements in certain Indian newspapers concerning our results of operations for the quarter and year ended March 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 Financial Statements in compliance with IFRS in US dollars and the Auditors Report for the quarter and year ended March 31, 2024; Audited Interim Consolidated Financial Statements in compliance with IFRS in Indian Rupees and the Auditors Report for the quarter and year ended March 31, 2024; Audited Ind AS Condensed Standalone Financial Statements and Auditors Report for the quarter and year ended March 31, 2024; Audited Ind AS Standalone Financial Statements and Auditors Report for the year ended March 31, 2024; Audited Ind AS Condensed Consolidated Financial Statements and Auditors Report for the quarter and year ended March 31, 2024; Audited Ind AS Consolidated Financial Statements and Auditors Report for the year ended March 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>/s/ Inderpreet Sawhney
Date: April 24, 2024	Inderpreet Sawhney<br><br> <br>General Counsel and Chief Compliance Officer

INDEX TO EXHIBITS

Exhibit No.	Description of Document
99.1	IFRS USD press release
99.2	IFRS INR press release
99.3	Transcript of April 18, 2024 press conference
99.4	Fact<br> Sheet regarding Registrant's Statement of Profit and Loss for the quarter and year ended March 31, 2024 and 2023 (as per IFRS);<br> revenue by Business Segment, Client Geography, information regarding Client Concentration; Employee Information and Metrics,<br> Consolidated IT Services Information and cash flow information.
99.5	Transcript of April 18, 2024 earnings call
99.6	Form of release to stock exchanges and advertisement placed in Indian newspapers
99.7	Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its Subsidiaries in compliance with International Financial Reporting Standards (IFRS) in US Dollars and the Auditors Report thereon.
99.8	Audited Interim Consolidated Financial Statements of Infosys Limited and its Subsidiaries in compliance with IFRS in Indian Rupees and the Auditors Report thereon
99.9	Audited Interim Condensed Financial Statements of Infosys Limited for the quarter and year ended March 31, 2024 in compliance with Indian<br>Accounting Standards (INDAS) and Auditors Report thereon and Audited Financial Statements of Infosys Limited for the year ended March<br>31, 2024 in compliance with 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<br>and year ended March 31, 2024 and Auditors Report thereon and Audited Consolidated Financial Statements for Infosys Limited and its subsidiaries<br>for the year ended March 31, 2024 in compliance with INDAS and Auditors Report thereon

Exhibit 99.1

IFRS USD Press Release

Strong large deal TCV of $4.5 billion in Q4 and record $17.7 billion in FY24 create robust foundation for growth

FY25 guidance - revenue growth of 1%-3% and operating margin of 20%-22%

Bengaluru, India – April 18, 2024: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $18.6 billion in FY24 revenues with a growth of 1.4% in constant currency and operating margin of 20.7%. Free Cash Flow was strong at $2,882 million, an increase of 13.7% over FY 23. Large deal TCV for FY24 was highest ever at $17.7 billion, with 52% being net new.

Q4 revenues were at $4,564 million, flat year on year and decrease of 2.2% sequentially in constant currency. Large deal TCV for the quarter was $4.5 billion, with 44% being net new. Operating margin for the quarter was 20.1%, a sequential decrease of 40 bps. Free Cash Flow was robust at $848 million.

“We delivered the highest ever large deal value in the financial year 2024. This reflects the strong trust clients have in us. Our capabilities in Generative AI continue to expand. We are working on client programs leveraging large language models with impact across software engineering, process optimization, and customer support, said Salil Parekh, CEO and MD.” I would like to thank our 317,000 employees across the world that are working to create value for our clients.” he added.

growth percentage

Guidance for FY25:

·	Revenue growth of 1%-3% in constant currency
·	Operating margin of 20%-22%
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1.	Key highlights:
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For the quarter ended March 31, 2024	For the year ended March 31, 2024
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· <br> Revenues in CC terms remained flat YoY and declined by 2.2% QoQ<br><br> <br><br><br> <br>· <br> Reported revenues at $4,564 million, growth of 0.2% YoY<br><br> <br><br><br> <br>· <br> Operating margin at 20.1%, decline of 0.9% YoY and 0.4% QoQ<br><br> <br><br><br> <br><br><br> <br>· <br> Basic EPS at $0.23, increase of 28.9% YoY<br><br> <br><br><br> <br>· <br> FCF at $848 million, growth of 18.9% YoY; FCF conversion at 88.4% of net profit	· <br> Revenues in CC terms grew by 1.4% YoY<br><br> <br><br><br> <br>· <br> Reported revenues at $18,562 million, growth of 1.9% YoY<br><br> <br><br><br> <br>· <br> Operating margin at 20.7%, decline of 0.3% YoY<br><br> <br><br><br> <br>· <br> Basic EPS at $0.77, increase of 7.3% YoY<br><br> <br><br><br> <br>· <br> FCF at $2,882 million, growth of 13.7% YoY; FCF conversion at 91.0% of net profit

“Free cash flow of $848 million in Q4 was highest in the last 11 quarters driven by our relentless focus to improve working capital cycle. Consistent with the objective of giving high and predictable returns to shareholders, the Board has approved the capital allocation policy under which the company expects to return 85% over the next 5 years and progressively increase annual Dividend Per Share”, said Jayesh Sanghrajka, CFO. “Operating margin expansion in the medium-term and improving cash generation continue to remain our priorities underpinned by early success in Project Maximus”, he added.

2.	Capital Allocation
·	For the Financial Year 2024, the Board recommended a final dividend of 20 per share (0.24<br>per ADS) and additionally a special dividend of 8 per share (0.10 per ADS*). With this, the total payout over FY20 – FY 24 will<br>be 85% of Free Cash Flow, in line with our capital allocation policy announced earlier.
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·	The Board in its meeting held on April 18, 2024 has reviewed and approved the capital allocation<br>policy for the next 5 years from FY25 – FY29 after taking into consideration the strategic and operational cash requirements as<br>below.
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“Effective from financial year 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 cashprovided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividendand buyback include applicable taxes.

*USD-INR rate of 83.41

3. Update on India Income Tax Orders

During the quarter ending March 31, 2024, the Company received orders under sections 250 and 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and 2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result, interest income (pre-tax) of $232 million was recognized and provision for income tax aggregating $63 million was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to $196 million has been reduced from contingent liabilities.

4. Update on Financial Services Client

During Q4, we had rescoping and renegotiation of one of the large contracts in the financial services segment leading to a one-time impact of approximately 100bps in Q4. Nearly 85% of the scope of the contract continues as-is.

5. Client wins &testimonials

·	Infosys<br> announced a strategic collaboration with Musgrave to help automate their IT operations by<br> leveraging its industry leading AI and Cloud offerings, Infosys Topaz and Infosys Cobalt.<br> Stephen Mckenna, Chief Technology Officer, Musgrave, said, “I am delighted by<br> our recently announced collaboration with Infosys, which will enable us to leverage Infosys’<br> expertise and resources to deliver innovative solutions to all our customers and retail partners.<br> Musgrave has always been committed to providing our customers with the best possible service,<br> and this collaboration is a testament to that commitment. We are confident that this collaboration<br> will result in new and exciting products and services that will benefit all our customers.”
·	Infosys<br> collaborated with PROG Holdings, Inc. to bring AI-powered experiences to their customers<br> and intelligent automation to their operations, as an integral part of PROG Holdings’<br> ongoing cloud and AI-focused technology modernization and innovation efforts. Steve Michaels, President and CEO of PROG Holdings, said, “We look forward to working with Infosys<br> to develop and enhance key systems that positively impact the speed to market, agility, and<br> scalability of key PROG Holdings technologies and platforms. We expect our collaboration<br> with Infosys will reduce friction for both our customers and retail partners, further solidifying<br> PROG Holdings’ position atop the virtual lease-to-own industry we helped create twenty-five<br> years ago.”
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·	Infosys<br> collaborated with Pacific International Lines (PIL) to accelerate their digital transformation<br> initiative by helping revamp PIL’s existing customer portal and deploying a scalable<br> and modern technology platform, aimed at creating a positive impact for PIL’s key stakeholders<br> across the shipping and logistics ecosystem. Lionel Patrice Chatelet, Chief Commercial Officer, Pacific International Lines (PIL), said, “We are looking for a partner<br> who can not only bring technology but also play an advisory role in the journey of transformation.<br> Infosys brings together a strong combination of right capabilities as well as highly collaborative<br> ways of working. We are delighted to collaborate with Infosys.”
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·	Resolution<br> Life Australasia collaborated with Infosys to virtualize its mainframe systems by enabling<br> a seamless migration to the cloud, enhancing the overall customer experience. Peter Histon, CIO of Resolution Life Australasia, said, “Infosys brought a number of proprietary<br> accelerators to the table as part of the virtualization which helped us to deliver the solution<br> rapidly. But beyond that, Infosys brought in a number of different people capabilities. We<br> took a progressive approach around migration of the underlying applications. There were two<br> very big releases. Infosys worked with us every step of the way.”
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·	zooplus<br> and Infosys have entered into a strategic eight- year collaboration to set up an AI-led product<br> and technology hub in Hyderabad, India. Markus Hermanutz, Chief Information Officer, zooplus SE, said, “We are excited to have selected Infosys to set up a new AI-led hub through<br> which we will drive our business growth ambition. With Infosys Topaz, we will achieve productivity<br> and efficiency at scale, and attract the right talent for upcoming transformations across<br> our e-commerce value chain.”
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·	Infosys<br> is expanding its successful collaboration with Hasbro, building on their initial achievements<br> in the SAP S4 implementation. Together, they are advancing their relationship and strategy<br> globally through a multi-year strategic engagement. Leveraging Infosys’s expertise<br> in AI and a proven experience led cognitive approach, Infosys is poised to support Hasbro's<br> global business. This collaboration aims to drive operational excellence, foster innovation,<br> and deliver superior experiences at scale for both customers and employees worldwide. Steve Zoltick, CIO & Head, Global Business Enablement, Hasbro, said, “Infosys is<br> bringing the right talent to our collaboration allowing us to enhance our capabilities and<br> achieve our Global Business Enablement goals”.
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·	Infosys<br> Finacle successfully implemented the Finacle Digital Lending Solution Suite in a Software-as-a-Service<br> (SaaS) mode for Regional Investment Corporation (RIC) which included the adoption of the<br> Finacle Online Banking and Finacle Alerts Solution. Chris Rawlins, Executive Director Transformation, Regional Investment Corporation (RIC), said, “At RIC, our mission<br> is to nurture the growth of the Australian farm businesses through affordable loans, while<br> also ensuring their resilience and profitability. With the Infosys Finacle Lending solution,<br> we have a proven technology platform to support the evolving demands of our business and<br> customers, with the agility to roll out new products and regulations as mandated by the Federal<br> Government. The nine-month implementation by the Infosys Finacle team was delivered on schedule<br> and we are impressed by the team’s commitment to facilitate RIC in achieving a smooth<br> transition without any disruptions to our customers."
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·	Infosys<br> and Handlesblatt Media Group announced a strategic collaboration to support the Handelsblatt<br> Research Institute (HRI) in making complex reports on global economic and financial topics<br> more accessible and easily consumable for the public, by leveraging Infosys Topaz, an AI-first<br> set of services, solutions and platforms using generative AI technologies. Dr. Jan Kleibrink, Managing Director, Handelsblatt Research Institute, said, "We are excited to collaborate<br> with Infosys to offer cutting-edge, AI-enabled trend reports. One of the core tasks of the<br> Handelsblatt Research Institute is to present complex economic relationships and the results<br> of scientific analysis to a broad readership. We achieve this with texts of the highest journalistic<br> quality and visual storytelling based on high-quality infographics. With Infosys as our AI<br> and digital innovation partner, we now move to the next level of digital storytelling that<br> is powered by AI.”
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6. Recognitions & Awards

AI and Cloud Services

·	Awarded ISO 42001:2023 certification for implementing an Artificial Intelligence Management<br>System framework
·	Positioned as a leader in IDC MarketScape Worldwide Higher Education Cloud Professional Services<br>Vendor Assessment
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·	Positioned as a leader in HFS Horizons: Assuring the Generative Enterprise™, 2024
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·	Rated as a leader in ISG’s Multi Public Cloud Services Provider Lens™ study
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·	Rated as a leader in ISG’s Intelligent Automation - Solutions and Services Provider<br>Lens™ study in US and Europe
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Key Digital Services

·	Rated as a leader in The Forrester Wave™: Application Modernization And Migration Services,<br>Q1 2024
·	Positioned as a leader in the Unified Communication & Collaboration (UCC) Specialist<br>Services PEAK Matrix® Assessment 2024 by Everest and ranked #1 in the UCC rating by Everest
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·	Rated as a leader in Pega Services PEAK Matrix® Assessment 2024 by Everest
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·	Positioned as a leader in Application Transformation Services PEAK Matrix® Assessment<br>2024 – North America by Everest
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·	Positioned as a leader in Application Transformation Services PEAK Matrix® Assessment<br>2024 – Europe by Everest
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·	Positioned as a leader in Software Product Engineering Services PEAK Matrix® Assessment<br>2024 by Everest
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·	Rated as a leader in Talent Readiness for Next-generation IT Services PEAK Matrix® Assessment<br>2023 by Everest
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·	Positioned as a leader in IDC MarketScape: Worldwide Blockchain Services 2024 Vendor Assessment
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·	Rated as a leader in Cyber Resiliency NEAT 2024 by NelsonHall
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·	Rated as a leader in Salesforce Services 2024 NEAT 2024 by NelsonHall
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·	Rated as a leader in ShortList 2024: Custom Software Development Services by Constellation<br>Research
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·	Rated as a leader in ShortList 2024: Innovation Services and Engineering by Constellation<br>Research
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·	Rated as leader in ShortList 2024: Learning Marketplaces by Constellation Research
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·	Rated as leader in ShortList 2024: Microsoft End-to-End Service Providers by Constellation<br>Research
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·	Rated as leader in ShortList 2024: QA Tools for NextGen Apps by Constellation Research
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·	Recognized as a leader in Avasant’s Retail Digital Services 2024 Radarview™
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·	Recognized as a leader in Avasant’s SAP S/4HANA Services 2023–2024 Radarview
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·	Rated as a leader in ISG’s Environmental, Social and Governance Services (ESG) Provider<br>Lens™ study in US, Europe and Global
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Industry & Solutions

·	Positioned as a leader in Retail IT Services PEAK Matrix® Assessment 2024 by Everest
·	Positioned as a leader in HFS Horizons: Manufacturing Intelligent Operations Services, 2024
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·	Positioned as a leader in HFS Horizons: The Best Service Providers for Asset and Wealth Management
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·	Rated as a leader in ESG Services in Banking 2024 by NelsonHall
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·	Rated as a leader in Innovation Radar – Salesforce Related Services in Europe: The<br>Communications & Media View by PAC, The Manufacturing View by PAC, The Energy & Utilities View by PAC, and The Financial Services<br>View by PAC
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·	Infosys Finacle along with its customers, won multiple industry awards at the Retail Banker<br>International Asia Trailblazer Awards 2024. These include Infosys Finacle Mobile Teller awarded for Most Innovative Branch Offering;<br>Infosys Finacle and HDFC awarded for Excellence in Mass Affluent Banking; Infosys<br>Finacle and South Indian Bank awarded for Best CSR Initiative – Environmental Impact; Infosys Finacle and Suryoday Bank awarded<br>for Best Core Banking System Initiative
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·	Infosys BPM and T-Mobile won the SSON North America Impact Award 2024, in the Creative Talent<br>Management category
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·	Infosys BPM recognized at the ISG Digital Case Study Research and Awards 2023 with 3 STANDOUT<br>winners: Banking and Financial Services (India), Communications (Asia Pacific), Retail (UK, Ireland, Scandinavia)
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·	Infosys BPM won the Best Workplace Diversity Award, at HR Tech Summit & Awards 2024
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About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. ` Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next

Safe Harbor

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident review and notification process are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our ability to effectively implement a hybrid working model, macro-economic and geo-political situations, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, onerous terms and conditions in customer contracts, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the findings of the ongoing review of the extent and nature of accessed or exfiltrated data in relation to the McCamish cybersecurity incident and reaction to such findings, the timing of the review and notification process, and the amount of any additional costs, including indemnities or damages / claims, resulting from the incident. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Contact

Investor Relations	Sandeep Mahindroo <br>+91 80 3980 1018 <br>Sandeep_Mahindroo@infosys.com
Media Relations	Rishi Basu<br><br> +91 80 4156 3998<br><br> <br>Rajarshi.Basu@infosys.com	Harini Babu<br> +1 469 996 3516<br>Harini_Babu@infosys.com

Infosys Limited and subsidiaries

Extracted from the Condensed ConsolidatedBalance Sheet under IFRS as at:

(Dollarsin millions)

	March 31, 2024	March 31, 2023
ASSETS
Current assets
Cash and cash equivalents	1,773	1,481
Current investments	1,548	841
Trade receivables	3,620	3,094
Unbilled revenue	1,531	1,861
Other Current assets	2,250	1,349
Total current assets	10,722	8,626
Non-current assets
Property, plant and equipment and Right-of-use assets	2,323	2,516
Goodwill and other Intangible assets	1,042	1,095
Non-current investments	1,404	1,530
Unbilled revenue	213	176
Other non-current assets	819	1,369
Total non-current assets	5,801	6,686
Total assets	16,523	15,312
LIABILITIES AND EQUITY
Current liabilities
Trade payables	474	470
Unearned revenue	880	872
Employee benefit obligations	314	292
Other current liabilities and provisions	2,983	3,135
Total current liabilities	4,651	4,769
Non-current liabilities
Lease liabilities	767	859
Other non-current liabilities	500	460
Total non-current liabilities	1,267	1,319
Total liabilities	5,918	6,088
Total equity attributable to equity holders of the company	10,559	9,172
Non-controlling interests	46	52
Total equity	10,605	9,224
Total liabilities and equity	16,523	15,312

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

(Dollars in millions except per equity sharedata)

	3 months ended March 31, 2024	3 months ended March 31, 2023	Year ended<br><br> <br>March 31, 2024	Year ended<br><br> <br>March 31, 2023
Revenues	4,564	4,554	18,562	18,212
Cost of sales	3,219	3,164	12,975	12,709
Gross profit	1,345	1,390	5,587	5,503
Operating expenses:
Selling and marketing expenses	209	202	842	776
Administrative expenses	219	231	911	902
Total operating expenses	428	433	1,753	1,678
Operating profit	917	957	3,834	3,825
Other income, net ^(3)^	315	72	512	300
Profit before income taxes	1,232	1,029	4,346	4,125
Income tax expense	273	284	1,177	1,142
Net profit (before minority interest)	959	745	3,169	2,983
Net profit (after minority interest)	958	744	3,167	2,981
Basic EPS ($) ^(4)^	0.23	0.18	0.77	0.71
Diluted EPS ($) ^(4)^	0.23	0.18	0.76	0.71

NOTES:

1.	The above information is extracted from the audited condensed consolidated Balancesheet and Statement of Comprehensive Income for the quarter and year ended March 31, 2024, which have been taken on record at the Boardmeeting held on April 18, 2024.
2.	A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.
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3.	Other income is net of Finance Cost.
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4.	Includes interest income (pre-tax) of $232Mn and reversal of net tax provisions amounting to $5Mn on account of orders received undersections 250 & 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for certain assessment years. This has resultedin a positive impact on the consolidated Basic and Diluted EPS by approximately $0.06 for the quarter and year ended March 31, 2024.
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5.	As the quarter and year ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year ended figures reported in this statement.
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Exhibit 99.2

IFRS INR Press Release

Strong large deal TCV of $4.5 billion in Q4 and record $17.7 billion in FY24 create robust foundation for growth

FY25 guidance - revenue growth of 1%-3% and operating margin of 20%-22%

**Bengaluru, India – April 18, 2024:**Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $18.6 billion in FY24 revenues with a growth of 1.4% in constant currency and operating margin of 20.7%. Free Cash Flow was strong at $2,882 million, an increase of 13.7% over FY 23. Large deal TCV for FY24 was highest ever at $17.7 billion, with 52% being net new.

“We delivered the highest ever large deal value in the financial year 2024. This reflects the strong trust clients have in us. Our capabilities in Generative AI continue to expand. We are working on client programs, leveraging large language models with impact across software engineering, process optimization, and customer support, said Salil Parekh, CEO and MD. “I would like to thank our 317,000 employees across the world that are working to create value for our clients.” he added.

growth percentage

Guidance for FY25:

·	Revenue growth of 1%-3% in constant currency
·	Operating margin of 20%-22%
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1.	Key highlights:
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For the quarter ended March 31, 2024	For the year ended March 31, 2024
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· <br> Revenues in CC terms remained flat YoY and declined by 2.2% QoQ<br><br> <br><br><br> <br>· <br> Reported revenues at 37,923 crore, growth of 1.3% YoY<br><br> <br><br><br> <br>· <br> Operating margin at 20.1%, decline of 0.9% YoY and 0.4% QoQ<br><br> <br><br><br> <br><br><br> <br>· <br> Basic EPS at 19.25, increase of 30.2% YoY<br><br> <br><br><br> <br>· <br> FCF at 7,032 crore, growth of 20.3% YoY; FCF conversion at 88.2% of net profit	· <br> Revenues in CC terms grew by 1.4% YoY<br><br> <br><br><br> <br>· <br> Reported revenues at 153,670 crore, growth of 4.7% YoY<br><br> <br><br><br> <br>· <br> Operating margin at 20.7%, decline of 0.4% YoY<br><br> <br><br><br> <br>· <br> Basic EPS<br>at 63.39, increase of 10.0% YoY<br><br> <br><br><br> <br>· <br> FCF at 23,865 crore, growth of 16.7% YoY; FCF conversion at 90.9% of net profit

2.	Capital Allocation
·	For the Financial Year 2024, the Board recommended a final dividend of 20 per share and additionally a special dividend of 8 per share. With this, the total payout over FY20 – FY 24 will<br>be 85% of Free Cash Flow, in line with our capital allocation policy announced earlier.
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·	The Board in its meeting held on April 18, 2024 has reviewed and approved the capital allocation<br>policy for the next 5 years from FY25 – FY29 after taking into consideration the strategic and operational cash requirements as<br>below.
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Under this policy, the Company expects to progressively increase its annual Dividend Per Share (excluding special dividend if any).

3. Update on India Income Tax Orders

During the quarter ending March 31, 2024, the Company received orders under sections 250 and 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and 2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result, interest income (pre-tax) of 1,933 crore was recognized and provision for income tax aggregating 525 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to 1,628 crore has been reduced from contingent liabilities.

4. Update on Financial Services Client

5. Client wins &testimonials

·	Infosys<br> announced a strategic collaboration with Musgrave to help automate their IT operations by<br> leveraging its industry leading AI and Cloud offerings, Infosys Topaz and Infosys Cobalt.<br> Stephen Mckenna, Chief Technology Officer, Musgrave, said, “I am delighted by<br> our recently announced collaboration with Infosys, which will enable us to leverage Infosys’<br> expertise and resources to deliver innovative solutions to all our customers and retail partners.<br> Musgrave has always been committed to providing our customers with the best possible service,<br> and this collaboration is a testament to that commitment. We are confident that this collaboration<br> will result in new and exciting products and services that will benefit all our customers.”
·	Infosys<br> collaborated with PROG Holdings, Inc. to bring AI-powered experiences to their customers<br> and intelligent automation to their operations, as an integral part of PROG Holdings’<br> ongoing cloud and AI-focused technology modernization and innovation efforts. Steve Michaels, President and CEO of PROG Holdings, said, “We look forward to working with Infosys<br> to develop and enhance key systems that positively impact the speed to market, agility, and<br> scalability of key PROG Holdings technologies and platforms. We expect our collaboration<br> with Infosys will reduce friction for both our customers and retail partners, further solidifying<br> PROG Holdings’ position atop the virtual lease-to-own industry we helped create twenty-five<br> years ago.”
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·	Infosys<br> collaborated with Pacific International Lines (PIL) to accelerate their digital transformation<br> initiative by helping revamp PIL’s existing customer portal and deploying a scalable<br> and modern technology platform, aimed at creating a positive impact for PIL’s key stakeholders<br> across the shipping and logistics ecosystem. Lionel Patrice Chatelet, Chief Commercial Officer, Pacific International Lines (PIL), said, “We are looking for a partner<br> who can not only bring technology but also play an advisory role in the journey of transformation.<br> Infosys brings together a strong combination of right capabilities as well as highly collaborative<br> ways of working. We are delighted to collaborate with Infosys.”
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·	Resolution<br> Life Australasia collaborated with Infosys to virtualize its mainframe systems by enabling<br> a seamless migration to the cloud, enhancing the overall customer experience. Peter Histon, CIO of Resolution Life Australasia, said, “Infosys brought a number of proprietary<br> accelerators to the table as part of the virtualization which helped us to deliver the solution<br> rapidly. But beyond that, Infosys brought in a number of different people capabilities. We<br> took a progressive approach around migration of the underlying applications. There were two<br> very big releases. Infosys worked with us every step of the way.”
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·	zooplus<br> and Infosys have entered into a strategic eight- year collaboration to set up an AI-led product<br> and technology hub in Hyderabad, India. Markus Hermanutz, Chief Information Officer, zooplus SE, said, “We are excited to have selected Infosys to set up a new AI-led hub through<br> which we will drive our business growth ambition. With Infosys Topaz, we will achieve productivity<br> and efficiency at scale, and attract the right talent for upcoming transformations across<br> our e-commerce value chain.”
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·	Infosys<br> is expanding its successful collaboration with Hasbro, building on their initial achievements<br> in the SAP S4 implementation. Together, they are advancing their relationship and strategy<br> globally through a multi-year strategic engagement. Leveraging Infosys’s expertise<br> in AI and a proven experience led cognitive approach, Infosys is poised to support Hasbro's<br> global business. This collaboration aims to drive operational excellence, foster innovation,<br> and deliver superior experiences at scale for both customers and employees worldwide. Steve Zoltick, CIO & Head, Global Business Enablement, Hasbro, said, “Infosys is<br> bringing the right talent to our collaboration allowing us to enhance our capabilities and<br> achieve our Global Business Enablement goals”.
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·	Infosys<br> Finacle successfully implemented the Finacle Digital Lending Solution Suite in a Software-as-a-Service<br> (SaaS) mode for Regional Investment Corporation (RIC) which included the adoption of the<br> Finacle Online Banking and Finacle Alerts Solution. Chris Rawlins, Executive Director Transformation, Regional Investment Corporation (RIC), said, “At RIC, our mission<br> is to nurture the growth of the Australian farm businesses through affordable loans, while<br> also ensuring their resilience and profitability. With the Infosys Finacle Lending solution,<br> we have a proven technology platform to support the evolving demands of our business and<br> customers, with the agility to roll out new products and regulations as mandated by the Federal<br> Government. The nine-month implementation by the Infosys Finacle team was delivered on schedule<br> and we are impressed by the team’s commitment to facilitate RIC in achieving a smooth<br> transition without any disruptions to our customers."
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·	Infosys<br> and Handlesblatt Media Group announced a strategic collaboration to support the Handelsblatt<br> Research Institute (HRI) in making complex reports on global economic and financial topics<br> more accessible and easily consumable for the public, by leveraging Infosys Topaz, an AI-first<br> set of services, solutions and platforms using generative AI technologies. Dr. Jan Kleibrink, Managing Director, Handelsblatt Research Institute, said, "We are excited to collaborate<br> with Infosys to offer cutting-edge, AI-enabled trend reports. One of the core tasks of the<br> Handelsblatt Research Institute is to present complex economic relationships and the results<br> of scientific analysis to a broad readership. We achieve this with texts of the highest journalistic<br> quality and visual storytelling based on high-quality infographics. With Infosys as our AI<br> and digital innovation partner, we now move to the next level of digital storytelling that<br> is powered by AI.”
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6. Recognitions & Awards

AI and Cloud Services

·	Awarded ISO 42001:2023 certification for implementing an Artificial Intelligence Management<br>System framework
·	Positioned as a leader in IDC MarketScape Worldwide Higher Education Cloud Professional Services<br>Vendor Assessment
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·	Positioned as a leader in HFS Horizons: Assuring the Generative Enterprise™, 2024
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·	Rated as a leader in ISG’s Multi Public Cloud Services Provider Lens™ study
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·	Rated as a leader in ISG’s Intelligent Automation - Solutions and Services Provider<br>Lens™ study in US and Europe
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Key Digital Services

·	Rated as a leader in The Forrester Wave™: Application Modernization And Migration Services,<br>Q1 2024
·	Positioned as a leader in the Unified Communication & Collaboration (UCC) Specialist<br>Services PEAK Matrix® Assessment 2024 by Everest and ranked #1 in the UCC rating by Everest
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·	Rated as a leader in Pega Services PEAK Matrix® Assessment 2024 by Everest
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·	Positioned as a leader in Application Transformation Services PEAK Matrix® Assessment<br>2024 – North America by Everest
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·	Positioned as a leader in Application Transformation Services PEAK Matrix® Assessment<br>2024 – Europe by Everest
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·	Positioned as a leader in Software Product Engineering Services PEAK Matrix® Assessment<br>2024 by Everest
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·	Rated as a leader in Talent Readiness for Next-generation IT Services PEAK Matrix® Assessment<br>2023 by Everest
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·	Positioned as a leader in IDC MarketScape: Worldwide Blockchain Services 2024 Vendor Assessment
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·	Rated as a leader in Cyber Resiliency NEAT 2024 by NelsonHall
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·	Rated as a leader in Salesforce Services 2024 NEAT 2024 by NelsonHall
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·	Rated as a leader in ShortList 2024: Custom Software Development Services by Constellation<br>Research
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·	Rated as a leader in ShortList 2024: Innovation Services and Engineering by Constellation<br>Research
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·	Rated as leader in ShortList 2024: Learning Marketplaces by Constellation Research
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·	Rated as leader in ShortList 2024: Microsoft End-to-End Service Providers by Constellation<br>Research
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·	Rated as leader in ShortList 2024: QA Tools for NextGen Apps by Constellation Research
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·	Recognized as a leader in Avasant’s Retail Digital Services 2024 Radarview™
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·	Recognized as a leader in Avasant’s SAP S/4HANA Services 2023–2024 Radarview
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·	Rated as a leader in ISG’s Environmental, Social and Governance Services (ESG) Provider<br>Lens™ study in US, Europe and Global
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Industry & Solutions

·	Positioned as a leader in Retail IT Services PEAK Matrix® Assessment 2024 by Everest
·	Positioned as a leader in HFS Horizons: Manufacturing Intelligent Operations Services, 2024
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·	Positioned as a leader in HFS Horizons: The Best Service Providers for Asset and Wealth Management
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·	Rated as a leader in ESG Services in Banking 2024 by NelsonHall
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·	Rated as a leader in Innovation Radar – Salesforce Related Services in Europe: The<br>Communications & Media View by PAC, The Manufacturing View by PAC, The Energy & Utilities View by PAC, and The Financial Services<br>View by PAC
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·	Infosys Finacle along with its customers, won multiple industry awards at the Retail Banker<br>International Asia Trailblazer Awards 2024. These include Infosys Finacle Mobile Teller awarded for Most Innovative Branch Offering;<br>Infosys Finacle and HDFC awarded for Excellence in Mass Affluent Banking; Infosys<br>Finacle and South Indian Bank awarded for Best CSR Initiative – Environmental Impact; Infosys Finacle and Suryoday Bank awarded<br>for Best Core Banking System Initiative
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·	Infosys BPM and T-Mobile won the SSON North America Impact Award 2024, in the Creative Talent<br>Management category
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·	Infosys BPM recognized at the ISG Digital Case Study Research and Awards 2023 with 3 STANDOUT<br>winners: Banking and Financial Services (India), Communications (Asia Pacific), Retail (UK, Ireland, Scandinavia)
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·	Infosys BPM won the Best Workplace Diversity Award, at HR Tech Summit & Awards 2024
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About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next

Safe Harbor

Contact

Investor Relations	Sandeep Mahindroo <br>+91 80 3980 1018 <br>Sandeep_Mahindroo@infosys.com
Media Relations	Rishi Basu<br><br> +91 80 4156 3998<br><br> <br>Rajarshi.Basu@infosys.com	Harini Babu<br> +1 469 996 3516<br>Harini_Babu@infosys.com

Infosys Limited and subsidiaries

Extracted from the Condensed ConsolidatedBalance Sheet under IFRS as at:

(in crore)

	March 31, 2024	March 31, 2023
ASSETS
Current assets
Cash and cash equivalents	14,786	12,173
Current investments	12,915	6,909
Trade receivables	30,193	25,424
Unbilled revenue	12,768	15,289
Other Current assets	18,770	11,086
Total current assets	89,432	70,881
Non-current assets
Property, plant and equipment and Right-of-use assets	19,370	20,675
Goodwill and other Intangible assets	8,700	8,997
Non-current investments	11,708	12,569
Unbilled revenue	1,780	1,449
Other non-current assets	6,824	11,245
Total non-current assets	48,382	54,935
Total assets	137,814	125,816
LIABILITIES AND EQUITY
Current liabilities
Trade payables	3,956	3,865
Unearned revenue	7,341	7,163
Employee benefit obligations	2,622	2,399
Other current liabilities and provisions	24,875	25,759
Total current liabilities	38,794	39,186
Non-current liabilities
Lease liabilities	6,400	7,057
Other non-current liabilities	4,159	3,778
Total non-current liabilities	10,559	10,835
Total liabilities	49,353	50,021
Total equity attributable to equity holders of the company	88,116	75,407
Non-controlling interests	345	388
Total equity	88,461	75,795
Total liabilities and equity	137,814	125,816

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

(in crore except per equity share data)

	3 months ended March 31, 2024	3 months ended March 31, 2023	Year ended<br><br> <br>March 31, 2024	Year ended<br><br> <br>March 31, 2023
Revenues	37,923	37,441	153,670	146,767
Cost of sales	26,748	26,011	107,413	102,353
Gross profit	11,175	11,430	46,257	44,414
Operating expenses:
Selling and marketing expenses	1,735	1,659	6,973	6,249
Administrative expenses	1,819	1,894	7,537	7,260
Total operating expenses	3,554	3,553	14,510	13,509
Operating profit	7,621	7,877	31,747	30,905
Other income, net ^(3)^	2,619	589	4,241	2,417
Profit before income taxes	10,240	8,466	35,988	33,322
Income tax expense	2,265	2,332	9,740	9,214
Net profit (before minority interest)	7,975	6,134	26,248	24,108
Net profit (after minority interest)	7,969	6,128	26,233	24,095
Basic EPS () ^(4)^	19.25	14.79	63.39	57.63
Diluted EPS () ^(4)^	19.22	14.77	63.29	57.54

NOTES:

1.	The above information is extracted from the audited condensed consolidated Balancesheet and Statement of Comprehensive Income for the quarter and year ended March 31, 2024, which have been taken on record at the Boardmeeting held on April 18, 2024.
2.	A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.
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3.	Other income is net of Finance Cost.
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4.	Includes interest income (pre-tax) of 1,933 crores and reversal of net tax provisions amounting to 38 crores on accountof orders received under sections 250 & 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for certain assessmentyears. This has resulted in a positive impact on the consolidated Basic and Diluted EPS by approximately 4.76 for the quarter andyear ended March 31, 2024
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5.	As the quarter and year ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year ended figures reported in this statement.
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Exhibit 99.3

Press Conference

Infosys Limited

Press Conference Call

April 18, 2024

CORPORATE PARTICIPANTS:

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Rishi Basu

Corporate Communications

journalists

Ritu Singh

CNBC TV18

Chandra R. Srikanth

Moneycontrol

Shilpa Phadnis

The Times of India

Ayushman Baruah

Business Standard

Sai Ishwarbharath

Reuters

Sameer Ranjan Bakshi

The Economic Times

Jas Bardia

Mint

Haripriya Sureban

The Hindu BusinessLine

Uma Kannan

The New Indian Express

Rukmini Rao

Fortune India

Padmini Dhruvaraj

Financial Express

Rishi Basu

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

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

SalilParekh

Thanks, Rishi. Good afternoon and thank you all for being here. For the Financial Year '24, our revenue growth was at 1.4% in constant currency terms. Our operating margin for the full year was 20.7%. For large deals, we had an excellent year and the fourth quarter; for the full year, it was at $17.7 bn in large deals, comprising of 90 deals. For Q4, we had $4.5 bn in large deals. This is the highest ever large deal value in a financial year for us.

For Q4, our year-on-year revenue growth was flat in constant currency and declined by 2.2% QoQ. Our operating margin for Q4 was at 20.1%. We are seeing excellent traction with our clients for Generative AI work. We are working on projects across software engineering, process optimization, customer support, advisory services, and sales and marketing. We are working with market-leading open access and closed large language models.

As an example, in software development, we have generated over 3 mn lines of code, using one of the Generative AI large language models in the public domain. In several situations, we have trained the large language models with client-specific data within our projects. We have put Generative AI in our services, and developed playbooks for each of our offerings.

We are committed to ethical and responsible use of artificial intelligence. We became the first IT services company, globally, to achieve the ISO 42001:2023 certification, testifying to our commitment to excellence in AI management. All of this work in AI is part of our Topaz offering and capability.

We are delighted to announce the strategic acquisition of a company in the engineering services space today. We continue to focus on our margin program. We saw good impact during this financial year that we have seen in our results. As we look at the start of FY25, we see the discretionary spending and digital transformation work at the same level. We see the focus on cost efficiency and consolidation continuing.

Our large deal wins in FY24, will help us in FY25. With that, our revenue growth guidance for the FY25 is growth of 1% to 3% in constant currency terms. Our operating margin guidance for the FY25 is 20% to 22%.

With that, let us open it up for questions.

RishiBasu

Thank you, Salil. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys.

With that, we have the first question from Ritu Singh from CNBC TV18.

RituSingh

Hi, Salil. Hi, Jayesh. First, just on your revenue guidance, on the lower end, you have actually lowered the guidance compared to the previous year, now at 1% to 3%. Give us a sense of what you have built into it - when you say deal wins have been the highest ever in FY24? What you expect, what your conversation with clients has been, what the pipeline is looking like?

And earlier, you had highlighted verticals like Hi-Tech, BFSI, etc., showing some weakness. Are you seeing some improvement there? Also, I think now for the fifth quarter in a row, the headcount has been coming down. Any outlook you could give us there as well?

And under your project Maximus, you have been working on expansion of your margins, yet we are seeing in terms of guidance a similar range as the previous year. Tell us if this is a conservative estimate, both in the revenue and guidance?

SalilParekh

So, I will start with the revenue. Jayesh will comment on a couple of the other points. On the revenue, what we are seeing is the environment, in terms of discretionary and digital work, is similar to what we have ended in this year. We also had good traction in large deals, some of which will flow through in the next year, given the duration of those deals.

Keeping that in mind, our growth guidance for next year is, as a band, higher than where we finished for this year. While the difference is small, it is still higher from where we finished this year. As we go into the industries, we see, for example, financial services to see a better outlook in the next year compared to the past year. We see, for example, manufacturing, while it will still grow next year, will have a slightly lower or slower growth than this year. So, there are some puts and takes in terms of different industries, and given the outlook with discretionary spend and digital work remaining same, and more focus on cost efficiency and consolidation, we have created that revenue growth guidance.

JayeshSanghrajka

Yes, so on the net headcount increases, if you look at it, when we started the year, we were at 77% utilization, including trainees. The growth environment also was different at that point in time. We had guided differently.

So, we had to realign some of those factors as the growth environment changed. Our utilization has now gone up to 82%, including trainees, 83.5% excluding trainees. That is one of the tracks under Maximus as well.

Our attrition has also come down significantly. So that is the reason why you see a net headcount reduction. As we go forward, we always plan looking at what we are exiting in terms of utilization.

We are still at 82% - 83% utilization, depending on whether you are looking at ~~it~~ including or excluding trainees. So that still gives us some headroom because we have always said 85% is achievable utilization. So that is the headroom that we have. We look into guidance that we give, so that we bake in that. Attrition still remains very contained at 12.6%. So, we have that headroom.

And we also have changed in the last few years our hiring model significantly. So, we no more hire all the freshers from campus. We hire less than half of them from campus and the rest we hire off- campuses. So, we have that agile model. So, we will look at hiring as the year goes through. We do not have a number to give at this point in time.

RituSingh

The question, sorry, on what the deal pipeline is looking like. You said some of the deal wins from last year will flow into this year. But the new deal wins, what sort of visibility do you have?

SalilParekh

So, the deal pipeline, again, remains good. As you have seen in this past financial year, we did 90 deals at $17.7 bn. We have a good pipeline. The deals are more on cost and efficiency, and consolidation. That is the theme in our large deals pipeline.

RishiBasu

Thank you. The next question is from Chandra Srikanth from Moneycontrol.

Chandra Srikanth

Hi, Salil. I just want to understand why is there a divergence between your TCV numbers and the revenue growth numbers, not just for this year but also for the next fiscal? Because if you are talking about record deal wins, why is it not translating to revenue growth? Is there a runoff in existing discretionary programs, which is why the revenues are getting impacted? If you can give us some color on that. Also, the guidance, I think it is going to disappoint analysts because a lot of brokerages were expecting between 2% to 6%. So, are you starting conservatively? Will you kind of review this every quarter? Do you expect the second half to be better?

Jayesh, just wanted to ask you on the pricing as well. At least the TCS management said that one of the levers that they hope to use is pricing because they see some opportunities there, because there has not been a price hike in a while. Is that something that you are hopeful of as well? And this is also the first time your headcount has declined on a full year basis in at least 20 years. So, what can we expect with respect to fresher hiring in FY25? Thanks.

SalilParekh

Let me start off on the guidance with the large deal wins. There what we have seen is, there has been a good traction with the cost and efficiency and the consolidation nature of large deals. Whereas we see that digital programs or some discretionary work is still not as visible within the work we are seeing.

So, when we combine those two trends or those two views, we get the guidance that we have come with, which is the guidance as we start the year of 1% to 3%. So, from our perspective, we want to make sure that we reflect what we are seeing in the market today. Now typically, at this time of the year, we have a good sense of the early part of the year.

And the second part of the year, we have a set of estimates that we work off on. We will see how that develops, because the macro environment is still got a mixed outlook at this stage. We are very comfortable with where we see our large deals and the way we are winning those because we think we are benefiting from the consolidation. But there is the other side where digital or discretionary is still a bit slower.

Jayesh Sanghrajka

On the pricing, if you look at the Project Maximus, one of the pillars that Salil had explained in the earlier calls is the value-based selling. And that track has done well. We are seeing encouraging results.

One of the things that has helped move in this direction is the onsite inflation. After many years, you are seeing an increase in onsite inflation, and the clients are therefore more amenable to having a pricing discussion. You had a second question, sorry.

RishiBasu

Hiring.

JayeshSanghrajka

So, as I said earlier, our hiring model has changed significantly in the last few quarters, the last few years. We are now on a more agile model of campus hiring. We do more than half the campus hiring at times from off-campuses, right, or fresher hiring off-campuses. And we will embark on that. At this point in time, we are at 82% utilization. We still have headroom on that. Plus, attrition is very low. So, we have not decided on the campus hiring numbers at this point.

ChandraSrikanth

What is your comfort level when it comes to utilization?

JayeshSanghrajka

84% - 85% is what we have said is our reasonable, comforting level.

RishiBasu

Thank you, Chandra. The next question is from Shilpa Phadnis from The Times of India.

ShilpaPhadnis

Can you help us understand how are you reading the U.S. environment now that you have the robust job growth? We are seeing higher inflation. And how do you see this demand environment? Are we missing something in reading this? I have a few more questions, I think, if you can help us with the response.

Salil Parekh

On the U.S., I think, as you have seen, we had a slower outlook in U.S., both in Q4 and the full year. In U.S., there are different things by different industries. So first, before that, at the higher level, with this sort of an economic situation, the expectation on what will happen with interest rates is also in flux.

And so that

some of the capital-intensive businesses will benefit from that. That has some constraints to it. Others, we have seen -- for example, we commented in the last couple of quarters on telco and hi-tech, also on financial services, where there were places where there was concerns of slowness.

Now, those sort of things are visible today. Though, on financial services, we do see something better in the coming financial year than what we had in the financial year that has gotten over.

ShilpaPhadnis

Infosys has been very selective in terms of giving hikes, so it is more meritocracy and top performers. So I just wanted to understand from you also the emphasis on tenure. Is it going to be a similar commentary this year as well? Is there going to be change?

JayeshSanghrajka

So, our last comp hike was in November. We have not decided anything for this year at this point in time. We will decide as the year progresses. We have not made any decision on comp yet.

ShilpaPhadnis

So, Project Maximus (Editor comment – wrong reference, intent was to refer to the cybersecurity incident), last time the impact was about $30 mn. Now there is an update about how 6.5 mn people were affected because of the cybersecurity incident. Is there an update on the number in terms of how much has been the outgo? And secondly, is there a management action in terms of, from Infosys, on the McCamish leadership side because of the cybersecurity incident?

SalilParekh

So can you repeat the first part? I think I did not catch the first part.

Shilpa Phadnis

So last year, Infosys disclosed about $30 mn in terms of the cybersecurity outgo because of the incident.

JayeshSanghrajka

Yes, so on the cyber event, we did have an impact of $30 mn last quarter. We have a very small impact this quarter. It is in the range of $7 mn

$8 mn. That is on the cost of all the expenses around the e-discovery, etc.

RishiBasu

Thanks, Shilpa. We will come back if there is more time. The next question is from Ayushman Baruah from the Business Standard.

AyushmanBaruah

Hi, Salil. How are you? So you mentioned that the trends in discretionary spending and digital transformation remains the same as such, right? So could you just throw some light on that as to still do you see some improvement in discretionary spending in some sectors in FY25? And is digital transformation spending, do you still consider that to be a discretionary spending? That is first. Secondly, your competitors like Accenture, TCS, etc. have sort of quantified their Gen AI revenues. Is there any reason why Infosys is unable to quantify that? Thank you.

SalilParekh

So, on the first one, I think the discretionary work or the digital transformation work, as you mentioned, we said the outlook remains similar from where we are ending the year. So we do not see the change. Now, having said that, some of the color by industry, we see financial services overall, so it is not just digital or discretionary like that, It is looking better in the coming year than in the year that is finished. Manufacturing is looking a little bit slower, while it is still growing in this new year, compared to in the previous year, we had a very strong growth in manufacturing.

So there is some differences within industry, but the overall statement still remains on the digital and discretionary. On the Gen AI, we have an absolute leadership position in Gen AI. The type of work we are doing, for example, the 3 mn lines of code we have generated through a large language model in Gen AI is absolutely industry leading. The projects we are doing, the work that we are doing with our partners. So if you look at some of the large tech partners, we are working closely with them to make sure that their platform works in different environments well, whether it is a hardware tech platform or large language model platform. So those are the elements that we feel extremely good about.

We have put all of our service lines into the change of Generative AI, and we have built playbooks on how that can work. If you look at the way we have looked at the use cases, for example, whether it is in software engineering, on process optimization, on customer support, on advisory services, on sales and marketing, these are detailed use cases which we are working with clients on, where we are creating already some quite good impact.

So, my sense is, this is a place where we have internally taken a view with Topaz of AI-first. And with our clients, we have that same sort of connect and commitment. So we feel good about where we are on Generative AI.

RishiBasu

Thank you. The next question is from Reuters News, Sai Ishwar.

Sai Ishwar

Hi, gentlemen. So I just wanted to know, do you expect any incremental from the McCamish event? Like you have already shelled around $36 mn to $38 mn. We are also hearing disclosures from the client side from Fidelity, Bank of America and also has that restricted your relationship with any of these clients? That is first question.

And second question to Jayesh, Sir you had spoken about the pricing, right? So, as you said, the onsite is giving you more room to have this pricing discussions. Is there any headroom you see, like probably 2% to 5% is the headroom you are working at with the price hikes? Thank you.

SalilParekh

I will start with the second part of the first question. I think specifically on McCamish, we made or shared a disclosure some time back. And today in our statements, we have had a comprehensive statement which goes into the points that you are referring to. That is the statement that we should refer to with respect to McCamish. the second question was the pricing.

JayeshSanghrajka

On the pricing side, as I said, we have seen early and encouraging results on the pricing on the value-based pillar of the Maximus. We have not really quantified as to how much we expect in FY25 or beyond. Our endeavor of Project Maximus is in the medium term we expect to expand margins. So we are gunning for that irrespective of whichever pillar it comes from.

RishiBasu

Thank you. Next question is from Sameer Bakshi from The Economic Times.

SameerBakshi

Hello, sir. This cybersecurity incident, this has come at a time when you are expecting more number of AI and Gen AI projects, right? So is it concerning you or are our clients concerned because of this event? Second, I want to know what is the tailwind you are getting in Europe where we are seeing historical high of a decade?

Salil Parekh

The second question is about growth in Europe?

SameerBakshi

Yes.

SalilParekh

Yes. So I will start with that. I will come to the other one. So as you have seen again in Q4 as well for the full year, we had a good growth in our Europe business. We continue to see Europe to be a good market for us as we go ahead. There is, of course, changes in the economic environment.

So we will see how that will affect what the business will look like. But as a geography, we feel good about parts, different countries in Europe at different levels. We have a very good traction, for example, in the Nordic countries. In the past, we have done an acquisition there. Subsequently, we have had also large client relationships building out there. And that is going quite well for us.

RishiBasu

We have another question. First one.

SameerBakshi

Yes. The impact on Gen AI projects.

SalilParekh

So there on Generative AI, you know, it is something that is being built on cloud, on data and, of course, on cybersecurity. But the work we are doing there when Generative AI is really market leading and we are taking all of the learnings into it, especially on the data layer, because data has become the critical enabler for making Generative AI successful in an enterprise AI deployment. And so there, for example, making sure that the access to the data, making sure that the way it is put together and organized, making sure that it is used in the right way becomes more and more important.

RishiBasu

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

Jas Bardia

Good evening, sir. So you have bought a German company which has about 180 mn in revenue. Now you have outlined a growth of 1% to 3% for this year. Considering that you will get 1% of growth from this acquisition, are you actually outlining a negative organic growth for the financial year? That is the first question.

Second one is, are you looking at bagging large vendor consolidation deals from two of your IT services peer, one of which is based in Europe considering that they are witnessing leadership churn at this moment.

And the last question I have is, in a meeting with Nomura analysts on, I think, Feb 12 or 13, you had told them that the leadership bench is deep entrenched, that 50% of your 90 SVPs and above have been with the company for more than two decades. Now, what are some of the measures that Infosys is taking to retain this talent?

SalilParekh

Okay, I will just go one by one on the first one. First, we are very excited with this acquisition. It is a fantastic company in engineering services space. It is a space where we are doing well. We think there is enough opportunity with the strategic platform to build out even more in the automotive area. This acquisition is not included in our guidance.

And so, of course, we will wait because the acquisition is announced today. Then it takes some time to close as and when that happens. Then it will be. So, today’s guidance does not include anything of the acquisition.

I will go to the last one, the one with the leadership. So, leadership is we are really quite fortunate with the leadership team that we have in Infosys. We have over the last several years had many people within the company move up to higher and larger roles, and they have demonstrated what they can do and how they can deliver. So, we feel extremely positive with that bench and that we have a huge bench of leaders, even at different levels. One of the things that we have done, and this is going back several years, is focus on the leadership development within each different area of the company, whether it is on the sales side or the delivery side or the functions that work with those.

And that is helping us. It is not like something that happened in the last 6 or 12 months suddenly. This is something where people have been there in the company for years and years, and that has helped us. And what it does is quite unique because that is the real difference of what we do with this 'One Infosys’ approach.

When you have a team, let us say the leadership team or the company, who have known each other for 10, 15, 20 years in a professional capacity, they have a much better way of working together. And that is one of the reasons why we also win so many of these large deals, because we know these complex deals, how people can work across geographies. So it is a huge, huge advantage that Infosys has, which may be very few companies may have.

RishiBasu

Thank you. The next question is from Haripriya Sureban from The Hindu Business Line.

HaripriyaSureban

Hi guys. Salil, just wanted to understand if you could give more details on this interest in the ER&D space, consecutive acquisitions that we have seen to develop this space. Generally, you guys go for building capabilities organically. So why this inorganic approach? And do you think with these acquisitions, you will be able to go for different kinds of deals? Are you trying to build this expertise to, given this is the kind of a green spot right now in the market, is this the kind of approach?

And given Europe is doing well, is this an active effort to reduce dependence on the American markets? And Jayesh, given the margin for, I think, the last complete financial year, the margin has been in the lower end of the guidance band that you have provided. Do you think in the next financial year, there would be possibility to reach the upper end? Thank you.

SalilParekh

So, on engineering services, you are absolutely right. We think it is a very good space and a strategic space. As it happens, we have a very large business in engineering services already. So, in that sense, it is not like this will be the main thing that starts engineering services for Infosys. However, it is a strategic acquisition in a space we want to go further and deeper into. They have incredible client relationships and actual work that they are doing.

We believe that combined with our depth in engineering services, their depth in automotive part of that engineering services, and then our broad client relationships across whether it is in manufacturing, medical devices, telco, all applications where we can put engineering services, this will be a huge multiplier for us. And it is a large-ish acquisition for us relative to what we have done. So, we feel very good and quite excited about the acquisition.

JayeshSanghrajka

On the margin, whenever we have given a margin guidance, we have always looked at various factors, right. What is the margin that we are exiting at? We are exiting at 20%. You know, for the full year, we are at 20.7%. We also look at the compensation increases. We did a last compensation increase in November, so there is a full-year effect which will come in the next year plus the additional comp that we will do.

And then the tailwinds in terms of, you know, the optimization, etc, or the project maximus that brings in pricing, the efficient pyramid, nearshoring. Utilization is still a – there is a headroom, as we discussed earlier, in terms of utilization. So, we bake in all of those factors and come to a guidance. At this point in time, we have given a guidance of 20 to 22. We are not guiding which part of the 20 or 22 we will be at.

HaripriyaSureban

Are you actively trying to reduce dependency on American markets?

SalilParekh

There, I think, first, Europe is doing well, as you pointed out for us, in the quarter and in the full year. We also, in another question, we discussed how we are doing well in some specific parts of Europe also. For us, the U.S. market is a critical strategic market, and it will continue to be a very important market for us. So, the reason is not to do the diversification away from something. It is more to build on something that is working well and continue with the U.S., which is also in a good, like a good size and place for us.

RishiBasu

Thanks, Haripriya. The next question is from Uma Kannan from the New Indian Express.

Uma Kannan

Good evening, gentlemen. What kind of trends that you are seeing in client budgets? Are they growing, first thing? And second, you were talking about large deals. So, can you give some color on how your small deals are doing, like how it will be in FY25?

SalilParekh

So, on the client budgets, what we are seeing is, for example, like the digital work or the discretionary work, the trends seem to be similar. Nothing seems to have changed, you know, between March and April or as you look out into this financial year. On some of the industries, we see some changes. For example, financial services, we are seeing slightly better buying situation in the current financial year compared to the past one. Whereas, in manufacturing, well, it will still be growing,we see a slightly slower growth in the next financial year. So, the trends, in that sense, are different by different industry groupings.

Uma Kannan

And what about your small deals?

SalilParekh

Small deals, so first, we do not comment on the specific numbers and values of small deals. Having said that, we have a robust small deal business as well. This is not all of our revenue. We just comment on it externally because it is something that gives a good indicator of how we are doing with respect to clients on large decisions.

RishiBasu

Thanks, Uma. The next question is from Rukmini Rao from Fortune India.

RukminiRao

Thank you. I have two questions. One, you have mentioned that in-tech did about nearly €170 mn in FY23. What kind of margins is this company coming to you at? As in, has it has done over the last one year, operating margins of this company?

JayeshSanghrajka

So, we do not disclose the margins of acquired entities at this point in time. We have never disclosed that.

RukminiRao

But is there some indication that it is higher than yours?

JayeshSanghrajka

We do not disclose the margins.

Rukmini Rao

Sure. Salil, also this ER&D acquisitions that you have done, you have many mid-cap companies that specialize in this vertical, right? And they are doing their business at very good margins. So, what are you up against and how do you see sort of growing this segment? And is this, you know, the kind of margins that you have come out with, is this going to be something that will be driving your margins going forward? Is this a margin-driven acquisition that you are looking at?

SalilParekh

So first, I mean, in terms of the size, it is not something which will tilt things in terms of margin in a big way. Of course, having said that, our own business in engineering services also is a good margin business. We think the client work is a very solid area of work, and it has a nice long-term potential. Because what is happening, as you know, the automotive companies are completely changing how they look at the building of that cars. Technology is within it. Engineering is within it.

We already have good expertise, and we want to expand on that and scale that up. So, we believe with our Infosys global brand, our client relationships, and some of the capabilities that we have, plus the acquired capability, we will be a leader in this space as we go ahead.

RukminiRao

But what sort of incremental margins would you expect out of this in the next 2-3 years?

SalilParekh

So, we have an internal, what we call it, a business case, but we do not share the margin view externally on that.

RukminiRao

Sure, Salil, is there any sort of you know numbers you are working with on how the ER&D business is going to be?

SalilParekh

Yes, so engineering services, we have a large business today. This will be a nice substantial increase, but not a big, like it is not a majority. And we will continue to grow that. The market, the addressable market of engineering services is quite large. So we feel quite comfortable that we will scale this thing over the next coming years into a multiple of that size in terms of the engineering services, because we have a good business in that place

RishiBasu

Thanks, Rukmini. The next question is from Padmini Dhruvaraj from the Financial Express.

PadminiDhruvaraj

Hi, gentlemen. So, I have a couple of questions. On Gen AI deals, have you started to see contribution from those deals to your top line? Can you give us an approximate number? Since COVID, you said that flexi hiring has been, you have been hiring a lot of flexi workers. So is this happening mainly in the Gen AI space? And your large deals have been robust, but why is there a discrepancy between revenue and margin guidance for FY25?

SalilParekh

So I will start with the first one. On Gen AI, the work we are doing is quite comprehensive. We do not disclose the revenue element of that work externally. However, what we are doing today is really working across a large number of projects with several of our clients on not just proof of concept, but on actual programs, which they are deploying either across the enterprise.

So for example, we are doing things with a bank where they are deploying an instance of a Generative AI, large language model, as a knowledge assistant, and we are the company helping them with that. So those are large programs with Generative AI, but we do not disclose that number externally. On the second one, it was about flexible hiring. And was it about Generative AI and flexible hiring? So, there is not a connection in that sense, meaning the flexible hiring was something we started independently to be more agile. Generative AI is something where, as an example, we have trained the vast majority of our employees at different levels of training, from awareness to depth. Eight out of ten of our employees are now trained into Generative AI, but it is not to do with the flexible hiring.

RishiBasu

Thank you.

Padmini Dhruvaraj

On the margins front.

JayeshSanghrajka

So, as I said earlier, whenever we have given margin guidance, we have baked into multiple factors. What is the margin exit trajectory that we have had, We are exiting the year with 20.7% for the full year, 20.1% for the quarter. And then we bake in what are the compensation headwinds that we are going to get. We have a headwind in terms of, you know we did a large compensation increase in November, so the full year impact is going to come now, as well as the additional comps. So those are the headwinds.

In terms of tailwinds, the growth that comes in, in terms of all the effort that we have put in Maximus across various pillars, pricing, efficient pyramid, how do we get better utilization, lower subcontractors, deploying more automation and Gen AI on our projects. So, all of those are baked into the margin guidance at this point in time.

RishiBasu

Thank you. With that, we come to the end of this Q&A session. We thank our friends from media for being part of this press conference. Thank you, Salil. Thank you, Jayesh. Before we conclude, please note, that the archived webcast of this press conference will be available on the Infosys website and on our YouTube channel later today.

We request our friends from media to join us for high tea outside. Thank you and have a lovely evening.

Exhibit 99.4

FactSheet

Revenue Growth - Q4 24

	Reported	CC
QoQ growth (%)	-2.1%	-2.2%
YoY growth (%)	0.2%	0.0%

Revenues by Business Segments

(in %)

	Quarter ended			YoY Growth
	Mar 31, 2024	Dec 31, 2023	Mar 31, 2023	Reported	CC
Financial services	26.4	27.8	28.9	(8.4)	(8.5)
Retail	14.3	14.6	14.8	(3.0)	(3.7)
Communication	12.3	11.4	11.8	4.7	4.5
Energy, Utilities, Resources & Services	13.4	13.2	12.9	3.9	3.3
Manufacturing	14.7	14.9	13.5	9.0	8.7
Hi-Tech	8.7	7.7	8.0	9.8	9.7
Life Sciences	7.3	7.6	7.2	1.9	1.0
Others	2.9	2.9	2.9	(2.7)	0.5
Total	100.0	100.0	100.0	0.2	0.0

Revenues by Client Geography

(in %)

	Quarter ended			YoY Growth
	Mar 31, 2024	Dec 31, 2023	Mar 31, 2023	Reported	CC
North America	59.6	59.0	61.0	(2.1)	(2.2)
Europe	28.6	28.2	27.0	6.5	4.9
Rest of the world	9.6	10.4	9.4	1.6	4.5
India	2.2	2.4	2.6	(16.1)	(15.4)
Total	100.0	100.0	100.0	0.2	0.0

Client Data

	Quarter ended
	Mar 31, 2024	Dec 31, 2023	Mar 31, 2023
Number of Clients
Active	1,882	1,872	1,872
Added during the period (gross)	98	88	115
Number of Million dollar clients*
1 Million dollar +	959	944	922
10 Million dollar +	315	308	298
50 Million dollar +	83	82	75
100 Million dollar +	40	40	40
Client contribution to revenues
Top 5 clients	13.6%	13.4%	13.0%
Top 10 clients	20.4%	20.0%	20.1%
Top 25 clients	34.3%	33.7%	34.7%
Days Sales Outstanding*	71	72	62
*	LTM (Last twelve months) Revenues
---	---

Effort & Utilization – ConsolidatedIT Services

(in %)

	Quarter ended
	Mar 31, 2024	Dec 31, 2023	Mar 31, 2023
Effort
Onsite	24.2	24.4	24.6
Offshore	75.8	75.6	75.4
Utilization
Including trainees	82.0	81.7	76.9
Excluding trainees	83.5	82.7	80.0

Employee Metrics

(Nos.)

	Quarter ended
	Mar 31, 2024	Dec 31, 2023	Mar 31, 2023
Total employees	317,240	322,663	343,234
S/W professionals	299,814	304,590	324,816
Sales & Support	17,426	18,073	18,418
Voluntary Attrition % (LTM - IT Services)	12.6%	12.9%	20.9%
% of Women Employees	39.3%	39.3%	39.4%

Cash Flow

In US $ million

	Quarter ended
	Mar 31, 2024	Dec 31, 2023	Mar 31, 2023
Free cash flow ^(1)^	848	665	713
Consolidated cash and investments ^(2)^	4,676	3,903	3,807

In rupee symbol crore

	Quarter ended
	Mar 31, 2024	Dec 31, 2023	Mar 31, 2023
Free cash flow ^(1)^	7,032	5,548	5,844
Consolidated cash and investments ^(2)^	39,005	32,476	31,286
^(1)^	Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS (Non-IFRS measure)
---	---
^(2)^	Consolidated cash and investments comprise of cash and cash equivalents, current and non-current investments excluding investments in equity and preference shares, unquoted compulsorily convertible debentures 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	Mar 31, 2024	Mar 31, 2023	Growth %YoY	Dec 31, 2023	Growth %QoQ
Revenues	4,564	4,554	0.2%	4,663	-2.1%
Cost of sales	3,219	3,164	1.7%	3,274	-1.7%
Gross Profit	1,345	1,390	-3.2%	1,389	-3.2%
Operating Expenses:
Selling and marketing expenses	209	202	3.5%	204	2.5%
Administrative expenses	219	231	-5.2%	229	-4.4%
Total Operating Expenses	428	433	-1.2%	433	-1.2%
Operating Profit	917	957	-4.2%	956	-4.1%
Operating Margin %	20.1	21.0	-0.9%	20.5	-0.4%
Other Income, net^(1)(2)^	315	72	337.5%	79	298.7%
Profit before income taxes	1,232	1,029	19.7%	1,035	19.0%
Income tax expense^(2)^	273	284	-3.9%	301	-9.3%
Net Profit (before minority interest)	959	745	28.7%	734	30.6%
Net Profit (after minority interest)	958	744	28.7%	733	30.7%
Basic EPS ($)^(2)^	0.23	0.18	28.8%	0.18	30.6%
Diluted EPS ($)^(2)^	0.23	0.18	28.8%	0.18	30.5%
Dividend Per Share ($)^(3)(4)^	0.24	0.21	14.3%	–	–

Consolidated statement of Comprehensive Incomefor year ended,

(Extracted from IFRS Financial Statement)

In US $ million, except per equity share data

Particulars	Mar 31, 2024	Mar 31, 2023	Growth %
Revenues	18,562	18,212	1.9%
Cost of sales	12,975	12,709	2.1%
Gross Profit	5,587	5,503	1.5%
Operating Expenses:
Selling and marketing expenses	842	776	8.5%
Administrative expenses	911	902	1.0%
Total Operating Expenses	1,753	1,678	4.5%
Operating Profit	3,834	3,825	0.2%
Operating Margin %	20.7	21.0	-0.3%
Other Income, net^(1)(2)^	512	300	70.7%
Profit before income taxes	4,346	4,125	5.4%
Income tax expense^(2)^	1,177	1,142	3.1%
Net Profit (before minority interest)	3,169	2,983	6.2%
Net Profit (after minority interest)	3,167	2,981	6.2%
Basic EPS ($)^(2)^	0.77	0.71	7.3%
Diluted EPS ($)^(2)^	0.76	0.71	7.3%
Dividend Per Share ($)^(3)(4)^	0.46	0.41	12.2%
^(1)^	Other income is net of Finance Cost
---	---
^(2)^	Includes interest income (pre-tax) of $232Mn and reversal of net tax provisions amounting to $5Mn on account of orders received under sections 250 & 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for certain assessment years. This has resulted in a positive impact on the consolidated Basic and Diluted EPS by approximately $0.06 for the quarter and year ended March 31, 2024
---	---
^(3)^	USD/INR exchange rate of 83.41 considered for Q4’24
---	---
^(4)^	Dividend excludes special Dividend of $0.10 per share
---	---

Consolidated statement of Comprehensive Incomefor three months ended,

(Extracted from IFRS Financial Statement)

In rupee symbol crore, except per equity share data

Particulars	Mar 31, 2024	Mar 31, 2023	Growth %YoY	Dec 31, 2023	Growth %QoQ
Revenues	37,923	37,441	1.3%	38,821	-2.3%
Cost of sales	26,748	26,011	2.8%	27,253	-1.9%
Gross Profit	11,175	11,430	-2.2%	11,568	-3.4%
Operating Expenses:
Selling and marketing expenses	1,735	1,659	4.6%	1,700	2.1%
Administrative expenses	1,819	1,894	-4.0%	1,907	-4.6%
Total Operating Expenses	3,554	3,553	0.0%	3,607	-1.5%
Operating Profit	7,621	7,877	-3.2%	7,961	-4.3%
Operating Margin %	20.1	21.0	-0.9%	20.5	-0.4%
Other Income, net^(1)(2)^	2,619	589	344.7%	658	298.0%
Profit before income taxes	10,240	8,466	21.0%	8,619	18.8%
Income tax expense^(2)^	2,265	2,332	-2.9%	2,506	-9.6%
Net Profit (before minority interest)	7,975	6,134	30.0%	6,113	30.4%
Net Profit (after minority interest)	7,969	6,128	30.0%	6,106	30.5%
Basic EPS ()^(2)^	19.25	14.79	30.2%	14.76	30.5%
Diluted EPS ()^(2)^	19.22	14.77	30.2%	14.74	30.5%
Dividend Per Share ()^(3)^	20.00	17.50	14.3%	–	–

Consolidated statement of Comprehensive Incomefor year ended,

(Extracted from IFRS Financial Statement)

In rupee symbol crore, except per equity share data

Particulars	Mar 31, 2024	Mar 31, 2023	Growth %
Revenues	153,670	146,767	4.7%
Cost of sales	107,413	102,353	4.9%
Gross Profit	46,257	44,414	4.1%
Operating Expenses:
Selling and marketing expenses	6,973	6,249	11.6%
Administrative expenses	7,537	7,260	3.8%
Total Operating Expenses	14,510	13,509	7.4%
Operating Profit	31,747	30,905	2.7%
Operating Margin %	20.7	21.1	-0.4%
Other Income, net^(1)(2)^	4,241	2,417	75.5%
Profit before income taxes	35,988	33,322	8.0%
Income tax expense^(2)^	9,740	9,214	5.7%
Net Profit (before minority interest)	26,248	24,108	8.9%
Net Profit (after minority interest)	26,233	24,095	8.9%
Basic EPS ()^(2)^	63.39	57.63	10.0%
Diluted EPS ()^(2)^	63.29	57.54	10.0%
Dividend Per Share ()^(3)^	38.00	34.00	11.8%
^(1)^	Other income is net of Finance Cost
---	---
^(2)^	Includes interest income (pre-tax) of 1,933 crores and reversal of net tax provisions amounting to 38 crores on account of orders received under sections 250 & 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for certain assessment years. This has resulted in a positive impact on the consolidated Basic and Diluted EPS by approximately 4.76 for the quarter and year ended March 31, 2024
---	---
^(3)^	Dividend excludes special Dividend of 8.00 per share
---	---

As the quarter and year 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 year ended figures reported in this statement.

Exhibit 99.5

      **Earnings Conference Call**

Infosys Limited Earnings Conference Call

April 18, 2024

CORPORATE PARTICIPANTS

Salil Parekh

Chief Executive Officer & Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Sandeep Mahindroo

Financial Controller & Head of Investor Relations

analystS

Moshe Katri

Wedbush Securities

Ankur Rudra

JPMorgan Chase

Kawaljeet Saluja

Kotak

Kumar Rakesh

BNP Paribas

Keith Bachman

Bank of Montreal

Gaurav Rateria

Morgan Stanley

Bryan Bergin

TD Cowen

Ashwin Mehta

Ambit Capital

Sandeep Shah

Equirus Securities

Vibhor Singhal

Nuvama Equities

Surendra Goel

Citigroup

Nitin Padmanabhan

Investec

Prashant Kothari

Pictet Asset Management

Moderator

Ladies and gentlemen, good day and welcome to Infosys Limited Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. After today’s presentation, there will be an opportunity for you to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star, then two. Please note that this conference is being recorded.

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

SandeepMahindroo

Hello, everyone, and welcome to Infosys Earnings Call for Q4 and FY '24. 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 we will open up the call for questions.

Kindly 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 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.

SalilParekh

Thanks, Sandeep. Good evening and good morning to everyone on the call.

For FY '24, our revenue growth was at 1.4% in constant currency terms. Our operating margin for the full year was 20.7%. For large deals, we had an excellent year and the fourth quarter. For the full year, we were at $17.7 bn in large deals, comprising of 90 deals. For Q4, we had $4.5 bn in large deals, this is the highest ever large deal value in the financial year for us. This is a reflection of the trust our clients have in us. We see good traction in cost efficiency and consolidation yields.

For Q4, our year-on-year revenue growth was flat in constant currency and declined by 2.2% quarter-on-quarter. Our operating margin for Q4 was 20.1%. We had a one-time impact in Q4 that Jayesh will comment on.

We are seeing excellent traction with our clients for Generative AI work. We are working on projects across software engineering, process optimization, customer support, advisory services and sales and marketing areas. We are working with all market-leading open access and closed large language models.

As an example, in software development, we have generated over 3 mn lines of code, using one of Generative AI large language models. In several situations, we have trained the large language models with client-specific data within our projects. We have embedded Generative AI in our services and developed playbooks for each of our offerings.

We are committed to ethical and responsible use of artificial intelligence. We became the first IT services company globally to achieve the ISO 42001:2023 certification, testifying to our commitment to excellence in AI management. All of our work in AI is part of our Topaz offering.

Our cloud work is growing well. We continue to work closely with the major public cloud providers and on private cloud programs for clients. Cloud with data is the foundation for AI and Generative AI and Cobalt encompasses all of our cloud capabilities.

Data is the other foundation for AI and Generative AI. We see data structuring, access, assimilation critical to make large language models and foundation models to work effectively and we see good traction in our offering to get enterprises data-ready for AI.

We are delighted to announce a strategic acquisition of a company in the engineering services space this quarter. Some examples of the work we are doing, for a large U.S. company, we have engineered an enterprise-grade Generative AI platform that has been rolled-out to over 60,000 users. We are working with a large bank and helping them roll-out an internal enterprise-wide, company-specific Generative AI instance of a knowledge assistant.

We continue our focus on our margin program. We saw good impact of this during the financial year.

Our employee attrition was low at 12.6%, down from 20.9% in the previous year. As we look at the start of FY '25, we see the discretionary spending and digital transformation work at the same level.

We see focus on cost efficiency and consolidation continuing. Our large deal wins in the prior financial year will help us in FY '25 for our revenue. We also see normal seasonality as we plan this financial year in terms of guidance. With that, our revenue growth guidance for FY '25 is 1% to 3% growth in constant currency. Our operating margin guidance for FY '25 is 20% to 22%.

With that, let me hand it over to Jayesh.

JayeshSanghrajka

Thanks, Salil. Hello everyone and thank you for joining the call. At the outset, I must say this is an incredible privilege and honor to be the CFO of this iconic organization and would like to thank Salil, Nandan and the entire Board for their confidence in me.

As I step into my new role, my areas of focus will be;

-	further strengthen collaboration with business to increase our market share,
-	work with Salil and rest of leadership towards tighter execution and
---	---
-	continue to steer Maximus program, expand operating margins and improve cash flow in the<br>medium term.
---	---

Coming to our Q4 results,

Revenues were flat year-on-year in constant currency terms. Sequentially, revenues declined by 2.2% in constant currency and 2.1% in dollar terms. During the quarter, we had a renegotiation and rescoping of contract with one of our financial services clients, which led to slightly over 1% impact on Q4 revenues. While the part of the work got rescoped, over 85% of the contract is still with us. FY '24 constant currency revenue growth was 1.4%. Normalized for the impact of revenues from the FS client, the revenues for FY '24 was within our guidance range of 1.5% to 2%.

Operating margin for Q4 was at 20.1%, a decline of 40 bps sequentially, bringing the FY '24 margins at 20.7%, well within the guidance band of 20% to 22% for FY '24. The major components of QoQ margin for the quarter are as follows:

Headwinds of 180 bps comprising of

-	100 bps for the one-time impact of contract renegotiation and rescoping,
-	80 bps from additional impact on salary increases, higher brand building and visa expenses,<br> partially offset by tailwinds of 140 bps comprising of
---	---
-	60 bps from lower post-sale customer support, lower provision for client receivables, etc,
---	---
-	40 bps from Project Maximus and
---	---
-	40 bps relating to Q3 impact from cyber incident.
---	---

Headcount at the end of Q4 was over 317,000, which led to further increase in utilization, excluding trainees to 83.5%. LTM attrition for Q4 reduced further by 0.3% to 12.6%. Unbilled revenues dropped for the fourth consecutive quarter to $1.7 bn. This is a reduction of $291 mn in FY '24, which is reflecting in increased cash flows. Free cash flow for the year was $2.9 bn, which is a 14% increase over FY '23. Free cash flow for Q4 was extremely strong at $848 mn, which is the highest in last 11 quarters. This is a result of our focus on improving working capital cycles.

DSO for the quarter was 71 days compared to 70 days in Q3. Consolidated cash and cash equivalents stood at $4.7 bn at the end of the quarter. Yield-on-cash was at 7.1% in Q4 and return on equity improved to 32.1%.

ETR for the quarter was 22.2% after accounting for favorable orders. We expect the FY '25 normalized ETR to be within 29% to 30% range.

We had another strong quarter in terms of large deal wins, $4.5 bn of TCV from 30 deals, including 2 mega deals, 44% of this was net new. We signed 8 large deals in communication, 6 each in BFSI and Retail, 4 each in Manufacturing and Life Sciences, 2 in EURS. Region-wise, 16 were from North America, 10 from Europe and 4 from Rest of the World.

We ended FY '24 with our highest ever large deal TCV of $17.7 bn, comprising of 52% net new and 8 mega deals. This is a clear validation of relevance of our service offerings, deep planned relationships and leadership strength.

The Board has declared a dividend of rupee symbol 20 for FY '24 along with special dividend of 8 per share. With this, the total payout for FY 2024 will be 85% of FCF in-line with the capital allocation policy.

The Board has approved the capital allocation policy for the next five years. Effective FY '25, the company expects to continue the policy of returning approximately 85% of free cash flow cumulatively over a five-year period through a combination of semi-annual dividend and/or share buybacks/ special dividend, subject to applicable laws and required approvals. Under this policy, the company expects to progressively increase its regular dividend per share.

Project Maximus, our comprehensive margin expansion program continued to run well across five pillars. This is reflected in more stability in margins for FY '24 over '23 compared to the previous year despite the headwinds from lower growth in FY '24. Some of the tracks where we have made progress are:

-	value-based selling,
-	automation and AI, and
---	---
-	sub-tracks within the efficient pyramid like lower subcons, higher utilization and higher<br>nearshore.
---	---

We continue to focus on optimizing various tracks to increase operating margin in the medium-term.

Coming to the industry verticals,

We continue to see macroeconomic effects of high inflation as well as highest interest rates in BFSI. This is leading to cautious spend by clients who are focusing on investing in services like data, digital AI and cloud. Financial services firms are actually looking to move workloads to cloud. Pipeline and deal wins are strong, and we are working with our clients on cost optimization and growth initiatives.

Manufacturing witnessed a double-digit and broad-based growth in FY '24. There is increased traction in areas like engineering, IoT, supply chain, smart manufacturing and digital transformation. In addition, our differentiated approach to AI is helping us gain mind and market share. Topaz is resonating well with the clients. We have a healthy pipeline of large and mega deals.

In Retail, clients are leveraging Gen AI to frame use cases for delivering business value. Large engagements are continuing in S/4HANA along with infra, apps, process and enterprise modernization. Cost take-outs remains primary focus.

Clients in Communication sector continue to be cautious with growth and challenges. New capex allocation remains under check, while the budget remains tight. We see opportunities in cost takeout, AI and database initiative. Growth in coming quarters will be led by ramp-ups of previously won deals.

EURS clients are taking cautious approach with focus on cost optimization, AI-driven efficiency. We are witnessing more deals around vendor consolidation and infra-managed services. Deal pipeline of large and mega deals is strong due to our sustained efforts and proactive pitches for cost take outs and digital transformation, etc., across subsectors.

Macro concerns in Hi-Tech continue leading to delays in deal closures, decision-making and plans to repurposing spend. Discretionary programs are kept on hold.

In FY '25, therefore, we expect growth to accelerate from FY '24 levels in Financial Services and Telecom verticals due to large deal wins. Manufacturing sector while still showing a healthy growth, will see lower growth in FY '25. Hi-Tech is expected to remain soft.

Driven by our current assessment of business environment, including continued softness in discretionary spend and ramp-up of mega deals won earlier, we expect FY '25 growth to be 1% to 3% in constant currency terms. Our operating margin guidance for the year is 20% to 22%. Guidance for FY '25 does not factor in today’s acquisition of in-tech.

With that, let me open the call for the questions.

Moderator

Thank you very much. We will now begin the question and answer session. The first question is from the line of Moshe Katri from Wedbush Securities. Please go ahead.

MosheKatri

Thanks. And Jayesh, welcome and congratulations in terms of your new role at Infosys.

Moderator

Sir, sorry to interrupt you. Your voice is not coming clearly. May I request you to speak a little louder, please?

MosheKatri

Yes. So my first question has to do with the June and September quarters that tend to be seasonally the strongest in the industry. Can you provide any color on sequential growth for March and June given your guidance for Fiscal '25?

JayeshSanghrajka

Moshe, this is Jayesh here, and thank you for the wishes.

If you look at our guidance range of 1% to 3%, we expect normal seasonality which means that H1 would be stronger than the H2.

MosheKatri

Okay. And then the fact that the Fed cutting rates is going to be kind of delayed and pushed out, and that is impacting demand for discretionary spending Are our clients also talking about, in the past few weeks the political instability in the Middle East? That is also one of those negative headwinds there?

Salil Parekh

Hi, Moshe. This is Salil. I think I understood the question. We spoke a little bit about the outlook in terms of discretionary and digital, and I think your question is, the current Middle East situation, what clients are talking about.

So, in general, the sense we have had in discussions with clients is on the discretionary work and the digital transformation work, it is about the same mind-set as it was in the past financial year recently like in Q4, Q3.

Now I am sure we have not specifically heard any commentary on this situation, but I am sure that is something that people are thinking about. But it is one among many factors that are playing out is my guess.

MosheKatri

Understood. Thank you.

Moderator

Thank you very much. The next question is from the line of Ankur Rudra from JPMorgan Chase & Company. Please go ahead.

AnkurRudra

Thank you and welcome, Jayesh, on the new role.

So first question is- Salil, the environment clearly appears difficult. Now the main thing that we find a bit difficult to understand is the lack of revenue acceleration despite very impressive large contract signings that you have enjoyed for close to a year now. Could you maybe elaborate a bit more on the persistent disconnect? And if the large deal signings is something that we should pay attention to, if this environment continues?

SalilParekh

So thanks, Ankur. This is Salil. What we are seeing, first on large deals is especially for cost efficiency and consolidation, we are proving to be a good choice for clients, and that is where we are seeing a tremendous benefit for what is going on.

Next, in terms of what we have given as guidance. So first, what we see is the digital transformation or discretionary thinking from clients is remaining similar, which was slow in the past, in Q4, Q3, we see that continuing on. So that gives some of the ways where revenue is less within our guidance outlook.

The large deals prove a positive part of that outlook. And those are the puts and takes. Now we see in Financial Services, the coming year appears better. This is not because of digital discretionary alone. It is across the industry. Whereas on manufacturing, which we had a good growth in FY '24, we are seeing – we will still have growth, but a slower growth in FY '25.

And those are the sorts of puts and takes, which give us this type of a guidance with some things which are supportive and some things which are constraining.

AnkurRudra

Thank you for the additional color. I mean, maybe to ask you in another way, if you just report your large contract signings on your contracts above a certain threshold, if you were to look at the overall contract signing, would the momentum there be more similar to the revenue momentum we see?

SalilParekh

So there, we do not disclose the other non-large deal signings. Again, the overall color of the pipeline and the deal wins is good. But what it does not take into account is when some things on a digital transformation or on discretionary slow down. So that does not come into the game when you look at some of the deal wins and contract sizes. Those are the puts and takes that we see as we build the forecast for next year.

AnkurRudra

Understood. Just one last clarification. The 100-basis point impact you highlighted Jayesh, is that revenue impact a combination of the impact of the rescoping, which is probably one time, and the penalty because it seems a lot more than 15% of one client?

JayeshSanghrajka

Hi, Ankur, thanks for the wishes at the beginning.

That 1% impact, or over 1% impact of revenue is reflecting into the margin pretty much directly in terms of 100 basis points. So that is the majority or vast majority of the impact.

AnkurRudra

Okay. So that is not a revenue impact. That is a margin impact to clarify?

JayeshSanghrajka

No, it is a revenue impact. That is what I said. It is a revenue impact of 1%, which is flowing down to margins directly.

AnkurRudra

Okay. Let me repeat. My question was 1% seems a lot more than 15% of one client, because I think you have said you have retained 85% of scope. So this seems to be more than the impact of rescoping. Is that a one-time impact, which will reverse? And then the rescoping only will be part of this. That was the question, essentially.

JayeshSanghrajka

So Ankur, when you re-scope, 15% of the work does not mean that 15% of the revenue goes away in one quarter. It depends on how much of work you had done, how much of the impact you are therefore taking. There is no penalty per se. It is a question of how much of work I have done and how much of that goes away pretty much. And that 15% has gone away in one quarter. So, it is 15% of the overall work, which got re-scoped.

AnkurRudra

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

Moderator

Thank you. The next question is from the line of Kawaljeet Saluja from Kotak. Please go ahead.

KawaljeetSaluja

Hi. I have a couple of questions or maybe slightly more than that. The first question is on the guidance in itself. It has been more of quite a series of misses in FY 2024. What are the learnings you have incorporated when you basically have taken a stance or taking another stab at guiding for FY 2025? That is the first question.

SalilParekh

Hi, Kawal. This is Salil. So what we have attempted to do in the guidance is look at what we have seen, for example, on digital work and discretionary work, which is reducing or slow in the coming financial year where we do not see the change. And then layer in what we see in terms of the large deal wins into FY '25.

And then as in most years, we have a view of seasonality where the H1 is stronger than the H2 for us at Infosys. Typically, we see that impact with a slower Q3, Q4. So that is how we have attempted to build the guidance that we put in 1% to 3%.

JayeshSanghrajka

If I may add, when we started the year last time, we were also coming from a very high-growth environment. So we had that kind of exit trajectory that was also helping from a guidance perspective, which was getting baked into the guidance . Today, when we are looking at it, we are coming out of a 1.4% growth, and therefore I believe that kind of a tailwind is not there in any case in the guidance.

KawaljeetSaluja

Okay. Fair enough. The second question that I had is that can you detail the reasons or factors that led to the rescoping of projects with a large client? Typically, your large deals do carry execution risk. So what are the learnings from the past large deals that you have signed, which have incorporated in the current crop of large deals here?

SalilParekh

This is Salil. First, I think what we have seen across the board is we have had tremendous success in the large deals and various delivery of that. Some of the learnings we are putting in place, in general, not from a specific deal, is more to do with how we understand complexity, how clients look at complexity and how we make sure that we remain aligned in that. On the specific deal, there is no other comment. We have made a statement in all our press notes, but there is no other comment on that specific situation.

KawaljeetSaluja

Okay. The final question that I had, Jayesh, is that last year, there was a mention that the endeavor would be to expand operating margins. I think the guidance band for FY '25 is unchanged. So is there a timeline of when -- within which you intend to expand or increase your operating margins? And what are the factors or the type of environment that is required to push through the margin expansion as such?

JayeshSanghrajka

Yes. So Kawal, if you remember the last time as well, we had said our endeavor is to improve margins, our operating margins in the midterm. And we still maintain that. We have not changed from that. The Project Maximus is in work. We have seen encouraging results, as you can see, even from the work of this quarter or the previous two quarters. We have called out the benefit that we have got from Project Maximus.

If you look at FY '25 guidance and the puts and takes of that guidance, we do bake in the revenue growth that we are envisaging. On top of that, we had a comp flow-through of last year. We did our comp increase from November. So there is a full year impact or additional seven-month impact coming in, in the next financial year, plus the comp that we will do for this financial year. So those are the headwinds.

And in terms of tailwinds, our utilization is still tad below our comfort level of 84%, 85%. Our subcons are still higher from where we think we can operate in an optimum level of 5% to 6%. On efficient pyramid we can improve role ratios.

In an ideal scenario, if the growth is better, the ability to improve role ratio is much better, but even in a constrained environment, we are improving those ratios. So those are the factors on efficient pyramid. On the Gen AI and automation, we have done a lot of progress and we are doubling down on that. So I think all of those are baked in, in the current guidance of 20% to 22%. But our endeavor continues to improve operating margin in the midterm.

KawaljeetSaluja

Okay. Thank you for answering my questions and wish you a good 2025. Thank you.

Moderator

Thank you. The next question is from the line of Kumar Rakesh from BNP Paribas. Please go ahead.

KumarRakesh

Hi. Good evening. Thank you for taking my questions.

So my first question was on BFSI. So even if we adjust for this contract renegotiation, the vertical seems to have still declined by about 3% to 4%, while some of your peers have started talking about recovery in BFSI and they have also seen the recovery in the March quarter. So is there something outside of this contract renegotiation also which happened in the vertical, which is specific to you?

JayeshSanghrajka

So Kumar, if you look at BFSI, I think one is we have a larger BFSI portfolio. Second is our discretionary share on the BFSI has been higher, and that is what is impacting our overall portfolio from the growth perspective. I do not think it is significantly different from the company overall headwind. BFSI also has similar headwind in terms of discretionary work that we do with the clients.

In addition to that, we do have exposure to mortgages, etc., which has, as we have called out earlier, which has remained softer in this environment. But as you hear from us, we have called out that we expect BFSI in FY '25 to be better than FY '24. So we do see some encouraging outlook there.

KumarRakesh

Okay. And from the renegotiation part itself, is the impact fully reflected in this quarter, or there could be more impact going into the next quarter?

JayeshSanghrajka

The impact is completely taken in this quarter.

KumarRakesh

Okay. Got that. And my second question was around the margin guidance, which you have spoken about. So your global peers as well as domestic peers, all of them have usually have spoken about margin expansion --confidence around margin expansion this financial year itself. So I appreciate your target of medium-term margin expansion, but would you say you are confident of margin to have bottomed out around the levels where you currently are seeing? Or the kind of mix you have in the order book holds you back from giving any directional sense on that?

JayeshSanghrajka

Kumar, we are not guiding which part of the 20%, 22% we will be. As I said earlier, our endeavor is to improve margins from where we are, but we are not giving any other guidance. If you go back to the puts and takes, we do have some headwinds in terms of compensation, some of these large deals ramping up during this year as well as we have tailwinds coming from pricing, coming from efficient pyramid, the automation and Gen AI we are deploying. So we will not leave any stone unturned on this project, but we have not yet guided in terms of where we will end up in this year within as well.

KumarRakesh

Got it Jayesh. Thanks a lot and best wishes in your new role.

JayeshSanghrajka

Thank you, Kumar.

Moderator

Thank you very much. The next question is from the line of Keith Bachman from Bank of Montreal. Please go ahead.

KeithBachman

Hi, good evening and good afternoon. I also wanted to ask two questions that are related, and I will ask them together. The first is could you just talk about how you see utilization trends unfolding this year? It seems to me that with the way market fairly weak that the utilization should go higher.

And similarly, that wage hikes with the market being fairly weak on the employment front across many parts of tech, and that it seems to me that wage hikes should be lower. And maybe I will just stop there and then I will ask my follow-on question. If you could just talk about those specific puts and takes that would influence margins?

JayeshSanghrajka

Yes. So Keith, if you look at our utilization, our utilization including trainees was at 77% last year, which has gone up to 80.7% for the full year, and we are exiting at 82%. So that clearly shows a significant 5-point increment from the utilization perspective. We have been able to deploy a large number of freshers back to production. So that is on utilization. Our comfort level on utilization excluding trainees is around 84%, 85%. So we still have some headroom there.

On the compensation, whenever we decide on compensation, we take multiple factors in account like inflation, peer practices, etc. So we will take all of that into account during the year when we decide on compensation. At this point in time, we have not decided on the quantum or the timing as we just did our last compensation in November last year.

KeithBachman

Okay. Well, this surprises me – I will make a statement, and then I will ask my follow-up question. For the tepid revenue growth, I am surprised that margins would not go higher during the course of the year relative to this past year given those forces and others.

My following question though relates to Gen AI, and there is two parts to Gen AI, the demand side and supply side. So I am not asking about demand. On supply side, are you factoring in increasingly Gen AI as you are undergoing software development activities on behalf of your clients, is that helping your productivity yet or is it still too early?

And along with that, if you are using Gen AI to facilitate or enhance your efficiency on co-development, is that a negotiation that is starting to unfold with your clients that they are asking for lower billing rates, if you will, related to that efficiency. Is that happening yet or is it still too early?

SalilParekh

So thanks for that. This is Salil. On Generative AI, on the projects we are working on, we have already seen benefits on productivity in software engineering. What we have seen there is, really more focus on a narrow dataset. In this case the software capability within an enterprise, within a client base, is not, sort of broad-based today. And there, we are seeing impacts and benefits.

What we see is typically, we have not seen so far the rate discussion, but we can certainly see in some instances, benefits where clients can do more work in terms of creating more output for the same type of effort. So there is definitely a productivity benefit. But we have not seen something which has come back on the rates in that sense.

KeithBachman

Okay, perfect. Many thanks for your help and best of luck during the year.

Moderator

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

GauravRateria

Hi. Thanks for taking my questions. My first question is with respect to the ramp-up of some of the mega deals that was supposed to start towards the back half of fourth quarter. Have you seen them starting on time? And do you expect these to kind of create some momentum in the coming quarters?

JayeshSanghrajka

Hi, Gaurav. So what we had envisaged at the beginning of the quarter of the mega deal starting in Q4 have started as planned.

GauravRateria

Got it. Secondly, on guidance visibility, typically, when you start the year you have a certain level of visibility, maybe let us say, 65, 70, whatever that number is. Given that you are entering this year with significantly larger deal wins, would it be fair to say that visibility would be slightly higher than the usual year for FY '25?

JayeshSanghrajka

So Gaurav, you know if you look at over the years with the portfolio mix changing where our discretionary portfolio has become larger in terms of our portfolio mix, the visibility has obviously come down from the annual perspective. Some of these projects are short duration, etc. and discretionary in nature. So to that extent, you do have that lack of visibility, if I may use that word, versus the years earlier. But yes, compared to that, if you look at the large deals, large deals does benefit from a long-term perspective.

So, you do have a foundation of large deals, but at the same time you do have smaller deals which are discretionary, where we are still seeing some of them are being reduced or being stopped or scaled out.

GauravRateria

Okay. Last question on your comment on one of the drivers for margin medium-term improvement was Gen AI related, automation related savings, how confident you are to retain these savings as quite possibly these get renegotiated over a period of time and the clients kind of extract that back from the vendor? So just trying to understand is, is this going to be sustainably an important driver for margin improvement in the medium-term? Thank you.

JayeshSanghrajka

So Gaurav, I think there the things will evolve over a period of time. At this point in time, we are able to retain part of automation, AI, Gen AI part of the work that we are doing. But yes, how it will evolve over a period of time is yet to be seen.

Moderator

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

BryanBergin

Hi, good evening. Thank you. First one on the workforce. So understanding you have still some room for utilization to move higher, but do you expect that the June quarter headcount might stabilize or may that still be declining sequentially?

JayeshSanghrajka

So Bryan, on the utilization, we are currently at 82%%, excluding (Including) the trainees and 83.5% including (excluding) trainees. So, we still have a headroom there. As I mentioned earlier, we think we can go up to 84%, 85% utilization.

BryanBergin

Okay. So implying headcount may continue to decline sequentially, if that is the case and just a normal course on attrition?

JayeshSanghrajka

And coming back to your other question on headcount. If you look at through the year, we started the year with 77% utilization including trainees and the demand environment was different. So we had a different expectation. Through the year, the demand environment has changed. So that has impacted the need of headcount.

The attrition has significantly come down. We are now trending at around 12.6%. Plus, we got some benefit from our value-based selling in terms of pricing. So, all of that has also resulted in lesser requirement in terms of headcount. And that is why you see a net negative.

Going forward, again, as I said, we still have some headroom on utilization. So we will tap into that. We will look into demand and over the years we have moved to an agile hiring model where we can hire a large number of freshers off the campus. So we will tap into that as required as we go through the year.

BryanBergin

Okay. I appreciate that detail. And then just on backlog. So you continued to post really strong large deal signings. It is clearly not yet converting to revenue at the same pace, but maybe we can dig in a little bit on backlog trends. Has there been any material backlog degradation or leakage? Is it just significant widening in average duration? Just anything you do to help us understand some of the moving thoughts to better understand the revenue growth?

JayeshSanghrajka

I do not think there is anything beyond what Salil mentioned earlier in the call, in terms of discretionary coming down. There are no material large deals being stopped, etc. So it is just a discretionary ramp down that is resulting into this.

BryanBergin

Great. Thank you.

Moderator

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

AshwinMehta

Thanks for the opportunity. I would like to ask this question a different way. You have close to $9.2 bn of net new deals in FY '24. In addition, you will have net new from smaller deals as well, which you do not report. And in addition, there will be more deal signings in FY '25. Plus, you have indicated most of the 2Q deal flow will ramp in FY '25. So assuming whatever duration, ideally the you’re the guidance should have been more, but where are the leakages in the existing business? And is discretionary demand worse in FY '25 versus FY '24?

SalilParekh

This is Salil. Let me start. I think the point on the discretionary outlook, on digital transformation outlook, we find it similar to what we have been seeing in this Q4 and Q3. So we do not see a change in that. And that is what we factored into how we build the guidance, keeping in mind some of the benefits of the large deals.

AshwinMehta

Okay. And my second question was in terms of the 100 bps impact on margins because of renegotiation. Will that reverse immediately for us in 1Q? Or will it take time in terms of recovery?

JayeshSanghrajka

So Ashwin, this is Jayesh here. This is one-time impact because of rescoping and renegotiation. There is no reversal happening of this.

AshwinMehta

Okay. And the last one, if I can squeeze, the agile model of hiring is for freshers, which would typically take 6 to 9 months to get productive. So, is there a need to hire laterals as you go forward? Or from this year’s perspective, given where our guidance is, lateral hiring will be pretty limited?

JayeshSanghrajka

The lateral hiring, you do not really need to plan a year in advance. In offshore, you can hire technically laterals 2 to 3 months ahead of time. And on site, you can hire 1 to 1.5 months ahead of time. So that is how we will keep tweaking the model as we go through the year. So, we have baked in what we see in terms of demand today and if the demand environment changes, the hiring numbers will change accordingly.

AshwinMehta

Okay, fair enough. Thanks a lot and all the best.

JayeshSanghrajka

Thanks Ashwin.

Moderator

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

SandeepShah

Thanks for the opportunity. My question is in terms of the impact on discretionary projects. If you look at the pace of the growth slowdown for Infosys and maybe for industry, has started from 4Q of FY '23, and most of the reasons cited by you and the others are decline in discretionary spend which is impacting five quarters in a row for the industry in terms of the discretionary spend. So the question is whether the pace of decline, the leakage in the discretionary projects entering FY '25, would be similar to what we have seen in whole of FY '24, starting with the 4Q FY 24 with weak exit rate?

SalilParekh

This is Salil. I think what we are seeing is the way clients are looking at their discretionary work or digital transformation work is quite similar to the recent quarter. So we have no comment specifically on things which were like from three, four quarters back. We are more seeing how it is changing or not changing in like Q4, Q3 versus what we are seeing today for the next period in FY '25.

SandeepShah

Okay. And the second question, Jayesh, just wanted to understand regarding the reversal of 100 bps on the revenue. What could be the impact related to 1Q to 3Q or earlier quarters, which has been accounted in the fourth quarter, which could have been reversed in the first quarter of FY '25?

Jayesh Sanghrajka

Sandeep, this is a renegotiation and rescoping that has happened this quarter, and the impact is taken in this quarter. We have not broken down into how much of this quarter and how much of the prior quarters.

SandeepShah

Okay. But is it fair to say fourth quarter will also include some reversal of the earlier quarters?

JayeshSanghrajka

We are not breaking it down further, Sandeep.

SandeepShah

Okay. Thanks, thanks and congratulations, Jayesh.

JayeshSanghrajka

Thank you, Sandeep.

Moderator

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

VibhorSinghal

So what I wanted to ask was that if I look at this line item called third-party items bought for service delivery to clients, which is essentially what we call the pass through revenues. Now that has increased significantly over the past three years from 4.5% to 7.5%. Now in the earlier quarters, you have called it out that it is now a strategic part of our business.

Be that as it may, this changing nature of the business in which this is becoming an increasingly higher part of our revenue, does that impact our ability to expand our margins from the levels that they are today? Because these, as far as, we know these come at very little margin as compared to the overall company margin. And is this a change that we can expect to continue, and this line item to continue increasing as a percentage of revenue going forward as well?

JayeshSanghrajka

So Vibhor, if you are undertaking transformational large mega deals, it comes with all the costs. It is not only effort cost. It comes with hardware software costs because you are taking over the turnkey project from the client, and that becomes an integral part of the project delivery. And as a result, you have to procure some of that and provide the end-to-end services to the client, and that is where you see this cost.

The good part about this is that, these kind of businesses become very, very sticky business with long-term commitments from the client and so it is a long-term business. So far as we are making overall margins on the deal, that is how we look at it. We do not look at it whether it is third-party costs or subcon cost or effort costs only. We look at it whether we are making an overall margin on the deal while deciding whether we want to go for a deal or not.

More importantly, most of these deals that we have taken, we have got much more work from them or significantly more work from them in the surround environment from the client, which is how we look at it as a portfolio of the business.

VibhorSinghal

Got it.

JayeshSanghrajka

We do not have a view in terms of the whether it will remain at the same level or elevated level. It will depend on the kind and nature of the deals and how we sign it in the future.

VibhorSinghal

Got it. I think you pre-empted my next question. Thanks for that. But just one more question on the subcontractors. Subcontractor actually came down over the past couple of years from an overall percentage point of view. But it is still, I would say, higher than what we have historically done pre-COVID numbers.

So where do you believe, where are we comfortable with this number? And given that generally at this point of time, given the revenue growth is quite low, the demand environment in terms of our work that we require is not that high, given our guidance of 1% to 3%. Do you believe there is scope for further reduction in the subcontracting cost from the current levels? Or do you believe that 8% that we are today, you have kind of hit the number that -- hit the bottom and is probably going to stabilize at this level?

JayeshSanghrajka

So Vibhor, this is one of the tracks under Project Maximus, under the efficient pyramid of reducing subcontractors. We have reduced subcontractors from the peak of last year by almost 3%. Historically, in the past, we have operated in 5% to 6%. So we believe there is some headroom to bring that down.

VibhorSinghal

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

JayeshSanghrajka

Thank you, Vibhor.

Moderator

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

SurendraGoel

Good evening, everyone. So I joined the call a bit late, so apologies if this has been answered before. But this case of projects or contract restructuring, rescoping, is this like an isolated incident? Or are you seeing multiple examples with this being the only significant one to really call out?

JayeshSanghrajka

So Suren, this is one we have called it out, it is one-time impact of a large contract in Financial Services client. It has impacted our revenues by over 1% and therefore, margins are impacted by 1%. It is a renegotiation and rescoping of an existing contract.

But at the same time, if you look at it over the last few years, we have got additional work from the client and the 85% of the work under this deal is still continuing with us. So that is all I can offer at this point in time to comment on this specifically.

SurendraGoel

Jayesh, my question was, is this an isolated instance or are you seeing more such deals getting rescoped and impacted?

JayeshSanghrajka

The reason I say it is one-off, one-time impact. It is an isolated impact. We have not really seen any other large contracts being rescoped or renegotiated.

SurendraGoel

Right. And does Gen AI have any role to play in such rescoping of contracts?

JayeshSanghrajka

The reason behind this rescoping or renegotiation has nothing to do with Gen AI.

SurendraGoel

And one last question. Like how do you really bake such things into your guidance process, right? Like would you be kind of baking in some kind of costing into the guidance? Because obviously, rescoping seems to be a common theme, which was mentioned by another large peer of yours recently. So is there additional kind of impact built in or this is a risk as it comes along?

JayeshSanghrajka

So when we give guidance, Suren, we look at what is visible at this point in time. We bake in everything in terms of -- we know that the discretionary is going, so we have baked that in. We know the large deals that we have signed, so we have baked it in. We do not expect -- this is one-off incident, so we do not expect any large incidents like that, so that is not really baked in.

SurendraGoel

Fair enough. Thanks a lot, Jayesh. Thank you.

JayeshSanghrajka

Thank you Suren.

Moderator

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

NitinPadmanabhan

Yes. Hi. Good evening. Thanks for the opportunity. So Salil, you mentioned that the discretionary spending environment is similar to that of Q3 and Q4, and there is no change. Is it considering that Q3 and Q4 have seen higher declines versus the other quarters of FY '24, is it fair to assume that Q3, Q4 from a discretionary spending perspective has been the worst versus the whole of FY '24 and we are basically assuming that, that kind of a situation is sort of continuing through FY '25? That is the first question.

SalilParekh

So on what we saw in Q3 and Q4 is, obviously in our normal year, there is differences between Q1, Q2, which are typically stronger than Q3, Q4. So those are things to be layered into any view that we have.

Looking backwards, we do not have any specific comment on which quarter or where things were. We have talked, as you know, probably on starting with Q1 or even Q4 the prior year, this sort of a view, but we have not given, let us say, quantification of which quarter was where in that sense.

Having said all of that, the general perception or the general observation we have is things changed little by little by industry as well and things evolve across geography as well. So there is not like one picture that is there. We are more looking at it from that immediacy of the recent discussions we have had with clients to what we are having now for the future work.

NitinPadmanabhan

Yes. And is this discretionary headwind more specific or, let us say, are more pronounced in BFSI? Is there any such trend or is it broad-based?

SalilParekh

No, nothing which is like that very specific on BFSI.

NitinPadmanabhan

Sure. And lastly, see our utilization is at 83.5%, excluding trainees, and we think it can go up to 85%. Now usually, at least over the last many years, pullback in discretionary has always been pretty sudden. So are we risking opportunity by maximizing on utilization? Is that something to worry about, is just a question out there.

JayeshSanghrajka

So as I was saying earlier in the call, we have moved to an agile hiring model. If you look at it in FY '23, '22 numbers of fresher hiring, more than half of the freshers were hired through off-campus cycles. So, we have that ability to dip into. We are at 82% including trainees and 83.5% excluding trainees for the quarter. So that is where we are exiting.

So we still have, looking at including training numbers, we still have 2% to 3% of headroom. Our attrition is still at a much subdued levels of 12.6%. So we do not see that as an additional stress as well.

So we will calibrate this as we go through the quarter and year and take corrective actions. Of course, if there is a need, we can always dip into subcontractors to capture the demand and replenish that through hiring. So all of those tools are available to us to capture demand if there is a sudden change.

NitinPadmanabhan

And lastly, from a margin perspective, at least in the near term, this 100 bps will be a tailwind and a non-recurrence of visa cost will be a tailwind. So there should be a pickup in margin, at least in the near term. That is a fair assumption to make? Or do you foresee any other headwinds?

JayeshSanghrajka

Yes, I did give a margin walk at the beginning of the call as well. We had some tailwinds in this quarter as well, from the lower provision for doubtful debt, provision towards client collectibles as well as from post sale customer support. These are the tailwinds this quarter, which will become a headwind in the near term. So I think you have to factor all of those when you are looking at headwinds and tailwinds.

NitinPadmanabhan

Sure, Perfect. Thank you so much, Jayesh, and all the best and congratulations for the elevation. All the best for the year.

JayeshSanghrajka

Thank you so much.

Moderator

Thank you. The next question is from the line of Prashant Kothari from Pictet Asset Management. Please go ahead.

PrashantKothari

Yes, hi. Thank you for the opportunity. My question was on this contract renegotiation, rescoping thing. For one contract to make such a large difference of 100 basis points on revenues, you mean that the contract nets to like 6%, 7% of our revenue base, which seems just impossible to me. What am I missing here? If you can help me understand, please?

JayeshSanghrajka

So Prashant, it is a renegotiation and rescoping of a large contract. I do not think we are giving any further color on this. So it is a large financial services contract.

Prashant Kothari

But this 100 basis points, is it like an accumulation of impact of several quarters in this one quarter? Or this is just pertaining to this quarter alone?

JayeshSanghrajka

When you renegotiate a contract, you will have one-time impact on that coming from that. If it is a fixed-price contract, when you renegotiate, that is likely to happen irrespective of whether it is accumulated or not.

PrashantKothari

Okay. Understood. And the second question was on your margin kind of trajectory. Salil when you joined in, the margins used to be like a band of 23% to 25%. I think it was lowered to 22% to 24% soon after you joined and now we are operating in a band of 20% to 22%. Just want to understand

is it a function of the large deals that have gone up a lot in our business mix or something else? Just kind of looking from that point to today, what has changed in the business complexion which is leading to this lower margin, obviously, over a number of years, not just overnight?

JayeshSanghrajka

I think, Prashant, there are a number of factors on that. When we had an elevated level of attrition as well as elevated level of demand, we had to hire employees at a premium from the market. The demand-supply equation has changed in the last two quarters. So that was one factor even during the high-growth environment.

The other factors are the business mix as well, the pricing pressure that we had on the core part of the business. So I think there are multiple factors that has played over a longer tenure period that you are talking about. I have been here for almost 11 years. So I am assuming that you are talking about since I joined.

But coming back to your questions in terms of where we see, our endeavour is to grow margins from where we are today. We have said that in midterm, we want to expand our margins from where we are. So there is everything that we are doing to improve margins.

PrashantKothari

All right. Okay. Thank you much.

Moderator

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

SalilParekh

Thank you.

So thanks, everyone, for joining in. A few comments from my side. This is Salil. First, we are really excited. Our large deals were at $17.7 bn in the year, largest that it has been in any financial year. Very focused on cost efficiency consolidation with 90 deals overall.

Second, we are doing incredible work in Generative AI. We are really excited with the opportunities here. We are working across different areas of impact. One of the examples of 3 mn lines of code that we have developed through Generative AI large language model is just amazing types of results we are seeing at this early stage of the Generative AI opportunity.

Next, our margin program is working well. We are excited about it. And we want to keep our focus on it with a view to expand our margins over time. We are really excited about the acquisition we have done in engineering services. It is a phenomenal growth area. It is in a market we understand well. We are doing quite well in the European market, and it is a space even within engineering services, more narrowly on automotive, which looks really good.

One of the things we did not talk maybe a lot about in the call, but I just want to highlight is we had extremely strong cash generation at $2.9 bn for the full year. With all of that, we are really looking forward to delivering our growth and margin guidance for this coming year, and looking forward to more and more work that we see through all of these different activities. Thank you all for joining us and catch you at the next quarter call.

Moderator

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

Exhibit 99.6

Form of Release to Stock Exchanges

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

ToThe Board of Directors of INFOSYS Limited

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of INFOSYS Limited (the “Company”) and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”) for the quarter and year ended March 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.	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 Regulation 33 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 Standards (“Ind AS”)<br>and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income<br>and other financial information of the Group for the quarter and year ended March 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 Companies Act, 2013 (the “Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

As described in note 1.b) to the statement, certain costs relating to possible damages or claims relating to a cybersecurity incident in a subsidiary are indeterminable as at the date of this report because of reasons stated in the note. Our opinion is not modified in respect of this matter.

Management’s Responsibilitiesfor the Consolidated Financial Results

The Statement which includes Consolidated Financial Results is the responsibility of the Company’s Board of Directors and has been approved by it for the issuance. The Statement has been compiled from the related audited Interim Condensed Consolidated Financial Statements as at and for the quarter and year ended March 31, 2024. This responsibility includes the preparation and presentation of the Consolidated Financial Results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Boards of Directors/Trustees of entities included in the Group are responsible for maintenance of the adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Results by the Directors of the Company, as aforesaid.

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

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

Auditor’s Responsibilitiesfor Audit of the Consolidated Financial Results

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

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

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

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

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

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

Place: Bengaluru<br><br> <br>Date: April 18, 2024	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm's Registration No. 117366W/W-100018)<br><br> <br><br><br> <br><br><br> <br><br><br> <br>Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN:24039826BKCODF5410

Annexure to 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 (under liquidation)
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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 Poland Sp<br>z.o.o
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18.	Infosys McCamish<br>Systems LLC
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19.	Portland Group Pty<br>Ltd
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20.	Infosys BPO Americas<br>LLC.
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21.	Infosys Consulting<br>Holding AG
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22.	Infosys Management<br>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)
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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) (formerly a wholly-owned subsidiary of Infosys Consulting Holding AG) became the majority owned and controlled subsidiary<br>of Infosys Limited with effect from April 1, 2022
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30.	Infosys Consulting<br>(Belgium) NV
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31.	Panaya Inc.
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32.	Infosys Financial<br>Services GmbH (formerly known as Panaya GmbH) became a wholly owned subsidiary of Infosys Singapore Pte. Ltd with effect from February<br>23, 2023
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33.	Panaya Ltd.
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34.	Brilliant Basics<br>Holdings Limited (under liquidation)
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35.	Brilliant Basics<br>Limited (under liquidation)
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36.	Infosys Singapore<br>Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.)
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37.	Infosys Middle East<br>FZ LLC
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38.	Fluido Oy
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39.	Fluido Sweden AB
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40.	Fluido Norway A/S
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41.	Fluido Denmark A/S
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42.	Fluido Slovakia<br>s.r.o
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43.	Infosys Compaz Pte.<br>Ltd.
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44.	Infosys South Africa<br>(Pty) Ltd
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45.	WongDoody, Inc
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46.	HIPUS Co., Ltd.
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47.	Stater N.V.
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48.	Stater Nederland<br>B.V.
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49.	Stater XXL B.V.
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50.	HypoCasso B.V.
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51.	Stater Participations<br>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 Belgium N.V./S.A.<br>(formerly a wholly owned subsidiary of Stater Participations B.V., became the wholly owned subsidiary of Stater N.V. with effect from<br>November 24, 2023)
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53.	Outbox systems Inc.<br>dba Simplus (US)
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54.	Simplus ANZ Pty<br>Ltd.
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55.	Simplus Australia<br>Pty Ltd
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56.	Simplus Philippines,<br>Inc.
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57.	Infosys Fluido UK,<br>Ltd. (formerly Simplus U.K, Ltd)
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58.	Infosys Fluido Ireland,<br>Ltd. (formerly Simplus Ireland, Ltd)
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59.	Infosys Limited<br>Bulgaria EOOD
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60.	Infosys BPM UK Limited
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61.	Blue Acorn iCi Inc.<br>(formerly known as Beringer Commerce Inc)
---	---
62.	Kaleidoscope Animations,<br>Inc.
---	---
63.	Kaleidoscope Prototyping<br>LLC (liquidated effective November 1, 2023)
---	---
64.	GuideVision s.r.o
---	---
65.	GuideVision Deutschland<br>GmbH
---	---
66.	GuideVision Suomi<br>Oy
---	---
67.	GuideVision Magyarorszag<br>Kft
---	---
68.	GuideVision Polska<br>Sp. z.o.o
---	---
69.	Infosys Business<br>Solutions LLC
---	---
70.	Infosys Germany<br>GmbH (formerly known as Kristall 247. GmbH)
---	---
71.	GuideVision UK Ltd<br>(under liquidation)
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72.	Infosys Turkey Bilgi<br>Teknolojileri Limited Sirketi
---	---
73.	Infosys Germany<br>Holding Gmbh
---	---
74.	Infosys Automotive<br>and Mobility GmbH & Co. KG
---	---
75.	Stater GmbH
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76.	Infosys Green Forum
---	---
77.	Infosys (Malaysia)<br>SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.
---	---
78.	oddity space GmbH<br>(acquired by Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September<br>29, 2023)
---	---
79.	oddity jungle GmbH<br>(acquired by Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September<br>29, 2023)
---	---
80.	oddity waves GmbH<br>(acquired by Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September<br>29, 2023)
---	---
81.	oddity group Services<br>GmbH (acquired by Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from<br>September 29, 2023)
---	---
82.	oddity code GmbH<br>(acquired by Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September<br>29, 2023)
---	---
83.	oddity code d.o.o.<br>(renamed as WongDoody d.o.o) which was formerly a subsidiary of oddity Code GmbH acquired by Infosys Germany GmbH on April 20, 2022 has<br>become a subsidiary of Wongdoody Gmbh (formerly known as oddity GmbH) with effect from September 29, 2023
---	---
84.	oddity GmbH renamed<br>as WongDoody GmbH (acquired by Infosys Germany GmbH on April 20, 2022)
---	---
85.	oddity (Shanghai)<br>Co. Ltd. (subsidiary of oddity GmbH) renamed as WongDoody (Shanghai) Co. Limited acquired by Infosys Germany GmbH on April 20, 2022
---	---
86.	oddity Limited (Taipei)<br>(subsidiary of oddity GmbH) renamed as WongDoody Limited (Taipei) acquired by Infosys Germany GmbH on April 20, 2022
---	---
87.	Infosys Public Services<br>Canada Inc. (a wholly owned subsidiary of Infosys Public Services Inc.) incorporated on July 8, 2022
---	---
88.	BASE life science<br>A/S acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.) on September 1, 2022
---	---
89.	BASE life science<br>AG (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting<br>Pte. Ltd.) on September 1, 2022
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90.	BASE life science<br>GmbH (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting<br>Pte. Ltd.) on September 1, 2022
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91.	BASE life science<br>Ltd. (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting<br>Pte. Ltd.) on September 1, 2022
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92.	BASE life science<br>S.A.S. (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting<br>Pte. Ltd.) on September 1, 2022
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93.	BASE life science<br>S.r.l. (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting<br>Pte. Ltd.) on September 1, 2022
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94.	Innovisor Inc. (a<br>wholly owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte.<br>Ltd.) on September 1, 2022
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95.	BASE life science<br>Inc. (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting<br>Pte. Ltd.) on September 1, 2022
---	---
96.	BASE life science<br>SL. (a wholly owned subsidiary of BASE life science A/S) incorporated on September 6, 2022
---	---
97.	Panaya Germany GmbH,<br>a wholly owned subsidiary of Panaya Inc. was incorporated on December 15, 2022
---	---
98.	Infosys Norway,<br>a wholly owned subsidiary of Infosys Singapore Pte. Ltd. was incorporated on September 22, 2022.
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99.	Infosys BPM Canada<br>Inc. (Wholly-owned 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<br>Services 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.	Infosys Employees<br>Welfare Trust
---	---
102.	Infosys Employee<br>Benefits Trust
---	---
103.	Infosys Science<br>Foundation
---	---
104.	Infosys Expanded<br>Stock Ownership Trust
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INDEPENDENTAUDITOR’S REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL RESULTS

TOTHE BOARD OF DIRECTORS OF INFOSYS LIMITED

Opinion

We have audited the accompanying Statement of Standalone Financial Results of INFOSYS LIMITED (the “Company”), for the quarter and year ended March 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:

a.	is presented in<br>accordance with the requirements of Regulation 33 of the Listing Regulations; and
b.	gives a true and<br>fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards (“Ind AS”)<br>prescribed and other accounting principles generally accepted in India of the net profit and total comprehensive income, and other financial<br>information of the Company for the quarter and year ended March 31, 2024.
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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 Companies Act, 2013 (the “Act”). Our responsibilities under those SAs are further described in the 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 year ended March 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 forthe Standalone Financial Results

The Statement, which includes the Standalone financial results is the responsibility of the Company’s Board of Directors, and has been approved by it for the issuance. The Statement has been compiled from the related audited Interim Condensed Standalone Financial Statements as at and for the quarter and year ended March 31, 2024. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 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 Ind AS, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

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

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

Auditor’s Responsibilities for theAudit of the Standalone Financial Results

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

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

•	Identify and assess<br>the risks of material misstatement of the Standalone Financial Results, whether due to fraud or error, design and perform audit procedures<br>responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk<br>of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,<br>forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding<br>of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but<br>not for 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 Standalone Financial Results, including the disclosures, and whether the Standalone Financial<br>Results represent the underlying transactions and events in a manner that achieves fair presentation.
---	---
•	Obtain sufficient<br>appropriate audit evidence regarding the Standalone Financial Results of the Company to express an opinion on the Standalone Financial<br>Results.
---	---

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

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

Place: Bengaluru<br><br> <br>Date: April 18, 2024	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm's Registration No. 117366W/W-100018)<br><br> <br><br><br> <br><br><br> <br><br><br> <br>Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN: 24039826BKCODH9162
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: investors@infosys.com<br><br> <br>T: 91 80 2852 0261, F: 91<br> 80 2852 0362
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Statement of ConsolidatedAudited Results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2024 prepared in compliance with theIndian Accounting Standards (Ind-AS)

(in crore, except per equity sharedata)

Particulars	Quarter endedMarch 31,	Quarter endedDecember 31,	Quarter endedMarch 31,	Year endedMarch 31,
	2024	2023	2023	2024	2023
	Audited	Audited	Audited	Audited	Audited
Revenue from operations	37,923	38,821	37,441	153,670	146,767
Other income, net (refer note 1(f))	2,729	789	671	4,711	2,701
Total Income	40,652	39,610	38,112	158,381	149,468
Expenses
Employee benefit expenses	20,393	20,651	20,311	82,620	78,359
Cost of technical sub-contractors	2,967	3,066	3,116	12,232	14,062
Travel expenses	471	387	426	1,759	1,525
Cost of software packages and others	3,687	3,722	2,886	13,515	10,902
Communication expenses	147	169	171	677	713
Consultancy and professional charges	489	504	387	1,726	1,684
Depreciation and amortization expenses	1,163	1,176	1,121	4,678	4,225
Finance cost	110	131	82	470	284
Other expenses	985	1,185	1,146	4,716	4,392
Total expenses	30,412	30,991	29,646	122,393	116,146
Profit before tax	10,240	8,619	8,466	35,988	33,322
Tax expense: (refer note 1(e))
Current tax	1,173	2,419	2,260	8,390	9,287
Deferred tax	1,092	87	72	1,350	(73)
Profit for the period	7,975	6,113	6,134	26,248	24,108
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	26	71	25	120	8
Equity instruments through other comprehensive income, net	(12)	(9)	(15)	19	(7)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	28	(46)	36	11	(7)
Exchange differences on translation of foreign operations	(231)	436	61	226	776
Fair value changes on investments, net	37	52	42	144	(256)
Total other comprehensive income/(loss), net of tax	(152)	504	149	520	514
Total comprehensive income for the period	7,823	6,617	6,283	26,768	24,622
Profit attributable to:
Owners of the company	7,969	6,106	6,128	26,233	24,095
Non-controlling interests	6	7	6	15	13
	7,975	6,113	6,134	26,248	24,108
Total comprehensive income attributable to:
Owners of the company	7,821	6,605	6,276	26,754	24,598
Non-controlling interests	2	12	7	14	24
	7,823	6,617	6,283	26,768	24,622
Paid up share capital (par value 5/- each, fully paid)	2,071	2,070	2,069	2,071	2,069
Other<br> equity *^#^	86,045	73,338	73,338	86,045	73,338
Earnings per equity share (par value 5/- each)**
Basic (in per share)	19.25	14.76	14.79	63.39	57.63
Diluted (in per share)	19.22	14.74	14.77	63.29	57.54
*	Balances for the quarter ended December 31, 2023 represent balances as per the auditedBalance Sheet as at March 31, 2023 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015
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**	EPS is not annualized for the quarter ended March 31, 2024, quarter ended December 31,2023 and quarter ended March 31, 2023.
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^#^	Excludes non-controlling interest
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1.	Notes
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a)	The audited interim consolidated financial statements for the quarter and year ended March<br>31, 2024 have been taken on record by the Board of Directors at its meeting held on April 18, 2024. The statutory auditors, DeloitteHaskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited<br>interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance<br>with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies<br>(Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
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b)	Update on McCamish Cybersecurity incident
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In November 2023, Infosys McCamish Systems (McCamish), a step-down subsidiary of Infosys Limited,<br> experienced a cybersecurity incident resulting in the non-availability of certain applications and systems. McCamish initiated its<br> incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and<br> remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists’<br> assistance, substantially remediated and restored the affected applications and systems.<br> <br> Loss of contracted revenues and<br> costs incurred with respect to remediations, restoration, communication efforts, investigative processes and analysis, legal<br> services and others amounted to $38 million (approximately 316 crore) for the year ended March<br> 31, 2024.<br> <br> Actions taken by McCamish included investigative analysis conducted by a third-party cybersecurity firm to<br> determine, among other things, whether and the extent to which company or customer data was subject to unauthorized access or<br> exfiltration. McCamish also engaged a third-party vendor for eDiscovery in assessing the extent and nature of such data. McCamish in<br> coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject<br> to unauthorized access and exfiltration. McCamish’s review process is ongoing. McCamish may incur additional costs including<br> indemnities or damages/claims, which are indeterminable at this time.
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c)	Proposed acquisition
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On April 18, 2024, Infosys Germany GmBH a wholly owned step down subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the equity share capital of in-tech Holding GmbH, a leading provider of Engineering R&D services headquartered in Germany, for a consideration including earn-outs amounting up to EUR 450 million (approximately 4,045 crore) excluding management incentives, and retention bonus subject to customary closing adjustments.

d)	Update on Capital allocation policy

Effective from Financial Year 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.

e)	Update on orders received from the Indian Income tax department
During the quarter ending March 31, 2024, the Company received orders under sections 250 and 254 of<br> the Income tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and<br> 2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result<br> interest income (pre-tax) of 1,933 crore (included in other income as mentioned in point (f)<br> below) was recognised and provision for income tax aggregating 525 crore was reversed with a<br> corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to 1,628<br> crore has been reduced from contingent liabilities.
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f)	Other income includes interest on income tax refund of 1,916<br>crore and 2 crore for the quarter ended March 31, 2024 and March 31, 2023 respectively, 1,965<br>crore and 3 crore for the year ended March 31, 2024 and March 31, 2023 respectively, and 42<br>crore for the quarter ended December 31, 2023.
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g)	Update on employee stock grants
---	---

The Board, on April 18, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved the following annual grants to Salil Parekh, CEO and MD as per his employment agreement approved by shareholders:

i)	The grant of annual performance-based stock incentives (Annual Performance Equity Grant)<br>in the form of Restricted Stock Units (RSU's) covering Company’s equity shares having a market value of 34.75<br>crore as on the date of the grant under the 2015 Stock Incentive Compensation Plan (2015 plan) which shall vest 12 months from the date<br>of grant subject to achievement of performance targets as determined by the Board. `
ii)	The grant of annual performance-based stock incentives (Annual performance equity ESG grant)<br>in the form of RSU's covering Company’s equity shares having a market value of 2 crore as on<br>the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant subject to the Company’s achievement<br>of certain environment, social and governance milestones as determined by the Board.
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iii)	The grant of annual performance-based stock incentives (Annual performance Equity TSR grant)<br>in the form of RSU's covering Company’s equity shares having a market value of 5 crore as on<br>the date of the grant under the 2015 Plan, which shall vest after March 31, 2025 subject to the Company’s performance on cumulative<br>relative TSR over the years and as determined by the Board.
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iv)	The grant of annual performance-based stock incentives (2019 Annual Performance Equity Grant)<br>in the form of Restricted Stock Units (RSU's) covering Company’s equity shares having a market value of 10<br>crore as on the date of the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from<br>the date of the grant subject to the Company’s achievement of certain performance criteria as laid out in the 2019 Plan.
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The above RSUs will be granted w.e.f May 2, 2024 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2024.

Information on dividends for the quarter and year ended March 31, 2024

For financial year 2024, the Board recommended a final dividend of

20/- (par value of

5/- each) per equity share and additionally a special dividend of

8/- (par value of

5/- each) per equity share. This payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 26, 2024. The record date for the purpose of the payment of final and special dividend is May 31, 2024. The dividend will be paid on July 1, 2024. For the financial year ended 2023, the Company declared a final dividend of

17.50/- per equity share. The Board of Directors (in the meeting held on October 12, 2023) declared an interim dividend of

18/- (par value

5/- each) per equity share. The record date for the payment was October 25, 2023 and the same was paid on November 6, 2023. The interim dividend declared in the previous year was

16.50/- per equity share.

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(in )

Particulars	Quarter endedMarch 31,	Quarter ended December 31,	Quarter endedMarch 31,	Year endedMarch 31,
	2024	2023	2023	2024	2023
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	18.00	16.50
Final dividend	20.00	–	17.50	20.00	17.50
Special dividend	8.00	–	–	8.00	–

3. Audited Consolidated Balance Sheet

(in crore)

Particulars	As at
	March 31, 2024	March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment	12,370	13,346
Right of use assets	6,552	6,882
Capital work-in-progress	293	288
Goodwill	7,303	7,248
Other Intangible assets	1,397	1,749
Financial assets
Investments	11,708	12,569
Loans	34	39
Other financial assets	3,105	2,798
Deferred tax assets (net)	454	1,245
Income tax assets (net)	3,045	6,453
Other non-current assets	2,121	2,318
Total non-current assets	48,382	54,935
Current assets
Financial assets
Investments	12,915	6,909
Trade receivables	30,193	25,424
Cash and cash equivalents	14,786	12,173
Loans	248	289
Other financial assets	12,085	11,604
Income tax assets (net)	6,397	6
Other current assets	12,808	14,476
Total current assets	89,432	70,881
Total Assets	137,814	125,816
EQUITY AND LIABILITIES
Equity
Equity share capital	2,071	2,069
Other equity	86,045	73,338
Total equity attributable to equity holders of the Company	88,116	75,407
Non-controlling interests	345	388
Total equity	88,461	75,795
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities	6,400	7,057
Other financial liabilities	2,130	2,058
Deferred tax liabilities (net)	1,794	1,220
Other non-current liabilities	235	500
Total non-current liabilities	10,559	10,835
Current liabilities
Financial liabilities
Lease liabilities	1,959	1,242
Trade payables	3,956	3,865
Other financial liabilities	16,959	18,558
Other Current Liabilities	10,539	10,830
Provisions	1,796	1,307
Income tax liabilities (net)	3,585	3,384
Total current liabilities	38,794	39,186
Total equity and liabilities	137,814	125,816

The disclosure is an extract of the audited Consolidated Balance Sheetas at March 31, 2024 and March 31, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS).

4. Audited Consolidated Statement of Cash Flows

(in crore)

Particulars	Year ended March 31,
	2024	2023
Cash flow from operating activities
Profit for the year	26,248	24,108
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense	9,740	9,214
Depreciation and amortization	4,678	4,225
Interest and dividend income	(2,067)	(1,817)
Finance cost	470	284
Impairment loss recognized / (reversed) under expected credit loss model	121	283
Exchange differences on translation of assets and liabilities, net	76	161
Stock compensation expense	652	519
Provision for post sale client support	75	120
Interest receivable on income tax refund	(1,934)	–
Other adjustments	1,464	508
Changes in assets and liabilities
Trade receivables and unbilled revenue	(2,667)	(7,076)
Loans, other financial assets and other assets	(1,172)	(3,108)
Trade payables	91	(279)
Other financial liabilities, other liabilities and provisions	(1,334)	4,119
Cash generated from operations	34,441	31,261
Income taxes paid	(9,231)	(8,794)
Net cash generated by operating activities	25,210	22,467
Cash flows from investing activities
Expenditure on property, plant and equipment and intangibles	(2,201)	(2,579)
Deposits placed with corporation	(847)	(996)
Redemption of deposits placed with Corporation	710	762
Interest and dividend received	1,768	1,525
Payment towards acquisition of business, net of cash acquired	–	(910)
Payment of contingent consideration pertaining to acquisition of business	(101)	(60)
Escrow and other deposits pertaining to Buyback	–	(483)
Redemption of escrow and other deposits pertaining to Buyback	–	483
Other receipts	128	71
Payments to acquire Investments
Tax free bonds and government bonds	–	(27)
Liquid mutual fund units	(66,191)	(70,631)
Target maturity fund	–	(400)
Certificates of deposit	(8,509)	(10,348)
Commercial Paper	(10,387)	(3,003)
Non convertible debentures	(1,526)	(249)
Government securities	–	(1,569)
Other investments	(14)	(20)
Proceeds on sale of Investments
Tax free bonds and government bonds	150	221
Liquid mutual fund units	64,767	71,851
Certificates of deposit	9,205	10,404
Commercial Paper	6,479	2,298
Non-convertible debentures	1,230	470
Government securities	304	1,882
Other investments	26	99
Net cash used in investing activities	(5,009)	(1,209)
Cash flows from financing activities:
Payment of lease liabilities	(2,024)	(1,231)
Payment of dividends	(14,692)	(13,631)
Payment of dividend to non-controlling interest of subsidiary	(39)	(22)
Shares issued on exercise of employee stock options	5	35
Payment towards purchase of non-controlling interest	(18)	–
Other receipts	–	132
Other payments	(736)	(479)
Buyback of equity shares including transaction cost and tax on buyback	–	(11,499)
Net cash used in financing activities	(17,504)	(26,695)
Net increase / (decrease) in cash and cash equivalents	2,697	(5,437)
Effect of exchange rate changes on cash and cash equivalents	(84)	138
Cash and cash equivalents at the beginning of the period	12,173	17,472
Cash and cash equivalents at the end of the period	14,786	12,173
Supplementary information:
Restricted cash balance	348	362

The disclosure is an extract of the audited ConsolidatedStatement of Cash flows for the year ended March 31, 2024 and March 31, 2023 prepared in compliance with Indian Accounting Standard (IndAS) 34 Interim Financial Reporting.

5. Segment reporting (Consolidated - Audited)

(in crore)

Particulars	Quarter endedMarch 31,	Quarter endedDecember 31,	Quarter endedMarch 31,	Year endedMarch 31,
	2024	2023	2023	2024	2023
Revenue by business segment
Financial Services ^(1)#^	10,010	10,783	10,818	42,158	43,763
Retail ^(2)^	5,429	5,649	5,537	22,504	21,204
Communication ^(3)^	4,666	4,421	4,411	17,991	18,086
Energy, Utilities, Resources and Services	5,068	5,121	4,825	20,035	18,539
Manufacturing	5,589	5,786	5,078	22,298	19,035
Hi-Tech	3,316	2,985	2,989	12,411	11,867
Life Sciences ^(4)^	2,762	2,954	2,681	11,515	10,085
All other segments ^(5)^	1,083	1,122	1,102	4,758	4,188
Total	37,923	38,821	37,441	153,670	146,767
Less: Inter-segment revenue	–	–	–	–	–
Net revenue from operations	37,923	38,821	37,441	153,670	146,767
Segment profit before tax, depreciation and non-controlling interests:
Financial Services ^(1)#^	1,941	2,260	2,600	9,324	10,843
Retail ^(2)^	1,864	1,715	1,634	6,882	6,396
Communication ^(3)^	810	860	958	3,688	3,759
Energy, Utilities , Resources and Services	1,431	1,450	1,302	5,523	5,155
Manufacturing	1,081	1,110	902	4,197	3,113
Hi-Tech	803	758	750	3,153	2,959
Life Sciences ^(4)^	632	766	705	2,898	2,566
All other segments ^(5)^	222	218	147	760	339
Total	8,784	9,137	8,998	36,425	35,130
Less: Other Unallocable expenditure	1,163	1,176	1,121	4,678	4,225
Add: Unallocable other income	2,729	789	671	4,711	2,701
Less: Finance cost	110	131	82	470	284
Profit before tax and non-controlling interests	10,240	8,619	8,466	35,988	33,322
^(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
---	---
^#^	Includes impact on account of McCamish cybersecurity incident. Refer note 1.b) above.
---	---

Notes on segment information

Business segments

Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.

Segmental capital employed

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

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

(in crore)

Particulars	Quarter endedMarch 31,	Quarter endedDecember 31,	Quarter endedMarch 31,	Year endedMarch 31,
	2024	2023	2023	2024	2023
Revenue from operations	32,001	32,491	30,531	128,933	124,014
Profit before tax	10,414	8,876	7,957	35,953	31,643
Profit for the period	8,480	6,552	5,904	27,234	23,268

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

The Board has also taken on record the consolidatedresults of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2024, prepared as per International FinancialReporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:

(in US$ million, except per equity sharedata)

Particulars	Quarter endedMarch 31,	Quarter endedDecember 31,	Quarter endedMarch 31,	Year endedMarch 31,
	2024	2023	2023	2024	2023
	Audited	Audited	Audited	Audited	Audited
Revenues	4,564	4,663	4,554	18,562	18,212
Cost of sales	3,219	3,274	3,164	12,975	12,709
Gross profit	1,345	1,389	1,390	5,587	5,503
Operating expenses	428	433	433	1,753	1,678
Operating profit	917	956	957	3,834	3,825
Other income, net	328	95	82	568	335
Finance cost	13	16	10	56	35
Profit before income taxes	1,232	1,035	1,029	4,346	4,125
Income tax expense	273	301	284	1,177	1,142
Net profit	959	734	745	3,169	2,983
Earnings per equity share *
Basic	0.23	0.18	0.18	0.77	0.71
Diluted	0.23	0.18	0.18	0.76	0.71
Total assets	16,523	15,606	15,312	16,523	15,312
Cash and cash equivalents and current investments	3,321	2,598	2,322	3,321	2,322
*	EPS is not annualized for the quarter ended March 31, 2024, quarter ended December 31,2023 and quarter ended March 31, 2023.
---	---

Statement of Audited results of Infosys Limited for the quarter and yearended March 31, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter endedMarch 31,	Quarter endedDecember 31,	Quarter endedMarch 31,	Year endedMarch 31,
	2024	2023	2023	2024	2023
	Audited	Audited	Audited	Audited	Audited
Revenue from operations	32,001	32,491	30,531	128,933	124,014
Other income, net (refer note 1(d))	3,483	1,582	766	7,417	3,859
Total income	35,484	34,073	31,297	136,350	127,873
Expenses
Employee benefit expenses	16,047	16,304	15,581	65,139	62,764
Cost of technical sub-contractors	4,648	4,670	4,551	18,638	19,096
Travel expenses	371	296	335	1,372	1,227
Cost of software packages and others	2,098	1,811	875	6,891	5,214
Communication expenses	109	119	117	489	502
Consultancy and professional charges	287	282	261	1,059	1,236
Depreciation and amortization expense	722	738	714	2,944	2,753
Finance cost	62	82	43	277	157
Other expenses	726	895	863	3,588	3,281
Total expenses	25,070	25,197	23,340	100,397	96,230
Profit before tax	10,414	8,876	7,957	35,953	31,643
Tax expense: (refer note 1(c))
Current tax	830	2,231	1,906	7,306	8,167
Deferred tax	1,104	93	147	1,413	208
Profit for the period	8,480	6,552	5,904	27,234	23,268
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net	36	73	10	128	(19)
Equity instruments through other comprehensive income, net	(12)	(9)	(14)	19	(6)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	28	(46)	36	11	(7)
Fair value changes on investments, net	34	49	38	129	(236)
Total other comprehensive income/ (loss), net of tax	86	67	70	287	(268)
Total comprehensive income for the period	8,566	6,619	5,974	27,521	23,000
Paid-up share capital (par value 5/- each fully paid)	2,075	2,075	2,074	2,075	2,074
Other Equity*	79,101	65,671	65,671	79,101	65,671
Earnings per equity share ( par value 5 /- each)**
Basic (in per share)	20.43	15.79	14.20	65.62	55.48
Diluted (in per share)	20.41	15.78	14.19	65.56	55.42
*	Balances for the quarter ended December 31, 2023 represent balances as per the auditedBalance Sheet as at March 31, 2023 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015
---	---
**	EPS is not annualized for the quarter ended March 31, 2024, quarter ended December 31,2023 and quarter ended March 31, 2023.
---	---

1. Notes

The audited interim condensed standalone financial statements for the quarter and year ended March 31, 2024 have been taken on record by the Board of Directors at its meeting held on April 18, 2024 The statutory auditors, DeloitteHaskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed standalone financial statements. These 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 Capital allocation policy

Effective from Financial Year 2025, the Company expects to continue its policy of returning<br>approximately 85% of the Free Cash Flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share<br>buyback/ special dividends subject to applicable laws and requisite approvals, if any. Under this policy, the Company expects to progressively<br>increase its annual Dividend Per Share (excluding special dividend if any).<br> <br><br>Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of<br>cash flows prepared under IFRS.<br> Dividend and buyback include applicable taxes.
c)	Update on orders received from the Indian Income tax department
---	---
During the quarter ending March 31, 2024, the Company received orders under sections 250<br>and 254 of the Income tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and<br>2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result interest<br>income (pre-tax) of 1,933 crore (included in other income as mentioned in point (d) below) was recognised<br>and provision for income tax aggregating 525 crore was reversed with a corresponding credit to the<br>Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to 1,628<br>crore has been reduced from contingent liabilities.
---
d)	Other income includes interest on income tax refund of 1,934<br>crore and Nil for the quarter ended March 31, 2024 and March 31, 2023 respectively, 1,936 crore and<br>Nil for the year ended March 31, 2024 and March 31, 2023 respectively, and 1 crore for the quarter<br>ended December 31, 2023.
---	---
e)	Update on employee stock grants
---	---
The Board, on April 18, 2024, based on the recommendations of the Nomination and Remuneration<br>Committee, approved the following annual grants to Salil Parekh, CEO and MD as per his employment agreement approved by shareholders:
---
i)	The grant of annual performance-based stock incentives (Annual Performance Equity Grant)<br>in the form of Restricted Stock Units (RSU's) covering Company’s equity shares having a market value of 34.75<br>crore as on the date of the grant under the 2015 Stock Incentive Compensation Plan (2015 plan) which shall vest 12 months from the date<br>of grant subject to achievement of performance targets as determined by the Board.
---	---
ii)	The grant of annual performance-based stock incentives (Annual performance equity ESG grant)<br>in the form of RSU's covering Company’s equity shares having a market value of 2 crore as on<br>the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant subject to the Company’s achievement<br>of certain environment, social and governance milestones as determined by the Board.
---	---
iii)	The grant of annual performance-based stock incentives (Annual performance Equity TSR grant)<br>in the form of RSU's covering Company’s equity shares having a market value of 5 crore as on<br>the date of the grant under the 2015 Plan, which shall vest after March 31, 2025 subject to the Company’s performance on cumulative<br>relative TSR over the years and as determined by the Board.
---	---
iv)	The grant of annual performance-based stock incentives (2019 Annual Performance Equity Grant)<br>in the form of Restricted Stock Units (RSU's) covering Company’s equity shares having a market value of 10<br>crore as on the date of the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from<br>the date of the grant subject to the Company’s achievement of certain performance criteria as laid out in the 2019 Plan.
---	---

The above RSUs will be granted w.e.f May 2, 2024 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2024.

2. Information on dividends for the quarter and year ended March 31,2024

For financial year 2024, the Board recommended a final dividend of 20/- (par value of 5/- each) per equity share and additionally a special dividend of 8/- (par value of 5/- each) per equity share. This payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 26, 2024. The record date for the purpose of the payment of final and special dividend is May 31, 2024. The dividend will be paid on July 1, 2024. For the financial year ended 2023, the Company declared a final dividend of 17.50/- per equity share.

The Board of Directors (in the meeting held on October 12, 2023) declared an interim dividend of 18/- (par value 5/- each) per equity share. The record date for the payment was October 25, 2023 and the same was paid on November 6, 2023. The interim dividend declared in the previous year was 16.50/- per equity share

(in )

Particulars	Quarter endedMarch 31,	Quarter endedDecember 31,	Quarter endedMarch 31,	Year ended March 31,
	2024	2023	2023	2024	2023
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	18.00	16.50
Final dividend	20.00	–	17.50	20.00	17.50
Special dividend	8.00	–	–	8.00	–

3. Audited Standalone Balance Sheet

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment	10,813	11,656
Right of use assets	3,303	3,561
Capital work-in-progress	277	275
Goodwill	211	211
Other Intangible assets	–	3
Financial assets
Investments	23,352	23,686
Loans	34	39
Other financial assets	1,756	1,341
Deferred tax assets (net)	–	779
Income tax assets (net)	2,583	5,916
Other non-current assets	1,669	1,788
Total non-current assets	43,998	49,255
Current assets
Financial assets
Investments	11,307	4,476
Trade receivables	25,152	20,773
Cash and cash equivalents	8,191	6,534
Loans	208	291
Other financial assets	10,129	9,088
Income tax assets (net)	6,329	–
Other current assets	9,636	10,920
Total current assets	70,952	52,082
Total assets	114,950	101,337
EQUITY AND LIABILITIES
Equity
Equity share capital	2,075	2,074
Other equity	79,101	65,671
Total equity	81,176	67,745
LIABILITIES
Non-current liabilities
Financial liabilities
Lease liabilities	3,088	3,553
Other financial liabilities	1,941	1,317
Deferred tax liabilities (net)	1,509	866
Other non-current liabilities	150	414
Total non - current liabilities	6,688	6,150
Current liabilities
Financial liabilities
Lease liabilities	678	713
Trade payables
Total outstanding dues of micro enterprises and small enterprises	92	97
Total outstanding dues of creditors other than micro enterprises and small enterprises	2,401	2,329
Other financial liabilities	11,808	12,697
Other current liabilities	7,681	7,609
Provisions	1,464	1,163
Income tax liabilities (net)	2,962	2,834
Total current liabilities	27,086	27,442
Total equity and liabilities	114,950	101,337

The disclosure is an extract of the audited BalanceSheet as at March 31, 2024 and March 31, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS).

4. Audited Standalone Statement of Cash flows

(In crore)

Particulars	Year ended March 31,
	2024	2023
Cash flow from operating activities:
Profit for the period	27,234	23,268
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortization	2,944	2,753
Income tax expense	8,719	8,375
Impairment loss recognized / (reversed) under expected credit loss model	130	183
Finance cost	277	157
Interest and dividend income	(4,670)	(3,028)
Stock compensation expense	575	460
Provision for post sale client support	77	121
Exchange differences on translation of assets and liabilities, net	63	(116)
Interest receivable on income tax refund	(1,934)	–
Other adjustments	235	34
Changes in assets and liabilities
Trade receivables and unbilled revenue	(2,933)	(5,065)
Loans, other financial assets and other assets	(1,645)	(2,171)
Trade payables	67	(243)
Other financial liabilities, other liabilities and provisions	(117)	2,248
Cash generated from operations	29,022	26,976
Income taxes paid	(8,235)	(7,807)
Net cash generated by operating activities	20,787	19,169
Cash flow from investing activities:
Expenditure on property, plant and equipment	(1,832)	(2,130)
Deposits placed with corporation	(688)	(634)
Redemption of deposits placed with corporation	522	482
Interest and dividend received	1,441	1,299
Dividend received from subsidiary	2,976	1,463
Loan given to subsidiaries	–	(427)
Loan repaid by subsidiaries	4	393
Investment in subsidiaries	(63)	(1,530)
Receipt / (payment) towards business transfer for entities under common control	35	19
Receipt / (payment) from entities under liquidation	80	–
Escrow and other deposits pertaining to Buyback	–	(483)
Redemption of Escrow and other deposits pertaining to Buyback	–	483
Other receipts	123	61
Payments to acquire investments
Liquid mutual fund units	(57,606)	(62,952)
Target maturity fund units	–	(400)
Tax free bonds and Government bonds	–	(14)
Commercial Papers	(9,405)	(2,485)
Certificates of deposit	(7,011)	(8,909)
Government Securities	–	(1,370)
Non-convertible debentures	(1,526)	–
Other investments	(2)	(4)
Proceeds on sale of investments
Tax free bonds and Government bonds	150	213
Liquid mutual fund units	56,124	64,168
Non-convertible debentures	955	395
Certificates of deposit	6,962	9,454
Commercial Papers	5,475	2,098
Government Securities	5	1,532
Other investments	20	99
Net cash (used in) / from investing activities	(3,261)	821
Cash flow from financing activities:
Buyback of equity shares including transaction cost and tax on Buyback	–	(11,499)
Payment of lease liabilities	(850)	(694)
Shares issued on exercise of employee stock options	1	30
Other receipts	–	44
Other payments	(243)	(64)
Payment of dividends	(14,733)	(13,674)
Net cash used in financing activities	(15,825)	(25,857)
Net increase / (decrease) in cash and cash equivalents	1,701	(5,867)
Effect of exchange differences on translation of foreign currency cash and cash equivalents	(44)	131
Cash and cash equivalents at the beginning of the period	6,534	12,270
Cash and cash equivalents at the end of the period	8,191	6,534
Supplementary information:
Restricted cash balance	44	46

The disclosure is an extract of the audited Statementof Cash flows for the year ended March 31, 2024 and March 31, 2023 prepared in compliance with Indian Accounting Standard (Ind AS) 34Interim Financial Reporting.

5. 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 year ended March 31,2024.

	By order of the Board<br><br> <br>for Infosys Limited
Bengaluru, India<br><br> <br>April 18, 2024	Salil Parekh<br><br> <br>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: investors@infosys.com<br><br> <br>T: 91 80 2852 0261, F: 91<br> 80 2852 0362

Extract of Consolidated Audited Financial Results of Infosys Limitedand its subsidiaries for the quarter and year ended March 31, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS)

( in crore, except per equity share data)

Particulars	Quarter endedMarch 31,	YearendedMarch 31,	Quarter endedMarch 31,
	2024	2024	2023
Revenue from operations	37,923	153,670	37,441
Profit before tax	10,240	35,988	8,466
Profit for the period	7,975	26,248	6,134
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax)	7,823	26,768	6,283
Profit attributable to:
Owners of the company	7,969	26,233	6,128
Non-controlling interests	6	15	6
	7,975	26,248	6,134
Total comprehensive income attributable to:
Owners of the company	7,821	26,754	6,276
Non-controlling interest	2	14	7
	7,823	26,768	6,283
Paid-up share capital (par value 5/- each fully paid)	2,071	2,071	2,069
Other equity ^#^	86,045	86,045	73,338
Earnings per share (par value 5/- each)*
Basic (in per share)	19.25	63.39	14.79
Diluted (in per share)	19.22	63.29	14.77
*	EPS is not annualized for the quarter ended March 31, 2024 and quarter ended March 31,2023
---	---
^#^	Excludes non-controlling interest
---	---

1. Notes

a)	The audited interim consolidated financial statements for the quarter and year ended March<br>31, 2024 have been taken on record by the Board of Directors at its meeting held on April 18, 2024. The statutory auditors, DeloitteHaskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited<br>interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance<br>with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies<br>(Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
b)	Update on McCamish Cybersecurity incident
---	---
In November 2023, Infosys McCamish Systems (McCamish), a step-down subsidiary of Infosys<br>Limited, experienced a cybersecurity incident resulting in the non-availability of certain applications and systems. McCamish initiated<br>its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident<br>and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists’<br>assistance, substantially remediated and restored the affected applications and systems.Loss of contracted revenues and costs incurred<br>with respect to remediations, restoration, communication efforts, investigative processes and analysis, legal services and others amounted<br>to $38 million (approximately 316 crore) for the year ended March 31, 2024.Actions taken by McCamish<br>included investigative analysis conducted by a third-party cybersecurity firm to determine, among other things, whether and the extent<br>to which company or customer data was subject to unauthorized access or exfiltration. McCamish also engaged a third-party vendor for<br>eDiscovery in assessing the extent and nature of such data. McCamish in coordination with its third-party eDiscovery vendor has identified<br>corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish’s review process<br>is ongoing. McCamish may incur additional costs including indemnities or damages/claims, which are indeterminable at this time.
---
c)	Proposed acquisition
---	---
On April 18, 2024, Infosys Germany GmBH a wholly owned step down subsidiary of Infosys Limited,<br>entered into a definitive agreement to acquire 100% of the equity share capital of in-tech Holding GmbH, a leading provider of Engineering<br>R&D services headquartered in Germany, for a consideration including earn-outs amounting up to EUR 450 million (approximately 4,045<br>crore) excluding management incentives, and retention bonus subject to customary closing adjustments.
---
d)	Update on Capital allocation policy
---	---
Effective from Financial Year 2025, the Company expects to continue its policy of returning<br>approximately 85% of the Free Cash Flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share<br>buyback/ special dividends subject to applicable laws and requisite approvals, if any. Under this policy, the Company expects to progressively<br>increase its annual Dividend Per Share (excluding special dividend if any).Free cash flow is defined as net cash provided by operating<br>activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS.Dividend and buyback include<br>applicable taxes.
---
e)	Update on orders received from the Indian Income tax department
---	---
During the quarter ending March 31, 2024, the Company received orders under sections 250<br>and 254 of the Income tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and<br>2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result interest<br>income (pre-tax) of 1,933 crore (included in other income as mentioned in point (f) below) was recognised<br>and provision for income tax aggregating 525 crore was reversed with a corresponding credit to the<br>Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to 1,628<br>crore has been reduced from contingent liabilities.
---
f)	Other income includes interest on income tax refund of 1,916<br>crore and 2 crore for the quarter ended March 31, 2024 and March 31, 2023 respectively, 1,965<br>crore and 3 crore for the year ended March 31, 2024 and March 31, 2023 respectively, and 42<br>crore for the quarter ended December 31, 2023.
---	---
g)	Update on employee stock grants
---	---
The Board, on April 18, 2024, based on the recommendations of the Nomination and Remuneration<br>Committee, approved the following annual grants to Salil Parekh, CEO and MD as per his employment agreement approved by shareholders:
---
i)	The grant of annual performance-based stock incentives (Annual Performance Equity Grant)<br>in the form of Restricted Stock Units (RSU's) covering Company’s equity shares having a market value of 34.75<br>crore as on the date of the grant under the 2015 Stock Incentive Compensation Plan (2015 plan) which shall vest 12 months from the date<br>of grant subject to achievement of performance targets as determined by the Board.
---	---
ii)	The grant of annual performance-based stock incentives (Annual performance equity ESG grant)<br>in the form of RSU's covering Company’s equity shares having a market value of 2 crore as on<br>the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant subject to the Company’s achievement<br>of certain environment, social and governance milestones as determined by the Board.
---	---
iii)	The grant of annual performance-based stock incentives (Annual performance Equity TSR grant)<br>in the form of RSU's covering Company’s equity shares having a market value of 5 crore as on<br>the date of the grant under the 2015 Plan, which shall vest after March 31, 2025 subject to the Company’s performance on cumulative<br>relative TSR over the years and as determined by the Board.
---	---
iv)	The grant of annual performance-based stock incentives (2019 Annual Performance Equity Grant)<br>in the form of Restricted Stock Units (RSU's) covering Company’s equity shares having a market value of 10<br>crore as on the date of the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from<br>the date of the grant subject to the Company’s achievement of certain performance criteria as laid out in the 2019 Plan.
---	---

The above RSUs will be granted w.e.f May 2, 2024 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2024.

2. Information on dividends for the quarter andyear ended March 31, 2024

**** (in )

Particulars	Quarter endedMarch 31,	YearendedMarch 31,	Quarter endedMarch 31,
	2024	2024	2023
Dividend per share (par value 5/- each)
Interim dividend	–	18.00	–
Final dividend	20.00	20.00	17.50
Special dividend	8.00	8.00	–

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

(in crore)

Particulars	Quarter endedMarch 31,	YearendedMarch 31,	Quarter endedMarch 31,
	2024	2024	2023
Revenue from operations	32,001	128,933	30,531
Profit before tax	10,414	35,953	7,957
Profit for the period	8,480	27,234	5,904

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

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

Exhibit 99.7

IFRS USD Earning Release

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim CondensedConsolidated Financial Statements

Opinion

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 March 31, 2024, the Condensed Consolidated Statement of Comprehensive Income for the three months and year ended on that date, the Condensed Consolidated Statement of Changes in Equity and the Condensed Consolidated Statement of Cash Flows for the year 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 March 31, 2024, its consolidated profit and its consolidated total comprehensive income for the three months and year ended on that date, its consolidated changes in equity and its consolidated cash flows for the year 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 (“SA”s) 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.

Emphasis of Matter

As described in note 2.6.2 to the Interim Condensed Consolidated Financial Statements, certain costs relating to possible damages or claims relating to a cybersecurity incident in a subsidiary are indeterminable as at the date of this report because of reasons stated in the note. Our opinion is not modified in respect of this matter.

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

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

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

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

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

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

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

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

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

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

Place: Bengaluru<br><br> <br>Date: April 18, 2024	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm's Registration No. 117366W/W-100018)<br><br> <br><br><br> <br><br><br> <br>Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN:24039826BKCODK4780

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS)in US Dollars for the three months and year ended March 31, 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	March 31, 2024	March 31, 2023
ASSETS
Current assets
Cash and cash equivalents	2.1	1,773	1,481
Current investments	2.2	1,548	841
Trade receivables		3,620	3,094
Unbilled revenue	2.17	1,531	1,861
Prepayments and other current assets	2.4	1,473	1,336
Income tax assets	2.12	767	1
Derivative financial instruments	2.3	10	12
Total current assets		10,722	8,626
Non-current assets
Property, plant and equipment	2.7	1,537	1,679
Right-of-use assets	2.8	786	837
Goodwill	2.9	875	882
Intangible assets		167	213
Non-current investments	2.2	1,404	1,530
Unbilled revenue	2.17	213	176
Deferred income tax assets	2.12	55	152
Income tax assets	2.12	365	785
Other non-current assets	2.4	399	432
Total Non-current assets		5,801	6,686
Total assets		16,523	15,312
LIABILITIES AND EQUITY
Current liabilities
Trade payables		474	470
Lease liabilities	2.8	235	151
Derivative financial instruments	2.3	4	10
Current income tax liabilities	2.12	430	412
Unearned revenue		880	872
Employee benefit obligations		314	292
Provisions	2.6	215	159
Other current liabilities	2.5	2,099	2,403
Total current liabilities		4,651	4,769
Non-current liabilities
Lease liabilities	2.8	767	859
Deferred income tax liabilities	2.12	216	149
Employee benefit obligations		11	10
Other non-current liabilities	2.5	273	301
Total Non-current liabilities		1,267	1,319
Total liabilities		5,918	6,088
Equity
Share capital - 5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,139,950,635 (4,136,387,925) equity shares fully paid up, net of 10,916,829 (12,172,119) treasury shares as at March 31, 2024 (March 31, 2023)	2.18	325	325
Share premium		425	366
Retained earnings		12,557	11,401
Cash flow hedge reserves		1	-
Other reserves		1,623	1,370
Capital redemption reserve		24	24
Other components of equity		(4,396)	(4,314)
Total equity attributable to equity holders of the Company		10,559	9,172
Non-controlling interests		46	52
Total equity		10,605	9,224
Total liabilities and equity		16,523	15,312

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
Sanjiv V. Pilgaonkar	D. Sundaram	Salil Parekh	Bobby Parikh
Partner	Lead Independent Director	Chief Executive Officer and Managing Director	Director
Membership No. 039826
	Jayesh Sanghrajka	A.G.S. Manikantha
	Chief Financial Officer	Company Secretary
Bengaluru<br><br> <br>April 18, 2024

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

Condensed Consolidated Statement of Comprehensive Income for the	Three months ended		Year ended
	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
Revenues	4,564	4,554	18,562	18,212
Cost of sales	3,219	3,164	12,975	12,709
Gross profit	1,345	1,390	5,587	5,503
Operating expenses:
Selling and marketing expenses	209	202	842	776
Administrative expenses	219	231	911	902
Total operating expenses	428	433	1,753	1,678
Operating profit	917	957	3,834	3,825
Other income, net	328	82	568	335
Finance cost	13	10	56	35
Profit before income taxes	1,232	1,029	4,346	4,125
Income tax expense	273	284	1,177	1,142
Net profit	959	745	3,169	2,983
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	4	4	15	4
Equity instruments through other comprehensive income, net	(2)	(1)	2	(3)
	2	3	17	1
Items that will be reclassified subsequently to profit or loss
Fair value changes on investments, net	4	4	17	(30)
Fair value changes on derivatives designated as cash flow hedge, net	3	4	1	(1)
Exchange differences on translation of foreign operations	(54)	74	(117)	(697)
	(47)	82	(99)	(728)
Total other comprehensive income/(loss), net of tax	(45)	85	(82)	(727)
Total comprehensive income	914	830	3,087	2,256
Profit attributable to:
Owners of the Company	958	744	3,167	2,981
Non-controlling interests	1	1	2	2
	959	745	3,169	2,983
Total comprehensive income attributable to:
Owners of the Company	914	829	3,086	2,254
Non-controlling interests	–	1	1	2
	914	830	3,087	2,256
Earnings per equity share
Basic ()	0.23	0.18	0.77	0.71
Diluted ()	0.23	0.18	0.76	0.71
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	4,139,432,133	4,144,013,195	4,138,568,090	4,180,897,857
Diluted (in shares)	4,145,052,370	4,149,555,426	4,144,680,425	4,187,731,070

All values are in US Dollars.

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
Sanjiv V. Pilgaonkar	D. Sundaram	Salil Parekh	Bobby Parikh
Partner	Lead Independent Director	Chief Executive Officer and Managing Director	Director
Membership No. 039826
	Jayesh Sanghrajka	A.G.S. Manikantha
	Chief Financial Officer	Company Secretary
Bengaluru<br><br> <br>April 18, 2024

Condensed Consolidated Statement of Changes in Equity

(Dollars in millions except equity share data)

	Number of Shares^(1)^	Share capital	Share premium	Retained earnings	Other reserves^(2)^	Capital redemption reserve	Cash flow hedge reserve	Other components of equity	Total equity attributable to equity holders of the Company	Non-controlling interest	Total equity
Balance as at April 1, 2022	4,193,012,929	328	337	11,672	1,170	21	1	(3,588)	9,941	53	9,994
Impact on adoption of amendment to IAS 37^##^	–	–	–	(2)	–	–	–	–	(2)	–	(2)
	4,193,012,929	328	337	11,670	1,170	21	1	(3,588)	9,939	53	9,992
Changes in equity for the year ended March 31, 2023
Net profit	–	–	–	2,981	–	–	–	–	2,981	2	2,983
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	4	4	–	4
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	(1)	–	(1)	–	(1)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	(697)	(697)	–	(697)
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	(3)	(3)	–	(3)
Fair value changes on investments, net*	–	–	–	–	–	–	–	(30)	(30)	–	(30)
Total comprehensive income for the period	–	–	–	2,981	–	–	(1)	(726)	2,254	2	2,256
Shares issued on exercise of employee stock options (Refer to note 2.11)	3,801,344	–	4	–	–	–	–	–	4	–	4
Buyback of equity shares (Refer to note 2.18)^**^	(60,426,348)	(3)	(41)	(1,350)	–	–	–	–	(1,394)	–	(1,394)
Transaction cost relating to buyback*	–	–	(3)	–	–	–	–	–	(3)	–	(3)
Amount transferred to capital redemption reserve upon buyback	–	–	–	(3)	–	3	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	63	–	–	–	–	–	63	–	63
Income tax benefit arising on exercise of stock options	–	–	6	–	–	–	–	–	6	–	6
Transferred to other reserves	–	–	–	(380)	380	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	180	(180)	–	–	–	–	–	–
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(3)	(3)
Dividends^#^	–	–	–	(1,697)	–	–	–	–	(1,697)	–	(1,697)
Balance as at March 31, 2023	4,136,387,925	325	366	11,401	1,370	24	–	(4,314)	9,172	52	9,224
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 year ended March 31, 2024
Net profit	–	–	–	3,167	–	–	–	–	3,167	2	3,169
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	15	15	–	15
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	2	2	–	2
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	1	–	1	–	1
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	(116)	(116)	(1)	(117)
Fair value changes on investments, net*	–	–	–	–	–	–		17	17	–	17
Total comprehensive income for the period	–	–	–	3,167	–	–	1	(82)	3,086	1	3,087
Shares issued on exercise of employee stock options (Refer to note 2.11)	3,562,710	–	1	–	–	–	–	–	1	–	1
Transferred on account of options not exercised	–	–	(19)	19	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	77	–	–	–			77	–	77
Transferred to other reserves	–	–	–	(357)	357	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	104	(104)	–	–	–	–	–	–
Buyback of shares pertaining to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(2)	(2)
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(5)	(5)
Dividends^#^	–	–	–	(1,777)	–	–	–	–	(1,777)	–	(1,777)
Balance as at March 31, 2024	4,139,950,635	325	425	12,557	1,623	24	1	(4,396)	10,559	46	10,605
*	net of tax
---	---
**	Including tax on buyback of $264 million for the year ended March 31, 2023.
---	---
#	net of treasury shares
---	---
^##^	Impact on account of adoption of amendment to IAS 37 Provisions, Contingent Liabilitiesand Contingents Assets
---	---
(1)	excludes treasury shares of 10,916,829 as at March 31, 2024, 12,172,119 as at April 1,2023 and 13,725,712 as at April 1, 2022, held by consolidated trust.
---	---
^(2)^	Represents the Special Economic Zone Re-investment reserve created out of the profit ofthe eligible SEZ unit in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act,1961. The reserve should be utilized by the Groupfor acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA(2) of the Income TaxAct, 1961.
---	---

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018
Sanjiv V. Pilgaonkar	D. Sundaram	Salil Parekh	Bobby Parikh
Partner	Lead Independent Director	Chief Executive Officer and Managing Director	Director
Membership No. 039826
	Jayesh Sanghrajka	A.G.S. Manikantha
	Chief Financial Officer	Company Secretary
Bengaluru<br><br> <br>April 18, 2024

Condensed Consolidated Statement of Cash Flows

Accounting Policy

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

(Dollars in millions)

Particulars	Note	Year ended
		March 31, 2024	March 31, 2023
Operating activities:
Net Profit		3,169	2,983
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortization		565	524
Interest and dividend income		(138)	(139)
Finance cost		56	35
Income tax expense	2.12	1,177	1,142
Exchange differences on translation of assets and liabilities, net		11	21
Impairment loss recognized/(reversed) under expected credit loss model		15	35
Stock compensation expense		79	64
Provision for post sale client support		9	15
Interest receivable on income tax refund		(234)	-
Other adjustments		176	65
Changes in working capital
Trade receivables and unbilled revenue		(322)	(875)
Prepayments and other assets		(151)	(404)
Trade payables		11	(35)
Unearned revenue		21	103
Other liabilities and provisions		(182)	407
Cash generated from operations		4,262	3,941
Income taxes paid		(1,114)	(1,088)
Net cash generated by operating activities		3,148	2,853
Investing activities:
Expenditure on property, plant and equipment and intangibles		(266)	(319)
Deposits placed with Corporation		(102)	(123)
Redemption of deposits placed with Corporation		86	94
Interest and dividend received		110	120
Payment for acquisition of business, net of cash acquired	2.10	-	(113)
Payment of contingent consideration pertaining to acquisition of business		(12)	(8)
Escrow and other deposits pertaining to Buyback		-	(59)
Redemption of escrow and other deposits pertaining to Buyback		-	59
Payments to acquire Investments
Liquid mutual funds units		(7,990)	(8,739)
Target maturity fund units		-	(49)
Certificates of deposit		(1,027)	(1,280)
Quoted debt securities		(184)	(228)
Commercial paper		(1,254)	(371)
Other investments		(2)	(2)
Proceeds on sale of investments
Quoted debt securities		203	318
Certificates of deposit		1,111	1,287
Commercial paper		782	284
Liquid mutual funds units		7,818	8,890
Other investments		3	–
Other receipts		16	21
Net cash used in investing activities		(708)	(218)
Financing activities:
Payment of lease liabilities		(245)	(151)
Payment of dividends		(1,777)	(1,697)
Payment of dividends to non-controlling interests of subsidiary		(5)	(3)
Payment towards purchase of non-controlling interest		(2)	–
Shares issued on exercise of employee stock options		1	4
Other payments		(88)	(59)
Other receipts		–	16
Buyback of equity shares including transaction costs and tax on buyback		–	(1,398)
Net cash used in financing activities		(2,116)	(3,288)
Net increase/(decrease) in cash and cash equivalents		324	(653)
Effect of exchange rate changes on cash and cash equivalents		(32)	(171)
Cash and cash equivalents at the beginning of the period	2.1	1,481	2,305
Cash and cash equivalents at the end of the period	2.1	1,773	1,481
Supplementary information:
Restricted cash balance	2.1	42	44

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
Sanjiv V. Pilgaonkar	D. Sundaram	Salil Parekh	Bobby Parikh
Partner	Lead Independent Director	Chief Executive Officer and Managing Director	Director
Membership No. 039826
	Jayesh Sanghrajka	A.G.S. Manikantha
	Chief Financial Officer	Company Secretary
Bengaluru<br><br> <br>April 18, 2024

Overview and Notes to the Interim Condensed ConsolidatedFinancial Statements

1. Overview

1.1	Company overview

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

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

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

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

1.2 Basis of preparation of financial statements

The interim condensed consolidated financial statements have been prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, under the historical cost convention on the accrual basis except for certain financial instruments which have been measured at fair values. Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the company’s Annual Report on Form 20-F for the year ended March 31, 2023. 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 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. The financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded.

1.4 Use of estimates and judgments

The preparation of the 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 the identifiable intangible assets and contingent consideration to be fair valued in order to ascertain the 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 IFRS 16 Leases	Lease Liability in a Sale and Leaseback
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments	Disclosure regarding supplier finance arrangements
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 16

On September 22, 2022, International Accounting Standards Board (IASB) has issued amendments to IFRS 16 Leases, which added requirements explaining the subsequent measurement for a sale and leaseback transaction. These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction.

The effective date for the adoption of this amendment is annual reporting periods beginning on or after January 1, 2024, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements.

Amendments to IAS 7 and IFRS 7

On May 25, 2023 IASB has issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosure which requires entities to disclose information that enables users of financial statement to assess how supplier finance arrangements affect its liabilities and cash flows and to understand the effect of supplier finance arrangements on an entity’s exposure to liquidity risk and how the entity might be affected if the arrangements were no longer available to it.

The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2024, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements.

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

2. Notes to the Interim Condensed Consolidated FinancialStatements

2.1 Cash and cash equivalents

Cash and cash equivalents consist of the following:

(Dollars in millions)

Particulars	As at
	March 31, 2024	March 31, 2023
Cash and bank deposits	1,773	1,220
Deposits with financial institutions	–	261
Total Cash and cash equivalents	1,773	1,481

Cash and cash equivalents as at March 31, 2024 and March 31, 2023 include restricted cash and bank balances of $42 million and $44 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
	March 31, 2024	March 31, 2023
(i) Current Investments
Amortized Cost
Quoted debt securities	–	18
Fair Value through profit or loss
Liquid mutual fund units	313	119
Fair Value through other comprehensive income
Quoted Debt Securities	291	179
Certificates of deposits	365	435
Commercial Paper	579	90
Total current investments	1,548	841
(ii) Non-current Investments
Amortized Cost
Quoted debt securities	211	215
Fair Value through other comprehensive income
Quoted debt securities	1,093	1,221
Quoted equity securities	14	–
Unquoted equity and preference securities	11	24
Fair Value through profit or loss
Target maturity fund units	51	49
Others^(1)^	24	21
Total Non-current investments	1,404	1,530
Total investments	2,952	2,371
Investments carried at amortized cost	211	233
Investments carried at fair value through other comprehensive income	2,353	1,949
Investments carried at fair value through profit or loss	388	189
^(1)^	Uncalled capital commitments outstanding as on March 31, 2024 and March 31, 2023 was $9 million and $11 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
		March 31, 2024	March 31, 2023
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	313	119
Target maturity fund units - carried at fair value through profit or loss	Quoted price	51	49
Quoted debt securities- carried at amortized cost	Quoted price and market observable inputs	236	261
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	1,384	1,400
Commercial Paper - carried at fair value through other comprehensive income	Market observable inputs	579	90
Certificates of Deposit - carried at fair value through other comprehensive income	Market observable inputs	365	435
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	11	24
Quoted equity securities - carried at fair value through other comprehensive income	Quoted price	14	-
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	24	21
Total		2,977	2,399

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, that 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 its investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

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

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

(iv) Financial liabilities

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

b. Derivative financial instruments

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

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

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

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

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

(ii) Cash flow hedge

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

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

2.3.3 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 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 investment 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<br><br>(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
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 2023 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)	1,481	–	–	–	–	1,481	1,481
Investments (Refer to note 2.2)
Liquid mutual fund units	–	–	119	–	–	119	119
Target maturity fund units	–	–	49	–	–	49	49
Quoted debt securities	233	–	–	–	1,400	1,633	1,661 ^(1)^
Certificates of deposit	–	–	–	–	435	435	435
Commercial Papers	–	–	–	–	90	90	90
Unquoted equity and preference securities	–	–	–	24	–	24	24
Unquoted investments others	–	–	21	–	–	21	21
Trade receivables	3,094	–	–	–	–	3,094	3,094
Unbilled revenues(Refer to note 2.17)^(3)^	1,157	–	–	–	–	1,157	1,157
Prepayments and other assets (Refer to note 2.4)	624	–	–	–	–	624	614 ^(2)^
Derivative financial instruments	–	–	8	–	4	12	12
Total	6,589	–	197	24	1,929	8,739	8,757
Liabilities:
Trade payables	470	–	–	–	–	470	470
Lease liabilities (Refer to note 2.8)	1,010	–	–	–	–	1,010	1,010
Derivative financial instruments	–	–	8	–	2	10	10
Financial liability under option arrangements <br><br>(Refer to note 2.5)	–	–	73	–	–	73	73
Other liabilities including contingent consideration (Refer to note 2.5)	2,112	–	12	–	–	2,124	2,124
Total	3,592	–	93	–	2	3,687	3,687
^(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 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 certificates of deposit	365	–	365	–
Investments in commercial paper	579	–	579	–
Investments in unquoted equity and preference securities	11	–	–	11
Investments in quoted equity securities	14	14	–	–
Investments in unquoted investments others	24	–	–	24
Others
Derivative financial instruments- gain on outstanding foreign exchange forward and option contracts	10	–	10	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts	4	–	4	–
Financial liability under option arrangements^(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.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2023 is as follows:

(Dollars in millions)

Particulars	As at March 31, 2023	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	119	119	–	–
Investments in target maturity fund units	49	49	–	–
Investments in quoted debt securities	1,661	1,302	359	–
Investments in unquoted equity and preference securities	24	–	–	24
Investments in certificates of deposit	435	–	435	–
Investments in commercial paper	90	–	90	–
Investments in unquoted investments others	21	–	–	21
Others
Derivative financial instruments- gain on outstanding foreign exchange forward and option contracts	12	–	12	–
Liabilities
Derivative financial instruments- loss on outstanding foreign exchange forward and option contracts	10	–	10	–
Financial liability under option arrangements (Refer to note 2.5)^(1)^	73	–	–	73
Liability towards contingent consideration (Refer to note 2.5)^(1)^	12	–	–	12
^(1)^	Discount rate ranges from 10% to 15%
---	---

During the year ended March 31, 2023 quoted debt securities of $47 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 $196 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
	March 31, 2024	March 31, 2023
Current
Security deposits^(1)^	9	5
Loans to employees^(1)^	30	35
Prepaid expenses^(2)^	399	334
Interest accrued and not due^(1)^	64	59
Withholding taxes and others^(2)^	424	398
Advance payments to vendors for supply of goods^(2)^	43	25
Deposit with corporations^(1)(3)^	304	286
Deferred contract cost
Cost of obtaining a contract^(2)(4)^	24	104
Cost of fulfillment^(2)^	43	21
Net investment in sublease of right-of-use asset^(1)^	1	6
Other non financial assets ^(2)^	21	32
Other financial assets^(1)(5)^	111	31
Total Current prepayment and other assets	1,473	1,336
Non-current
Loans to employees^(1)^	4	5
Security deposits^(1)^	31	35
Deposit with corporations^(1)(3)^	6	12
Defined benefit plan assets^(2)^	4	4
Prepaid expenses^(2)^	41	41
Deferred contract cost
Cost of obtaining a contract ^(2)(4)^	16	23
Cost of fulfillment^(2)^	82	79
Withholding taxes and others^(2)^	81	83
Net investment in sublease of right-of-use asset^(1)^	–	37
Other financial assets^(1)(5)^	134	113
Total Non- current prepayment and other assets	399	432
Total prepayment and other assets	1,872	1,768
^(1)^ Financial assets carried at amortized cost	694	624
^(2)^	Non financial assets
---	---

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

^(3)^	Deposit with corporation represents amounts deposited to settle certain employee-related<br>obligations as and when they arise during the normal course of business.
^(4)^	Includes technology assets taken over by the Group from a customer as a part of transformation<br>project which is not considered as distinct goods or services and the control related to the assets is not transferred to the Group in<br>accordance with IFRS 15 - Revenue from contract with customers. Accordingly, the same has been considered as a reduction to the total<br>contract value and accounted as Deferred contract cost. The Group has entered into financing arrangements with a third party for these<br>assets. As at March 31, 2024 and March 31, 2023, the financial liability pertaining to such arrangements amounts to $45 million and $89<br>million, respectively. For the year ended March 31, 2023 $14 million was settled directly by the third party to the customer on behalf<br>of the Group and accordingly considered as non-cash transaction (Refer to note 2.5)
---	---
^(5)^	Primarily includes net investment in lease
---	---

2.5 Other liabilities

Other liabilities comprise the following:

(Dollars in millions)

Particulars	As at
	March 31, 2024	March 31, 2023
Current
Accrued compensation to employees^(1)^	534	508
Accrued expenses^(1)^	986	949
Accrued defined benefit liability^(3)^	1	–
Withholding taxes and others^(3)^	382	442
Liabilities of controlled trusts^(1)^	25	26
Liability towards contingent consideration^(2)^	–	12
Capital Creditors^(1)^	37	82
Financial liability under option arrangements^(2)(5)^	60	73
Other non-financial liabilities^(3)^	1	4
Other financial liabilities^(1)(4)^	73	307
Total current other liabilities	2,099	2,403
Non-current
Accrued compensation to employees^(1)^	1	1
Accrued expenses^(1)^	213	198
Accrued defined benefit liability ^(3)^	19	54
Financial liability under option arrangements^(2)(5)^	12	–
Other non-financial liabilities^(3)^	10	7
Other financial liabilities^(1)(4)^	18	41
Total non-current other liabilities	273	301
Total other liabilities	2,372	2,704
^(1)^ Financial liability carried at amortized cost	1,887	2,112
^(2)^ Financial liability carried at fair value through profit or loss	72	85
Financial liability under option arrangements on an undiscounted basis	83	82
Financial liability towards contingent consideration on an undiscounted basis	–	12
^(3)^	Non financial liabilities
---	---
^(2)^	In accordance with IAS 32 Financial Instruments: Presentation, the Company has recorded a<br>financial liability as at March 31, 2024 for the obligation to acquire its own equity shares to the extent of standing instructions provided<br>to its registered broker for the buyback (Refer to note 2.18). The financial liability is recognized at the present value of the maximum<br>amount that the Company would be required to pay to the registered broker for buy back, with a corresponding debit in general reserve<br>/ retained earnings.
---	---
^(4)^	Deferred contract cost in note 2.4 includes technology assets taken over by the Group from<br>a customer as a part of transformation project which is not considered as distinct goods or services and the control related to the assets<br>is not transferred to the Group in accordance with IFRS 15 - Revenue from contract with customers. Accordingly, the same has been considered<br>as a reduction to the total contract value and accounted as Deferred contract cost. The Group has entered into financing arrangements<br>with a third party for these assets. As at March 31, 2024 and March 31, 2023, the financial liability pertaining to such arrangements<br>amounts to $45 million and $89 million, respectively. For the year ended March 31, 2023 $14 million was settled directly by the third<br>party to the customer on behalf of the Group and accordingly considered as non-cash transaction.
---	---
^(5)^	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 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 for its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of sales. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

b. Onerous contracts

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

Provision for post sales client support and otherprovisions

(Dollars in millions)

Particulars	As at
	March 31, 2024	March 31, 2023
Post sales client support and other provisions	215	159
Total provisions	215	159

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 March 31, 2024 and March 31, 2023, claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $95 million (789 crore) and $85 million (700 crore), respectively.

2.6.2 McCamish cybersecurity incident

In November 2023, Infosys McCamish Systems (McCamish), a step-down subsidiary of Infosys Limited, experienced a cybersecurity incident 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.

Loss of contracted revenues and costs incurred with respect to remediations, restoration, communication efforts, investigative processes and analysis, legal services and others amounted to $38 million (approximately 316 crore).

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’s review process is ongoing. McCamish may incur additional costs including indemnities or damages/claims, which are indeterminable at this time.

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

2.6.3 Legal proceedings

Apart from this, 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 lifeof 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 March 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 January 1, 2024	172	1,381	622	1,021	406	6	3,608
Additions	–	34	22	41	10	–	107
Deletions*	–	–	(5)	(27)	(7)	–	(39)
Translation difference	(1)	(4)	(2)	(3)	(3)	–	(13)
Gross carrying value as at March 31, 2024	171	1,411	637	1,032	406	6	3,663
Accumulated depreciation as at January 1, 2024	–	(578)	(491)	(753)	(320)	(5)	(2,147)
Depreciation	–	(13)	(14)	(40)	(11)	–	(78)
Accumulated depreciation on deletions*	–	–	5	26	7	–	38
Translation difference	–	1	2	2	2	–	7
Accumulated depreciation as at March 31, 2024	–	(590)	(498)	(765)	(322)	(5)	(2,180)
Capital work-in progress as at March 31, 2024							54
Carrying value as at March 31, 2024	171	821	139	267	84	1	1,537
Capital work-in progress as at January 1, 2024							86
Carrying value as at January 1, 2024	172	803	131	268	86	1	1,547

The changes in the carrying value of property, plant and equipment for the three months ended March 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 January 1, 2023	173	1,394	623	1,075	417	6	3,688
Additions	–	4	24	60	27	–	115
Deletions*	–	–	(27)	(107)	(39)	–	(173)
Translation difference	1	9	5	9	4	–	28
Gross carrying value as at March 31, 2023	174	1,407	625	1,037	409	6	3,658
Accumulated depreciation as at January 1, 2023	–	(535)	(478)	(766)	(324)	(5)	(2,108)
Depreciation	–	(13)	(14)	(43)	(11)	–	(81)
Accumulated depreciation on deletions*	–	–	27	106	38	–	171
Translation difference	–	(4)	(3)	(6)	(3)	–	(16)
Accumulated depreciation as at March 31, 2023	–	(552)	(468)	(709)	(300)	(5)	(2,034)
Capital work-in progress as at March 31, 2023							55
Carrying value as at March 31, 2023	174	855	157	328	109	1	1,679
Capital work-in progress as at January 1, 2023							42
Carrying value as at January 1, 2023	173	859	145	309	93	1	1,622

The changes in the carrying value of property, plant and equipment for the year ended March 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, 2023	174	1,407	625	1,037	409	6	3,658
Additions	–	36	40	112	24	–	212
Deletions*	–	(7)	(19)	(102)	(20)	–	(148)
Translation difference	(3)	(25)	(9)	(15)	(7)	–	(59)
Gross carrying value as at March 31, 2024	171	1,411	637	1,032	406	6	3,663
Accumulated depreciation as at April 1, 2023	–	(552)	(468)	(709)	(300)	(5)	(2,034)
Depreciation	–	(54)	(56)	(167)	(47)	–	(324)
Accumulated depreciation on deletions*	–	7	18	101	19	–	145
Translation difference	–	9	8	10	6	–	33
Accumulated depreciation as at March 31, 2024	–	(590)	(498)	(765)	(322)	(5)	(2,180)
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 March 31, 2024							54
Carrying value as at March 31, 2024	171	821	139	267	84	1	1,537

* During the three months ended and year ended March 31, 2024, certain assets which were not in use having gross book value of $22 million (net book value: Nil) and $ 93 million (net book value: Nil) respectively, were retired.

The changes in the carrying value of property, plant and equipment for the year ended March 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, 2022	188	1,481	653	1,125	423	6	3,876
Additions - Business Combination (Refer to Note 2.10)	–	–	1	1	–	–	2
Additions	–	42	57	187	62	–	348
Deletions*	–	–	(32)	(191)	(45)	–	(268)
Translation difference	(14)	(116)	(54)	(85)	(31)	–	(300)
Gross carrying value as at March 31, 2023	174	1,407	625	1,037	409	6	3,658
Accumulated depreciation as at April 1, 2022	–	(541)	(484)	(796)	(324)	(5)	(2,150)
Depreciation	–	(54)	(58)	(164)	(44)	–	(320)
Accumulated depreciation on deletions*	–	–	32	190	44	–	266
Translation difference	–	43	42	61	24	–	170
Accumulated depreciation as at March 31, 2023	–	(552)	(468)	(709)	(300)	(5)	(2,034)
Capital work-in progress as at April 1, 2022							67
Carrying value as at April 1, 2022	188	940	169	329	99	1	1,793
Capital work-in progress as at March 31, 2023							55
Carrying value as at March 31, 2023	174	855	157	328	109	1	1,679

* During the three months ended and year ended March 31, 2023, certain assets which were not in use having gross book value of $172 million (net book value: Nil) and $234 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 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 is in the process of challenging the rejection order.

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipments aggregating to $94 million and $117 million as at March 31, 2024 and March 31, 2023, 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 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 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 March 31, 2024

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of January 1, 2024	73	424	2	329	828
Additions^*^	–	8	–	45	53
Deletions	–	(11)	–	(26)	(37)
Depreciation	(1)	(21)	–	(29)	(51)
Translation difference	–	(4)	–	(3)	(7)
Balance as of March 31, 2024	72	396	2	316	786
^^*	Net of adjustments on account of modifications and lease incentives
---	---

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2023

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of January 1, 2023	75	465	2	241	783
Additions^*^	–	28	–	80	108
Deletions	–	(4)	–	(15)	(19)
Depreciation	–	(21)	–	(22)	(43)
Translation difference	1	6	–	1	8
Balance as of March 31, 2023	76	474	2	285	837
^^*	Net of adjustments on account of modifications and lease incentives
---	---

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2024

(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^*^	–	47	1	226	274
Deletions	(1)	(22)	–	(91)	(114)
Impairment^#^	–	(10)	–	–	(10)
Depreciation	(1)	(87)	(1)	(104)	(193)
Translation difference	(2)	(6)	–	–	(8)
Balance as of March 31, 2024	72	396	2	316	786
^^*	Net of adjustments on account of modifications and lease incentives
---	---
#	included under other expenses. Refer note 2.19
---	---

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2023:

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2022	83	489	2	62	636
Additions^*^	–	107	1	328	436
Deletions	–	(5)	–	(46)	(51)
Depreciation	(1)	(84)	(1)	(61)	(147)
Translation difference	(6)	(33)	–	2	(37)
Balance as of March 31, 2023	76	474	2	285	837
^^*	Net of adjustments on account of modifications and lease incentives
---	---

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

The following is the break-up of current and non-current lease liabilities as of March 31, 2024 and March 31, 2023

(Dollars in millions)

Particulars	As at
	March 31, 2024	March 31, 2023
Current lease liabilities	235	151
Non-current lease liabilities	767	859
Total	1,002	1,010

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
	March 31, 2024	March 31, 2023
Carrying value at the beginning	882	817
Goodwill on acquisitions (Refer to note 2.10)	–	79
Translation differences	(7)	(14)
Carrying value at the end	875	882

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. The Group internally reviews the goodwill for impairment at the operating segment level, after allocation of the goodwill to CGU’s or groups of CGUs

The following table presents the allocation of goodwill to operating segments as at March 31, 2024 and March 31, 2023 respectively :

(In crore)

Segment	As at
	March 31, 2024	March 31, 2023
Financial services	177	178
Retail	112	113
Communication	81	81
Energy, Utilities, Resources and Services	139	140
Manufacturing	69	70
Life Sciences	114	115
	692	697
Operating segments without significant goodwill	66	68
Total	758	765

The goodwill pertaining to Panaya amounting to $117 and $117 million as at March 31, 2024 and March 31, 2023, respectively is tested for impairment at the entity level.

The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. The fair value of a CGU is determined based on the market capitalization. Value-in-use is determined based on discounted future cash flows. The key assumptions used for the calculations are as follows:

(in %)

	As at
	March 31, 2024	March 31, 2023
Long term growth rate	7-10	8-10
Operating margins	19-21	19-21
Discount rate	13	13

The above discount rate is based on the Weighted Average Cost of Capital (WACC) of the Company. As at March 31, 2024, the estimated recoverable amount of the CGU exceeded its carrying amount. Reasonable sensitivities in the key assumptions is unlikely to cause the carrying amount to exceed the recoverable amount of the cash generating units.

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 Consolidated Statement of Comprehensive Income.

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

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

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

Acquisitions during the year ended March 31, 2023

During the year ended March 31, 2023 the Group, completed two business combinations to complement its digital offerings by acquiring 100% voting interests in:

1) oddity GmbH, oddity group services GmbH, oddity space GmbH, oddity jungle GmbH, oddity code GmbH and oddity waves GmbH (collectively known as oddity), a Germany-based digital marketing, experience, and commerce agencies on April 20, 2022.

2) BASE life science A/S, a consulting and technology firm in the life Science industry in Europe on September 1, 2022.

These acquisitions are expected to strengthen the Group’s creative, branding and experience design capabilities and augment the Group’s life sciences expertise, scales its digital transformation capabilities with cloud based industry solutions and expand its presence across Europe.

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

(Dollars in millions)

Component	Acquiree's carrying amount	Fair value adjustments	Purchase price allocated
Net Assets^(1)^	12	–	12
Intangible assets :
Customer contracts and relationships	–	34	34
Vendor relationships	–	4	4
Brand	–	3	3
Deferred tax liabilities on intangible assets	–	(10)	(10)
Total	12	31	43
Goodwill			79
Total purchase price			122

^(1)^ Includes cash and cash equivalentsacquired of $3 million

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. Goodwill pertaining to these business combinations is allocated to operating segments as more fully described in Note 2.9.1

The purchase consideration of $122 million includes cash of $116 million and contingent consideration with an estimated fair value of $6 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 12.5%. The undiscounted value of contingent consideration as of March 31, 2023 was $7 million.

Additionally, these acquisitions have shareholder and employee retention bonus payable to the employees of the acquiree over three years, subject to their continuous employment with the Group along with achievement of financial targets for the respective years. Performance and Retention Bonus is recognized in employee benefit expenses in the Interim Consolidated Statement of Comprehensive Income over the period of service.

Fair value of trade receivables acquired, is $14 million as of acquisition date and as of March 31, 2023 the amounts are fully 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 Interim Consolidated Statement of Comprehensive Income for the year ended March 31, 2023.

Proposed acquisitions

On January 11, 2024, Infosys Limited entered into a definitive agreement to acquire 100% of the equity share capital in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India, for a consideration including earn-outs, and management incentives and retention bonuses totaling up to 280 crore (approximately $34 million), subject to customary closing adjustments.

On April 18, 2024, Infosys Germany GmBH wholly owned step down subsidiary of Infosys Limited entered into a definitive agreement to acquire 100% of the equity share capital in in-tech Holding GmbH, leading provider of Engineering R&D services headquartered in Germany, for a consideration including earn-outs amounting up to EUR 450 million (approximately $485 million), subject to customary closing adjustments.

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 consolidated statement of interim condensed 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, upto 45,000,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

2015 Stock Incentive Compensation Plan (the 2015Plan):

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

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

Controlled trust holds 10,916,829 and 12,172,119 shares as at March 31, 2024 and March 31, 2023, 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 March 31, 2024 and March 31, 2023.

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

Particulars	2019 Plan				2015 Plan
	Three months ended March 31,		Year ended March 31,		Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	26,900	33,750	141,171	210,643	77,094	80,154	498,730	367,479
Employees other than KMP	3,582,471	3,329,240	4,046,731	3,704,014	3,442,700	1,736,925	4,640,640	1,784,975
	3,609,371	3,362,990	4,187,902	3,914,657	3,519,794	1,817,079	5,139,370	2,152,454
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	169,040	92,400	176,990	92,400
	–	–	–	–	169,040	92,400	176,990	92,400
Total Grants	3,609,371	3,362,990	4,187,902	3,914,657	3,688,834	1,909,479	5,316,360	2,244,854

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

The Board, on April 13, 2023, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2024. In accordance with such approval the following grants were made effective May 2, 2023.

2,72,026 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.

15,656 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.

39,140 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.

Further, in accordance with the employee agreement which has been approved by the shareholders, the CEO is eligible to receive an annual grant of RSUs of fair value 3 crore which will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. Accordingly, annual time-based grant of 18,104 RSUs was made effective February 1, 2024 for fiscal 2024.

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 March 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 13, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to 10 crore for fiscal 2024 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 78,281 performance based RSU’s were granted effective May 2, 2023.

Other KMP

Under the 2015 plan:

During the year ended March 31, 2024, based on recommendations of Nomination and Remuneration Committee, the Board approved 1,47,030 time based RSUs and 6,774 performance based RSUs to other KMP under the 2015 plan. Time based RSUs will vest over three to four years and performance based RSUs will vest over three years based on certain performance targets.

Under the 2019 plan:

During the year ended March 31, 2024, based on recommendations of Nomination and Remuneration Committee, the Board approved performance based grants of 62,890 RSUs to other KMPs under the 2019 plan. These RSUs will vest over three years based on achievement of certain performance targets.

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

(Dollars in millions)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Granted to:
KMP^#^	2	1	8	6
Employees other than KMP	25	15	71	58
Total ^(1)^	27	16	79	64
^(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 2024- Equity Shares-RSU	Fiscal 2024- ADS-RSU	Fiscal 2023- Equity Shares-RSU	Fiscal 2023- ADS-RSU
Weighted average share price () / ($ ADS)	1,588	19.19	1,525	18.08
Exercise price ()/ ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	23-31	25-33	23-32	27-34
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	5-7	2-5
Weighted average fair value as on grant date () / ($ ADS)	1,317	16.27	1,210	13.69

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. 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 consolidated statement of comprehensive income comprises:

(Dollars in millions)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Current taxes
Domestic taxes	124	187	768	830
Foreign taxes	18	88	247	323
	142	275	1,015	1,153
Deferred taxes
Domestic taxes	114	22	180	54
Foreign taxes	17	(13)	(18)	(65)
	131	9	162	(11)
Income tax expense	273	284	1,177	1,142

Income tax expense for the three months ended March 31, 2024 and March 31, 2023 includes reversal (net of provisions) of $105 million and $9 million, respectively. Income tax expense for the year ended March 31, 2024 and March 31, 2023 includes reversal (net of provisions) of $113 million and $13 million, respectively. These 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.

During the quarter ending March 31, 2024, the Company received orders under sections 250 and 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and 2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result interest income (pre-tax) of $232 million was recognised and provision for income tax aggregating $63 million was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to $196 million has been reduced from contingent liabilities.

Deferred income tax for the three months ended and year ended March 31, 2024 and March 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 March 31, 2024, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $335 million (2,794 crore). As at March 31, 2023, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $494 million (4,062 crore).

Amount paid to statutory authorities against the tax claims amounted to $1,048 million (8,743 crore) and $794 million (6,528 crore) as at March 31, 2024 and March 31, 2023 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 2023 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 years ended March 31, 2024, the following are the changes in the subsidiaries:

-Infosys Americas Inc., (Infosys Americas) a Wholly-owned subsidiary of Infosys Limited is liquidated effective July 14, 2023.

-oddity GmbH renamed as WongDoody GmbH

-On September 29, 2023, oddity space GmbH, oddity waves GmbH, oddity jungle GmbH, oddity group services GmbH and oddity code GmbH merged into WongDoody GmbH and oddity code d.o.o which was formerly a subsidiary of oddity code Gmbh has become a subsidiary of Wongdoody Gmbh (formerly known as oddity GmbH).

-On September 1, 2023 Infosys Ltd. acquired 100% of voting interests in Danske IT and Support Services India Private Limited (“Danske IT”). Danske IT renamed as Idunn Information Technology Private Limited from April 1, 2024.

-Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM Limited was incorporated on August 11, 2023.

-Kaleidoscope Prototyping LLC, a Wholly-owned subsidiary of Kaleidoscope Animations is liquidated effective November 1, 2023.

-oddity Code d.o.o renamed as WongDoody d.o.o

-On November 24, 2023 Stater Participations B.V (Wholly-owned subsidiary of Stater N.V) merged with Stater N.V and Stater Belgium N.V./S.A which was formerly a wholly owned subsidiary of Stater Participations B.V. became a wholly owned subsidiary of Stater N.V.

-On March 15, 2024, Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM Limited was dissolved.

-oddity Limited (Taipei) renamed as WongDoody limited (Taipei) and oddity (Shanghai) Co., Ltd. renamed as WongDoody (Shanghai) Co. Limited.

Change in key management personnel

The following are the changes in the key management personnel:

Non-whole-time Directors

-Uri Levine (retired as independent director effective April 19, 2023)

-Helene Auriol Potier (appointed as independent director effective May 26, 2023)

-Nitin Paranjpe (appointed as an additional and independent director effective January 1, 2024)

Executive Officers:

-Mohit Joshi (resigned as President effective March 11, 2023 and was on leave till June 9, 2023 which was his last date with the company)

-Nilanjan Roy (resigned as Chief Financial Officer of the Company effective March 31, 2024)

-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 endedMarch 31,		Year ended March 31,
	2024	2023	2024	2023
Salaries and other short term employee benefits to whole-time directors and executive officers^(1)(2)^	4	3	14	14
Commission and other benefits to non-executive/ independent directors	1	-	2	2
Total	5	3	16	16
^(1)^	Total employee stock compensation expense for the three months ended March 31, 2024 andMarch 31, 2023 includes a charge of $2 million and $1 million respectively, towards key management personnel. For the year ended March31, 2024 and March 31, 2023, includes a charge of $8 million and $ 6 million respectively, towards key management personnel. (Refer note2.11).
---	---
^(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 centres and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

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

Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations

2.15.1 Business segments

For the three months ended March 31, 2024 and March31, 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	1,205	653	562	610	673	399	332	130	4,564
	1,316	674	537	587	617	363	326	134	4,554
Identifiable operating expenses	727	312	366	327	440	240	197	78	2,687
	750	350	318	318	395	211	184	85	2,611
Allocated expenses	244	117	99	111	103	62	59	25	820
	250	126	103	110	113	61	56	31	850
Segment Profit	234	224	97	172	130	97	76	27	1,057
	316	198	116	159	109	91	86	18	1,093
Unallocable expenses									140
									136
Operating profit									917
									957
Other income, net (Refer to note 2.19)									328
									82
Finance Cost									13
									10
Profit before income taxes									1,232
									1,029
Income tax expense									273
									284
Net profit									959
									745
Depreciation and amortization									140
									136
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 year ended March 31, 2024 and March 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	5,093	2,719	2,173	2,417	2,696	1,498	1,391	575	18,562
	5,434	2,632	2,246	2,300	2,357	1,472	1,251	520	18,212
Identifiable operating expenses	2,993	1,414	1,337	1,309	1,763	874	811	355	10,856
	3,103	1,352	1,380	1,231	1,551	864	724	348	10,553
Allocated expenses	973	473	391	444	423	245	230	128	3,307
	985	487	401	430	426	242	209	130	3,310
Segment Profit	1,127	832	445	664	510	379	350	92	4,399
	1,346	793	465	639	380	366	318	42	4,349
Unallocable expenses									565
									524
Operating profit									3,834
									3,825
Other income, net (Refer to note 2.19)									568
									335
Finance Cost									56
									35
Profit before income taxes									4,346
									4,125
Income tax expense									1,177
									1,142
Net profit									3,169
									2,983
Depreciation and amortization									565
									524
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 year ended March 31, 2024 and March 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 Consolidated Statement of Comprehensive Income.

Revenues for the three months ended and year ended March 31, 2024 and March 31, 2023 is as follows

(Dollars in millions)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Revenue from software services	4,341	4,281	17,549	17,072
Revenue from products and platforms	223	273	1,013	1,140
Total revenue from operations	4,564	4,554	18,562	18,212

Products & platforms

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

Disaggregated revenue information

The table below presents disaggregated revenues from contracts with customers by geography and offerings for each of our business segments. 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 year ended March 31, 2024 and March31, 2023

(Dollars in millions)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
*Revenues by Geography^^**
North America	2,721	2,778	11,163	11,262
Europe	1,307	1,227	5,105	4,670
India	100	120	469	478
Rest of the world	436	429	1,825	1,802
Total	4,564	4,554	18,562	18,212

The percentage of revenue from fixed-price contracts for the three months ended March 31, 2024 and March 31, 2023 is 54% and 52%, respectively. The percentage

of revenue from fixed-price contracts for the year ended March 31, 2024 and March 31, 2023 is 53% and 52%, respectively

Trade Receivables and Contract Balances

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

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

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

Invoicing in excess of earnings are classified as unearned revenue.

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

2.17 Unbilled Revenue

(Dollars in millions)

Particulars	As at
	March 31, 2024	March 31, 2023
Unbilled financial asset ^(1)^	1,151	1,157
Unbilled non financial asset ^(2)^	593	880
Total	1,744	2,037
^(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.

Description of reserves

Retained earnings

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

Share premium

The amount received in excess of the par value of equity shares has been classified as share premium. Additionally, share-based 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 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. 10,916,829 shares and 12,172,119 shares were held by controlled trust, as at March 31, 2024 and March 31, 2023, respectively.

2.18.5 Capital allocation policy

Effective from financial year 2025, the Company expects to continue the 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

Buyback completed in February 2023

In line with the capital allocation policy, the Board, at its meeting held on October 13, 2022, approved the buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to 9,300 crore (Maximum Buyback Size, excluding buyback tax) at a price not exceeding 1,850 per share (Maximum Buyback Price), subject to shareholders' approval by way of Postal Ballot.

The shareholders approved the proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting on the postal ballot, the results of which were declared on December 3, 2022. The buyback was offered to all equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The buyback of equity shares through the stock exchange commenced on December 7, 2022 and was completed on February 13, 2023. During this buyback period the Company had purchased and extinguished a total of 60,426,348 equity shares from the stock exchange at a volume weighted average buyback price of 1,539.06/- per equity share comprising 1.44% of the pre buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of 9,300 crore (excluding transaction costs and tax on buyback). The Company funded the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013.

In accordance with section 69 of the Companies Act, 2013, as at March 31, 2023, the Company has created ‘Capital Redemption Reserve’ of $3 million equal to the nominal value of the shares bought back as an appropriation from general reserve and retained earnings.

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	Year ended March 31, 2024		Year ended March 31, 2023
	in	in US Dollars	in	in US Dollars
Final dividend for fiscal 2022	–	–	16.00	0.21
Interim dividend for fiscal 2023	–	–	16.50	0.20
Final dividend for fiscal 2023	17.50	0.21	–	–
Interim dividend for fiscal 2024	18.00	0.22	–	–

During the year ended March 31, 2024, on account of the final dividend for fiscal 2023 and interim dividend for fiscal 2024, the Company has incurred a net cash outflow of 14,692 crore (approximately $1,777 million) (excluding dividend paid on treasury shares).

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 payment is subject to the approval of shareholders in the AGM of the Company to be held on June 26, 2024 and if approved, would result in a net cash outflow of approximately $1,390 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, Infosys BPM, EdgeVerve, Skava, Infosys Green Forum, Danske IT 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 of expenses:

Cost of sales

(Dollars in millions)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Employee benefit costs	2,214	2,243	8,998	8,826
Depreciation and amortization	140	136	565	524
Travelling costs	39	36	150	133
Cost of technical sub-contractors	357	379	1,477	1,750
Cost of software packages for own use	63	57	245	227
Third party items bought for service delivery to clients	377	291	1,372	1,110
Consultancy and professional charges	13	4	36	16
Communication costs	8	10	40	44
Repairs and maintenance	14	13	54	52
Provision for post-sales client support	(15)	(10)	9	15
Others	9	5	29	12
Total	3,219	3,164	12,975	12,709

Selling and marketing expenses

(Dollars in millions)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Employee benefit costs	158	152	656	598
Travelling costs	10	10	38	35
Branding and marketing	34	32	121	111
Consultancy and professional charges	4	5	17	16
Communication costs	-	-	1	2
Others	3	3	9	14
Total	209	202	842	776

Administrative expenses

(Dollars in millions)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Employee benefit costs	83	76	327	305
Consultancy and professional charges	42	38	157	178
Repairs and maintenance	31	31	121	116
Power and fuel	6	6	24	22
Communication costs	9	10	40	43
Travelling costs	7	7	25	22
Rates and taxes	10	9	39	37
Insurance charges	6	5	25	21
Commission to non-whole time directors	1	–	2	2
Impairment loss recognized/(reversed) under expected credit loss model	(12)	11	15	35
Contribution towards Corporate Social Responsibility	22	19	64	58
Others	14	19	72	63
Total	219	231	911	902

Other income for the three months and year endedMarch 31, 2024 and March 31, 2023 is as follows:

(Dollars in millions)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Interest income on financial assets carried at amortized cost	30	24	128	107
Interest income on financial assets carried at fair value through other comprehensive income	38	28	122	119
Gain/(loss) on investments carried at fair value through profit or loss	11	8	34	18
Interest income on income tax refund	231	–	237	–
Exchange gains / (losses) on forward and options contracts	23	17	12	(80)
Exchange gains / (losses) on translation of other assets and liabilities	(15)	(11)	11	131
Others	10	16	24	40
Total	328	82	568	335

for and on behalf of the Board of Directors of InfosysLimited

D. Sundaram	Salil Parekh	Bobby Parikh
Lead Independent Director	Chief Executive Officer and Managing Director	Director
Jayesh Sanghrajka	A.G.S. Manikantha
Chief Financial Officer	Company Secretary
Bengaluru
April 18, 2024

Exhibit 99.8

IFRS INR Earning Release

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim ConsolidatedFinancial Statements

Opinion

We have audited the accompanying interim 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 Consolidated Balance Sheet as at March 31, 2024, the Consolidated Statement of Comprehensive Income for the three months and year ended on that date, the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year 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 Consolidated Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Interim 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 March 31, 2024, its consolidated profit and its consolidated total comprehensive income for the three months and year ended on that date, its consolidated changes in equity and its consolidated cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Interim 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 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 Consolidated Financial Statements.

Emphasis of Matter

As described in note 2.6.2 to the Interim Consolidated Financial Statements, certain costs relating to possible damages or claims relating to a cybersecurity incident in a subsidiary are indeterminable as at the date of this report because of reasons stated in the note. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Sr. No.	Key Audit Matter	Auditor’s Response
1	Revenue recognition<br><br> <br>****	Principal Audit Procedures Performed included<br> the following:
	The Group’s contracts with customers include<br> contracts with multiple products and services. The group derives revenues from IT services comprising software development and related<br> services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group’s core<br> and digital offerings and business process management services. The Group assesses the services promised in a contract and identifies<br> distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and<br> the ability of the customer to benefit independently from such deliverables involves significant judgement.<br><br> <br>In certain integrated services arrangements,<br> contracts with customers include subcontractor services or third-party vendor equipment or software. In these types of arrangements, revenue<br> 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<br> and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains<br> control of the specified goods or service before it is transferred to the customer. The Group considers whether it is primarily responsible<br> for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine<br> whether it controls the products or service and therefore, is acting as a principal or an agent.<br><br> <br>Fixed price maintenance revenue is recognized<br> ratably either on (1) a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified<br> period or (2) using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the<br> Group’s costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature<br> and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract<br> and nature of the deliverables.<br><br> <br>As certain contracts with customers involve management’s<br> judgment in (1) identifying distinct performance obligations, (2) determining whether the Group is acting as a principal or an agent and<br> (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method, revenue<br> recognition from these judgments were identified as a key audit matter and required a higher extent of audit effort.<br><br> <br><br><br> <br>Refer Notes 1.5 and 2.16 to the Consolidated<br> Financial Statements.<br><br> <br>****	Our audit procedures related to the (1) identification<br> of distinct performance obligations, (2) determination of whether the Group is acting as a principal or agent and (3) whether fixed price<br> maintenance revenue is recognized on a straight-line basis or using the percentage of completion method included the following, among<br> others:<br><br> <br><br><br> <br>· <br> We tested the effectiveness of controls relating to the (a) identification of distinct performance obligations, (b) determination<br> of whether the Group is acting as a principal or an agent and (c) determination of whether fixed price maintenance revenue for certain<br> contracts is recognized on a straight-line basis or using the percentage of completion method.<br><br> <br>• <br> We selected a sample of contracts with customers and performed the following procedures:<br><br> <br><br><br> <br>– <br> Obtained and read contract documents for each selection, including master service agreements, and other documents that were part<br> of the agreement.<br><br> <br><br><br> <br>– <br> Identified significant terms and deliverables in the contract to assess management’s conclusions regarding the (i) identification<br> of distinct performance obligations (ii) whether the Group is acting as a principal or an agent and (iii) whether fixed price maintenance<br> revenue is recognized on a straight-line basis or using the percentage of completion method
2	Revenue recognition - Fixed price contracts using the percentage of completion method<br><br> <br>****	Principal Audit Procedures Performed included<br> the following:<br><br> <br>****
	Fixed price maintenance revenue is recognized<br> ratably either (1) on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified<br> period or (2) using a percentage of completion method when the pattern of benefits from services rendered to the customer and the Group’s<br> costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not<br> repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized<br> using the percentage-of-completion method.<br><br> <br><br><br> <br>Use of the percentage-of-completion method requires<br> 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.<br> Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity.<br> The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect<br> any changes based on the latest available information. Provisions for estimated losses, if any, on uncompleted contracts are recorded<br> in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.<br><br> <br><br><br> <br>We identified the estimate of total efforts or<br> costs to complete fixed price contracts measured using the percentage of completion method as a key audit matter as the estimation of<br> total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based<br> on the latest available information. This estimate has a high inherent uncertainty and requires consideration of progress of the contract,<br> efforts or costs incurred to-date and estimates of efforts or costs required to complete the remaining contract performance obligations<br> over the term of the contracts.<br><br> <br><br><br> <br>This required a high degree of auditor judgment<br> in evaluating the audit evidence and a higher extent of audit effort to evaluate the reasonableness of the total estimated amount of revenue<br> recognized on fixed-price contracts.<br><br> <br><br><br> <br>Refer Notes 1.5 and 2.16 to the Consolidated<br> Financial Statements.	Our audit procedures related to estimates of<br> total expected costs or efforts to complete for fixed-price contracts included the following, among others:<br><br> <br><br><br> <br>· <br> We tested the effectiveness of controls relating to (1) recording of efforts or costs incurred and estimation of efforts or costs<br> required to complete the remaining contract performance obligations and (2) access and application controls pertaining to time recording,<br> allocation and budgeting systems which prevents unauthorised changes to recording of efforts incurred.<br><br> <br><br><br> <br>· <br> We selected a sample of fixed price contracts with customers measured the using percentage-of-completion method and performed the<br> following:<br><br> <br><br><br> <br>– <br> Evaluated management’s ability to reasonably estimate the progress towards satisfying the performance obligation by comparing<br> actual efforts or costs incurred to prior year estimates of efforts or costs budgeted for performance obligations that have been fulfilled.<br><br> <br><br><br> <br>– <br> Compared efforts or costs incurred with Group’s estimate of efforts or costs incurred to date to identify significant variations<br> and evaluate whether those variations have been considered appropriately in estimating the remaining costs or efforts to complete the<br> contract.<br><br> <br><br><br> <br>– <br> Tested the estimate for consistency with the status of delivery of milestones and customer acceptances and sign off from customers<br> to identify possible delays in achieving milestones, which require changes in estimated costs or efforts to complete the remaining performance<br> obligations.

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

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

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

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

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

Our objectives are to obtain reasonable assurance about whether the Interim 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 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 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.
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·	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates<br>and related disclosures made by management.
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·	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 Consolidated Financial Statements or, if such disclosures<br>are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s<br>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 Consolidated Financial Statements,<br>including the disclosures, and whether the Interim Consolidated Financial Statements represent the underlying transactions and events<br>in a manner that achieves fair presentation.
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·	Obtain sufficient appropriate audit evidence regarding the financial information of the entities within<br>the Group to express an opinion on the Interim Consolidated Financial Statements. We are responsible for the direction, supervision and<br>performance of the audit of financial statements of such entities included in the Interim Consolidated Financial Statements of which we<br>are independent auditors.
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Materiality is the magnitude of misstatements in the Interim Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Interim 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 Consolidated Financial Statements.

We communicate with those charged with governance of the Company and such other entities included in the Interim 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Place: Bengaluru<br><br> <br>Date: April 18, 2024	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm’s Registration No. 117366W/W-100018)<br><br> <br><br><br> <br><br><br> <br>Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN: 24039826BKCODJ2914

INFOSYS LIMITED AND SUBSIDIARIES

Consolidated Financial Statements underInternational Financial Reporting Standards (IFRS) in Indian Rupeefor the three months and year ended March 31, 2024

Index
Consolidated Balance Sheet
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Statement of Cash Flows
Overview and Notes to the Interim 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 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 Expenses by nature
2.20 Employee benefits
2.21 Other Income

Infosys Limited and subsidiaries

(In crore except equity share data)

Consolidated Balance Sheet as at	Note	March 31, 2024	March 31, 2023
ASSETS
Current assets
Cash and cash equivalents	2.1	14,786	12,173
Current investments	2.2	12,915	6,909
Trade receivables		30,193	25,424
Unbilled revenue	2.17	12,768	15,289
Prepayments and other current assets	2.4	12,289	10,979
Income tax assets	2.12	6,397	6
Derivative financial instruments	2.3	84	101
Total current assets		89,432	70,881
Non-current assets
Property, plant and equipment	2.7	12,818	13,793
Right-of-use assets	2.8	6,552	6,882
Goodwill	2.9	7,303	7,248
Intangible assets		1,397	1,749
Non-current investments	2.2	11,708	12,569
Unbilled revenue	2.17	1,780	1,449
Deferred income tax assets	2.12	454	1,245
Income tax assets	2.12	3,045	6,453
Other non-current assets	2.4	3,325	3,547
Total non-current assets		48,382	54,935
Total assets		137,814	125,816
LIABILITIES AND EQUITY
Current liabilities
Trade payables		3,956	3,865
Lease liabilities	2.8	1,959	1,242
Derivative financial instruments	2.3	31	78
Current income tax liabilities	2.12	3,585	3,384
Unearned revenue		7,341	7,163
Employee benefit obligations		2,622	2,399
Provisions	2.6	1,796	1,307
Other current liabilities	2.5	17,504	19,748
Total current liabilities		38,794	39,186
Non-current liabilities
Lease liabilities	2.8	6,400	7,057
Deferred income tax liabilities	2.12	1,794	1,220
Employee benefit obligations		89	83
Other non-current liabilities	2.5	2,276	2,475
Total non-current liabilities		10,559	10,835
Total liabilities		49,353	50,021
Equity
Share capital - 5 par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,139,950,635 (4,136,387,925) equity shares fully paid up, net of 10,916,829 (12,172,119) treasury shares as at March 31, 2024 (March 31, 2023)	2.18	2,071	2,069
Share premium		1,550	1,065
Retained earnings		69,674	60,063
Cash flow hedge reserves		6	(5)
Other reserves		12,104	10,014
Capital redemption reserve		169	169
Other components of equity		2,542	2,032
Total equity attributable to equity holders of the Company		88,116	75,407
Non-controlling interests		345	388
Total equity		88,461	75,795
Total liabilities and equity		137,814	125,816

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D.Sundaram<br><br> <br>Lead Independent Director	Salil Parekh<br><br> <br>Chief Executive Office<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
---	---	---	---
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>April 18, 2024

Infosys Limited and subsidiaries

(In crore except equity share and per equityshare data)

Consolidated Statement of Comprehensive Income for the		Three months ended March 31,		Year ended March 31,
	Note	2024	2023	2024	2023
Revenues	2.16	37,923	37,441	153,670	146,767
Cost of sales	2.19	26,748	26,011	107,413	102,353
Gross profit		11,175	11,430	46,257	44,414
Operating expenses
Selling and marketing expenses	2.19	1,735	1,659	6,973	6,249
Administrative expenses	2.19	1,819	1,894	7,537	7,260
Total operating expenses		3,554	3,553	14,510	13,509
Operating profit		7,621	7,877	31,747	30,905
Other income, net	2.21	2,729	671	4,711	2,701
Finance cost		110	82	470	284
Profit before income taxes		10,240	8,466	35,988	33,322
Income tax expense	2.12	2,265	2,332	9,740	9,214
Net profit		7,975	6,134	26,248	24,108
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		26	25	120	8
Equity instruments through other comprehensive income, net	2.2	(12)	(15)	19	(7)
		14	10	139	1
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		28	36	11	(7)
Exchange differences on translation of foreign operations		(231)	61	226	776
Fair value changes on investments, net	2.2	37	42	144	(256)
		(166)	139	381	513
Total other comprehensive income/(loss), net of tax		(152)	149	520	514
Total comprehensive income		7,823	6,283	26,768	24,622
Profit attributable to:
Owners of the Company		7,969	6,128	26,233	24,095
Non-controlling interests		6	6	15	13
		7,975	6,134	26,248	24,108
Total comprehensive income attributable to:
Owners of the Company		7,821	6,276	26,754	24,598
Non-controlling interests		2	7	14	24
		7,823	6,283	26,768	24,622
Earnings per equity share
Equity shares of par value 5/- each
Basic ()		19.25	14.79	63.39	57.63
Diluted ()		19.22	14.77	63.29	57.54
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.13	4,139,432,133	4,144,013,195	4,138,568,090	4,180,897,857
Diluted (in shares)	2.13	4,145,052,370	4,149,555,426	4,144,680,425	4,187,731,070

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D.Sundaram<br><br> <br>Lead Independent Director	Salil Parekh<br><br> <br>Chief Executive Office<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
---	---	---	---
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>April 18, 2024

Infosys Limited and subsidiaries

(In crore except equity share data)

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, 2022<br><br> <br>****	4,193,012,929	2,098	827	62,423	8,339	139	1,522	2	75,350	386	75,736
Impact on adoption of amendment to IAS 37^##^	–	–	–	(19)	–	–	–	–	(19)	–	(19)
	4,193,012,929	2,098	827	62,404	8,339	139	1,522	2	75,331	386	75,717
Changes in equity for the year ended March 31, 2023
Net profit	–	–	–	24,095	–	–	–	–	24,095	13	24,108
Remeasurement of the net defined benefit liability/asset, net* (Refer to note 2.20)	–	–	–	–	–	–	8	–	8	–	8
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	(7)	–	(7)	–	(7)
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	–	(7)	(7)	–	(7)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	765	–	765	11	776
Fair value changes on investments, net*	–	–	–	–	–	–	(256)	–	(256)	–	(256)
Total comprehensive income for the period	–	–	–	24,095	–	–	510	(7)	24,598	24	24,622
Shares issued on exercise of employee stock options (Refer to note 2.11)	3,801,344	1	34	–	–	–	–	–	35	–	35
Buyback of equity shares (Refer to note 2.18)^**^	(60,426,348)	(30)	(340)	(11,096)	–	–	–	–	(11,466)	–	(11,466)
Transaction cost relating to buyback*	–	–	(19)	(5)	–	–	–	–	(24)	–	(24)
Amount transferred to capital redemption reserve upon buyback	–	–	–	(30)	–	30	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	514	–	–	–	–	–	514	–	514
Income tax benefit arising on exercise of stock options (Refer to note 2.12)	–	–	51	–	–	–	–	–	51	–	51
Transfer on account of options not exercised	–	–	(2)	2	–	–	–	–	–	–	–
Transferred to other reserves	–	–	–	(3,139)	3,139	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	1,464	(1,464)	–	–	–	–	–	–
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(22)	(22)
Dividends^#^	–	–	–	(13,632)	–	–	–	–	(13,632)	–	(13,632)
Balance as at March 31, 2023<br><br> <br>****	4,136,387,925	2,069	1,065	60,063	10,014	169	2,032	(5)	75,407	388	75,795
Balance as at April 1, 2023<br><br> <br>****	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 year ended March 31, 2024
Net profit	–	–	–	26,233	–	–	–	–	26,233	15	26,248
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	120	–	120	–	120
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	19	–	19	–	19
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	11	11	–	11
Exchange differences on translation of foreign operations	–	–	–	–	–	–	227	–	227	(1)	226
Fair value changes on investments, net*	–	–	–	–	–	–	144	–	144	–	144
Total comprehensive income for the period	–	–	–	26,233	–	–	510	11	26,754	14	26,768
Shares issued on exercise of employee stock options (Refer to note 2.11)	3,562,710	2	3	–	–	–	–	–	5	–	5
Employee stock compensation expense (Refer to note 2.11)	–	–	639	–	–	–	–	–	639	–	639
Income tax benefit arising on exercise of stock options (Refer to note 2.12)	–	–	3	–	–	–	–	–	3	–	3
Transferred on account of options not exercised	–	–	(160)	160	–	–	–	–	–	–	–
Transferred to other reserves	–	–	–	(2,957)	2,957	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	867	(867)	–	–	–	–	–	–
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(39)	(39)
Buyback of shares pertaining to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(18)	(18)
Dividends^#^	–	–	–	(14,692)	–	–	–	–	(14,692)	–	(14,692)
Balance as at March 31, 2024<br><br> <br>****	4,139,950,635	2,071	1,550	69,674	12,104	169	2,542	6	88,116	345	88,461
*	net of tax
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**	Including tax on buyback of 2,166 crore for the yearended March 31, 2023.
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#	net of treasury shares
---	---
^##^	Impact on account of adoption of amendment to IAS 37 Provisions, Contingent Liabilitiesand Contingents Assets
---	---
^(1)^	excludes treasury shares of 10,916,829 as at March 31, 2024, 12,172,119 as at April 1,2023, 13,725,712 as at April 1, 2022 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.
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The accompanying notes form an integral part ofthe interim consolidated financial statements.

As per our report of even date attached forand on behalf of the Board of Directors of Infosys Limited

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D.Sundaram<br><br> <br>Lead Independent Director	Salil Parekh<br><br> <br>Chief Executive Office<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
---	---	---	---
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>April 18, 2024

Infosys Limited and subsidiaries

Consolidated Statement of Cash Flows

Accounting Policy

(In crore)

Particulars		Year ended March 31,
	Note	2024	2023
Operating activities:
Net Profit		26,248	24,108
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortization		4,678	4,225
Income tax expense	2.12	9,740	9,214
Finance cost		470	284
Interest and dividend income		(1,138)	(1,118)
Exchange differences on translation of assets and liabilities, net		76	161
Impairment loss recognized/(reversed) under expected credit loss model		121	283
Stock compensation expense		652	519
Provision for post sale client support		75	120
Interest receivable on income tax refund		(1,934)	–
Other adjustments		1,471	523
Changes in working capital
Trade receivables and unbilled revenue		(2,667)	(7,076)
Prepayments and other assets		(1,252)	(3,267)
Trade payables		91	(279)
Unearned revenue		178	834
Other liabilities and provisions		(1,512)	3,285
Cash generated from operations		35,297	31,816
Income taxes paid		(9,231)	(8,794)
Net cash generated by operating activities		26,066	23,022
Investing activities:
Expenditure on property, plant and equipment and intangibles		(2,201)	(2,579)
Deposits placed with corporation		(847)	(996)
Redemption of deposits placed with corporation		710	762
Interest and dividend received		912	970
Payment for acquisition of business, net of cash acquired	2.10	–	(910)
Payment of contingent consideration pertaining to acquisition of business		(101)	(60)
Escrow and other deposits pertaining to Buyback		–	(483)
Redemption of escrow and other deposits pertaining to Buyback		–	483
Payments to acquire Investments
- Quoted debt securities		(1,526)	(1,845)
- Liquid mutual fund units		(66,191)	(70,631)
- Target maturity fund units		–	(400)
- Certificates of deposit		(8,509)	(10,348)
- Commercial paper		(10,387)	(3,003)
- Other investments		(14)	(20)
Proceeds on sale of investments
- Quoted debt securities		1,684	2,573
- Liquid mutual fund units		64,767	71,851
- Certificates of deposit		9,205	10,404
- Commercial paper		6,479	2,298
- Other investments		26	99
Other receipts		128	71
Net cash (used)/generated in investing activities		(5,865)	(1,764)
Financing activities:
Payment of lease liabilities		(2,024)	(1,231)
Payment of dividends		(14,692)	(13,631)
Payment of dividends to non-controlling interests of subsidiary		(39)	(22)
Payment towards purchase of non-controlling interest		(18)	-
Other payments		(736)	(479)
Other receipts		–	132
Buyback of equity shares including transaction costs and tax on buyback		–	(11,499)
Shares issued on exercise of employee stock options		5	35
Net cash used in financing activities		(17,504)	(26,695)
Net increase/(decrease) in cash and cash equivalents		2,697	(5,437)
Effect of exchange rate changes on cash and cash equivalents		(84)	138
Cash and cash equivalents at the beginning of the period	2.1	12,173	17,472
Cash and cash equivalents at the end of the period	2.1	14,786	12,173
Supplementary information:
Restricted cash balance	2.1	348	362

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D.Sundaram<br><br> <br>Lead Independent Director	Salil Parekh<br><br> <br>Chief Executive Office<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
---	---	---	---
	Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>April 18, 2024

INFOSYS LIMITED AND SUBSIDIARIES

Overview and Notes to the Interim Consolidated FinancialStatements

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 consolidated financial statements are approved for issue by the Company's Board of Directors on April 18, 2024.

1.2 Basis of preparation of financial statements

These consolidated financial statements are prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, under the historical cost convention on accrual basis except for certain financial instruments which have been measured at fair values. Accounting policies are 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 consolidated interim 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 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.

Refer to Note 2.14 for the list of subsidiaries and controlled trusts of the Company

1.4 Use of estimates and judgments

The preparation of the 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 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 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 IFRS 16 Leases	Lease Liability in a Sale and Leaseback
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments	Disclosure regarding supplier finance arrangements
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 16

Amendments to IAS 7 and IFRS 7

Amendments to IAS 21

IFRS 18 – Presentation and Disclosures inFinancial Statements

2. Notes to the Interim Consolidated Financial Statements

2.1 Cash and cash equivalents

Cash and cash equivalents consist of the following:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Cash and bank deposits	14,786	10,026
Deposits with financial institutions	–	2,147
Total Cash and cash equivalents	14,786	12,173

Cash and cash equivalents as at March 31, 2024 and March 31, 2023 include restricted cash and bank balances of 348 crore and 362 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
	March 31, 2024	March 31, 2023
(i) Current Investments
Amortized Cost
Quoted debt securities	–	150
Fair Value through other comprehensive income
Quoted debt securities	2,427	1,468
Commercial papers	4,830	742
Certificate of deposit	3,043	3,574
Fair Value through profit or loss
Liquid mutual fund units	2,615	975
Total current investments	12,915	6,909
(ii) Non-current Investments
Amortized Cost
Quoted debt securities	1,759	1,770
Fair Value through other comprehensive income
Quoted debt securities	9,114	10,032
Quoted equity securities	113	-
Unquoted equity and preference securities	93	196
Fair Value through profit or loss
Target maturity fund units	431	402
Others^(1)^	198	169
Total non-current investments	11,708	12,569
Total investments	24,623	19,478
Investments carried at amortized cost	1,759	1,920
Investments carried at fair value through other comprehensive income	19,620	16,012
Investments carried at fair value through profit or loss	3,244	1,546

^(1)^	Uncalled capital commitments outstanding as at March 31, 2024 and March 31, 2023 was79 crore and 92 crore, respectively.

Refer to note 2.3 for accounting policies on financialinstruments.

Details of amounts recorded in Other comprehensiveincome :

(In crore)

	Year ended March 31, 2024			Year ended March 31, 2023
	Gross	Tax	Net	Gross	Tax	Net
Net Gain/(loss) on
Quoted debt securities	160	(15)	145	(262)	7	(255)
Commercial papers	–	–	–	–	–	–
Certificates of deposit	(1)	–	(1)	(1)	–	(1)
Equity and preference securities	10	9	19	(8)	1	(7)

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		March 31, 2024	March 31, 2023
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	2,615	975
Target maturity fund units - carried at fair value through profit or loss	Quoted price	431	402
Quoted debt securities- carried at amortized cost	Quoted price and market observable inputs	1,973	2,148
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	11,541	11,500
Commercial papers- carried at fair value through other comprehensive income	Market observable inputs	4,830	742
Certificates of deposit- carried at fair value through other comprehensive income	Market observable inputs	3,043	3,574
Quoted equity securities carried at fair value through other comprehensive income	Quoted price	113	–
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, option pricing model	93	196
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, option pricing model	198	169
Total		24,837	19,706

Note: Certain quoted investments are classified asLevel 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.

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

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

(ii) Cash flow hedge

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

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the 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 consolidated statement of comprehensive income.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at March 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)	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 investment others	–	–	198	–	–	198	198
Trade receivables	30,193	–	–	–	–	30,193	30,193
Unbilled revenues (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 <br><br>(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
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 2023 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)	12,173	–	–	–	–	12,173	12,173
Investments (Refer to note 2.2)
Liquid mutual fund units	–	–	975	–	–	975	975
Target maturity fund units	–	–	402	–	–	402	402
Quoted debt securities	1,920	–	–	–	11,500	13,420	13,648 ^(1)^
Commercial papers	–	–	–	–	742	742	742
Certificates of deposit	–	–	–	–	3,574	3,574	3,574
Unquoted equity and preference securities	–	–	–	196	–	196	196
Unquoted investments others	–	–	169	–	–	169	169
Trade receivables	25,424	–	–	–	–	25,424	25,424
Unbilled revenue (Refer to note 2.17)^(3)^	9,502	–	–	–	–	9,502	9,502
Prepayments and other assets (Refer to note 2.4)	5,127	–	–	–	–	5,127	5,043 ^(2)^
Derivative financial instruments	–	–	69	–	32	101	101
Total	54,146	–	1,615	196	15,848	71,805	71,949
Liabilities:
Trade payables	3,865	–	–	–	–	3,865	3,865
Lease liabilities (Refer to note 2.8)	8,299	–	–	–	–	8,299	8,299
Derivative financial instruments	–	–	64	–	14	78	78
Financial liability under option arrangements (Refer to note 2.5)	–	–	600	–	–	600	600
Other liabilities including contingent consideration (Refer to note 2.5)	17,359	–	97	–	–	17,456	17,456
Total	29,523	–	761	–	14	30,298	30,298

^(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 March 31, 2024 is 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 certificates of deposit	3,043	–	3,043	–
Investments in commercial papers	4,830	–	4,830	–
Investments in quoted equity securities	113	113	–	–
Investments in unquoted equity and preference securities	93	–	–	93
Investments in unquoted investments others	198	–	–	198
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts	84	–	84	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts	31	–	31	–
Financial liability under option arrangements (Refer to note 2.5)^(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.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2023 was as follows:

(In crore)

Particulars	As at March 31, 2023	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	975	975	–	–
Investments in target maturity fund units	402	402	–	–
Investments in quoted debt securities	13,648	10,701	2,947	–
Investments in unquoted equity and preference securities	196	–	–	196
Investments in certificates of deposit	3,574	–	3,574	–
Investments in commercial papers	742	–	742	–
Investments in unquoted investments others	169	–	–	169
Others
Derivative financial instruments- gain on outstanding foreign exchange forward and option contracts	101	–	101	–
Liabilities
Derivative financial instruments- loss on outstanding foreign exchange forward and option contracts	78	–	78	–
Financial liability under option arrangements (Refer to note 2.5)^(1)^	600	–	–	600
Liability towards contingent consideration (Refer to note 2.5)^(1)^	97	–	–	97

^(1)^	Discount rate ranges from 10.0% to 15.0%

During the year ended March 31, 2023, quoted debt securities of 383 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 1,611 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.

Income from financial assets is as follows :

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Interest income from financial assets carried at amortized cost	253	197	1,060	861
Interest income on financial assets fair valued through other comprehensive income	318	231	1,007	955
Gain / (loss) on investments carried at fair value through profit or loss	88	61	285	148
Gain / (loss) on investments carried at fair value through other comprehensive Income	–	–	–	1
	659	489	2,352	1,965

Financial risk management

Financial risk factors

The Group's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group's primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the Group is foreign exchange risk. The Group uses derivative financial instruments to mitigate foreign exchange related risk exposures. The Group's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.

Market risk

The Group operates internationally, and a major portion of the business is transacted in several currencies and consequently the Group is exposed to foreign exchange risk through its sales and services in the United States and elsewhere, and purchases from overseas suppliers in various foreign currencies. 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 Group is also exposed to foreign exchange risk arising on intercompany transaction in foreign currencies. The exchange rate between the Indian rupee and foreign currencies has changed substantially in recent years and may fluctuate substantially in the future. Consequently, the results of the Group’s operations are adversely affected as the rupee appreciates/ depreciates against these currencies.

The following table analyses foreign currency risk from financial assets and liabilities as at March 31, 2024:

(In crore)

Particulars	U.S. dollars	Euro	United Kingdom Pound Sterling	Australian dollars	Other currencies	Total
Net financial assets	26,126	9,559	2,153	1,479	2,917	42,234
Net financial liabilities	(11,925)	(3,378)	(710)	(813)	(2,218)	(19,044)
Total	14,201	6,181	1,443	666	699	23,190

The following table analyses foreign currency risk from financial assets and liabilities as at March 31, 2023:

(In crore)

Particulars	U.S. dollars	Euro	United Kingdom Pound Sterling	Australian dollars	Other currencies	Total
Net financial assets	20,777	7,459	1,816	1,809	2,604	34,465
Net financial liabilities	(12,148)	(3,734)	(737)	(953)	(2,208)	(19,780)
Total	8,629	3,725	1,079	856	396	14,685

For the three months and year ended March 31, 2024 and March 31, 2023, every percentage point depreciation / appreciation in the exchange rate between the Indian rupee and the U.S. dollar has affected the Group's incremental operating margins by approximately 0.43%, 0.43%, 0.43% and 0.44%, respectively.

Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.

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. These derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace.

The details in respect of outstanding foreign currency forward and option contracts are as follows:

Particulars	As at		As at
	March 31, 2024		March 31, 2023
	In million	In crore	In million	In crore
Derivatives designated as cash flow hedges
Forward contracts
In Euro	30	270	–	–
Option Contracts
In Euro	236	2,121	325	2,907
In Australian dollars	106	573	140	770
In United Kingdom Pound Sterling	35	368	55	559
Other derivatives
Forward contracts
In U.S. dollars	1,423	11,866	1,670	13,726
In Euro	574	5,163	316	2,825
In Singapore dollars	171	1,046	204	1,245
In United Kingdom Pound Sterling	86	902	86	877
In Swiss Franc	17	158	1	8
In New Zealand dollars	30	149	30	154
In Czech Koruna	374	135	364	134
In Danish Krone	100	121	–	–
In Norwegian Krone	130	100	100	79
In Canadian dollars	15	92	–	–
In Australian dollars	14	75	10	55
In Hungarian Forint	2,500	57	–	–
In Chinese Yuan	43	49	41	49
In South African rand	85	37	85	39
Option Contracts
In U.S. dollars	543	4,527	300	2,465
In Euro	100	897	160	1,431
In Australian dollars	20	111	30	165
In United Kingdom Pound Sterling	–	–	15	153
Total forwards & options		28,817		27,641

The group recognized a net gain of 209 crore and a net gain of 186 crore during the three months and year ended March 31, 2024 and a net gain of 164 crore and a net loss of 558 crore during the three months and year ended March 31, 2023, respectively, on derivative financial instruments not designated as cash flow hedges which are included in other income.

The foreign exchange forward and option contracts mature within twelve months. The table below analyses the derivative financial instruments into relevant maturity groupings based on the remaining period as at the balance sheet date:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Not later than one month	10,877	13,155
Later than one month and not later than three months	15,963	11,159
Later than three months and not later than one year	1,977	3,327
Total	28,817	27,641

During the year ended March 31, 2024 and March 31, 2023, the Group has designated certain foreign exchange forward and option contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. The related hedge transactions for balance in cash flow hedging reserve as of March 31, 2024, are expected to occur and reclassified to statement of comprehensive income within three months.

The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time of the hedge relationship rebalancing.

The following table provides the reconciliation of cash flow hedge reserve for the three months and year ended March 31, 2024 and March 31, 2023:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Gain / (Loss)
Balance at the beginning of the period	22	(41)	(5)	2
Gain / (loss) recognized in other comprehensive income during the period	(11)	(22)	8	90
Amount reclassified to profit and loss during the period	4	64	7	(99)
Tax impact on above	(9)	(6)	(4)	2
Balance at the end of the period	6	(5)	6	(5)

The Group offsets a financial asset and a financial liability when it currently has a legally enforceable right to set off the recognized amounts and the Group intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows:

(In crore)

Particulars	As at
	March 31, 2024		March 31, 2023
	Derivative financial asset	Derivative financial liability	Derivative financial asset	Derivative financial liability
Gross amount of recognized financial asset/liability	98	(45)	127	(104)
Amount set off	(14)	14	(26)	26
Net amount presented in balance sheet	84	(31)	101	(78)

Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to 30,193 crore and 25,424 crore as at March 31, 2024 and March 31, 2023, respectively and unbilled revenue amounting to 14,548 crore and 16,738 crore as at March 31, 2024 and March 31, 2023, respectively. Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers primarily located in the United States of America and Europe. Credit risk has always been managed by the Group through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business. The Group uses the expected credit loss model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues. This matrix takes into account credit reports and other related credit information to the extent available.

The Group's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. Exposure to customers is diversified and there is no single customer contributing more than 10% of outstanding trade receivables and unbilled revenues.

The following table gives details in respect of percentage of revenues generated from top five customers and top ten customers:

(In %)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Revenue from top five customers	13.6	13.0	13.3	12.7
Revenue from top ten customers	20.4	20.1	20.0	20.2

Credit risk exposure

Trade receivables ageing schedule as at March 31, 2024 is as follows:

(In crore)

Particulars		Outstanding for following periods from due date of payment
	Not Due	Less than6 months	6 monthsto 1 year	1-2 years	2-3 years	More than3 years	Total
Trade receivables	22,575	7,418	347	446	8	115	30,909
Less: Allowance for credit loss							(716)
Total Trade receivables							30,193

Trade receivables ageing schedule as at March 31, 2023 is as follows:

(In crore)

Particulars		Outstanding for following periods from due date of payment
	Not Due	Less than6 months	6 monthsto 1 year	1-2 years	2-3 years	More than3 years	Total
Trade receivables	18,411	7,508	60	7	76	45	26,107
Less: Allowance for credit loss							(683)
Total Trade receivables							25,424

The allowance of lifetime ECL on customer balances for the three months and year ended March 31, 2024 was (104) crore and 90 crore, respectively. The allowance of lifetime expected credit loss on customer balances for the three months and year ended March 31, 2023 was 71 crore and 228 crore, respectively.

The movement in credit loss allowance on customerbalance is as follows:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Balance at the beginning	1,049	936	961	858
Translation differences	8	(2)	–	41
Impairment loss recognized / (reversed), net	(104)	71	90	228
Amounts written off	–	(44)	(98)	(166)
Balance at the end	953	961	953	961

The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery.

Credit exposure

The Group’s credit period generally ranges from 30-75 days.

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Trade receivables	30,193	25,424
Unbilled revenue	14,548	16,738

Days sales outstanding (DSO) was 71 days and 62 days as of March 31, 2024 and March 31, 2023, respectively.

Credit risk on cash and cash equivalents is limited as the Group generally invest in deposits with banks with high ratings assigned by international and domestic credit rating agencies. Ratings are monitored periodically and the Group has considered the latest available credit ratings as at the date of approval of these Consolidated financial statements.

The investments of the Group primarily include investment in liquid mutual 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.

Liquidity risk

Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time.

The Group's principal sources of liquidity are cash and cash equivalents and investments and the cash flow that is generated from operations. The Group has no outstanding borrowings. The Group believes that the working capital is sufficient to meet its current requirements.

As at March 31, 2024, the Group had a working capital of 50,638 crore including cash and cash equivalents of 14,786 crore and current investments of 12,915 crore. As at March 31, 2023, the Group had a working capital of 31,695 crore including cash and cash equivalents of 12,173 crore and current investments of 6,909 crore.

As at March 31, 2024 and March 31, 2023, the outstanding employee benefit obligations were 2,711 crore and 2,482 crore, respectively, which have been substantially funded. Accordingly, no liquidity risk is perceived.

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2024:

(In crore)

Particulars	Less than 1 year	1-2 years	2-4 years	4-7 years	Total
Trade payables	3,956	–	–	–	3,956
Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5)	554	–	–	136	690
Other financial liabilities (excluding liability towards contingent consideration ) on an undiscounted basis (Refer to Note 2.5)	13,820	1,321	570	67	15,778

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2023:

(In crore)

Particulars	Less than 1 year	1-2 years	2-4 years	4-7 years	Total
Trade payables	3,865	–	–	–	3,865
Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5)	676	–	–	–	676
Other financial liabilities (excluding liability towards contingent consideration) (Refer to Note 2.5)	15,403	1,532	438	13	17,386
Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5)	101	–	–	–	101

2.4 Prepayments and other assets

Prepayments and other assets consist of the following:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Current
Security deposits^(1)^	75	42
Loans to employees^(1)^	248	289
Prepaid expenses^(2)^	3,329	2,745
Interest accrued and not due^(1)^	537	488
Withholding taxes and others^(2)^	3,540	3,268
Advance payments to vendors for supply of goods^(2)^	356	202
Deposit with corporations^(1)(3)^	2,535	2,348
Deferred contract cost
Cost of obtaining a contract ^(2)(4)^	200	853
Cost of fulfillment ^(2)^	358	175
Net investment in sublease of right of use asset^(1)^	6	53
Other non financial assets ^(2)^	180	261
Other financial assets^(1)(5)^	925	255
Total Current prepayment and other assets	12,289	10,979
Non-current
Security deposits^(1)^	259	287
Loans to employees^(1)^	34	39
Prepaid expenses^(2)^	343	332
Withholding taxes and others^(2)^	673	684
Deposit with corporations^(1)(3)^	47	96
Deferred contract cost
Cost of obtaining a contract ^(2)(4)^	129	191
Cost of fulfillment ^(2)^	687	652
Defined benefit plan assets^(2)^	31	36
Net investment in sublease of right of use asset^(1)^	3	305
Other non financial assets^(2)^	–	–
Other financial assets^(1)(5)^	1,119	925
Total Non- current prepayment and other assets	3,325	3,547
Total prepayment and other assets	15,614	14,526
^(1)^ Financial assets carried at amortized cost	5,788	5,127

^(2)^Non financial assets

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

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

^(4)^ Includes technology assets taken over by the Group from a customer as a part of transformation project which is not considered as distinct goods or services and the control related to the assets is not transferred to the Group in accordance with IFRS 15 - Revenue from contract with customers. Accordingly, the same has been considered as a reduction to the total contract value and accounted as Deferred contract cost. The Group has entered into financing arrangements with a third party for these assets. As at March 31, 2024 and March 31, 2023, the financial liability pertaining to such arrangements amounts to 372 crore and 731 crore, respectively. For the year ended March 31, 2023 118 crore was settled directly by the third party to the customer on behalf of the Group and accordingly considered as non-cash transaction (Refer to note 2.5)

^(5)^ Primarily includes net investment in lease

2.5 Other liabilities

Other liabilities comprise the following:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Current
Accrued compensation to employees^(1)^	4,454	4,174
Accrued defined benefit liability ^(3)^	5	4
Accrued expenses^(1)^	8,224	7,802
Withholding taxes and others^(3)^	3,185	3,632
Liabilities of controlled trusts^(1)^	211	211
Liability towards contingent consideration^(2)^	–	97
Capital Creditors^(1)^	310	674
Financial liability under option arrangements^(2)(4)^	499	600
Other non-financial liabilities ^(3)^	8	31
Other financial liabilities^(1)(5)^	608	2,523
Total current other liabilities	17,504	19,748
Non-current
Accrued expenses^(1)^	1,779	1,628
Accrued defined benefit liability ^(3)^	159	445
Accrued compensation to employees^(1)^	7	5
Financial liability under option arrangements^(2)(4)^	98	–
Other financial liabilities^(1)(5)^	157	342
Other non-financial liabilities^(3)^	76	55
Total non-current other liabilities	2,276	2,475
Total other liabilities	19,780	22,223
^(1)^Financial liability carried at amortized cost	15,750	17,359
^(2)^Financial liability carried at fair value through profit or loss	597	697
Financial liability under option arrangements on an undiscounted basis	690	676
Financial liability towards contingent consideration on an undiscounted basis	–	101

^(3)^Non financial liabilities

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

^(5)^Deferred contract cost in note 2.4 includes technology assets taken over by the Group from a customer as a part of transformation project which is not considered as distinct goods or services and the control related to the assets is not transferred to the Group in accordance with IFRS 15 - Revenue from contract with customers. Accordingly, the same has been considered as a reduction to the total contract value and accounted as Deferred contract cost. The Group has entered into financing arrangements with a third party for these assets. As at March 31, 2024 and March 31, 2023, the financial liability pertaining to such arrangements amounts to 372 crore and 731 crore, respectively. For the year ended March 31, 2023 118 crore was settled directly by the third party to the customer on behalf of the Group and accordingly considered as non-cash transaction.

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

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

b. Onerous contracts

Provision for post sales client support and otherprovisions

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Post sales client support and other provisions	1,796	1,307
Total provisions	1,796	1,307

The movement in the provision for post sales clientsupport is as follows:

(In crore)

Particulars	Three months ended March 31, 2024	Year ended March 31, 2024
Balance at the beginning	1,827	1,307
Provision recognized / (reversed)	74	895
Provision utilized	(95)	(421)
Exchange difference	(10)	15
Balance at the end	1,796	1,796

Provision for post sales client support 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 consolidated statement of comprehensive income.

As at March 31, 2024 and March 31, 2023 claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities - Refer to note 2.12) amounted to 789 crore and 700 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 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 March 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 January 1, 2024	1,430	11,498	5,203	8,497	3,378	45	30,051
Additions	–	287	183	345	79	–	894
Deletions*	–	–	(42)	(224)	(59)	–	(325)
Translation difference	–	(15)	(3)	(7)	(8)	–	(33)
Gross carrying value as at March 31, 2024	1,430	11,770	5,341	8,611	3,390	45	30,587
Accumulated depreciation as at January 1, 2024	–	(4,814)	(4,115)	(6,267)	(2,660)	(42)	(17,898)
Depreciation	–	(111)	(109)	(336)	(90)	–	(646)
Accumulated depreciation on deletions*	–	–	39	219	51	–	309
Translation difference	–	4	3	4	7	–	18
Accumulated depreciation as at March 31, 2024	–	(4,921)	(4,182)	(6,380)	(2,692)	(42)	(18,217)
Capital work-in progress as at January 1, 2024							717
Carrying value as at January 1, 2024	1,430	6,684	1,088	2,230	718	3	12,870
Capital work-in progress as at March 31, 2024							448
Carrying value as at March 31, 2024	1,430	6,849	1,159	2,231	698	3	12,818

The changes in the carrying value of property, plant and equipment for the three months ended March 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 January 1, 2023	1,429	11,530	5,184	8,895	3,455	44	30,537
Additions	2	29	205	494	224	1	955
Deletions*	(2)	–	(221)	(877)	(318)	–	(1,418)
Translation difference	–	3	1	7	4	–	15
Gross carrying value as at March 31, 2023	1,429	11,562	5,169	8,519	3,365	45	30,089
Accumulated depreciation as at January 1, 2023	–	(4,425)	(3,984)	(6,339)	(2,683)	(39)	(17,470)
Depreciation	–	(109)	(112)	(354)	(94)	(1)	(670)
Accumulated depreciation on deletions*	–	–	220	871	314	–	1,405
Translation difference	–	(1)	(1)	(4)	(2)	–	(8)
Accumulated depreciation as at March 31, 2023	–	(4,535)	(3,877)	(5,826)	(2,465)	(40)	(16,743)
Capital work-in progress as at January 1, 2023							350
Carrying value as at January 1, 2023	1,429	7,105	1,200	2,556	772	5	13,417
Capital work-in progress as at March 31, 2023							447
Carrying value as at March 31, 2023	1,429	7,027	1,292	2,693	900	5	13,793

The changes in the carrying value of property, plant and equipment for the year ended March 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, 2023	1,429	11,562	5,169	8,519	3,365	45	30,089
Additions	1	300	331	931	197	1	1,761
Deletions*	–	(55)	(155)	(846)	(170)	(1)	(1,227)
Translation difference	–	(37)	(4)	7	(2)	–	(36)
Gross carrying value as at March 31, 2024	1,430	11,770	5,341	8,611	3,390	45	30,587
Accumulated depreciation as at April 1, 2023	–	(4,535)	(3,877)	(5,826)	(2,465)	(40)	(16,743)
Depreciation	–	(450)	(458)	(1,387)	(387)	(3)	(2,685)
Accumulated depreciation on deletions*	–	55	151	836	158	1	1,201
Translation difference	–	9	2	(3)	2	–	10
Accumulated depreciation as at March 31, 2024	–	(4,921)	(4,182)	(6,380)	(2,692)	(42)	(18,217)
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 March 31, 2024							448
Carrying value as at March 31, 2024	1,430	6,849	1,159	2,231	698	3	12,818

* During the three months and year ended March 31, 2024, certain assets which were not in use having gross book value of 181 crore (net book value: Nil) and 775 crore (net book value: Nil) respectively, were retired.

The changes in the carrying value of property, plant and equipment for the year ended March 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, 2022	1,429	11,224	4,950	8,527	3,201	44	29,375
Additions - Business Combination (Refer to Note 2.10)	–	–	5	6	3	–	14
Additions	2	337	472	1,510	507	2	2,830
Deletions*	(2)	–	(264)	(1,563)	(367)	(1)	(2,197)
Translation difference	–	1	6	39	21	–	67
Gross carrying value as at March 31, 2023	1,429	11,562	5,169	8,519	3,365	45	30,089
Accumulated depreciation as at April 1, 2022	–	(4,100)	(3,677)	(6,034)	(2,452)	(37)	(16,300)
Depreciation	–	(434)	(457)	(1,322)	(360)	(4)	(2,577)
Accumulated depreciation on deletions*	–	–	262	1,556	363	1	2,182
Translation difference	–	(1)	(5)	(26)	(16)	–	(48)
Accumulated depreciation as at March 31, 2023	–	(4,535)	(3,877)	(5,826)	(2,465)	(40)	(16,743)
Capital work-in progress as at April 1, 2022							504
Carrying value as at April 1, 2022	1,429	7,124	1,273	2,493	749	7	13,579
Capital work-in progress as at March 31, 2023							447
Carrying value as at March 31, 2023	1,429	7,027	1,292	2,693	900	5	13,793

* During the three months and year ended March 31, 2023, certain assets which were not in use having gross book value of 1,414 crore (net book value: Nil) and 1,918 crore (net book value: Nil) respectively, were retired.

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

Repairs and maintenance costs are recognized in the 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 780 crore and 959 crore as at March 31, 2024 and March 31, 2023, 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

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 March 31, 2024:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of January 1, 2024	607	3,527	18	2,740	6,892
Additions^(1)^	–	61	2	376	439
Deletions	–	(92)	–	(215)	(307)
Depreciation	(2)	(185)	(2)	(234)	(423)
Translation difference	–	(13)	(1)	(35)	(49)
Balance as of March 31, 2024	605	3,298	17	2,632	6,552

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

Following are the changes in the carrying value of right-of-use assets for the three months ended March 31, 2023:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of January 1, 2023	624	3,847	15	1,994	6,480
Additions^(1)^	–	228	2	651	881
Deletions	–	(33)	–	(124)	(157)
Depreciation	(2)	(171)	(3)	(179)	(355)
Translation difference	1	25	1	6	33
Balance as of March 31, 2023	623	3,896	15	2,348	6,882

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

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2024:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2023	623	3,896	15	2,348	6,882
Additions^(1)^	–	394	12	1,872	2,278
Deletions	(10)	(181)	(1)	(755)	(947)
Impairment^#^	–	(88)	–	–	(88)
Depreciation	(6)	(728)	(10)	(851)	(1,595)
Translation difference	(2)	5	1	18	22
Balance as of March 31, 2024	605	3,298	17	2,632	6,552

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

# included under other expenses. Refer note 2.19

Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2023:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2022	628	3,711	16	468	4,823
Additions^(1)^	–	847	8	2,646	3,501
Deletions	–	(45)	–	(364)	(409)
Depreciation	(6)	(671)	(10)	(499)	(1,186)
Translation difference	1	54	1	97	153
Balance as of March 31, 2023	623	3,896	15	2,348	6,882

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

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

The following is the break-up of current and non-current lease liabilities as of March 31, 2024 and March 31, 2023

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Current lease liabilities	1,959	1,242
Non-current lease liabilities	6,400	7,057
Total	8,359	8,299

The movement in lease liabilities during the three months and year ended March 31, 2024 and March 31, 2023 is as follows:

(In crore)

	Three months ended March 31,		Year ended March 31,
Particulars	2024	2023	2024	2023
Balance as at Beginning	8,744	7,720	8,299	5,474
Additions	521	883	2,190	3,503
Deletions	(332)	(36)	(444)	(49)
Finance cost accrued during the period	79	73	326	245
Payment of lease liabilities	(575)	(366)	(2,030)	(1,241)
Translation difference	(78)	25	18	367
Balance as at end	8,359	8,299	8,359	8,299

The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2024 and March 31, 2023 on an undiscounted basis:

(In crore)

	As at
Particulars	March 31, 2024	March 31, 2023
Less than one year	2,152	1,803
One to five years	6,123	5,452
More than five years	994	1,978
Total	9,269	9,233

The group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

Rental expense recorded for short-term leases was 27 crore and 97 crore for the three months and year ended March 31, 2024 respectively. Rental expense recorded for short-term leases was 25 crore and 92 crore for the three months and year ended March 31, 2023 respectively.

The following is the movement in the net investment in sublease of ROU asset during the three months and year ended March 31, 2024 and March 31, 2023:

(In crore)

	Three months ended March 31,		Year ended March 31,
Particulars	2024	2023	2024	2023
Balance as at beginning	10	373	358	372
Additions	–	–	–	6
Deletions	–	–	(346)	–
Interest income accrued during the period	–	3	–	13
Lease receipts	(1)	(15)	(3)	(63)
Translation difference	–	(3)	–	30
Balance as at the end	9	358	9	358

Leases not yet commenced to which Group is committed is 497 crore for a lease term ranging from 3 years to 8 years.

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
	March 31, 2024	March 31, 2023
Carrying value at the beginning	7,248	6,195
Goodwill on acquisitions (Refer to note 2.10)	–	630
Translation differences	55	423
Carrying value at the end	7,303	7,248

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs, which are benefited from the synergies of the acquisition. The Group internally reviews the goodwill for impairment at the operating segment level, after allocation of the goodwill to CGUs or groups of CGUs.

The allocation of goodwill to operating segments as at March 31, 2024 and March 31, 2023 is as follows:

(In crore)

Segment	As at
	March 31, 2024	March 31, 2023
Financial services	1,476	1,465
Retail	939	929
Communication	675	668
Energy, Utilities, Resources and Services	1,160	1,152
Manufacturing	578	573
Life Sciences	951	943
	5,779	5,730
Operating segments without significant goodwill	552	559
Total	6,331	6,289

The goodwill pertaining to Panaya amounting to 972 crore and 959 crore as at March 31, 2024 and March 31, 2023, respectively is tested for impairment at the entity level.

(in %)

	As at
	March 31, 2024	March 31, 2023
Long term growth rate	7-10	8-10
Operating margins	19-21	19-21
Discount rate	13	13

The above discount rate is based on the Weighted Average Cost of Capital (WACC) of the Company. As at March 31, 2024, the estimated recoverable amount of the CGU exceeded its carrying amount. Reasonable sensitivities in key assumptions are unlikely to cause the carrying amount to exceed the recoverable amount of the cash generating units.

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.

Following are the changes in the carrying value of acquired intangible assets for the three months ended March 31, 2024:

(In crore)

Particulars	Customer related	Software related	Intellectual property rights related	Brand or Trademark Related	Others*	Total
Gross carrying value as at January 1, 2024	2,570	1,102	1	351	784	4,808
Additions during the period	–	22	–	–	–	22
Deletions	–	–	–	–	–	–
Translation differences	(58)	(14)	–	(2)	(2)	(76)
Gross carrying value as at March 31, 2024	2,512	1,110	1	349	782	4,754
Accumulated amortization as at January 1, 2024	(1,797)	(748)	(1)	(227)	(527)	(3,300)
Amortization expense	(44)	(19)	–	(9)	(30)	(102)
Deletions	–	2	–	–	–	2
Translation differences	41	–	–	1	1	43
Accumulated amortization as at March 31, 2024	(1,800)	(765)	(1)	(235)	(556)	(3,357)
Carrying value as at January 1, 2024	773	354	–	124	257	1,508
Carrying value as at March 31, 2024	712	345	–	114	226	1,397
Estimated Useful Life (in years)	1-15	3-10	–	3-10	3-7
Estimated Remaining Useful Life (in years)	1-10	1-5	–	1-6	1-4

Following are the changes in the carrying value of acquired intangible assets for the three months ended March 31, 2023:

(In crore)

Particulars	Customer related	Software related	Intellectual property rights related	Brand or Trademark Related	Others*	Total
Gross carrying value as at January 1, 2023	2,495	1,015	1	346	776	4,633
Additions during the period	2	15	–	–	–	17
Deletions	–	(4)	–	–	–	(4)
Translation differences	10	5	–	–	(2)	13
Gross carrying value as at March 31, 2023	2,507	1,031	1	346	774	4,659
Accumulated amortization as at January 1, 2023	(1,547)	(671)	(1)	(183)	(395)	(2,797)
Amortization expense	(50)	(21)	–	(12)	(31)	(114)
Deletions	–	3	–	–	–	3
Translation differences	(3)	1	–	–	–	(2)
Accumulated amortization as at March 31, 2023	(1,600)	(688)	(1)	(195)	(426)	(2,910)
Carrying value as at January 1, 2023	948	344	–	163	381	1,836
Carrying value as at March 31, 2023	907	343	–	151	348	1,749
Estimated Useful Life (in years)	1-15	3-10	–	3-10	3-7
Estimated Remaining Useful Life (in years)	1-11	1-6	–	1-7	1-5

Following are the changes in the carrying value of acquired intangible assets for the year ended March 31, 2024:

(In crore)

Particulars	Customer related	Software related	Intellectual property rights related	Brand or Trademark Related	Others*	Total
Gross carrying value as at April 1, 2023	2,507	1,031	1	346	774	4,659
Additions during the period	–	79	–	–	–	79
Deletions	–	(2)	–	–	–	(2)
Translation differences	5	2	–	3	8	18
Gross carrying value as at March 31, 2024	2,512	1,110	1	349	782	4,754
Accumulated amortization as at April 1, 2023	(1,600)	(688)	(1)	(195)	(426)	(2,910)
Amortization expense	(194)	(75)	–	(38)	(125)	(432)
Deletions	–	2	–	–	–	2
Translation differences	(6)	(4)	–	(2)	(5)	(17)
Accumulated amortization as at March 31, 2024	(1,800)	(765)	(1)	(235)	(556)	(3,357)
Carrying value as at April 1, 2023	907	343	–	151	348	1,749
Carrying value as at March 31, 2024	712	345	–	114	226	1,397
Estimated Useful Life (in years)	1-15	3-10	–	3-10	3-7
Estimated Remaining Useful Life (in years)	1-10	1-5	–	1-6	1-4

Following are the changes in the carrying value of acquired intangible assets for the year ended March 31, 2023:

(In crore)

Particulars	Customer related	Software related	Intellectual property rights related	Brand or Trademark Related	Others*	Total
Gross carrying value as at April 1, 2022	2,080	915	1	299	686	3,981
Additions during the period	–	62	–	–	–	62
Acquisition through business combination (Refer note no. 2.10)	274	–	–	24	30	328
Deletions	–	(4)	–	–	–	(4)
Translation differences	153	58	–	23	58	292
Gross carrying value as at March 31, 2023	2,507	1,031	1	346	774	4,659
Accumulated amortization as at April 1, 2022	(1,279)	(569)	(1)	(141)	(284)	(2,274)
Amortization expense	(236)	(84)	–	(45)	(119)	(484)
Deletions	–	3	–	–	–	3
Translation differences	(85)	(38)	–	(9)	(23)	(155)
Accumulated amortization as at March 31, 2023	(1,600)	(688)	(1)	(195)	(426)	(2,910)
Carrying value as at April 1, 2022	801	346	–	158	402	1,707
Carrying value as at March 31, 2023	907	343	–	151	348	1,749
Estimated Useful Life (in years)	1-15	3-10	–	3-10	3-7
Estimated Remaining Useful Life (in years)	1-11	1-6	–	1-7	1-5

^*^Majorly includes intangibles relatedto vendor relationship

The amortization expense has been included under depreciation and amortization expense under cost of sales in the consolidated statement of comprehensive income.

Research and development expense recognized in net profit in the consolidated statement of comprehensive income for the three months ended March 31, 2024 and March 31, 2023 was 281 crore and 266 crore respectively, and for the year ended March 31, 2024 and March 31, 2023 was 1,118 crore and 1,042 crore respectively.

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.

Acquisitions during the year ended March 31, 2023

During the year ended March 31, 2023 the Group, completed two business combinations to complement its digital offerings by acquiring 100% voting interests in:

2) BASE life science A/S, a consulting and technology firm in the life Science industry in Europe on September 1, 2022.

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

(In crore)

Component	Acquiree's carrying amount	Fair value adjustments	Purchase price allocated
Net Assets^(1)^	103	–	103
Intangible assets :
Customer contracts and relationships	–	274	274
Vendor relationships	–	30	30
Brand	–	24	24
Deferred tax liabilities on intangible assets	–	(80)	(80)
Total	103	248	351
Goodwill			630
Total purchase price			981
^(1)^	Includes cash and cash equivalents acquired of 26crore.
---	---

Goodwill is not tax-deductible. Goodwill pertaining to these business combinations is allocated to operating segments as more fully described in Note 2.9.1

The purchase consideration of 981 crore includes cash of 936 crore and contingent consideration with an estimated fair value of 45 crore 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 12.5%. As of March 31, 2024 the contingent consideration was fully paid.

Additionally, these acquisitions have shareholder and employee retention bonus payable to the employees of the acquiree over three years, subject to their continuous employment with the Group along with achievement of financial targets for the respective years. Performance and Retention Bonus is recognized in employee benefit expenses in the Consolidated Statement of Comprehensive Income over the period of service.

Fair value of trade receivables acquired, is 111 crore as of acquisition date and as of March 31, 2024 the amounts are fully 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 7 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the year ended March 31, 2023.

Proposed acquisitions

On April 18, 2024, Infosys Germany GmBH wholly owned step down subsidiary of Infosys Limited entered into a definitive agreement to acquire 100% of the equity share capital in in-tech Holding GmbH, leading provider of Engineering R&D services headquartered in Germany, for a consideration including earn-outs amounting up to EUR 450 million (approximately 4,045 crore), subject to customary closing adjustments.

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

2015 Stock Incentive Compensation Plan (the 2015Plan):

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

Controlled trust holds 10,916,829 and 12,172,119 shares as at March 31, 2024 and March 31, 2023, respectively under the 2015 plan, out of which 200,000 equity shares each have been earmarked for welfare activities of the employees as at March 31, 2024 and March 31, 2023.

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

	2019 Plan				2015 Plan
Particulars	Three months ended March 31,		Year ended March 31,		Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	26,900	33,750	141,171	210,643	77,094	80,154	498,730	367,479
Employees other than KMP	3,582,471	3,329,240	4,046,731	3,704,014	3,442,700	1,736,925	4,640,640	1,784,975
	3,609,371	3,362,990	4,187,902	3,914,657	3,519,794	1,817,079	5,139,370	2,152,454
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	169,040	92,400	176,990	92,400
	–	–	–	–	169,040	92,400	176,990	92,400
Total Grants	3,609,371	3,362,990	4,187,902	3,914,657	3,688,834	1,909,479	5,316,360	2,244,854

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

2,72,026 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.

Under the 2019 plan:

Other KMP

Under the 2015 plan:

Under the 2019 plan:

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

(in crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Granted to:
KMP	17	8	68	49
Employees other than KMP	208	125	584	470
Total ^(1)^	225	133	652	519
^(1)^Cash settled stock compensation expense included in the above	4	2	13	5

The activity in the 2015 and 2019 plan for equity-settled share based payment transactions is set out as follows:

Particulars	Three months ended March 31, 2024		Three months ended March 31, 2023		Year ended March 31, 2024		Year ended March 31, 2023
	Shares arising out of options	Weighted average exercise price ()	Shares arising out of options	Weighted average exercise price ()	Shares arising out of options	Weighted average exercise price ()	Shares arising out of options	Weighted average exercise price ()
2015 Plan: RSU
Outstanding at the beginning	5,154,236	5.00	4,419,773	4.99	5,408,018	5.00	6,232,975	4.82
Granted	3,519,794	5.00	1,817,079	5.00	5,139,370	5.00	2,152,454	5.00
Exercised	471,536	5.00	725,834	5.00	1,815,025	5.00	2,105,904	4.50
Forfeited and expired	126,436	5.00	103,000	5.00	656,305	5.00	871,507	4.93
Outstanding at the end	8,076,058	5.00	5,408,018	5.00	8,076,058	5.00	5,408,018	5.00
Exercisable at the end	831,050	4.98	787,976	4.97	831,050	4.98	787,976	4.97
2015 Plan: Employee Stock Options (ESOPs)
Outstanding at the beginning	82,050	551	347,258	581	134,030	529	700,844	557
Granted	–	–	–	–	–	–	–	–
Exercised	–	–	213,228	610	51,980	499	566,814	596
Forfeited and expired	–	–	–	–	–	–	–	–
Outstanding at the end	82,050	551	134,030	529	82,050	551	134,030	529
Exercisable at the end	82,050	551	134,030	529	82,050	551	134,030	529
2019 Plan: RSU
Outstanding at the beginning	5,845,282	5.00	4,310,473	5.00	7,222,038	5.00	4,958,938	5.00
Granted	3,609,371	5.00	3,362,990	5.00	4,187,902	5.00	3,914,657	5.00
Exercised	281,010	5.00	362,590	5.00	1,695,705	5.00	1,128,626	5.00
Forfeited and expired	1,149,788	5.00	88,835	5.00	1,690,380	5.00	522,931	5.00
Outstanding at the end	8,023,855	5.00	7,222,038	5.00	8,023,855	5.00	7,222,038	5.00
Exercisable at the end	814,798	5.00	1,352,150	5.00	814,798	5.00	1,352,150	5.00

The weighted average share price of option exercised is set out as follows:

(in )

	2019 Plan				2015 Plan
Particulars	Three months ended March 31,		Year ended March 31,		Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Weighted average share price of options exercised	1,600	1,429	1,352	1,485	1,630	1,466	1,414	1,515

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2024 is as follows:

	2019 plan - Options outstanding			2015 plan - Options outstanding
Range of exercise prices per share ()	No. of shares arising out of options	Weighted average remaining contractual life	Weighted average exercise price ()	No. of shares arising out of options	Weighted average remaining contractual life	Weighted average exercise price ()
0 - 5 (RSU)	8,023,855	1.42	5.00	8,076,058	1.77	5.00
450 - 640 (ESOP)	–	–	–	82,050	1.10	551

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2023 was as follows:

	2019 plan - Options outstanding			2015 plan - Options outstanding
Range of exercise prices per share ()	No. of shares arising out of options	Weighted average remaining contractual life	Weighted average exercise price ()	No. of shares arising out of options	Weighted average remaining contractual life	Weighted average exercise price ()
0 - 5 (RSU)	7,222,038	1.33	5.00	5,408,018	1.49	5.00
450 - 630 (ESOP)	–	–	–	134,030	1.77	529

As at March 31, 2024 and March 31, 2023, 2,91,795 and 2,24,924 cash settled options were outstanding respectively. The carrying value of liability towards cash settled share based payments was 13 crore and 4 crore as at March 31, 2024 and March 31, 2023 respectively.

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 2024- Equity Shares-RSU	Fiscal 2024- ADS-RSU	Fiscal 2023- Equity Shares-RSU	Fiscal 2023- ADS-RSU
Weighted average share price () / ($ ADS)	1,588	19.19	1,525	18.08
Exercise price ()/ ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	23-31	25-33	23-32	27-34
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	5-7	2-5
Weighted average fair value as on grant date () / ($ ADS)	1,317	16.27	1,210	13.69

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.

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

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Current taxes
Domestic taxes	1,021	1,539	6,346	6,681
Foreign taxes	152	721	2,044	2,606
	1,173	2,260	8,390	9,287
Deferred taxes
Domestic taxes	950	179	1,498	446
Foreign taxes	142	(107)	(148)	(519)
	1,092	72	1,350	(73)
Income tax expense	2,265	2,332	9,740	9,214

A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before income taxes is summarized below:

(In crore)

Particulars	Year ended March 31,
	2024	2023
Profit before income taxes	35,988	33,322
Enacted tax rates in India	34.94%	34.94%
Computed expected tax expense	12,576	11,644
Tax effect due to non-taxable income for Indian tax purposes	(3,009)	(2,916)
Overseas taxes	1,128	1,060
Tax provision (reversals)	(937)	(106)
Effect of exempt non-operating income	(49)	(52)
Effect of unrecognized deferred tax assets	203	109
Effect of differential tax rates	(568)	(329)
Effect of non-deductible expenses	165	153
Others	231	(349)
Income tax expense	9,740	9,214

The applicable Indian corporate statutory tax rate for the year ended March 31, 2024 and March 31, 2023 is 34.94% each

Income tax expense for the three months ended March 31, 2024 and March 31, 2023 includes reversal (net of provisions) of 871 crore and 71 crore, respectively. Income tax expense for the year ended March 31, 2024 and March 31, 2023 includes reversal (net of provisions) of 937 crore and 106 crore, respectively. These 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.

During the year ending March 31, 2024, the Company received orders under sections 250 and 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and 2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result interest income (pre-tax) of 1,933 crore was recognised and provision for income tax aggregating 525 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to 1,628 crore has been reduced from contingent liabilities.

The foreign tax expense is due to income taxes payable overseas, principally in the United States. In India, the Company has benefited from certain income tax incentives that the Government of India had provided for export of software and services from the units registered under the Special Economic Zones Act (SEZs), 2005. SEZ units which began the provision of services on or after April 1, 2005 are eligible for a deduction of 100% of profits or gains derived from the export of services for the first five years from the financial year in which the unit commenced the provision of services and 50% of such profits or gains for further five years. Up to 50% of such profits or gains is also available for a further five years subject to creation of a Special Economic Zone re-investment Reserve out of the profit for the eligible SEZ units and utilization of such reserve by the Company for acquiring new plant and machinery for the purpose of its business as per the provisions of the Income Tax Act, 1961. (Refer to Special Economic Zone Re-investment reserve under Note 2.18 Equity).

Deferred income tax for the three months and year ended March 31, 2024 and March 31, 2023 substantially relates to origination and reversal of temporary differences.

Infosys is subject to a 15% Branch Profit Tax (BPT) in the U.S. to the extent its U.S. branch's net profit during the year is greater than the increase in the net assets of the U.S. branch during the year, computed in accordance with the Internal Revenue Code. As at March 31, 2024, Infosys' U.S. branch net assets amounted to approximately 7,844 crore. As at March 31, 2024, the Company has a deferred tax liability for branch profit tax of 269 crore (net of credits), as the Company estimates that these branch profits are expected to be distributed in the foreseeable future.

Deferred income tax liabilities have not been recognized on temporary differences amounting to 10,776 crore and 10,948 crore as at March 31, 2024 and March 31, 2023, respectively, associated with investments in subsidiaries and branches as the Company is able to control the timing of reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. The Group majorly intends to repatriate earnings from subsidiaries and branches only to the extent these can be distributed in a tax-free manner.

Deferred income tax assets have not been recognized on accumulated losses of 4,668 crore and 4,423 crore as at March 31, 2024 and March 31, 2023, respectively, as it is probable that future taxable profit will be not available against which the unused tax losses can be utilized in the foreseeable future.

The following table provides details of expiration of unused tax losses as at March 31, 2024:

(In crore)

Year	As at
	March 31, 2024
2025	13
2026	202
2027	128
2028	467
2029	684
Thereafter	3,174
Total	4,668

The following table provides details of expiration of unused tax losses as at March 31, 2023:

(In crore)

Year	As at
	March 31, 2023
2024	122
2025	138
2026	146
2027	88
2028	494
Thereafter	3,435
Total	4,423

The following table provides the details of income tax assets and income tax liabilities as at March 31, 2024 and March 31, 2023:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Income tax assets	9,442	6,459
Current income tax liabilities	3,585	3,384
Net current income tax asset / (liabilities) at the end	5,857	3,075

The gross movement in the current income tax asset/ (liabilities) for the three months and year ended March 31, 2024 and March 31, 2023 is as follows:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Net current income tax asset/ (liabilities) at the beginning	3,005	3,151	3,075	3,545
Translation differences	1	(1)	–	1
Income tax paid	2,085	2,179	9,231	8,794
Interest receivable on income tax refund	1,934	–	1,934	–
Current income tax expense	(1,173)	(2,260)	(8,390)	(9,287)
Income tax benefit arising on exercise of stock options	3	3	3	51
Additions through business combination	–	–	–	(12)
Tax impact on buyback expenses	–	4	–	9
Income tax on other comprehensive income	2	(1)	4	(24)
Impact on account of IAS 37 adoption	–	–	–	(2)
Net current income tax asset/ (liabilities) at the end	5,857	3,075	5,857	3,075

The movement in gross deferred income tax assets / (liabilities) (before set off) for the three months ended March 31, 2024 is as follows:

(In crore)

Particulars	Carrying value as at January 1, 2024	Changes through profit and loss	Addition through business combination	Changes through OCI	Translation difference	Carrying value as at March 31, 2024
Deferred income tax assets/(liabilities)
Property, plant and equipment	231	12	–	–	1	244
Lease liabilities	215	(17)	–	–	–	198
Accrued compensation to employees	57	5	–	–	–	62
Trade receivables	242	(19)	–	–	–	223
Compensated absences	655	(28)	–	–	–	627
Post sales client support	250	(194)	–	–	–	56
Credits related to branch profits	537	273	–	–	1	811
Derivative financial instruments	24	(26)	–	(9)	–	(11)
Intangible assets	64	–	–	–	–	64
Intangibles arising on business combinations	(301)	15	–	–	4	(282)
Branch profit tax	(638)	(440)	–	–	(2)	(1,080)
SEZ reinvestment reserve	(1,798)	(198)	–	–	–	(1,996)
Interest receivable on income tax refund	–	(487)	–	–	–	(487)
Others	222	12	–	(3)	–	231
Total deferred income tax assets/(liabilities)	(240)	(1,092)	–	(12)	4	(1,340)

The movement in gross deferred income tax assets / (liabilities) (before set off) for the three months ended March 31, 2023 is as follows:

(In crore)

Particulars	Carrying value as at January 1, 2023	Changes through profit and loss	Addition through business combination	Changes through OCI	Translation difference	Carrying value as at March 31, 2023
Deferred income tax assets/(liabilities)
Property, plant and equipment	170	–	–	–	(1)	169
Lease liabilities	235	(12)	–	–	–	223
Accrued compensation to employees	56	12	–	–	–	68
Trade receivables	241	20	–	–	–	261
Compensated absences	576	–	–	–	–	576
Post sales client support	227	21	–	–	–	248
Credits related to branch profits	556	165	–	–	(3)	718
Derivative financial instruments	41	(35)	–	(6)	–	–
Intangible assets	61	1	–	–	–	62
Intangibles arising on business combinations	(359)	17	–	–	(2)	(344)
Branch profit tax	(687)	(184)	–	–	5	(866)
SEZ reinvestment reserve	(1,261)	(90)	–	–	–	(1,351)
Others	242	13	–	(7)	13	261
Total deferred income tax assets/(liabilities)	98	(72)	–	(13)	12	25

The movement in gross deferred income tax assets / (liabilities) (before set off) for the year ended March 31, 2024 is as follows:

(In crore)

Particulars	Carrying value as at April 1, 2023	Changes through profit and loss	Addition through business combination	Changes through OCI	Translation difference	Carrying value as at March 31, 2024
Deferred income tax assets/(liabilities)
Property, plant and equipment	169	75	–	–	–	244
Lease liabilities	223	(25)	–	–	–	198
Accrued compensation to employees	68	(6)	–	–	–	62
Trade receivables	261	(40)	–	–	2	223
Compensated absences	576	50	–	–	1	627
Post sales client support	248	(192)	–	–	–	56
Credits related to branch profits	718	84	–	–	9	811
Derivative financial instruments	–	(7)	–	(4)	–	(11)
Intangible assets	62	1	–	–	1	64
Intangibles arising on business combinations	(344)	63	–	–	(1)	(282)
Branch profit tax	(866)	(202)	–	–	(12)	(1,080)
SEZ reinvestment reserve	(1,351)	(645)	–	–	–	(1,996)
Interest receivable on income tax refund	–	(487)	–	–	–	(487)
Others	261	(19)	–	(4)	(7)	231
Total deferred income tax assets/(liabilities)	25	(1,350)	–	(8)	(7)	(1,340)

The movement in gross deferred income tax assets / (liabilities) (before set off) for the year ended March 31, 2023 is as follows:

(In crore)

Particulars	Carrying value as at April 1, 2022	Changes through profit and loss	Addition through business combination	Impact on account of IAS 37 adoption	Changes through OCI	Translation difference	Carrying value as at March 31, 2023
Deferred income tax assets/(liabilities)
Property, plant and equipment	156	17	–	–	–	(4)	169
Lease liabilities	180	43	–	–	–	–	223
Accrued compensation to employees	51	15	–	–	–	2	68
Trade receivables	213	48	–	–	–	–	261
Compensated absences	529	47	–	–	–	–	576
Post sales client support	131	114	–	2	–	1	248
Credits related to branch profits	676	(13)	–	–	–	55	718
Derivative financial instruments	(25)	22	–	–	2	1	–
Intangible assets	49	8	–	–	–	5	62
Intangibles arising on business combinations	(308)	70	(80)	–	–	(26)	(344)
Branch profit tax	(834)	35	–	–	–	(67)	(866)
SEZ reinvestment reserve	(852)	(499)	–	–	–	–	(1,351)
Others	90	166	(1)	–	–	6	261
Total deferred income tax assets/(liabilities)	56	73	(81)	2	2	(27)	25

The deferred income tax assets and liabilities are as follows:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Deferred income tax assets after set off	454	1,245
Deferred income tax liabilities after set off	(1,794)	(1,220)

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. The 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.

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

As at March 31, 2023, claims against the Group not acknowledged as debts from the Income tax authorities amounted to 4,062 crore.

The amount paid to statutory authorities against the tax claims amounted to 8,743 crore and 6,528 crore as at March 31, 2024 and March 31, 2023, 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 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.

The following is a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share:

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Basic earnings per equity share - weighted average number of equity shares outstanding^(1)^	4,139,432,133	4,144,013,195	4,138,568,090	4,180,897,857
Effect of dilutive common equivalent shares - share options outstanding	5,620,237	5,542,231	6,112,335	6,833,213
Diluted earnings per equity share - weighted average number of equity shares and common equivalent shares outstanding	4,145,052,370	4,149,555,426	4,144,680,425	4,187,731,070

^(1)^excludes treasury shares

For the three months ended March 31, 2024 and March 31, 2023, there were 4,36,473 and 16,695 options to purchase equity shares which had an anti-dilutive effect.

For the years ended March 31, 2024 and March 31, 2023, there were 1,19,711 and 9,960 options to purchase equity shares which had an anti-dilutive effect.

2.14 Related party transactions

List of related parties:

Name of subsidiaries	Country	Holdings as at
		March 31, 2024	March 31, 2023
Infosys Technologies (China) Co. Limited (Infosys China)^(1)^	China	100%	100%
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico)^(1)^	Mexico	100%	100%
Infosys Technologies (Sweden) AB (Infosys Sweden)^(1)^	Sweden	100%	100%
Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai)^(1)^	China	100%	100%
EdgeVerve Systems Limited (EdgeVerve)^(1)^	India	100%	100%
Infosys Austria GmbH^(1)^	Austria	100%	100%
Skava Systems Private Limited (Skava Systems)^(1)(22)^	India	100%	100%
Infosys Chile SpA^(1)^	Chile	100%	100%
Infosys Arabia Limited^(2)(22)^	Saudi Arabia	70%	70%
Infosys Consulting Ltda.^(1)^	Brazil	100%	100%
Infosys Luxembourg S.a.r.l^(1)^	Luxembourg	100%	100%
Infosys Americas Inc. (Infosys Americas)^(1)(30)^	U.S.	–	100%
Infosys Consulting S.R.L.^(1)(19)^	Argentina	100%	100%
Infosys Consulting S.R.L.^(1)^	Romania	100%	100%
Infosys Limited Bulgaria EOOD^(1)^	Bulgaria	100%	100%
Infosys Turkey Bilgi Teknolojileri Limited Sirketi^(1)^	Turkey	100%	100%
Infosys Germany Holding Gmbh^(1)^	Germany	100%	100%
Infosys Automotive and Mobility GmbH & Co. KG^(1)^	Germany	100%	100%
Infosys Green Forum^(1)^	India	100%	100%
Infosys Business Solutions LLC^(1)^	Qatar	100%	100%
WongDoody Inc. ^(1)^	U.S.	100%	100%
Danske IT and Support Services India Private Limited (“Danske IT”) ^(1)(32)^	India	100%	–
Infosys Public Services, Inc. USA (Infosys Public Services)^(1)^	U.S.	100%	100%
Infosys Public Services Canada Inc. ^(12)(23)^	Canada	100%	100%
Infosys BPM Limited^(1)^	India	100%	100%
Infosys BPM UK Limited^(3)^	U.K.	100%	100%
Infosys (Czech Republic) Limited s.r.o.^(3)^	Czech Republic	100%	100%
Infosys Poland Sp z.o.o^(3)^	Poland	100%	100%
Infosys McCamish Systems LLC^(3)^	U.S.	100%	100%
Portland Group Pty Ltd^(3)^	Australia	100%	100%
Infosys BPO Americas LLC.^(3)^	U.S.	100%	100%
Infosys BPM Canada Inc ^(3)(31)(36)^	Canada	–	–
Panaya Inc. (Panaya)^(1)^	U.S.	100%	100%
Panaya Ltd.^(4)^	Israel	100%	100%
Panaya Germany GmbH ^(4)(27)^	Germany	100%	100%
Brilliant Basics Holdings Limited (Brilliant Basics)^(1)(22)^	U.K.	100%	100%
Brilliant Basics Limited ^(5)(22)^	U.K.	100%	100%
Infosys Consulting Holding AG ^(1)^	Switzerland	100%	100%
Infosys Management Consulting Pty Limited^(6)^	Australia	100%	100%
Infosys Consulting AG^(6)^	Switzerland	100%	100%
Infosys Consulting GmbH^(6)^	Germany	100%	100%
Infosys Consulting SAS^(6)^	France	100%	100%
Infy Consulting B.V.^(6)^	The Netherlands	100%	100%
Infosys Consulting (Belgium) NV^(6)^	Belgium	100%	100%
Infy Consulting Company Ltd^(6)^	U.K.	100%	100%
GuideVision s.r.o.^(7)^	Czech Republic	100%	100%
GuideVision Deutschland GmbH^(8)^	Germany	100%	100%
GuideVision Suomi Oy^(8)^	Finland	100%	100%
GuideVision Magyarország Kft^(8)^	Hungary	100%	100%
GuideVision Polska Sp. z.o.o^(8)^	Poland	100%	100%
GuideVision UK Ltd^(8)(22)^	U.K.	100%	100%
Infosys Nova Holdings LLC. (Infosys Nova)^(1)^	U.S.	100%	100%
Outbox systems Inc. dba Simplus (US)^(9)^	U.S.	100%	100%
Simplus ANZ Pty Ltd.^(10)^	Australia	100%	100%
Simplus Australia Pty Ltd^(11)^	Australia	100%	100%
Simplus Philippines, Inc.^(10)^	Philippines	100%	100%
Kaleidoscope Animations, Inc.^(9)^	U.S.	100%	100%
Kaleidoscope Prototyping LLC^(18)(34)^	U.S.	–	100%
Blue Acorn iCi Inc (formerly Beringer Commerce Inc)^(9)^	U.S.	100%	100%
Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.)^(1)^	Singapore	100%	100%
Infosys Financial Services GmbH. (formerly Panaya GmbH) ^(13)(29)^	Germany	100%	100%
Infosys South Africa (Pty) Ltd^(13)^	South Africa	100%	100%
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.)^(13)^	Malaysia	100%	100%
Infosys Middle East FZ LLC ^(13)^	Dubai	100%	100%
Infosys Norway ^(13)(28)^	Norway	100%	100%
Infosys Compaz Pte. Ltd ^(14)^	Singapore	60%	60%
HIPUS Co., Ltd^(14)^	Japan	81%	81%
Fluido Oy ^(13)^	Finland	100%	100%
Fluido Sweden AB ^(15)^	Sweden	100%	100%
Fluido Norway A/S^(15)^	Norway	100%	100%
Fluido Denmark A/S^(15)^	Denmark	100%	100%
Fluido Slovakia s.r.o^(15)^	Slovakia	100%	100%
Infosys Fluido UK, Ltd.^(15)^	U.K.	100%	100%
Infosys Fluido Ireland, Ltd.^(16)^	Ireland	100%	100%
Stater N.V.^(14)^	The Netherlands	75%	75%
Stater Nederland B.V.^(17)^	The Netherlands	75%	75%
Stater XXL B.V.^(17)^	The Netherlands	75%	75%
HypoCasso B.V.^(17)^	The Netherlands	75%	75%
Stater Participations B.V.^(35)^	The Netherlands	-	75%
Stater Belgium N.V./S.A.^(17)(35)^	Belgium	75%	75%
Stater Gmbh^(17)^	Germany	75%	75%
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”))^(13)^	Germany	100%	100%
Wongdoody Gmbh (formerly known as oddity GmbH) ^(20)^	Germany	100%	100%
WongDoody (Shanghai) Co. Limited (formerly known as oddity (Shanghai) Co., Ltd.) ^(21)^	China	100%	100%
WongDoody limited (Taipei) (formerly known as oddity Limited (Taipei)) ^(21)^	Taiwan	100%	100%
oddity space GmbH ^(20)(33)^	Germany	–	100%
oddity jungle GmbH ^(20)(33)^	Germany	–	100%
oddity code GmbH ^(20)(33)^	Germany	–	100%
WongDoody d.o.o (formerly known as oddity code d.o.o) ^(21)(33)^	Serbia	100%	100%
oddity waves GmbH ^(20)(33)^	Germany	–	100%
oddity group services GmbH ^(20)(33)^	Germany	–	100%
BASE life science A/S ^(13)(24)^	Denmark	100%	100%
BASE life science AG ^(25)^	Switzerland	100%	100%
BASE life science GmbH ^(25)^	Germany	100%	100%
BASE life science S.A.S ^(25)^	France	100%	100%
BASE life science Ltd. ^(25)^	U.K.	100%	100%
BASE life science S.r.l. ^(25)^	Italy	100%	100%
Innovisor Inc.^(25)^	U.S.	100%	100%
BASE life science Inc.^(25)^	U.S.	100%	100%
BASE life science S.L.^(25)(26)^	Spain	100%	100%

^(1)^	Wholly-owned subsidiary of Infosys Limited
^(2)^	Majority owned and controlled subsidiary of Infosys Limited
---	---
^(3)^	Wholly-owned subsidiary of Infosys BPM Limited
---	---
^(4)^	Wholly-owned subsidiary of Panaya Inc^.^
---	---
^(5)^	Wholly-owned subsidiary of Brilliant Basics Holding Limited.
---	---
^(6)^	Wholly-owned subsidiary of Infosys Consulting Holding AG
---	---
^(7)^	Wholly-owned subsidiary of Infy Consulting Company Limited
---	---
^(8)^	Wholly-owned subsidiary of GuideVision s.r.o.
---	---
^(9)^	Wholly-owned subsidiary of Infosys Nova Holdings LLC
---	---
^(10)^	Wholly-owned subsidiary of Outbox systems Inc. dba Simplus.
---	---
^(11)^	Wholly-owned subsidiary of Simplus ANZ Pty Ltd
---	---
^(12)^	Wholly-owned subsidiary of Infosys Public Services, Inc.
---	---
^(13)^	Wholly-owned subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte.<br>Ltd.)
---	---
^(14)^	Majority owned and controlled subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys<br>Consulting Pte. Ltd.)
---	---
^(15)^	Wholly-owned subsidiary of Fluido Oy
---	---
^(16)^	Wholly-owned subsidiary of Infosys Fluido UK, Ltd.
---	---
^(17)^	Wholly-owned subsidiary of Stater N.V
---	---
^(18)^	Wholly-owned subsidiary of Kaleidoscope Animations, Inc.
---	---
^(19)^	Infosys Consulting S.R.L. (Argentina) (formerly a wholly-owned subsidiary of Infosys Consulting<br>Holding AG) became the majority owned and controlled subsidiary of Infosys Limited with effect from April 1, 2022
---	---
^(20)^	On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”))<br>(a wholly owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.)) acquired 100% of voting interests in<br>oddity space GmbH, oddity jungle GmbH, oddity waves GmbH, oddity group services GmbH, oddity code GmbH and Wongdoody Gmbh (formerly known<br>as oddity GmbH)
---	---
^(21)^	Wholly-owned subsidiary of Wongdoody Gmbh (formerly known as oddity GmbH)
---	---
^(22)^	Under liquidation.
---	---
^(23)^	Incorporated on July 8, 2022
---	---
^(24)^	On September 1, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.)<br>(a Wholly-owned subsidiary of Infosys Limited) acquired 100% of voting interests in BASE life science A/S.
---	---
^(25)^	Wholly-owned subsidiary of BASE life science A/S
---	---
^(26)^	Incorporated on September 6, 2022
---	---
^(27)^	Incorporated effective December 15, 2022
---	---
^(28)^	Incorporated effective September 22, 2022.
---	---
^(29)^	Infosys Financial Services GmbH. (formerly Panaya GmbH) became a wholly-owned subsidiary<br>of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.) with effect from February 23, 2023.
---	---
^(30)^	Liquidated effective July 14, 2023
---	---
^(31)^	Incorporated on August 11, 2023
---	---
^(32)^	On September 1, 2023 Infosys Ltd. acquired 100% of voting interests in Danske IT and Support<br>Services India Private Limited (“Danske IT”). Danske IT renamed as Idunn Information Technology Private Limited from April<br>1, 2024.
---	---
^(33)^	On September 29, 2023, oddity space GmbH, oddity waves GmbH, oddity jungle GmbH, oddity group<br>services GmbH and oddity code GmbH merged into WongDoody GmbH and oddity code d.o.o which was formerly a subsidiary of oddity code Gmbh<br>has become a subsidiary of Wongdoody Gmbh (formerly known as oddity GmbH).
---	---
^(34)^	Kaleidoscope Prototyping LLC, a Wholly-owned subsidiary of Kaleidoscope Animations is liquidated<br>effective November 1, 2023
---	---
^(35)^	On November 24, 2023 Stater Participations B.V (Wholly-owned subsidiary of Stater N.V) merged<br>with Stater N.V and Stater Belgium N.V./S.A which was formerly a wholly owned subsidiary of Stater Participations B.V. became a wholly<br>owned subsidiary of Stater N.V^.^
---	---
^(36)^	On March 15, 2024 Infosys BPM Canada Inc., a Wholly-owned subsidiary of Infosys BPM Limited<br>got dissolved.
---	---

List of other related party

Particulars	Country	Nature of relationship
Infosys Limited Employees' Gratuity Fund Trust	India	Post-employment benefit plan of Infosys
Infosys Limited Employees' Provident Fund Trust	India	Post-employment benefit plan of Infosys
Infosys Limited Employees' Superannuation Fund Trust	India	Post-employment benefit plan of Infosys
Infosys BPM Limited Employees' Superannuation Fund Trust	India	Post-employment benefit plan of Infosys BPM
Infosys BPM Limited Employees' Gratuity Fund Trust	India	Post-employment benefit plan of Infosys BPM
EdgeVerve Systems Limited Employees' Gratuity Fund Trust	India	Post-employment benefit plan of EdgeVerve
EdgeVerve Systems Limited Employees' Superannuation Fund Trust	India	Post-employment benefit plan of EdgeVerve
Infosys Employees Welfare Trust	India	Controlled trust
Infosys Employee Benefits Trust	India	Controlled trust
Infosys Science Foundation	India	Controlled trust
Infosys Expanded Stock Ownership Trust	India	Controlled trust
Infosys Foundation ^(1)^	India	Trust jointly controlled by KMPs

Refer note no. 2.20 for information on transactions with post-employment benefit plans mentioned above.

^(1)^	During the quarter and year ended March 31, 2024, the Group contributed 89crore and 369 crore towards CSR. During the quarter and year ended March 31, 2023, the Group contributed 71 crore and 354 crore towards CSR.

List of key management personnel

Whole-time Directors

Salil Parekh, Chief Executive Officer and Managing Director

Non-whole-time Directors

Nandan M. Nilekani

D. Sundaram (appointed as lead independent director effective March 23, 2023)

Kiran Mazumdar-Shaw (retired as lead independent director effective March 22, 2023)

Micheal Gibbs

Uri Levine (retired as independent director effective April 19, 2023)

Bobby Parikh

Chitra Nayak

Govind Iyer (appointed as an independent director effective January 12, 2023)

Helene Auriol Potier (appointed as independent director effective May 26, 2023)

Nitin Paranjpe (appointed as an additional and independent director effective January 1, 2024)

Executive Officers

Inderpreet Sawhney, Group General Counsel and Chief Compliance Officer

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

Nilanjan Roy (resigned as Chief Financial Officer of the Company effective March 31, 2024)

Shaji Mathew (appointed as Group Head - Human Resources effective March 22, 2023)

Krishnamurthy Shankar (retired as Group Head - Human Resources effective March 21, 2023)

Mohit Joshi (resigned as President effective March 11, 2023 and was on leave till June 9, 2023 which was his last date with the company)

Ravi Kumar S (resigned as President effective October 11, 2022)

Company Secretary

A.G.S. Manikantha

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 March 31,		Year ended March 31,
	2024	2023	2024	2023
Salaries and other employee benefits to whole-time directors and executive officers^(1)(2)^	30	25	113	111
Commission and other benefits to non-executive/ independent directors	5	4	17	16
Total	35	29	130	127
^(1)^	For the three months ended March 31, 2024 and March 31, 2023, includes a charge of 17crore and 8 crore respectively, towards employee stock compensation expense. For the year ended March31, 2024 and March 31, 2023, includes a charge of 68 crore and 49crore 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 March 31, 2024 and March 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	10,010	5,429	4,666	5,068	5,589	3,316	2,762	1,083		37,923
	10,818	5,537	4,411	4,825	5,078	2,989	2,681	1,102		37,441
Identifiable operating expenses	6,042	2,591	3,033	2,717	3,656	1,995	1,639	652		22,325
	6,161	2,869	2,613	2,614	3,248	1,734	1,514	701		21,454
Allocated expenses	2,027	974	823	920	852	518	491	209		6,814
	2,057	1,034	840	909	928	505	462	254		6,989
Segment Profit	1,941	1,864	810	1,431	1,081	803	632	222		8,784
	2,600	1,634	958	1,302	902	750	705	147		8,998
Unallocable expenses										1,163
										1,121
Operating profit										7,621
										7,877
Other income, net (Refer to note 2.21)										2,729
										671
Finance cost										110
										82
Profit before income taxes										10,240
										8,466
Income tax expense										2,265
										2,332
Net profit										7,975
										6,134
Depreciation and amortization										1,163
										1,121
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
---	---

Year ended March 31, 2024 and March 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	42,158	22,504	17,991	20,035	22,298	12,411	11,515	4,758	153,670
	43,763	21,204	18,086	18,539	19,035	11,867	10,085	4,188	146,767
Identifiable operating expenses	24,782	11,704	11,071	10,838	14,596	7,232	6,716	2,938	89,877
	24,990	10,892	11,101	9,923	12,493	6,959	5,834	2,801	84,993
Allocated expenses	8,052	3,918	3,232	3,674	3,505	2,026	1,901	1,060	27,368
	7,930	3,916	3,226	3,461	3,429	1,949	1,685	1,048	26,644
Segment Profit	9,324	6,882	3,688	5,523	4,197	3,153	2,898	760	36,425
	10,843	6,396	3,759	5,155	3,113	2,959	2,566	339	35,130
Unallocable expenses									4,678
									4,225
Operating profit									31,747
									30,905
Other income, net (Refer to note 2.21)									4,711
									2,701
Finance cost									470
									284
Profit before income taxes									35,988
									33,322
Income tax expense									9,740
									9,214
Net profit									26,248
									24,108
Depreciation and amortization									4,678
									4,225
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 year ended March 31, 2024 and March 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 Consolidated Statement of Comprehensive Income.

Revenues for the three months and year ended March 31, 2024 and March 31, 2023 is as follows:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Revenue from software services	36,064	35,199	145,285	137,575
Revenue from products and platforms	1,859	2,242	8,385	9,192
Total revenue from operations	37,923	37,441	153,670	146,767

Products & platforms

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.

For the three months and year ended March 31, 2024and March 31, 2023

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
*Revenues by Geography^^**
North America	22,606	22,842	92,411	90,724
Europe	10,861	10,088	42,267	37,675
India	833	981	3,881	3,861
Rest of the world	3,623	3,530	15,111	14,507
Total	37,923	37,441	153,670	146,767

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

The percentage of revenue from fixed-price contracts for the three months ended March 31, 2024 and March 31, 2023 is 54% and 52%, respectively. The percentage of revenue from fixed-price contracts for the year ended March 31, 2024 and March 31, 2023 is 53% and 52%, respectively.

Trade Receivables and Contract Balances

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

Invoicing in excess of earnings are classified as unearned revenue.

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

During the year ended March 31, 2024 and March 31, 2023, the Company recognized revenue of 5,432 crore and 5,387 crore arising from opening unearned revenue as of April 1, 2023 and April 1, 2022 respectively.

During the year ended March 31, 2024 and March 31, 2023, 7,023 crore and 5,950 crore of unbilled revenue pertaining to other fixed price and fixed time frame contracts as of April 1, 2023 and April 1, 2022, respectively has been reclassified to trade receivables upon billing to customers on completion of milestones.

Remaining performance obligation disclosure

The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized as of the end of the reporting period and an explanation as to when the Group expects to recognize these amounts in revenue. Applying the practical expedient as given in IFRS 15, the Group has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognized corresponds directly with the value to the customer of the entity's performance completed to date, typically those contracts where invoicing is on time & material basis and unit of work based contracts. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustment for revenue that has not materialized and adjustments for currency fluctuations.

The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2024, other than those meeting the exclusion criteria mentioned above, is 90,658 crore. Out of this, the Group expects to recognize revenue of around 53.0% within the next one year and the remaining thereafter. The aggregate value of performance obligations that are completely or partially unsatisfied as at March 31, 2023 is 80,867 crore. The contracts can generally be terminated by the customers and typically includes an enforceable termination penalty payable by them. Generally, customers have not terminated contracts without cause.

2.17 Unbilled Revenue

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Unbilled financial asset ^(1)^	9,600	9,502
Unbilled non financial asset ^(2)^	4,948	7,236
Total	14,548	16,738

^(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

Description of reserves

Retained earnings

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

Share premium

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

Other Reserve

Capital Redemption Reserve

Cash flow hedge reserve

Other components of equity

2.18.1 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

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

Buyback completed in February 2023

In accordance with section 69 of the Companies Act, 2013, as at March 31, 2023, the Company has created ‘Capital Redemption Reserve’ of 30 crore equal to the nominal value of the shares bought back as an appropriation from general reserve and retained earnings.

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 March 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 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 March 31,		Year ended March 31,
	2024	2023	2024	2023
Final dividend for fiscal 2022	–	–	–	16.00
Interim dividend for fiscal 2023	–	–	–	16.50
Final dividend for fiscal 2023	–	–	17.50	–
Interim dividend for fiscal 2024	–	–	18.00	–

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of 20/- per equity share for the financial year ended March 31, 2024 and a special dividend of 8/- per equity share. The payment is subject to the approval of shareholders in the AGM of the Company to be held on June 26, 2024 and if approved, would result in a net cash outflow of approximately 11,592 crore (excluding dividend paid on treasury shares).

2.19 Expense by nature

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Employee benefit costs	20,393	20,311	82,620	78,359
Depreciation and amortization charges	1,163	1,121	4,678	4,225
Travelling costs	471	426	1,759	1,525
Consultancy and professional charges	489	387	1,726	1,684
Cost of Software packages for own use	555	496	2,145	1,937
Third party items bought for service delivery to clients	3,132	2,390	11,370	8,965
Communication costs	147	171	677	713
Cost of technical sub-contractors	2,967	3,116	12,232	14,062
Power and fuel	48	46	199	176
Repairs and maintenance	316	372	1,278	1,366
Rates and taxes	84	78	326	299
Insurance charges	53	43	210	174
Commission to non-whole time directors	5	4	16	15
Branding and marketing expenses	285	265	1,007	905
Provision for post-sales client support	(129)	(80)	75	120
Impairment loss recognized / (reversed) on financial assets	(98)	86	121	283
Contribution towards Corporate Social Responsibility	182	151	533	471
Others	239	181	951	583
Total cost of sales, selling and marketing expenses and administrative expenses	30,302	29,564	121,923	115,862

The table below provides details of break-up ofexpenses:

Cost of sales

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Employee benefit costs	18,392	18,436	74,480	71,084
Depreciation and amortization	1,163	1,121	4,678	4,225
Travelling costs	328	293	1,243	1,069
Cost of technical sub-contractors	2,966	3,115	12,227	14,059
Cost of software packages for own use	528	473	2,032	1,830
Third party items bought for service delivery to clients	3,132	2,390	11,370	8,965
Consultancy and professional charges	107	32	293	128
Communication costs	70	83	332	355
Repairs and maintenance	113	111	445	422
Provision for post-sales client support	(129)	(80)	75	120
Others	78	37	238	96
Total	26,748	26,011	107,413	102,353

Selling and marketing expenses

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Employee benefit costs	1,309	1,248	5,434	4,819
Travelling costs	86	79	314	279
Branding and marketing	284	262	1,001	896
Communication costs	3	3	12	12
Consultancy and professional charges	31	42	137	131
Others	22	25	75	112
Total	1,735	1,659	6,973	6,249

Administrative expenses

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Employee benefit costs	692	627	2,706	2,456
Consultancy and professional charges	351	313	1,296	1,424
Repairs and maintenance	254	258	1,001	935
Power and fuel	48	46	199	175
Communication costs	74	85	333	346
Travelling costs	57	54	202	177
Impairment loss recognized/(reversed) under expected credit loss model	(98)	86	121	283
Rates and taxes	84	77	325	297
Insurance charges	54	42	209	171
Commission to non-whole time directors	5	4	16	15
Contribution towards Corporate Social Responsibility	182	151	533	471
Others	116	151	596	510
Total	1,819	1,894	7,537	7,260

2.20 Employee Benefits

Accounting policy

Gratuity and Pensions

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

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

Provident fund

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

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

Superannuation

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

Compensated absences

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

2.20.1 Gratuity and pensions

The following table sets out the details of the defined benefit retirement plans and the amounts recognized in the Group's financial statements as at March 31, 2024 and March 31, 2023:

(In crore)

Particulars	Gratuity		Pension
	As at		As at
	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
Change in benefit obligations
Benefit obligations at the beginning	1,778	1,722	917	926
Transfer	29	–	–	19
Service cost	307	276	54	41
Interest expense	121	103	20	5
Remeasurements - Actuarial (gains) / losses	34	(72)	24	(143)
Past service cost - plan amendments	–	(1)	(33)	–
Employee contribution	–	–	34	27
Benefits paid	(154)	(268)	(10)	(46)
Translation difference	1	18	14	88
Benefit obligations at the end	2,116	1,778	1,020	917
Change in plan assets
Fair value of plan assets at the beginning	1,755	1,711	870	846
Transfer	–	–	–	19
Interest income	127	105	20	4
Remeasurements- Return on plan assets excluding amounts included in interest income	18	24	16	(95)
Employer contribution	328	175	51	37
Employee contribution	–	–	34	27
Benefits paid	(149)	(260)	(10)	(46)
Translation difference	–	–	10	78
Fair value of plan assets at the end	2,079	1,755	991	870
Funded status	(37)	(23)	(29)	(47)
Defined benefit plan asset (Refer note 2.4)	16	23	15	13
Defined benefit plan liability (Refer note 2.5)	(53)	(46)	(44)	(60)

Amount for the three months and year ended March 31, 2024 and March 31, 2023 recognized in the Consolidated Statement of Comprehensive income under employee benefit expense:

(In crore)

Particulars	Gratuity				Pension
	Three months ended March 31,		Year ended March 31,		Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Service cost	78	69	307	276	13	10	54	41
Net interest on the net defined benefit liability/(asset)	(4)	(1)	(6)	(2)	–	–	–	1
Plan amendments	–	–	–	(1)	(8)	–	(33)	–
Net cost	74	68	301	273	5	10	21	42

Amount for the three months and year ended March 31, 2024 and March 31, 2023 recognized in the Consolidated Statement of other comprehensive income:

(In crore)

Particulars	Gratuity				Pension
	Three months ended March 31,		Year ended March 31,		Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Remeasurements of the net defined benefit liability/ (asset)
Actuarial (gains) / losses	14	(1)	34	(72)	6	(34)	24	(143)
(Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability/(asset)	2	(2)	(18)	(24)	(4)	23	(16)	95
	16	(3)	16	(96)	2	(11)	8	(48)

Break up of actuarial (gains)/losses for the three months and year ended March 31, 2024 and March 31, 2023 is as follows:

(In crore)

Particulars	Gratuity				Pension
	Three months ended March 31,		Year ended March 31,		Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023	2024	2023	2024	2023
(Gain)/loss from change in demographic assumptions	–	–	–	–	–	–	–	–
(Gain)/loss from change in financial assumptions	2	(1)	10	(62)	6	(35)	24	(148)
(Gain)/loss from experience adjustment	12	–	24	(10)	–	1	–	5
	14	(1)	34	(72)	6	(34)	24	(143)

The gratuity and pension cost recognized in statement of comprehensive income apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost is as follows: -

(In crore)

Particulars	Gratuity				Pension
	Three months ended March 31,		Year ended March 31,		Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Cost of sales	67	62	271	247	5	9	19	38
Selling and marketing expenses	5	4	20	17	0	1	1	3
Administrative expenses	2	2	10	9	–	–	1	1
	74	68	301	273	5	10	21	42

The weighted-average assumptions used to determine benefit obligations as at March 31, 2024 and March 31, 2023 are set out below:

Particulars	Gratuity		Pension
	As at		As at
	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
Discount rate^(1)^	7.0%	7.1%	1.5%-3.4%	1.8%- 3.8%
Weighted average rate of increase in compensation levels^(2)^	6%	6%	1%-3%	1%- 3%
Weighted average duration of defined benefit obligation^(3)^	5.8 years	5.9 years	12 years	12 years

The weighted-average assumptions used to determine net periodic benefit cost for the three months and year ended March 31, 2024 and March 31, 2023 are set out below:

Particulars	Gratuity				Pension
	Three months ended March 31,		Year ended March 31,		Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Discount rate	7.1%	6.5%	7.1%	6.5%	1.8%-3.8%	0.4%- 1.7%	1.8%-3.8%	0.4%- 1.7%
Weighted average rate of increase in compensation levels	6%	6%	6%	6%	1%-3%	1%- 3%	1%-3%	1%- 3%

^(1)^	For domestic defined benefit plan in India, the market for high quality corporate bonds being<br>not developed, the yield of government bonds is considered as the discount rate. For most of our overseas defined benefit plan, given<br>that the market for high quality corporate bonds is not developed, the Government bond rate adjusted for corporate spreads is used.
^(2)^	The average rate of increase in compensation levels is determined by the Company, considering<br>factors such as, the Company’s past compensation revision trends, inflation in respective markets and management’s estimate<br>of future salary increases.
---	---
^(3)^	Attrition rate considered is the management’s estimate based on the past long-term<br>trend of employee turnover in the Company. The tenure has been considered taking into account the past long-term trend of employees'<br>average remaining service life which reflects the average estimated term of post-employment benefit obligation.
---	---

For domestic defined benefit plan in India, assumptions regarding future mortality experience are set in accordance with the published statistics by the Life Insurance Corporation of India. For overseas defined benefit plan, the assumptions regarding future mortality experience are set with regard to the latest statistics in life expectancy, plan experience and other relevant data.

The Group assesses these assumptions with its projected long-term plans of growth and prevalent industry standards.

The Company contributes all ascertained liabilities towards gratuity to the Infosys Limited Employees' Gratuity Fund 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 trust as of March 31, 2024 and March 31, 2023, and contributions for gratuity are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law. The plan assets of the overseas defined benefit plan have been primarily invested in insurer managed funds and the asset allocation for plan assets is determined based on the investment criteria prescribed under the relevant regulations applicable to pension funds and the insurer managers. The insurers' investments are diversified and provide for guaranteed interest rates arrangements.

Actual return on assets (including remeasurements) of the gratuity plan for the three months ended March 31, 2024 and March 31, 2023 were 35 crore and 28 crore, respectively and for the pension plan were 9 crore and (23) crore, respectively.

Actual return on assets (including remeasurements) of the gratuity plan for the year ended March 31, 2024 and March 31, 2023 were 145 crore and 129 crore, respectively and for the pension plan were 36 crore and (91) crore, respectively.

The contributions for gratuity are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law. The table below sets out the details of major plan assets into various categories as at March 31, 2024 and March 31, 2023:

Particulars	Pension
	As at
	March 31, 2024	March 31, 2023
Equity	34%	34%
Bonds	32%	32%
Real Estate/Property	26%	26%
Cash and Cash Equivalents	1%	1%
Other	7%	7%

These defined benefit plans expose the Group to actuarial risk which are set out below:

Interest rate risk: The present value of the defined benefit plan liability is generally calculated using a discount rate determined by reference to government bond yields and in certain overseas jurisdictions, it is calculated in reference to government bond yield adjusted for a corporate spread. If bond yields fall, the defined benefit obligation will tend to increase.

Life expectancy and investment risk: The pension fund offers the choice between a lifelong pension and a cash lump sum upon retirement. The pension fund has defined rates for converting the lump sum to a pension and there is the risk that the members live longer than implied by these conversion rates and that the pension assets don’t achieve the investment return implied by these conversion rates.

Asset volatility: A proportion of the pension fund is held in equities, which is expected to outperform corporate bonds in the long term but give exposure to volatility and risk in the short term. The pension fund board of insurer is responsible for the investment strategy and equity allocation is justified given the long-term investment horizon of the pension fund and the objective to provide a reasonable long term return on members’ account balances.

Sensitivity of significant assumptions used forvaluation of defined benefit obligation:

(in crore)

Impact from	As at March 31, 2024
	Gratuity	Pension
	1% point increase / decrease	0.5% point increase / decrease
Discount rate	112	43
Weighted average rate of increase in compensation levels	103	7

Sensitivity to significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation of the defined benefit obligation and keeping all other actuarial assumptions constant. In practice, this is not probable, and changes in some of the assumptions may be correlated.

The Group expects to contribute 335 crore to gratuity and 45 crore to pension during the fiscal 2025.

Maturity profile of defined benefit obligation:

(In crore)

	Gratuity	Pension
Within 1 year	316	62
1-2 year	311	67
2-3 year	338	65
3-4 year	417	70
4-5 year	444	65
5-10 years	2,122	332

2.20.2 Provident fund

Infosys has an obligation to fund any shortfall on the yield of the trust’s investments over the administered interest rates on an annual basis. These administered rates are determined annually predominantly considering the social and economic factors. The actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of India.

The following tables set out the funded status of the defined benefit provident fund plan of Infosys limited and the amounts recognized in the Group's financial statements as at March 31, 2024 and March 31, 2023:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Change in benefit obligations
Benefit obligations at the beginning	10,527	9,304
Service cost	880	814
Employee contribution	1,652	1,689
Interest expense	764	625
Actuarial (gains) / loss	96	(82)
Benefits paid	(2,040)	(1,823)
Benefit obligations at the end	11,879	10,527
Change in plan assets
Fair value of plan assets at the beginning	10,184	9,058
Interest income	740	609
Remeasurements- Return on plan assets excluding amounts included in interest income	234	(186)
Employer contribution	1,042	837
Employee contribution	1,652	1,689
Benefits paid	(2,040)	(1,823)
Fair value of plan assets at the end	11,812	10,184
Net liability (Refer note 2.5)	(67)	(343)

Amount for the three months and year ended March 31, 2024 and March 31, 2023 recognized in the consolidated statement of comprehensive income:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Service cost	234	217	880	814
Net interest on the net defined benefit liability / asset	6	4	24	16
Net provident fund cost	240	221	904	830

Amount for the three months and year ended March 31, 2024 and March 31, 2023 recognized in the consolidated statement of other comprehensive income:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Remeasurements of the net defined benefit liability/ (asset)
Actuarial (gains) / losses	48	29	96	(82)
(Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability/(asset)	(89)	(12)	(234)	186
	(41)	17	(138)	104

The assumptions used in determining the present value obligation of the defined benefit plan under the Deterministic Approach are as follows:

Particulars	As at
	March 31, 2024	March 31, 2023
Government of India (GOI) bond yield ^(1)^	7.00%	7.10%
Expected rate of return on plan assets	8.20%	8.15%
Remaining term to maturity of portfolio	6 years	6 years
Expected guaranteed interest rate	8.25%	8.15%

^(1)^ In India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. The tenure has been considered taking into account the past long-term trend of employees’ average remaining service life which reflects the average estimated term of the post-employment benefit obligation.

The breakup of the plan assets into various categories as at March 31, 2024 and March 31, 2023 are as follows:

Particulars	As at
	March 31, 2024	March 31, 2023
Central and State government bonds	60%	60%
Public sector undertakings and Private sector bonds	30%	33%
Others	10%	7%

The asset allocation for plan assets is determinedbased on the investment criteria prescribed under the relevant regulations.

The actuarial valuation of PF liability exposes the Group to interest rate risk. The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase.

As at March 31, 2024 the defined benefit obligation would be affected by approximately 66 crore and 110 crore on account of a 0.25% increase / decrease in the expected rate of return on plan assets.

The Group contributed 315 crore and 310 crore to the provident fund during the three months ended March 31, 2024 and March 31, 2023, respectively. The Group contributed 1,257 crore and 1,193 crore to the provident fund during the year ended March 31, 2024 and March 31, 2023, respectively. The same has been recognized in the net profit in the consolidated Statement of comprehensive income under the head employee benefit expense.

The provident plans are applicable only to employees drawing a salary in Indian rupees.

Provident fund contributions have been apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost as follows: -

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Cost of sales	285	281	1,133	1,082
Selling and marketing expenses	21	19	83	73
Administrative expenses	10	10	41	38
	316	310	1,257	1,193

2.20.3 Superannuation

The group contributed 123 crore and 123 crore to the superannuation plan during the three months ended March 31, 2024 and March 31, 2023, respectively. The group contributed 513 crore and 487 crore to the superannuation plan during the year ended March 31, 2024 and March 31, 2023, respectively and the same has been recognized in the Consolidated Statement of comprehensive income under the head employee benefit expense.

Superannuation contribution have been apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost as follows: -

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Cost of sales	111	112	462	442
Selling and marketing expenses	8	7	34	30
Administrative expenses	4	4	17	15
	123	123	513	487

2.20.4 Employee benefit costs include:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Salaries and bonus^(1)^	19,897	19,796	80,532	76,365
Defined contribution plans	161	159	670	627
Defined benefit plans	335	356	1,418	1,367
	20,393	20,311	82,620	78,359

^(1)^ Includes an employee stock compensationexpense of 225 crore and 652 crore for the three months and year ended March 31, 2024 respectively and, includes employeestock compensation expense of 133 crore and 519 crore for the three months and year ended March 31, 2023 respectively (Referto Note 2.11).

The employee benefit cost is recognized in the following line items in the consolidated statement of comprehensive income:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Cost of sales	18,392	18,436	74,480	71,084
Selling and marketing expenses	1,309	1,248	5,434	4,819
Administrative expenses	692	627	2,706	2,456
	20,393	20,311	82,620	78,359

2.21 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 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.

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.

Other income for the three months and year endedMarch 31, 2024 and March 31, 2023 is as follows:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Interest income on financial assets carried at amortized cost	253	197	1,060	861
Interest income on financial assets carried at fair value through other comprehensive income	318	231	1,007	955
Gain/(loss) on investments carried at fair value through profit or loss	88	61	285	148
Gain/(loss) on investments carried at fair value through other comprehensive income	–	–	–	1
Interest income on income tax refund	1,916	2	1,965	3
Exchange gains / (losses) on forward and options contracts	190	142	100	(647)
Exchange gains / (losses) on translation of other assets and liabilities	(123)	(91)	87	1,062
Others	87	129	207	318
Total	2,729	671	4,711	2,701

for and on behalf of the Board of Directors of InfosysLimited

D.Sundaram<br><br> <br>Lead Independent Director	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
Jayesh Sanghrajka<br><br> <br>Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>April 18, 2024

Exhibit 99.9

Ind AS Standalone

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim CondensedStandalone Financial Statements

Opinion

We have audited the accompanying interim condensed standalone financial statements of INFOSYS LIMITED (the “Company”), which comprise the Condensed Balance Sheet as at March 31, 2024, the Condensed Statement of Profit and Loss (including Other Comprehensive Income) for the three months and year ended on that date, the Condensed Statement of Changes in Equity and the Condensed Statement of Cash Flows for the year 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 March 31, 2024 its profit and total comprehensive income for the three months and year ended on that date, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

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

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

The Company’s Board of Directors is responsible for the preparation and presentation of these interim condensed standalone financial statements that give a true and fair view of the financial position, financial performance, including total comprehensive income, changes in equity and cash flows of the Company in accordance with Ind AS 34 and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the interim condensed standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

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

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

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

·	Identify and assess the risks of material misstatement of the interim condensed standalone<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 Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required<br>to draw attention in our auditor’s report to the related disclosures in the interim condensed standalone financial statements or,<br>if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of<br>our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
---	---
·	Evaluate the overall presentation, structure and content of the interim condensed standalone<br>financial statements, including the disclosures, and whether the interim condensed standalone financial statements represent the underlying<br>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.

	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm's Registration No. 117366W/W-100018)
Place: Bengaluru<br><br> <br>Date: April 18, 2024	Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN:24039826BKCODI1208

INFOSYS LIMITED

Condensed Standalone Financial Statementsunder Indian Accounting Standards (Ind AS)for the three months and year ended March 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 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<br><br> <br>****	Note No.	March 31, 2024	March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment	2.1	10,813	11,656
Right-of-use assets	2.3	3,303	3,561
Capital work-in-progress		277	275
Goodwill	2.2	211	211
Other intangible assets		–	3
Financial assets
Investments	2.4	23,352	23,686
Loans	2.5	34	39
Other financial assets	2.6	1,756	1,341
Deferred tax assets (net)	2.16	–	779
Income tax assets (net)	2.16	2,583	5,916
Other non-current assets	2.9	1,669	1,788
Total non - current assets		43,998	49,255
Current assets
Financial assets
Investments	2.4	11,307	4,476
Trade receivables	2.7	25,152	20,773
Cash and cash equivalents	2.8	8,191	6,534
Loans	2.5	208	291
Other financial assets	2.6	10,129	9,088
Income tax assets (net)	2.16	6,329	–
Other current assets	2.9	9,636	10,920
Total current assets		70,952	52,082
Total assets		114,950	101,337
EQUITY AND LIABILITIES
Equity
Equity share capital	2.11	2,075	2,074
Other equity		79,101	65,671
Total equity		81,176	67,745
LIABILITIES
Non-current liabilities
Financial liabilities
Lease liabilities	2.3	3,088	3,553
Other financial liabilities	2.12	1,941	1,317
Deferred tax liabilities (net)		1,509	866
Other non-current liabilities	2.14	150	414
Total non - current liabilities		6,688	6,150
Current liabilities
Financial liabilities
Lease liabilities	2.3	678	713
Trade payables	2.13
Total outstanding dues of micro enterprises and small enterprises		92	97
Total outstanding dues of creditors other than micro enterprises and small enterprises		2,401	2,329
Other financial liabilities	2.12	11,808	12,697
Other current liabilities	2.14	7,681	7,609
Provisions	2.15	1,464	1,163
Income tax liabilities (net)		2,962	2,834
Total current liabilities		27,086	27,442
Total equity and liabilities		114,950	101,337

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 AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D. Sundaram<br><br>Lead Independent Director	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Jayesh Sanghrajka<br><br>Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>April 18, 2024

INFOSYS LIMITED

(In rupee symbol crore except equity share and per equity share data)

Condensed Statement of Profit and Loss for the	Note No.	Three months ended March 31,		Year ended March 31,
		2024	2023	2024	2023
Revenue from operations	2.17	32,001	30,531	128,933	124,014
Other income, net	2.18	3,483	766	7,417	3,859
Total income		35,484	31,297	136,350	127,873
Expenses
Employee benefit expenses	2.19	16,047	15,581	65,139	62,764
Cost of technical sub-contractors		4,648	4,551	18,638	19,096
Travel expenses		371	335	1,372	1,227
Cost of software packages and others	2.19	2,098	875	6,891	5,214
Communication expenses		109	117	489	502
Consultancy and professional charges		287	261	1,059	1,236
Depreciation and amortization expenses		722	714	2,944	2,753
Finance cost		62	43	277	157
Other expenses	2.19	726	863	3,588	3,281
Total expenses		25,070	23,340	100,397	96,230
Profit before tax		10,414	7,957	35,953	31,643
Tax expense:
Current tax	2.16	830	1,906	7,306	8,167
Deferred tax	2.16	1,104	147	1,413	208
Profit for the period		8,480	5,904	27,234	23,268
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		36	10	128	(19)
Equity instruments through other comprehensive income, net		(12)	(14)	19	(6)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		28	36	11	(7)
Fair value changes on investments, net		34	38	129	(236)
Total other comprehensive income/ (loss), net of tax		86	70	287	(268)
Total comprehensive income for the period		8,566	5,974	27,521	23,000
Earnings per equity share
Equity shares of par value 5/- each
Basic (in per share)		20.43	14.20	65.62	55.48
Diluted (in per share)		20.41	14.19	65.56	55.42
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.20	4,150,556,748	4,156,430,034	4,150,099,796	4,193,813,881
Diluted (in shares)	2.20	4,154,351,655	4,160,203,417	4,153,994,624	4,198,234,378

The accompanying notes form an integral part of the 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 AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D. Sundaram<br><br>Lead Independent Director	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Jayesh Sanghrajka<br><br>Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>April 18, 2024

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, 2022	2,103	54	2,844	139	172	55,449	9	606	7,926	266	2	(264)	69,306
Impact on adoption of amendment to Ind AS 37^#^	–	–	–	–	–	(9)	–	–	–	–	–	–	(9)
	2,103	54	2,844	139	172	55,440	9	606	7,926	266	2	(264)	69,297
Changes in equity for the period ended March 31, 2023
Profit for the period	–	–	–	–	–	23,268	–	–	–	–	–	–	23,268
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	(19)	(19)
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	(6)	–	–	(6)
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	(7)	–	(7)
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	(236)	(236)
Total comprehensive income for the period	–	–	–	–	–	23,268	–	–	–	(6)	(7)	(255)	23,000
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	–	(3,125)	–	–	3,125	–	–	–	–
Buyback of equity shares**	(30)	–	–	–	(340)	(11,096)	–	–	–	–	–	–	(11,466)
Transaction cost relating to buyback*	–	–	–	–	(19)	(5)	–	–	–	–	–	–	(24)
Amount transferred to capital redemption reserve upon buyback	–	–	–	30	–	(21)	(9)	–	–	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	1,397	–	–	(1,397)	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.11)	–	–	–	–	291	–	–	(291)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	2	(2)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.11)	1	–	–	–	29	–	–	–	–	–	–	–	30
Employee stock compensation expense (Refer to note 2.11)	–	–	–	–	–	–	–	514	–	–	–	–	514
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	–	51	–	–	–	–	51
Reserves on common control transaction	–	–	18	–	–	–	–	–	–	–	–	–	18
Dividends	–	–	–	–	–	(13,675)	–	–	–	–	–	–	(13,675)
Balance as at March 31, 2023	2,074	54	2,862	169	133	52,183	2	878	9,654	260	(5)	(519)	67,745

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, 2023	2,074	54	2,862	169	133	52,183	2	878	9,654	260	(5)	(519)	67,745
Changes in equity for the period ended March 31, 2024
Profit for the period	–	–	–	–	–	27,234	–	–	–	–	–	–	27,234
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	128	128
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	19	–	–	19
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	11	–	11
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	129	129
Total comprehensive income for the period	–	–	–	–	–	27,234	–	–	–	19	11	257	27,521
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	–	(2,957)	–	–	2,957	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	824	–	–	(824)	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.11)	–	–	–	–	447	–	–	(447)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	160	(160)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.11)	1	–	–	–	–	–	–	–	–	–	–	–	1
Employee stock compensation expense (Refer to note 2.11)	–	–	–	–	–	–	–	639	–	–	–	–	639
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	–	3	–	–	–	–	3
Dividends	–	–	–	–	–	(14,733)	–	–	–	–	–	–	(14,733)
Balance as at March 31, 2024	2,075	54	2,862	169	580	62,551	162	913	11,787	279	6	(262)	81,176
*	net of tax
---	---
**	Including tax on buyback of 2,166crore for the year ended March 31, 2023.
---	---
^#^	Impact on account of adoption of amendment to Ind AS 37 Provisions, Contingent Liabilitiesand Contingents Assets
---	---
^(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.
---	---
for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
---	---	---	---
Chartered AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D. Sundaram<br><br>Lead Independent Director	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Jayesh Sanghrajka<br><br>Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>April 18, 2024

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 rupee symbol crore)

Particulars	Note No.	Year ended March 31,
		2024	2023
Cash flow from operating activities:
Profit for the period		27,234	23,268
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and Amortization		2,944	2,753
Income tax expense	2.16	8,719	8,375
Impairment loss recognized / (reversed) under expected credit loss model		130	183
Finance cost		277	157
Interest and dividend income		(4,670)	(3,028)
Stock compensation expense		575	460
Provision for post sale client support		77	121
Exchange differences on translation of assets and liabilities, net		63	(116)
Interest receivable on income tax refund		(1,934)	–
Other adjustments		235	34
Changes in assets and liabilities
Trade receivables and unbilled revenue		(2,933)	(5,065)
Loans, other financial assets and other assets		(1,645)	(2,171)
Trade payables		67	(243)
Other financial liabilities, other liabilities and provisions		(117)	2,248
Cash generated from operations		29,022	26,976
Income taxes paid		(8,235)	(7,807)
Net cash generated by operating activities		20,787	19,169
Cash flow from investing activities:
Expenditure on property, plant and equipment		(1,832)	(2,130)
Deposits placed with corporation		(688)	(634)
Redemption of deposits placed with corporation		522	482
Interest and dividend received		1,441	1,299
Dividend received from subsidiary		2,976	1,463
Loan given to subsidiaries		–	(427)
Loan repaid by subsidiaries		4	393
Investment in subsidiaries		(63)	(1,530)
Receipt / (payment) towards business transfer for entities under common control		35	19
Receipt / (payment) from entities under liquidation		80	–
Escrow and other deposits pertaining to Buyback		–	(483)
Redemption of Escrow and other deposits pertaining to Buyback		–	483
Other receipts		123	61
Payments to acquire investments
Liquid mutual fund units		(57,606)	(62,952)
Target maturity fund units		–	(400)
Tax free bonds and government bonds		–	(14)
Commercial papers		(9,405)	(2,485)
Certificates of deposit		(7,011)	(8,909)
Government Securities		–	(1,370)
Non-convertible debentures		(1,526)	–
Other investments		(2)	(4)
Proceeds on sale of investments
Tax free bonds and government bonds		150	213
Liquid mutual fund units		56,124	64,168
Non-convertible debentures		955	395
Certificates of deposit		6,962	9,454
Commercial papers		5,475	2,098
Government Securities		5	1,532
Other investments		20	99
Net cash (used in) / generated from investing activities		(3,261)	821
Cash flow from financing activities:
Buyback of equity shares including transaction costs and tax on buyback		–	(11,499)
Payment of lease liabilities		(850)	(694)
Shares issued on exercise of employee stock options		1	30
Other receipts		–	44
Other payments		(243)	(64)
Payment of dividends		(14,733)	(13,674)
Net cash used in financing activities		(15,825)	(25,857)
Net increase / (decrease) in cash and cash equivalents		1,701	(5,867)
Effect of exchange differences on translation of foreign currency cash and cash equivalents		(44)	131
Cash and cash equivalents at the beginning of the period	2.8	6,534	12,270
Cash and cash equivalents at the end of the period	2.8	8,191	6,534
Supplementary information:
Restricted cash balance	2.8	44	46
for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
---	---	---	---
Chartered AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D. Sundaram<br><br>Lead Independent Director	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Jayesh Sanghrajka<br><br>Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>April 18, 2024

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 April 18, 2024.

1.2 Basis of preparation of financial statements

These interim condensed standalone financial statements are prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting, under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 (''the Act'') and guidelines issued by the Securities and Exchange Board of India (SEBI). Accordingly, these interim condensed standalone financial statements do not include all the information required for a complete set of financial statements. These interim condensed standalone financial statements should be read in conjunction with the standalone financial statements and related notes included in the Company’s Annual Report for the year ended March 31, 2023. 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 condensed standalone 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 figures reported for the previous quarters might not always add up to the year to date figures reported in this statement.

1.3 Use of estimates and judgments

The preparation of the interim condensed standalone financial statements in conformity with Ind AS requires the management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed standalone financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note no. 1.4. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the interim condensed standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed standalone financial statements.

1.4 Critical accounting estimates and judgments

a. Revenue recognition

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

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

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

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

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

b. Income taxes

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

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

In assessing the realizability of deferred income tax assets, Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, management believes that the company will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.16).

c. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company's assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to note 2.1).

2. Notes to the Interim Condensed Standalone Financial Statements

2.1 PROPERTY, PLANT AND EQUIPMENT

Accounting Policy

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

The estimated useful lives of assets are as follows:

Building^(1)^	22-25 years
Plant and machinery^(1)^	5 years
Office equipment	5 years
Computer equipment^(1)^	3-5 years
Furniture and fixtures^(1)^	5 years
Vehicles^(1)^	5 years
Leasehold improvements	Lower of useful life of the asset or lease term
^(1)^	Based on technical evaluation, the Management believes that the useful lives as givenabove best represent the period over which Management expects to use these assets. Hence, the useful lives for these assets is differentfrom the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013.
---	---

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

Impairment

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

The changes in the carrying value of property, plant and equipment for the three months ended March 31, 2024 are as follows:

(In rupee symbol crore)

Particulars	Land-Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at January 1, 2024	1,430	10,403	3,154	1,354	7,240	2,141	977	45	26,744
Additions	–	276	76	29	298	48	16	–	743
Deletions**	–	–	(16)	(13)	(159)	(29)	(30)	–	(247)
Gross carrying value as at March 31, 2024	1,430	10,679	3,214	1,370	7,379	2,160	963	45	27,240
Accumulated depreciation as at January 1, 2024	–	(4,475)	(2,694)	(1,123)	(5,373)	(1,680)	(722)	(42)	(16,109)
Depreciation	–	(100)	(54)	(28)	(277)	(53)	(39)	–	(551)
Accumulated depreciation on deletions**	–	–	16	12	153	24	28	–	233
Accumulated depreciation as at March 31, 2024	–	(4,575)	(2,732)	(1,139)	(5,497)	(1,709)	(733)	(42)	(16,427)
Carrying value as at January 1, 2024	1,430	5,928	460	231	1,867	461	255	3	10,635
Carrying value as at March 31, 2024	1,430	6,104	482	231	1,882	451	230	3	10,813

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

(In rupee symbol crore)

Particulars	Land-Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at January 1, 2023	1,429	10,423	3,209	1,296	7,562	2,249	898	44	27,110
Additions	2	22	103	46	441	157	84	1	856
Deletions*	(2)	–	(168)	(28)	(768)	(277)	(14)	–	(1,257)
Gross carrying value as at March 31, 2023	1,429	10,445	3,144	1,314	7,235	2,129	968	45	26,709
Accumulated depreciation as at January 1, 2023	–	(4,126)	(2,667)	(1,060)	(5,452)	(1,767)	(616)	(39)	(15,727)
Depreciation	–	(97)	(59)	(28)	(288)	(58)	(40)	(1)	(571)
Accumulated depreciation on deletions*	–	–	168	28	763	276	10	–	1,245
Accumulated depreciation as at March 31, 2023	–	(4,223)	(2,558)	(1,060)	(4,977)	(1,549)	(646)	(40)	(15,053)
Carrying value as at January 1, 2023	1,429	6,297	542	236	2,110	482	282	5	11,383
Carrying value as at March 31, 2023	1,429	6,222	586	254	2,258	580	322	5	11,656

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2024 are as follows:

(In rupee symbol crore)

Particulars	Land-Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2023	1,429	10,445	3,144	1,314	7,235	2,129	968	45	26,709
Additions	1	289	119	90	765	100	70	1	1,435
Additions through business transfer (Refer to note 2.4)	–	–	–	2	12	8	12	–	34
Deletions**	–	(55)	(49)	(36)	(633)	(77)	(87)	(1)	(938)
Gross carrying value as at March 31, 2024	1,430	10,679	3,214	1,370	7,379	2,160	963	45	27,240
Accumulated depreciation as at April 1, 2023	–	(4,223)	(2,558)	(1,060)	(4,977)	(1,549)	(646)	(40)	(15,053)
Depreciation	–	(407)	(223)	(114)	(1,144)	(230)	(171)	(3)	(2,292)
Accumulated depreciation on deletions**	–	55	49	35	624	70	84	1	918
Accumulated depreciation as at March 31, 2024	–	(4,575)	(2,732)	(1,139)	(5,497)	(1,709)	(733)	(42)	(16,427)
Carrying value as at April 1, 2023	1,429	6,222	586	254	2,258	580	322	5	11,656
Carrying value as at March 31, 2024	1,430	6,104	482	231	1,882	451	230	3	10,813
**	During the three months and year ended March 31, 2024, certain assets which were not in use<br>having gross book value of 156 crore (net book value:<br>Nil) and 646 crore (net book value: Nil), respectively<br>were retired.
---	---

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

(In rupee symbol crore)

Particulars	Land-Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2022	1,429	10,115	3,054	1,250	7,239	2,070	817	44	26,018
Additions	2	330	264	106	1,267	341	165	2	2,477
Deletions*	(2)	–	(174)	(42)	(1,271)	(282)	(14)	(1)	(1,786)
Gross carrying value as at March 31, 2023	1,429	10,445	3,144	1,314	7,235	2,129	968	45	26,709
Accumulated depreciation as at April 1, 2022	–	(3,834)	(2,494)	(993)	(5,163)	(1,614)	(499)	(37)	(14,634)
Depreciation	–	(389)	(238)	(109)	(1,080)	(216)	(157)	(4)	(2,193)
Accumulated depreciation on deletions*	–	–	174	42	1,266	281	10	1	1,774
Accumulated depreciation as at March 31, 2023	–	(4,223)	(2,558)	(1,060)	(4,977)	(1,549)	(646)	(40)	(15,053)
Carrying value as at April 1, 2022	1,429	6,281	560	257	2,076	456	318	7	11,384
Carrying value as at March 31, 2023	1,429	6,222	586	254	2,258	580	322	5	11,656
*	During each of the three months and year ended March 31, 2023, certain assets which were<br>not in use having gross book value of 1,197 crore (net<br>book value: nil) and 1,598 crore (net book value: nil),<br>respectively were retired.
---	---
^(1)^	Buildings include 250/-being the value of five shares of 50/- each in MittalTowers Premises Co-operative Society Limited.
---	---
^(2)^	Includes certain assets provided on cancellable operating lease to subsidiaries.
---	---

The aggregate depreciation has been included under depreciation and amortization expense in the statement of Profit and Loss.

Repairs and maintenance costs are recognized in the statement of Profit and Loss when incurred.

2.2 GOODWILL AND INTANGIBLE ASSETS

2.2.1 Goodwill

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

(In rupee symbol crore)

Particulars	As at
	March 31, 2024	March 31, 2023
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 March 31, 2024:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at January 1, 2024	535	2,435	517	3,487
Additions*	–	45	49	94
Deletions	–	(91)	(16)	(107)
Depreciation	(1)	(123)	(47)	(171)
Balance as at March 31, 2024	534	2,266	503	3,303
*	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 March 31, 2023:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at January 1, 2023	549	2,700	289	3,538
Additions*	–	99	105	204
Deletions	–	(18)	(11)	(29)
Depreciation	(1)	(112)	(39)	(152)
Balance as at March 31, 2023	548	2,669	344	3,561
*	Net of adjustments on account of modifications and lease incentives
---	---

Following are the changes in the carrying value of right of use assets for the year ended March 31, 2024:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at April 1, 2023	548	2,669	344	3,561
Additions*	–	336	420	756
Deletions	(10)	(169)	(92)	(271)
Impairment^#^	–	(88)	–	(88)
Depreciation	(4)	(482)	(169)	(655)
Balance as at March 31, 2024	534	2,266	503	3,303
*	Net of adjustments on account of modifications and lease incentives
---	---
^#^	included under other expenses. Refer note 2.19
---	---

Following are the changes in the carrying value of right of use assets for the year ended March 31, 2023:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at April 1, 2022	552	2,621	138	3,311
Additions*	–	510	371	881
Deletions	–	(21)	(61)	(82)
Depreciation	(4)	(441)	(104)	(549)
Balance as at March 31, 2023	548	2,669	344	3,561
*	Net of adjustments on account of modifications and lease incentives
---	---

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the interim condensed statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at March 31, 2024 and March 31, 2023:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Current lease liabilities	678	713
Non-current lease liabilities	3,088	3,553
Total	3,766	4,266

2.4 INVESTMENTS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non-current investments
Equity instruments of subsidiaries	9,150	9,078
Redeemable Preference shares of subsidiary	2,831	2,831
Preference securities and equity securities	206	196
Target maturity fund units	431	402
Others	84	82
Tax free bonds	1,731	1,742
Government bonds	14	14
Non-convertible debentures	2,216	2,490
Government Securities	6,689	6,851
Total non-current investments	23,352	23,686
Current investments
Liquid mutual fund units	1,913	260
Commercial Papers	4,507	420
Certificates of deposit	2,945	2,765
Tax free bonds	–	150
Government Securities	204	5
Non-convertible debentures	1,738	876
Total current investments	11,307	4,476
Total carrying value	34,659	28,162

(In crore, except as otherwise stated)

Particulars
	March 31, 2023
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.	1
Nil (10,000) shares of 10 per share, fully paid up
EdgeVerve Systems Limited	1,312
1,31,18,40,000 (1,31,18,40,000) equity shares of 10/- each, fully paid up
Infosys Nova Holdings LLC#	2,637
Infosys Singapore Pte Ltd	10
1,09,90,000 (1,09,90,000) shares of SGD 1.00 par value, fully paid
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	59
'Nil (25,000) 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.	17
30,000 (20,000) 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	7
1,508,060 (1,30,842) 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	–
3,27,788 (Nil) shared 10 per share fully paid up
Investments in Redeemable Preference shares of subsidiary
Infosys Singapore Pte Ltd	2,831
45,62,00,000 (45,62,00,000) shares of SGD 1 per share, fully paid up
40,000,000 (40,000,000) shares of 1 per share, fully paid up
	11,909
Investments carried at fair value through profit or loss
Target maturity fund units	402
Others (1)	82
	484
Investments carried at fair value through other comprehensive income
Preference securities	193
Equity securities	3
	196
Quoted
Investments carried at amortized cost
Tax free bonds	1,742
Government bonds	14
	1,756
Investments carried at fair value through other comprehensive income
Non-convertible debentures	2,490
Equity Securities	–
Government Securities	6,851
	9,341
Total non-current investments	23,686
Current investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units	260
	260
Investments carried at fair value through other comprehensive income
Commercial Papers	420
Certificates of deposit	2,765
	3,185
Quoted
Investments carried at amortized cost
Tax free bonds	150
	150
Investments carried at fair value through other comprehensive income
Government Securities	5
Non-convertible debentures	876
	881
Total current investments	4,476
Total investments	28,162
Aggregate amount of quoted investments	12,128
Market value of quoted investments (including interest accrued), current	1,050
Market value of quoted investments (including interest accrued), non-current	11,336
Aggregate amount of unquoted investments	16,034
# Aggregate amount of impairment in value of investments	94
Reduction in the fair value of assets held for sale	854
Investments carried at cost	11,909
Investments carried at amortized cost	1,906
Investments carried at fair value through other comprehensive income	13,603
Investments carried at fair value through profit or loss	744

All values are in US Dollars.

^(1)^	Uncalled capital commitments outstanding as of March 31, 2024 and March 31, 2023 was 5 crore and 8 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
		March 31, 2024	March 31, 2023
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	1,913	260
Target maturity fund units - carried at fair value through profit or loss	Quoted price	431	402
Tax free bonds and government bonds - carried at amortized cost	Quoted price and market observable inputs	1,959	2,134
Non-convertible debentures - carried at fair value through other comprehensive income	Quoted price and market observable inputs	3,954	3,366
Government securities - carried at fair value through other comprehensive income	Quoted price and market observable inputs	6,893	6,856
Commercial Papers - carried at fair value through other comprehensive income	Market observable inputs	4,507	420
Certificates of deposit - carried at fair value through other comprehensive income	Market observable inputs	2,945	2,765
Quoted equity securities - carried at fair value through other comprehensive income	Quoted price	113	–
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	93	196
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	84	82
Total		22,892	16,481

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

Business transfer - Danske IT and Support ServicesIndia Private Limited

On June 26, 2023, the Board of Directors of Infosys authorized the Company to execute a Business Transfer Agreement (“BTA”) with Danske IT and Support Services India Private Limited ("DIT") to transfer the assets, liabilities and employees from DIT to the Company. The Purchase consideration is based on the adjusted net asset value as on the closing date i.e September 1, 2023. The details of the assets and liabilities transferred and the consideration receivable is as below:

(In crore)

Particulars	Total
Property plant and equipment	34
Net liabilities	(72)
Net consideration	(38)

Proposed acquisition

On January 11, 2024, Infosys Limited entered into a definitive agreement to acquire 100% of the equity share capital in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India, for a consideration including earn-outs, and management incentives and retention bonuses totalling up to rupee symbol 280 crore (approximately $34 million) , subject to customary closing adjustments.

2.5 LOANS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non- Current
Loans considered good - Unsecured
Other Loans
Loans to employees	34	39
	34	39
Loans credit impaired - Unsecured
Other Loans
Loans to employees	–	–
Less: Allowance for credit impairment	–	–
	–	–
Total non - current loans	34	39
Current
Loans considered good - Unsecured
Loans to subsidiaries	–	43
Other Loans
Loans to employees	208	248
Total current loans	208	291
Total Loans	242	330

2.6 OTHER FINANCIAL ASSETS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non-current
Security deposits ^(1)^	205	226
Net investment in Sublease of right of use asset ^(1)^	–	298
Unbilled revenues ^(1)(5)#^	1,366	686
Others^(1)^**	185	131
Total non-current other financial assets	1,756	1,341
Current
Security deposits ^(1)^	25	6
Restricted deposits ^(1)*^	2,282	2,116
Unbilled revenues ^(1)(5)#^	4,993	5,166
Interest accrued but not due ^(1)^	476	441
Foreign currency forward and options contracts ^(2)(3)^	81	79
Net investment in Sublease of right-of-use asset ^(1)^	–	48
Others ^(1)(4)^**	2,272	1,232
Total current other financial assets	10,129	9,088
Total other financial assets	11,885	10,429
^(1)^ Financial assets carried at amortized cost	11,804	10,350
^(2)^Financial assets carried at fair value through other comprehensive income	23	32
^(3)^Financial assets carried at fair value through Profit or Loss	58	47
^(4)^ Includes dues from subsidiaries	2,052	1,051
^(5)^ Includes dues from subsidiaries	153	290
*	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.
---	---

2.7 TRADE RECEIVABLES

(In crore)

Particulars	As at
	March 31, 2024		March 31, 2023
Current
Trade Receivable considered good - Unsecured ^(1)^	25,575		21,202
Less: Allowance for expected credit loss	423		429
Trade Receivable considered good - Unsecured	25,152		20,773
Trade Receivable - credit impaired - Unsecured	157		106
Less: Allowance for credit impairment	157		106
Trade Receivable - credit impaired - Unsecured	–		–
Total trade receivables ^(2)^	25,152		20,773
^(1)^ Includes dues from subsidiaries	259		611
^(2)^ Includes dues from companies where directors are interested	–	–

2.8 CASH AND CASH EQUIVALENTS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Balances with banks
In current and deposit accounts	8,191	4,864
Cash on hand	–	–
Others
Deposits with financial institutions	–	1,670
Total Cash and cash equivalents	8,191	6,534
Balances with banks in unpaid dividend accounts	37	37
Deposit with more than 12 months maturity	–	700

Cash and cash equivalents as at March 31, 2024 and March 31, 2023 include restricted cash and bank balances of rupee symbol 44 crore and 46 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
	March 31, 2024	March 31, 2023
Non-current
Capital advances	151	141
Advances other than capital advances
Others
Prepaid expenses	68	63
Defined benefit plan assets	9	9
Deferred contract cost
Cost of obtaining a contract^(3)^	88	139
Cost of fulfillment	640	601
Other receivables	–	–
Unbilled revenues^(2)^	58	167
Withholding taxes and others	655	668
Total non-current other assets	1,669	1,788
Current
Advances other than capital advances
Payment to vendors for supply of goods	325	171
Others
Prepaid expenses ^(1)^	1,886	1,705
Unbilled revenues^(2)^	4,397	6,365
Deferred contract cost
Cost of obtaining a contract ^(3)^	154	400
Cost of fulfillment	266	109
Withholding taxes and others	2,593	2,047
Other receivables ^(1)^	15	123
Total current other assets	9,636	10,920
Total other assets	11,305	12,708
^(1)^Includes dues from subsidiaries	155	198

^(2)^

Classified as non-financial asset as the contractual right to consideration is dependenton completion of contractual milestones.

^(3)^

Includes technology assets taken over by the Company from a customer as a part of transformationproject which is not considered as distinct goods or services and the control related to the assets is not transferred to the Companyin accordance with Ind AS 15 - Revenue from contract with customers. Accordingly, the same has been considered as a reduction to thetotal contract value and accounted as Deferred contract cost. The Comapany has entered into financing arrangements with a third partyfor these assets. As at March 31, 2024 and March 31, 2023, the financial liability pertaining to such arrangements amounts to 58crore and 114 crore, respectively. (Refer to note 2.12)

---

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

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 its investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

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

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

(iv) Financial liabilities

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

(v) Investment in subsidiaries

Investment in subsidiaries is carried at cost in the separate financial statements.

b. Derivative financial instruments

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

(i) Financial assets or financial liabilities,carried at fair value through profit or loss.

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

Although the Company believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

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

(ii) Cash flow hedge

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

When a derivative is designated as a cash flow hedge instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the 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 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 March 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)	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)^
Liquid mutual fund units	–	–	1,913	–	–	1,913	1,913
Target maturity fund units	–	–	431	–	–	431	431
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
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 2023 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)	6,534	–	–	–	–	6,534	6,534
Investments (Refer to note 2.4)
Preference securities, Equity securities and others	–	–	82	196	–	278	278
Tax free bonds and government bonds	1,906	–	–	–	–	1,906	2,134 ^(1)^
Target maturity fund units	–	–	402	–	–	402	402
Liquid mutual fund units	–	–	260	–	–	260	260
Commercial Papers	–	–	–	–	420	420	420
Certificates of deposit	–	–	–	–	2,765	2,765	2,765
Non convertible debentures	–	–	–	–	3,366	3,366	3,366
Government Securities	–	–	–	–	6,856	6,856	6,856
Trade receivables (Refer to note 2.7)	20,773	–	–	–	–	20,773	20,773
Loans (Refer to note 2.5)	330	–	–	–	–	330	330
Other financial assets (Refer to note 2.6)^(3)^	10,350	–	47	–	32	10,429	10,345 ^(2)^
Total	39,893	–	791	196	13,439	54,319	54,463
Liabilities:
Trade payables (Refer to note 2.13)	2,426	–	–	–	–	2,426	2,426
Lease Liabilities (Refer to note 2.3)	4,266	–	–	–	–	4,266	4,266
Other financial liabilities (Refer to note 2.12)	11,989	–	42	–	14	12,045	12,045
Total	18,681	–	42	–	14	18,737	18,737
^(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 March 31, 2024 is 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 government bonds	15	15	–	–
Investments in liquid mutual fund units	1,913	1,913	–	–
Investments in target maturity fund units	431	431	–	–
Investments in certificates of deposit	2,945	–	2,945	–
Investments in commercial papers	4,507	–	4,507	–
Investments in non convertible debentures	3,954	3,697	257	–
Investments in government securities	6,893	6,820	73	–
Investments in equity securities	115	113	–	2
Investments in preference securities	91	–	–	91
Other investments	84	–	–	84
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to note 2.6)	81	–	81	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer to note 2.12)	21	–	21	–

During the year ended March 31, 2024, tax free bonds and non-convertible debentures of rupee symbol 1,986 crore were transferred from Level 2 to Level 1 of fair value hierarchy since these were valued based on quoted price. Further government securities of 73 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2023 was as follows:

(In crore)

Particulars	As at March 31, 2023	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	2,120	1,331	789	–
Investments in target maturity fund units	402	402	–	–
Investments in government bonds	14	14	–	–
Investments in liquid mutual fund units	260	260	–	–
Investments in certificates of deposit	2,765	–	2,765	–
Investments in commercial papers	420	–	420	–
Investments in non convertible debentures	3,366	1,364	2,002	–
Investments in government securities	6,856	6,856	–	–
Investments in equity securities	3	–	–	3
Investments in preference securities	193	–	–	193
Other investments	82	–	–	82
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to note 2.6)	79	–	79	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer note 2.12)	56	–	56	–

During the year ended March 31, 2023, tax free bonds and government securities of rupee symbol 383 crore were transferred from Level 2 to Level 1 of fair value hierarchy since these were valued based on quoted price. Further non-convertible debentures of 1,611 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 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
	March 31, 2024	March 31, 2023
Authorized
Equity shares, 5/- par value
4,80,00,00,000 (4,80,00,00,000) equity shares	2,400	2,400
Issued, Subscribed and Paid-Up
Equity shares, 5/- par value ^(1)^	2,075	2,074
4,15,08,67,464 (4,14,85,60,044) equity shares fully paid-up
	2,075	2,074
^(1)^	Refer to note 2.20 for details of basic and diluted shares
---	---

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

The Company has only one class of shares referred to as equity shares having a par value of rupee symbol 5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depository Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

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 March 31, 2024 and March 31, 2023 is set out below:

(in crore, except as stated otherwise)

Particulars	As at March 31, 2024		As at March 31, 2023
	Number of shares	Amount	Number of shares	Amount
As at the beginning of the period	4,14,85,60,044	2,074	4,20,67,38,641	2,103
Add: Shares issued on exercise of employee stock options	2,307,420	1	2,247,751	1
Less: Shares bought back	–	–	60,426,348	30
As at the end of the period	4,15,08,67,464	2,075	4,14,85,60,044	2,074

Capital allocation policy

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

Buyback completed in February 2023

In line with the capital allocation policy, the Board, at its meeting held on October 13, 2022, approved the buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to rupee symbol 9,300 crore (Maximum Buyback Size, excluding buyback tax) at a price not exceeding 1,850 per share (Maximum Buyback Price), subject to shareholders' approval by way of Postal Ballot.

The shareholders approved the proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting on the postal ballot, the results of which were declared on December 3, 2022. The buyback was offered to all equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The buyback of equity shares through the stock exchange commenced on December 7, 2022 and was completed on February 13, 2023. During this buyback period the Company had purchased and extinguished a total of 60,426,348 equity shares from the stock exchange at a volume weighted average buyback price of rupee symbol 1,539.06/- per equity share comprising 1.44% of the pre buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of 9,300 crore (excluding transaction costs and tax on buyback). The Company funded the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013.

In accordance with section 69 of the Companies Act, 2013, as at March 31, 2023, the Company has created ‘Capital Redemption Reserve’ of rupee symbol 30 crore equal to the nominal value of the shares bought back as an appropriation from general reserve and retained earnings.

2.11.2 DIVIDEND

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

(in )

Particulars	Three months ended March 31,		Year ended March 31,
****	2024	2023	2024	2023
Final dividend for fiscal 2022	–	–	–	16.00
Interim dividend for fiscal 2023	–	–	–	16.50
Final dividend for fiscal 2023	–	–	17.50	–
Interim dividend for fiscal 2024	–	–	18.00	–

During the year ended March 31, 2024, on account of the final dividend for fiscal 2023 and interim dividend for fiscal 2024, the Company has incurred a net cash outflow of rupee symbol 14,733 crore.

The Board of Directors in their meeting held on April 18, 2024 recommended a final dividend of rupee symbol 20/- per equity share for the financial year ended March 31, 2024 and a special dividend of 8/- per equity share. The payment is subject to the approval of shareholders in the AGM of the Company to be held on June 26, 2024 and if approved, would result in a net cash outflow of approximately rupee symbol 11,622 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(the 2019 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 (the2015 Plan) : 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 10,916,829 shares and 12,172,119 shares as at March 31, 2024 and March 31, 2023, 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 March 31, 2024 and March 31, 2023.

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

	2019 Plan				2015 Plan
Particulars	Three months ended March 31,		Year ended March 31,		Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	26,900	33,750	141,171	210,643	77,094	80,154	498,730	367,479
Employees other than KMP	3,582,471	3,329,240	4,046,731	3,704,014	3,442,700	1,736,925	4,640,640	1,784,975
	3,609,371	3,362,990	4,187,902	3,914,657	3,519,794	1,817,079	5,139,370	2,152,454
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	169,040	92,400	176,990	92,400
	–	–	–	–	169,040	92,400	176,990	92,400
Total Grants	3,609,371	3,362,990	4,187,902	3,914,657	3,688,834	1,909,479	5,316,360	2,244,854

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

-	2,72,026 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.
-	15,656 performance-based<br>grant of RSUs (Annual performance equity ESG grant) of fair value of 2<br>crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance<br>milestones as determined by the Board.
---	---
-	39,140 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value<br>of 5 crore . These RSUs will vest in line with the employment<br>agreement based on Company’s performance on cumulative relative TSR over the years and as determined by the Board.
---	---

Further, in accordance with the employee agreement which has been approved by the shareholders, the CEO is eligible to receive an annual grant of RSUs of fair value rupee symbol 3 crore which will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. Accordingly, annual time-based grant of 18,104 RSUs was made effective February 1, 2024 for fiscal 2024.

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 March 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 13, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to rupee symbol 10 crore for fiscal 2024 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 78,281 performance based RSU’s were granted effective May 2, 2023.

Other KMP

Under the 2015 plan:

Under the 2019 plan:

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

(in crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Granted to:
KMP	17	8	68	49
Employees other than KMP	181	109	507	411
Total ^(1)^	198	117	575	460
^(1)^Cash settled stock compensation expense included in the above	2	1	5	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 fair value of each equity settled award is estimated on the date of grant using the following assumptions:

Particulars	For options granted in
	Fiscal 2024- Equity Shares-RSU	Fiscal 2024- ADR-RSU	Fiscal 2023- Equity Shares-RSU	Fiscal 2023- ADS-RSU
Weighted average share price () / ($ ADS)	1,588	19.19	1,525	18.08
Exercise price () / ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	23-31	25-33	23-32	27-34
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	5-7	2-5
Weighted average fair value as on grant date () / ($ ADS)	1,317	16.27	1,210	13.69

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
	March 31, 2024	March 31, 2023
Non-current
Others
Compensated absences	81	76
Accrued compensation to employees ^(1)^	7	5
Accrued expenses ^(1)^	1,779	1,184
Other payables ^(1)(6)^	74	52
Total non-current other financial liabilities	1,941	1,317
Current
Unpaid dividends ^(1)^	37	37
Others
Accrued compensation to employees ^(1)^	3,336	3,072
Accrued expenses ^(1)(4)^	5,134	4,430
Capital creditors ^(1)^	269	652
Compensated absences	2,078	1,893
Other payables ^(1)(5)(6)^	933	2,557
Foreign currency forward and options contracts ^(2)(3)^	21	56
Total current other financial liabilities	11,808	12,697
Total other financial liabilities	13,749	14,014
^(1)^ Financial liability carried at amortized cost	11,569	11,989
^(2)^ Financial liability carried at fair value through profit or loss	20	42
^(3)^ Financial liability carried at fair value through other comprehensive income	1	14
^(4)^ Includes dues to subsidiaries	29	30
^(5)^ Includes dues to subsidiaries	405	422
^(6)^	Deferred contract cost (Refer to note 2.9) includes technology assets taken over by theCompany from a customer as a part of transformation project which is not considered as distinct goods or services and the control relatedto the assets is not transferred to the Company in accordance with Ind AS 15 - Revenue from contract with customers. Accordingly, thesame has been considered as a reduction to the total contract value and accounted as Deferred contract cost. The Company has enteredinto financing arrangements with a third party for these assets. As at March 31, 2024 and March 31, 2023, the financial liability pertainingto such arrangements amounts to 58 crore and 114 crore, respectively.
---	---

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
	March 31, 2024	March 31, 2023
Outstanding dues of micro enterprises and small enterprises	92	97
Outstanding dues of creditors other than micro enterprises and small enterprises^(1)^	2,401	2,329
Total trade payables	2,493	2,426
^(1)^ Includes dues to subsidiaries	778	653

2.14 OTHER LIABILITIES

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non-current
Accrued defined benefit liability	123	412
Others	27	2
Total non - current other liabilities	150	414
Current
Accrued defined benefit liability	2	2
Unearned revenue	5,698	5,491
Others
Withholding taxes and others	1,974	2,088
Others	7	28
Total current other liabilities	7,681	7,609
Total other liabilities	7,831	8,023

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
	March 31, 2024	March 31, 2023
Current
Others
Post-sales client support and other provisions	1,464	1,163
Total provisions	1,464	1,163

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.

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. 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 March 31,		Year ended March 31,
	2024	2023	2024	2023
Current taxes	830	1,906	7,306	8,167
Deferred taxes	1,104	147	1,413	208
Income tax expense	1,934	2,053	8,719	8,375

Income tax expense for the three months ended March 31, 2024 and March 31, 2023 includes reversal (net of provisions) of rupee symbol 832 crore and 51 crore, respectively. Income tax expense for the year ended March 31, 2024 and March 31, 2023 includes reversal (net of provisions) of 913 crore and 116 crore, respectively. These 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.

During the quarter ending March 31, 2024, the Company received orders under sections 250 and 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and 2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result interest income (pre-tax) of rupee symbol 1,933 crore was recognised and provision for income tax aggregating 525 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to 1,628 crore has been reduced from contingent liabilities.

Deferred income tax for the three months and year ended March 31, 2024 and March 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 year ended March 31, 2024 and March 31, 2023 is as follows:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Revenue from software services	31,940	30,444	128,637	123,755
Revenue from products and platforms	61	87	296	259
Total revenue from operations	32,001	30,531	128,933	124,014

Products & platforms

The Company derives revenues from the sale of products and platforms including Infosys Applied AI which applies next-generation AI and machine learning.

The percentage of revenue from fixed-price contracts for the three months ended March 31, 2024 and March 31, 2023 is 57% and 55%, respectively. The percentage of revenue from fixed-price contracts for the year ended March 31, 2024 and March 31, 2023 is 56% and 55%, respectively.

Trade receivables and Contract Balances

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

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

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

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the Balance Sheet.

2.18 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 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 year ended March 31, 2024 and March 31, 2023 is as follows:

(In crore)

Particulars	Three months ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Interest income on financial assets carried at amortized cost
Tax free bonds and government bonds	30	35	131	148
Deposit with Bank and others	160	116	665	567
Interest income on financial assets carried at fair value through other comprehensive income
Non-convertible debentures, commercial papers, certificates of deposit and government securities	297	200	898	850
Income on investments carried at fair value through other comprehensive income	–	–	–	1
Income on investments carried at fair value through profit or loss
Gain / (loss) on liquid mutual funds and other investments	64	36	224	142
Interest income on income tax refund	1,934	–	1,936	–
Dividend received from subsidiary	858	275	2,976	1,463
Exchange gains/(losses) on foreign currency forward and options contracts	214	142	111	(531)
Exchange gains/(losses) on translation of other assets and liabilities	(126)	(113)	214	960
Miscellaneous income, net	52	75	262	259
Total other income	3,483	766	7,417	3,859

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 March 31,		Year ended March 31,
	2024	2023	2024	2023
Employee benefit expenses
Salaries including bonus	15,349	14,945	62,383	60,194
Contribution to provident and other funds	470	489	1,972	1,914
Share based payments to employees (Refer to note 2.11)	198	117	575	460
Staff welfare	30	30	209	196
	16,047	15,581	65,139	62,764
Cost of software packages and others
For own use	420	373	1,635	1,454
Third party items bought for service delivery to clients	1,678	502	5,256	3,760
	2,098	875	6,891	5,214
Other expenses
Power and fuel	42	42	172	155
Brand and Marketing	250	230	851	756
Rates and taxes	60	61	248	217
Repairs and Maintenance	234	252	953	922
Consumables	5	5	23	23
Insurance	44	34	172	140
Provision for post-sales client support and others	(128)	(80)	77	121
Commission to non-whole time directors	5	4	16	15
Impairment loss recognized / (reversed) under expected credit loss model	(64)	70	130	183
Auditor's remuneration
Statutory audit fees	3	2	8	7
Tax matters	–	–	–	–
Other services	–	–	–	–
Contributions towards Corporate Social Responsibility	177	147	492	437
Others	98	96	446	305
	726	863	3,588	3,281

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
	March 31, 2024	March 31, 2023
Contingent liabilities:
Claims against the Company, not acknowledged as debts^(1)^	2,649	4,316
[Amount paid to statutory authorities 8,283 crore (6,115 crore)]
Commitments:
Estimated amount of contracts remaining to be executed <br><br>on capital contracts and not provided for (net of advances and deposits)^(2)^	688	824
Other Commitments*	5	8
*	Uncalled capital pertaining to investments
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^(1)^	As at March 31, 2024 and March 31, 2023, claims against the Company not acknowledged as<br> debts in respect of income tax matters amounted to 2,260<br> crore and 3,953 crore, respectively. The claims<br> against the Company primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961.<br> These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made<br> to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax<br> Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and<br> will not have a material adverse effect on the Company financial position and results of operations.<br><br> <br><br>Amount paid to statutory authorities against the tax claims amounted to 8,273 crore and 6,105 crore as at March 31, 2024 and March 31, 2023, respectively.
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^(2)^	Capital contracts primarily comprises of commitments for infrastructure facilities and computer<br>equipments.
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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, 2023 for the full names and other details of the Company's subsidiaries and controlled trusts.

Changes in Subsidiaries

During the year ended March 31, 2024, the following are the changes in the subsidiaries:

-	Infosys Americas Inc., (Infosys Americas) a Wholly-owned subsidiary of Infosys Limited is<br>liquidated effective July 14, 2023.
-	oddity GmbH renamed as WongDoody GmbH.
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-	On September 29, 2023, oddity space GmbH, oddity waves GmbH, oddity jungle GmbH, oddity group<br>services GmbH and oddity code GmbH merged into WongDoody GmbH and oddity code d.o.o which was formerly a subsidiary of oddity code Gmbh<br>has become a subsidiary of Wongdoody Gmbh (formerly known as oddity GmbH).
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-	On September 1, 2023 Infosys Ltd. acquired 100% of voting interests in Danske IT and Support<br>Services India Private Limited (“Danske IT”). Danske IT renamed as Idunn Information Technology Private Limited from April<br>1, 2024.
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-	Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM Limited was incorporated<br>on August 11, 2023.
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-	Kaleidoscope Prototyping LLC, a Wholly-owned subsidiary of Kaleidoscope Animations is liquidated<br>effective November 1, 2023. - oddity Code d.o.o renamed as WongDoody d.o.o
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-	On November 24, 2023 Stater Participations B.V (Wholly-owned subsidiary of Stater N.V) merged<br>with Stater N.V and Stater Belgium N.V./S.A which was formerly a wholly owned subsidiary of Stater Participations B.V. became a wholly<br>owned subsidiary of Stater N.V.
---	---
-	On March 15, 2024, Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM Limited<br>was dissolved.
---	---
-	oddity Limited (Taipei) renamed as WongDoody limited (Taipei) and oddity (Shanghai) Co.,<br>Ltd. renamed as WongDoody (Shanghai) Co. Limited.
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The Company’s related party transactions during the three months and year ended March 31, 2024 and March 31, 2023 and outstanding balances as at March 31, 2024 and March 31, 2023 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:

Non-whole-time Directors

-	Uri Levine (retired as independent director effective April 19, 2023)
-	Helene Auriol Potier (appointed as independent director effective May 26, 2023)
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-	Nitin Paranjpe (appointed as an additional and independent director effective January 1,<br>2024)
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Executive Officers:

-	Mohit Joshi (resigned as President effective March 11, 2023 and was on leave till June 9,<br>2023 which was his last date with the company)
-	Nilanjan Roy (resigned as Chief Financial Officer of the Company effective March 31, 2024)
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-	Jayesh Sanghrajka (appointed as Chief Financial Officer effective April 1, 2024)
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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 March 31,		Year ended March 31,
	2024	2023	2024	2023
Salaries and other short term employee benefits <br><br>to whole-time directors and executive officers^(1)(2)^	30	25	113	111
Commission and other benefits<br><br> to non-executive / independent directors	5	4	17	16
Total	35	29	130	127
^(1)^	Total employee stock compensation expense for the three months ended March 31, 2024 and March 31, 2023 includes a charge of 17 crore and 8 crore, respectively, towards key management personnel. For the year ended March 31, 2024 and March 31, 2023, includes a charge of 68 crore and 49 crore respectively, towards key management personnel. (Refer to note 2.11).
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^(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

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 Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D. Sundaram<br><br>Lead Independent Director	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Jayesh Sanghrajka<br><br>Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>April 18, 2024

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF INFOSYS LIMITED

Report on the Audit of the Standalone FinancialStatements

Opinion

We have audited the accompanying standalone financial statements of INFOSYS LIMITED (the “Company”), which comprise the Balance Sheet as at March 31, 2024, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year 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 “Standalone Financial Statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2024 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone Financial Statements 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 the Auditor’s Responsibilities for the Audit of the 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 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 Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone Financial Statements of the current period. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Sr. No.	Key Audit Matter	Auditor’s Response
1	Revenue recognition	Principal Audit Procedures Performed included the following:
	The Company’s contracts with customers<br> include contracts with multiple products and services. The Company derives revenues from IT services comprising software development and<br> related services, maintenance, consulting and package implementation, licensing of software products and platforms across the Company’s<br> core and digital offerings and business process management services. The Company assesses the services promised in a contract and identifies<br> distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and<br> the ability of the customer to benefit independently from such deliverables involves significant judgement.<br><br> <br>In certain integrated services arrangements,<br> contracts with customers include subcontractor services or third-party vendor equipment or software. In these types of arrangements, revenue<br> 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<br> and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains<br> control of the specified goods or service before it is transferred to the customer. The Company considers whether it is primarily responsible<br> for fulfilling the promise to provide the specified goods or service, inventory risk, pricing discretion and other factors to determine<br> whether it controls the products or service and therefore, is acting as a principal or an agent.<br><br> <br>Fixed price maintenance revenue is recognized<br> ratably either on (1) a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified<br> period or (2) using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the<br> Company’s costs to fulfil the contract is not even through the period of contract because the services are generally discrete in<br> nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the<br> contract and nature of the deliverables.<br><br> <br>As certain contracts with customers involve<br> management’s judgment in (1) identifying distinct performance obligations, (2) determining whether the Company is acting as a principal<br> or an agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion<br> method, revenue recognition from these judgments were identified as a key audit matter and required a higher extent of audit effort.<br><br> <br>Refer Notes 1.4 and 2.18 to the Standalone<br> Financial Statements.<br><br> <br>****	Our audit procedures related to the (1)<br> identification of distinct performance obligations, (2) determination of whether the Company is acting as a principal or agent and (3)<br> whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion method included the<br> following, among others:<br><br> <br>· <br> We tested the effectiveness of controls relating to the<br> (a) identification of distinct performance obligations, (b) determination of whether the Company is acting as a principal or an agent<br> and (c) determination of whether fixed price maintenance revenue for certain contracts is recognized on a straight-line basis or using<br> the percentage of completion method.<br><br> <br><br><br> <br>· <br> We selected a sample of contracts with customers and performed<br> the following procedures:<br><br> <br>– <br> Obtained and read contract documents for each selection,<br> including master service agreements, and other documents that were part of the agreement.<br><br> <br>– <br> Identified significant terms and deliverables in the contract<br> to assess management’s conclusions regarding the (i) identification of distinct performance obligations (ii) whether the Company<br> is acting as a principal or an agent and (iii) whether fixed price maintenance revenue is recognized on a straight-line basis or using<br> the percentage of completion method.
2	Revenue recognition - Fixed price contracts using the percentage of completion method	Principal Audit Procedures Performed included the following:
	Fixed price maintenance revenue is recognized<br> ratably either (1) on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified<br> period or (2) using a percentage of completion method when the pattern of benefits from services rendered to the customer and the Company’s<br> costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not<br> repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized<br> using the percentage-of-completion method.<br><br> <br>Use of the percentage-of-completion method<br> requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs<br> to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between<br> input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period<br> of the contract to reflect any changes based on the latest available information. Provisions for estimated losses, if any, on uncompleted<br> contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.<br><br> <br>We identified the estimate of total efforts<br> or costs to complete fixed price contracts measured using the percentage of completion method as a key audit matter as the estimation<br> of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes<br> based on the latest available information. This estimate has a high inherent uncertainty and requires consideration of progress of the<br> contract, efforts or costs incurred to-date and estimates of efforts or costs required to complete the remaining contract performance<br> obligations over the term of the contracts.<br><br> <br>This required a high degree of auditor judgment<br> in evaluating the audit evidence and a higher extent of audit effort to evaluate the reasonableness of the total estimated amount of revenue<br> recognized on fixed-price contracts.<br><br> <br>Refer Notes 1.4 and 2.18 to the Standalone<br> Financial Statements.	Our audit procedures related to estimates<br> of total expected costs or efforts to complete for fixed-price contracts included the following, among others:<br><br> <br>· <br> We tested the effectiveness of controls relating to (1)<br> recording of efforts or costs incurred and estimation of efforts or costs required to complete the remaining contract performance obligations<br> and (2) access and application controls pertaining to time recording, allocation and budgeting systems which prevents unauthorised changes<br> to recording of efforts incurred.<br><br> <br><br><br> <br>· <br> We selected a sample of fixed price contracts with customers<br> measured the using percentage-of-completion method and performed the following:<br><br> <br><br><br> <br>– <br> Evaluated management’s ability to reasonably estimate<br> the progress towards satisfying the performance obligation by comparing actual efforts or costs incurred to prior year estimates of efforts<br> or costs budgeted for performance obligations that have been fulfilled.<br><br> <br><br><br> <br>– <br> Compared efforts or costs incurred with Company’s<br> estimate of efforts or costs incurred to date to identify significant variations and evaluate whether those variations have been considered<br> appropriately in estimating the remaining costs or efforts to complete the contract.<br><br> <br><br><br> <br>- <br> Tested the estimate for consistency with the status of<br> delivery of milestones and customer acceptances and sign off from customers to identify possible delays in achieving milestones, which<br> require changes in estimated costs or efforts to complete the remaining performance obligations.

Information Other than the Financial Statementsand Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholder’s Information, but does not include the consolidated financial statements, Standalone Financial Statements and our auditor’s report thereon.

Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Chargedwith Governance for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including Ind AS specified under section 133 of the Act. 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 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 Standalone Financial Statements, management and Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditor’sResponsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the 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 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<br>the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures<br>responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk<br>of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,<br>forgery, intentional omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding<br>of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under<br>section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial<br>controls with reference to Standalone Financial Statements in place and the operating effectiveness of such controls.
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•	Evaluate the appropriateness<br>of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
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•	Conclude on the<br>appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether<br>a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue<br>as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report<br>to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our<br>conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions<br>may cause the Company to cease to continue as a going concern.
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•	Evaluate the overall<br>presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial<br>Statements represent the underlying transactions and events in a manner that achieves fair presentation.
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Materiality is the magnitude of misstatements in the Standalone Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the 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 Standalone Financial Statements.

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 financial controls that we identify during our audit.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1.	As required by Section 143(3)<br>of the Act, based on our audit we report that:
a)	We have<br>sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes<br>of our audit.
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b)	In our<br>opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
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c)	The Balance<br>Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash<br>Flows dealt with by this Report are in agreement with the books of account.
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d)	In our<br>opinion, the aforesaid Standalone Financial Statements comply with the Ind AS specified under Section 133 of the Act.
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e)	On<br> the basis of the written representations received from the directors as on March 31, 2024 taken on record by the Board of Directors,<br> none of the directors is disqualified as on March 31, 2024 from being appointed as a director in terms of Section 164(2) of the<br> Act.
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f)	With respect<br>to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating<br>effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on<br>the adequacy and operating effectiveness of the Company’s internal financial controls with reference to Standalone Financial Statements.
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g)	With respect to the other matters to be included in the Auditor’s<br>Report in accordance with the requirements of section 197(16) of the Act, as amended, in our opinion and to the best of our information<br>and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance<br>with the provisions of section 197 of the Act.
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h)	With respect<br>to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules,<br>2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
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i.	The Company<br>has disclosed the impact of pending litigations on its financial position in its Standalone Financial Statements. Refer Note 2.23 to the<br>Standalone Financial Statements.
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ii.	The Company<br>has made provision as required under applicable law or accounting standards for material foreseeable losses. Refer Note 2.16 to the Standalone<br>Financial Statements. The Company did not have any long-term derivative contracts.
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iii.	There<br>has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
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iv.	(a) The<br>Management has represented that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate)<br>have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company<br>to or in any other person or entity, including foreign entity (“Intermediaries”), with the understanding, whether recorded<br>in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified<br>in any manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the<br>like on behalf of the Ultimate Beneficiaries;<br><br><br><br>(b) The Management<br>has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate)<br>have been received by the Company from any person or entity, including foreign entity (“Funding Parties”), with the understanding,<br>whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or<br>entities identified in any manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any<br>guarantee, security or the like on behalf of the Ultimate Beneficiaries;<br><br><br><br><br><br><br><br>(c) Based on the<br>audit procedures that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused<br>us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material<br>misstatement.
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v.	As stated<br>in Note 2.12.3 to the Standalone Financial Statements
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(a)	The final<br>dividend proposed in the previous year, declared and paid by the Company during the year is in accordance with Section 123 of the Act,<br>as applicable.
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(b)	The interim<br>dividend declared and paid by the Company during the year and until the date of this report is in compliance with Section 123 of the Act.
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(c)	The Board<br>of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual<br>General Meeting. The amount of dividend proposed is in accordance with section 123 of the Act, as applicable.
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vi.	Based<br>on our examination, which included test checks, the Company has used accounting softwares for maintaining its books of account for the<br>financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has operated throughout<br>the year for all relevant transactions recorded in the softwares. Further, during the course of our audit we did not come across any instance<br>of the audit trail feature being tampered with.<br><br><br><br><br>As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable from April 1, 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the statutory requirements for record retention is not applicable for the financial year ended March 31, 2024.
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2.	As required by the<br>Companies (Auditor’s Report) Order, 2020 (the “Order”) issued by the Central Government in terms of Section 143(11)<br>of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
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	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm's Registration No. 117366W/W-100018)
Place: Bengaluru<br><br> <br>Date: April 18, 2024	Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN: 24039826BKCODM8655

ANNEXURE “A” TO THE INDEPENDENT AUDITOR’SREPORT

(Referred to in paragraph 1(f) under ‘Reporton Other Legal and Regulatory Requirements’ section of our report to the Members of Infosys Limited of even date)

Report on the Internal Financial Controls with referenceto Standalone Financial Statements under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (the “Act”)

We have audited the internal financial controls with reference to Standalone Financial Statements of INFOSYS LIMITED (the “Company”) as of March 31, 2024 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.

Management’s Responsibility for Internal FinancialControls

The Company’s Management is responsible for establishing and maintaining internal financial controls with reference to Standalone Financial Statements based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the “ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor’s Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls with reference to Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to Standalone Financial Statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Standalone Financial Statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls with reference to Standalone Financial Statements.

Meaning of Internal Financial Controls with referenceto Standalone Financial Statements

A company's internal financial control with reference to Standalone Financial Statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control with reference to Standalone Financial Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controlswith reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to Standalone Financial Statements to future periods are subject to the risk that the internal financial control with reference to Standalone Financial Statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at March 31, 2024, based on the criteria for internal financial control with reference to Standalone Financial Statements established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm's Registration No. 117366W/W-100018)
Place: Bengaluru<br><br> <br>Date: April 18, 2024	Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN: 24039826BKCODM8655

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOR’SREPORT

(Referred to in paragraph 2 under ‘Reporton Other Legal and Regulatory Requirements’ section of our report to the Members of Infosys Limited of even date)

To the best of our information and according to the explanations provided to us by the Company and the books of account and records examined by us in the normal course of audit, we state that:

i.	In respect of the Company’s<br>property, plant and equipment, right-of-use assets and intangible assets:
(a)	(A) The Company has maintained<br>proper records showing full particulars, including quantitative details and situation of property, plant and equipment and relevant details<br>of right-of-use assets.
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(B) The Company has<br> maintained proper records showing full particulars of intangible assets.
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(b)	The Company has a program of<br>physical verification of property, plant and equipment and right-of-use assets so to cover all the assets once every three years which,<br>in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the program, certain<br>property, plant and equipment and right-of-use assets were due for verification during the year and were physically verified by the Management<br>during the year. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
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(c)	Based on our examination of the<br>property tax receipts and lease agreement for land on which building is constructed, registered sale deed / transfer deed / conveyance<br>deed provided to us, we report that, the title in respect of self-constructed buildings and title deeds of all other immovable properties<br>(other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed<br>in the financial statements included under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.
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(d)	The Company has not revalued<br>any of its property, plant and equipment (including right-of-use assets) and intangible assets during the year.
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(e)	No proceedings have been initiated<br>during the year or are pending against the Company as at March 31, 2024 for holding any benami property under the Benami Transactions<br>(Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
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ii.	(a) The Company does not have<br>any inventory and hence reporting under clause 3(ii)(a) of the Order is not applicable.
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(b) The Company has not been sanctioned working capital limits in excess of rupee symbol 5 crore, in aggregate, at any points of time during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under clause 3(ii)(b) of the Order is not applicable.

iii.	The Company has made investments<br>in, Companies and granted unsecured loans to other parties, during the year, in respect of which:
(a)	The Company has not provided<br>any loans or advances in the nature of loan or stood guarantee or provided security to any other entity during the year. Hence reporting<br>under clause 3(iii)(a) of the Order is not applicable.
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(b)	In our opinion, the investments<br>made and the terms and conditions of the grant of loans, during the year are, prima facie, not prejudicial to the Company’s interest.
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(c)	In respect of loans granted by<br>the Company, the schedule of repayment of principal and payment of interest has been stipulated and the repayments of principal amounts<br>and receipts of interest are generally regular as per stipulation.
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(d)	In respect of loans granted by<br>the Company, there is no overdue amount remaining outstanding as at the balance sheet date.
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(e)	No loan granted by the Company<br>which has fallen due during the year, has been renewed or extended or fresh loans granted to settle the overdues of existing loans given<br>to the same parties.
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(f)	The Company has not granted any<br>loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment during the<br>year. Hence, reporting under clause 3(iii)(f) is not applicable.
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The Company has not made investments in Firms and Limited Liability Partnerships during the year. Further the Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to Companies, Firms, Limited Liability Partnerships or any other parties.

iv.	The Company has complied with<br>the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted, investments made and guarantees and securities<br>provided, as applicable.
v.	The Company has not accepted<br>any deposit or amounts which are deemed to be deposits. Hence, reporting under clause 3(v) of the Order is not applicable.
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vi.	The maintenance of cost records<br>has not been specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013 for the business activities<br>carried out by the Company. Hence, reporting under clause (vi) of the Order is not applicable to the Company.
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vii.	In respect of statutory dues:
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(a)	In our opinion, the Company has<br>generally been regular in depositing undisputed statutory dues, including Goods and Services tax, Provident Fund, Employees’ State<br>Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues<br>applicable to it with the appropriate authorities.
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There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in arrears as at March 31, 2024 for a period of more than six months from the date they became payable.

(b)	Details of statutory dues referred<br>to in sub-clause (a) above which have not been deposited as on March 31, 2024 on account of disputes are given below:
Nature of the statute	Nature of dues	Forum where Dispute is Pending	Period to which the Amount Relates	Amount<br><br> <br> crore
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The Income Tax Act, 1961	Income Tax	Income Tax Appellate Tribunal	AY ^(1)^2016-17	- ^(4)^
	Income Tax	Commissioner (Appeals) ^(5)^	AY ^(1)^ 2010-11,<br><br> <br>AY ^(1)^ 2020-21 to<br><br> <br>AY ^(1)^2022-23	3,175
	Income Tax	Assessing Officer	AY ^(1)^ 2008-09 to<br><br> <br>AY ^(1)^ 2011-12,<br><br> <br>AY ^(1)^2013-14 to<br><br> <br>AY ^(1)^2016-17,<br><br> <br>AY ^(1)^2018-19 to<br><br> <br>AY ^(1)^ 2024-25	4,168
The Finance Act, 2016	Equalisation Levy	Assessing Officer	AY ^(1)^2021-22	- ^(4)^
Customs Act, 1962	Duty of Custom	Specified Officer of Special Economic Zone	FY ^(1)^2008-09 to<br><br> <br>FY ^(1)^ 2011-12	5
Central Excise Act, 1944	Duty of Excise	Supreme Court ^(3)^	FY ^(1)^2005-06 to<br><br> <br>FY ^(1)^2015-16	68
		Customs Excise and Service Tax Appellate Tribunal	FY ^(1)^ 2015-16	- ^(4)^
Goods and Service Tax Act, 2017	Goods and Service Tax	Joint Commissioner (Appeals)	FY ^(1)^2017-18 to 2019-20, FY ^(1)^2021-22	2
		High Court of Karnataka	FY ^(1)^2017-18	2
Sales Tax Act and VAT Laws	Sales Tax	Joint Commissioner (Appeals) ^(3)^	FY ^(1)^2006-07 to<br><br> <br>FY ^(1)^2010-11 and<br><br> <br>FY ^(1)^2014-15 to<br><br> <br>FY ^(1)^2016-17	21
	Sales Tax	High Court of Andhra Pradesh	FY ^(1)^2007-08	- ^(4)^
Finance Act, 1994	Service Tax	Customs Excise and Service Tax Appellate Tribunal ^(2)^	FY ^(1)^2004-05 to<br><br> <br>FY ^(1)^2017-18	317
Central Sales Tax Act, 1956	Central Sales Tax	Joint Commissioner (Appeals)	FY ^(1)^2016-17	-^(4)^
The Karnataka [Gram Swaraj and Panchayat Raj] Act, 1993	Panchayat Property Tax	High Court of Karnataka at Bengaluru	FY ^(1)^2017-18 to<br><br> <br>FY ^(1)^2020-21	32
Greater Hyderabad Municipal Corporation Act, 1955	Trade Licence Fee	Ministry for Information Technology & Municipal Administration & Urban Development	FY ^(1)^2021-22 to<br><br> <br>FY ^(1)^2022-23	3
Excise Tax Act, 2002	Goods and Services Tax/Harmonized Sales Tax	Canada Revenue Agency	FY ^(1)^2018-19,<br><br> <br>FY ^(1)^2019-20	11
UK Finance Act 1998	Corporation Tax	Her Majesty's Revenue and Customs (HMRC) Tax Officer, United Kingdom^(3)^	FY ^(1)^2014-15 to<br><br> <br>FY ^(1)^2016-17	209

Footnotes:

^(1)^	AY=Assessment Year; FY= Financial Year.
^(2)^	Stay order has been granted against 60<br>crore disputed which has not been deposited.
---	---
^(3)^	Stay order has been granted.
---	---
^(4)^	Less than <br>1 crore.
---	---
^(5)^	Stay order has been granted for AY 2020-21 and AY 2021-22 against 2,740<br>crore.
---	---
viii.	There were no transactions relating<br>to previously unrecorded income that have been surrendered or disclosed as income during the year in the tax assessments under the Income<br>Tax Act, 1961 (43 of 1961).
---	---
ix.	(a) The Company has not taken<br>any loans or other borrowings from any lender. Hence reporting under clause 3(ix)(a) of the Order is not applicable.<br><br>(b) The Company has not been declared<br>wilful defaulter by any bank or financial institution or government or any government authority.<br><br><br><br>(c) The Company has not taken any<br>term loan during the year and there are no outstanding term loans at the beginning of the year and hence, reporting under clause 3(ix)(c)<br>of the Order is not applicable.<br><br><br><br>(d) On an overall examination of<br>the financial statements of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term<br>purposes by the Company.<br><br><br><br>(e) On an overall examination of<br>the financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations<br>of its subsidiaries.<br><br><br><br>(f) The Company has not raised<br>any loans during the year and hence reporting on clause 3(ix)(f) of the Order is not applicable.
---	---
x.	(a) The Company has not raised<br>moneys by way of initial public offer or further public offer (including debt instruments) during the year and hence reporting under clause<br>3(x)(a) of the Order is not applicable.
---	---

(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.

xi.	(a) No fraud by the Company and<br>no material fraud on the Company has been noticed or reported during the year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the date of this report.

(c) We have taken into consideration the whistle blower complaints received by the Company during the year (and upto the date of this report), while determining the nature, timing and extent of our audit procedures.

xii.	The Company is not a Nidhi Company<br>and hence reporting under clause (xii) of the Order is not applicable.
xiii.	In our opinion, the Company is<br>in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable transactions with the related parties and<br>the details of related party transactions have been disclosed in the Standalone Financial Statements as required by the applicable accounting<br>standards.
---	---
xiv.	(a) In our opinion, the Company<br>has an adequate internal audit system commensurate with the size and the nature of its business.
---	---

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date, in determining the nature, timing and extent of our audit procedures.

xv.	In our opinion, during the year<br>the Company has not entered into any non-cash transactions with its Directors or persons connected with its directors and hence provisions<br>of section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi.	(a) In our opinion, the Company<br>is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence, reporting under clause 3(xvi)(a),<br>(b) and (c) of the Order is not applicable.
---	---

(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.

xvii.	The Company has not incurred<br>cash losses during the financial year covered by our audit and the immediately preceding financial year.
xviii.	There has been no resignation<br>of the statutory auditors of the Company during the year.
---	---
xix.	On the basis of the financial<br>ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying<br>the financial statements and our knowledge of the Board of Directors and Management plans and based on our examination of the evidence<br>supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the<br>date of the audit report indicating that Company is not capable of meeting its liabilities existing at the date of balance sheet as and<br>when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the<br>future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither<br>give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get<br>discharged by the Company as and when they fall due.
---	---
xx.	(a) There are no unspent amounts<br>towards Corporate Social Responsibility (“CSR”) on other than ongoing projects requiring a transfer to a Fund specified in<br>Schedule VII to the Companies Act, 2013 in compliance with second proviso to sub-section (5) of Section 135 of the said Act. Accordingly,<br>reporting under clause 3(xx)(a) of the Order is not applicable for the year.
---	---

(b) In respect of ongoing projects, the Company has transferred unspent CSR amount as at the end of the previous financial year, to a Special account within a period of 30 days from the end of the said financial year in compliance with the provision of section 135(6) of the Companies Act, 2013.

In respect of ongoing projects, the Company has not transferred the unspent CSR amount as at the Balance Sheet date out of the amounts that was required to be spent during the year, to a Special Account in compliance with the provision of sub-section (6) of section 135 of the said Act till the date of our report since the time period for such transfer, i.e., 30 days from the end of the financial year has not elapsed till the date of our report.

	For DELOITTE HASKINS & SELLS LLP<br><br> <br>Chartered Accountants<br><br> <br>(Firm's Registration No. 117366W/W-100018)
Place: Bengaluru<br><br> <br>Date: April 18, 2024	Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN: 24039826BKCODM8655

INFOSYS LIMITED

Standalone Financial Statements under Indian Accounting Standards(Ind AS) for the year ended March 31, 2024

Index
Balance Sheet
Statement of Profit and Loss
Statement of Changes in Equity
Statement of Cash Flows
Overview and Notes to the 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 Standalone Financial Statements
2.1 Property, plant and equipment
2.2 Goodwill and intangible assets
2.3 Leases
2.4 Capital work-in-progress
2.5 Investments
2.6 Loans
2.7 Other financial assets
2.8 Trade Receivables
2.9 Cash and cash equivalents
2.10 Other assets
2.11 Financial instruments
2.12 Equity
2.13 Other financial liabilities
2.14 Trade payables
2.15 Other liabilities
2.16 Provisions
2.17 Income taxes
2.18 Revenue from operations
2.19 Other income, net
2.20 Expenses
2.21 Employee Benefits
2.22 Reconciliation of Basic and diluted shares used in computing earnings per equity share
2.23 Contingent liabilities and commitments
2.24 Related party transactions
2.25 Corporate social responsibility (CSR)
2.26 Segment Reporting
2.27 Ratios
2.28 Function-wise classification of Statement of Profit and Loss

INFOSYS LIMITED

(In crore)

Balance Sheet as at	Note No.	March 31, 2024	March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment	2.1	10,813	11,656
Right-of-use assets	2.3	3,303	3,561
Capital work-in-progress	2.4	277	275
Goodwill	2.2	211	211
Other intangible assets		–	3
Financial assets
Investments	2.5	23,352	23,686
Loans	2.6	34	39
Other financial assets	2.7	1,756	1,341
Deferred tax assets (net)	2.17	–	779
Income tax assets (net)	2.17	2,583	5,916
Other non-current assets	2.10	1,669	1,788
Total non - current assets		43,998	49,255
Current assets
Financial assets
Investments	2.5	11,307	4,476
Trade receivables	2.8	25,152	20,773
Cash and cash equivalents	2.9	8,191	6,534
Loans	2.6	208	291
Other financial assets	2.7	10,129	9,088
Income tax assets (net)	2.17	6,329	–
Other current assets	2.10	9,636	10,920
Total current assets		70,952	52,082
Total assets		114,950	101,337
EQUITY AND LIABILITIES
Equity
Equity share capital	2.12	2,075	2,074
Other equity		79,101	65,671
Total equity		81,176	67,745
LIABILITIES
Non-current liabilities
Financial liabilities
Lease liabilities	2.3	3,088	3,553
Other financial liabilities	2.13	1,941	1,317
Deferred tax liabilities (net)	2.17	1,509	866
Other non-current liabilities	2.15	150	414
Total non - current liabilities		6,688	6,150
Current liabilities
Financial liabilities
Lease liabilities	2.3	678	713
Trade payables	2.14
Total outstanding dues of micro enterprises and small enterprises		92	97
Total outstanding dues of creditors other than micro enterprises and small enterprises		2,401	2,329
Other financial liabilities	2.13	11,808	12,697
Other current liabilities	2.15	7,681	7,609
Provisions	2.16	1,464	1,163
Income tax liabilities (net)		2,962	2,834
Total current liabilities		27,086	27,442
Total equity and liabilities		114,950	101,337

The accompanying notes form an integral part of the standalonefinancial 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 AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D. Sundaram<br><br>Lead Independent Director	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Jayesh Sanghrajka<br><br>Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>April 18, 2024

INFOSYS LIMITED

(In rupee symbol crore except equity share and per equity share data)

Statement of Profit and Loss for the	Note No.	Year ended March 31,
		2024	2023
Revenue from operations	2.18	128,933	124,014
Other income, net	2.19	7,417	3,859
Total income		136,350	127,873
Expenses
Employee benefit expenses	2.20	65,139	62,764
Cost of technical sub-contractors		18,638	19,096
Travel expenses		1,372	1,227
Cost of software packages and others	2.20	6,891	5,214
Communication expenses		489	502
Consultancy and professional charges		1,059	1,236
Depreciation and amortization expenses	2.1, 2.2.2, 2.3	2,944	2,753
Finance cost		277	157
Other expenses	2.20	3,588	3,281
Total expenses		100,397	96,230
Profit before tax		35,953	31,643
Tax expense:
Current tax	2.17	7,306	8,167
Deferred tax	2.17	1,413	208
Profit for the year		27,234	23,268
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	2.17 & 2.21	128	(19)
Equity instruments through other comprehensive income, net	2.5 & 2.17	19	(6)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net	2.11 & 2.17	11	(7)
air value changes on investments, net	2.5 & 2.17	129	(236)
Total other comprehensive income/ (loss), net of tax		287	(268)
Total comprehensive income for the year		27,521	23,000
Earnings per equity share
Equity shares of par value 5/- each
Basic (in per share)		65.62	55.48
Diluted (in per share)		65.56	55.42
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.22	4,150,099,796	4,193,813,881
Diluted (in shares)	2.22	4,153,994,624	4,198,234,378

The accompanying notes form an integral part of the standalonefinancial 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 AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D. Sundaram<br><br>Lead Independent Director	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Jayesh Sanghrajka<br><br>Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>April 18, 2024

INFOSYS LIMITED

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, 2022	2,103	54	2,844	139	172	55,449	9	606	7,926	266	2	(264)	69,306
Impact on adoption of amendment to Ind AS 37^#^	–	–	–	–	–	(9)	–	–	–	–	–	–	(9)
	2,103	54	2,844	139	172	55,440	9	606	7,926	266	2	(264)	69,297
Changes in equity for the year ended March 31, 2023
Profit for the year	–	–	–	–	–	23,268	–	–	–	–	–	–	23,268
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	(19)	(19)
Equity instruments through other comprehensive income, net* (Refer to note 2.5 and 2.17)	–	–	–	–	–	–	–	–	–	(6)	–	–	(6)
Fair value changes on derivatives designated as cash flow hedge, net*(Refer to note 2.11)	–	–	–	–	–	–	–	–	–	–	(7)	–	(7)
Fair value changes on investments, net* (Refer to note 2.5 and 2.17)	–	–	–	–	–	–	–	–	–	–	–	(236)	(236)
Total comprehensive income for the year	–	–	–	–	–	23,268	–	–	–	(6)	(7)	(255)	23,000
Buyback of equity shares** (Refer to note 2.12)	(30)	–	–	–	(340)	(11,096)	–	–	–	–	–	–	(11,466)
Transaction cost relating to buyback*	–	–	–	–	(19)	(5)	–	–	–	–	–	–	(24)
Amount transferred to capital redemption reserve upon buyback	–	–	–	30	–	(21)	(9)	–	–	–	–	–	–
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	–	(3,125)	–	–	3,125	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	1,397	–	–	(1,397)	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.12)	–	–	–	–	291	–	–	(291)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	2	(2)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.12)	1	–	–	–	29	–	–	–	–	–	–	–	30
Employee stock compensation expense (Refer to note 2.12)	–	–	–	–	–	–	–	514	–	–	–	–	514
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	–	51	–	–	–	–	51
Reserves on common control transaction (Refer to note 2.5.1)	–	–	18	–	–	–	–	–	–	–	–	–	18
Dividends	–	–	–	–	–	(13,675)	–	–	–	–	–	–	(13,675)
Balance as at March 31, 2023	2,074	54	2,862	169	133	52,183	2	878	9,654	260	(5)	(519)	67,745

INFOSYS LIMITED

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, 2023	2,074	54	2,862	169	133	52,183	2	878	9,654	260	(5)	(519)	67,745
Changes in equity for the year ended March 31, 2024
Profit for the year	–	–	–	–	–	27,234	–	–	–	–	–	–	27,234
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	128	128
Equity instruments through other comprehensive income, net* (Refer to note 2.5 and 2.17)	–	–	–	–	–	–	–	–	–	19	–	–	19
Fair value changes on derivatives designated as cash flow hedge, net*(Refer to note 2.11)	–	–	–	–	–	–	–	–	–	–	11	–	11
Fair value changes on investments, net* (Refer to note 2.5 and 2.17)	–	–	–	–	–	–	–	–	–	–	–	129	129
Total comprehensive income for the year	–	–	–	–	–	27,234	–	–	–	19	11	257	27,521
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	–	(2,957)	–	–	2,957	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	824	–	–	(824)	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.12)	–	–	–	–	447	–	–	(447)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	160	(160)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.12)	1	–	–	–	–	–	–	–	–	–	–	–	1
Employee stock compensation expense (Refer to note 2.12)	–	–	–	–	–	–	–	639	–	–	–	–	639
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	–	3	–	–	–	–	3
Dividends	–	–	–	–	–	(14,733)	–	–	–	–	–	–	(14,733)
Balance as at March 31, 2024	2,075	54	2,862	169	580	62,551	162	913	11,787	279	6	(262)	81,176
*	net of tax
---	---
**	Including tax on buyback of 2,166crore for the year ended March 31, 2023.
---	---
^#^	Impact on account of adoption of amendment to Ind AS 37 Provisions, Contingent Liabilitiesand Contingents Assets
---	---
^(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 AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D. Sundaram<br><br>Lead Independent Director	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Jayesh Sanghrajka<br><br>Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>April 18, 2024

INFOSYS LIMITED

Statement of Cash Flows

Accounting Policy

Cash flows are reported using the indirect method, whereby profit for the year 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 rupee symbol crore)

Particulars	Note No.	Year ended March 31,
		2024	2023
Cash flow from operating activities:
Profit for the year		27,234	23,268
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and Amortization	2.1, 2.2.2, 2.3	2,944	2,753
Income tax expense	2.17	8,719	8,375
Impairment loss recognized / (reversed) under expected credit loss model		130	183
Finance cost		277	157
Interest and dividend income	2.19	(4,670)	(3,028)
Stock compensation expense	2.12	575	460
Provision for post sale client support		77	121
Exchange differences on translation of assets and liabilities, net		63	(116)
Interest receivable on income tax refund		(1,934)	–
Other adjustments		235	34
Changes in assets and liabilities
Trade receivables and unbilled revenue		(2,933)	(5,065)
Loans, other financial assets and other assets		(1,645)	(2,171)
Trade payables	2.14	67	(243)
Other financial liabilities, other liabilities and provisions		(117)	2,248
Cash generated from operations		29,022	26,976
Income taxes paid		(8,235)	(7,807)
Net cash generated by operating activities		20,787	19,169
Cash flow from investing activities:
Expenditure on property, plant and equipment		(1,832)	(2,130)
Deposits placed with corporation		(688)	(634)
Redemption of deposits placed with corporation		522	482
Interest and dividend received		1,441	1,299
Dividend received from subsidiary		2,976	1,463
Loan given to subsidiaries		–	(427)
Loan repaid by subsidiaries		4	393
Investment in subsidiaries		(63)	(1,530)
Receipt / (payment) towards business transfer for entities under common control		35	19
Receipt / (payment) from entities under liquidation		80	–
Escrow and other deposits pertaining to Buyback		–	(483)
Redemption of Escrow and other deposits pertaining to Buyback		–	483
Other receipts		123	61
Payments to acquire investments
Liquid mutual fund units		(57,606)	(62,952)
Target maturity fund units		–	(400)
Tax free bonds and government bonds		–	(14)
Commercial papers		(9,405)	(2,485)
Certificates of deposit		(7,011)	(8,909)
Government Securities		–	(1,370)
Non-convertible debentures		(1,526)	–
Others		(2)	(4)
Proceeds on sale of investments
Tax free bonds and government bonds		150	213
Liquid mutual fund units		56,124	64,168
Non-convertible debentures		955	395
Certificates of deposit		6,962	9,454
Commercial papers		5,475	2,098
Government Securities		5	1,532
Others		20	99
Net cash (used in) / generated from investing activities		(3,261)	821
Cash flow from financing activities:
Buyback of equity shares including transaction costs and tax on buyback		–	(11,499)
Payment of lease liabilities	2.3	(850)	(694)
Shares issued on exercise of employee stock options		1	30
Other receipts		–	44
Other payments		(243)	(64)
Payment of dividends		(14,733)	(13,674)
Net cash used in financing activities		(15,825)	(25,857)
Net increase / (decrease) in cash and cash equivalents		1,701	(5,867)
Effect of exchange differences on translation of foreign currency cash and cash equivalents		(44)	131
Cash and cash equivalents at the beginning of the year	2.9	6,534	12,270
Cash and cash equivalents at the end of the year	2.9	8,191	6,534
Supplementary information:
Restricted cash balance	2.9	44	46

The accompanying notes form an integral part of the standalonefinancial 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 AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	D. Sundaram<br><br>Lead Independent Director	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Jayesh Sanghrajka<br><br>Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>April 18, 2024

INFOSYS LIMITED

Overview and Notes to the Standalone Financial Statements

1. Overview

1.1	Company overview

The standalone financial statements are approved for issue by the Company's Board of Directors on April 18, 2024.

1.2 Basis of preparation of financial statements

These standalone financial statements are prepared in accordance with Indian Accounting Standard (Ind AS) 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). 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.

As the year to date figures are taken from the source and rounded to the nearest digits, the figures reported for the previous quarters might not always add up to the year to date figures reported in this statement.

1.3 Use of estimates and judgments

The preparation of the 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 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 financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the standalone financial statements.

1.4 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 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.

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 2.17)

c. Property, plant and equipment

2. Notes to the Standalone Financial Statements

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.
---	---

Impairment

If such assets are considered to be impaired, the impairment to be recognized in the 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 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 year ended March 31, 2024 are as follows:

(In rupee symbol crore)

Particulars	Land- Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2023	1,429	10,445	3,144	1,314	7,235	2,129	968	45	26,709
Additions	1	289	119	90	765	100	70	1	1,435
Additions through business transfer (Refer to note 2.5)	–	–	–	2	12	8	12	–	34
Deletions**	–	(55)	(49)	(36)	(633)	(77)	(87)	(1)	(938)
Gross carrying value as at March 31, 2024	1,430	10,679	3,214	1,370	7,379	2,160	963	45	27,240
Accumulated depreciation as at April 1, 2023	–	(4,223)	(2,558)	(1,060)	(4,977)	(1,549)	(646)	(40)	(15,053)
Depreciation	–	(407)	(223)	(114)	(1,144)	(230)	(171)	(3)	(2,292)
Accumulated depreciation on deletions**	–	55	49	35	624	70	84	1	918
Accumulated depreciation as at March 31, 2024	–	(4,575)	(2,732)	(1,139)	(5,497)	(1,709)	(733)	(42)	(16,427)
Carrying value as at April 1, 2023	1,429	6,222	586	254	2,258	580	322	5	11,656
Carrying value as at March 31, 2024	1,430	6,104	482	231	1,882	451	230	3	10,813
**	During the Year ended March 31, 2024, certain assets which were not in use having gross book<br>value of 646 crore (net book value: Nil) were retired.
---	---

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

(In rupee symbol crore)

Particulars	Land- Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2022	1,429	10,115	3,054	1,250	7,239	2,070	817	44	26,018
Additions	2	330	264	106	1,267	341	165	2	2,477
Deletions*	(2)	–	(174)	(42)	(1,271)	(282)	(14)	(1)	(1,786)
Gross carrying value as at March 31, 2023	1,429	10,445	3,144	1,314	7,235	2,129	968	45	26,709
Accumulated depreciation as at April 1, 2022	–	(3,834)	(2,494)	(993)	(5,163)	(1,614)	(499)	(37)	(14,634)
Depreciation	–	(389)	(238)	(109)	(1,080)	(216)	(157)	(4)	(2,193)
Accumulated depreciation on deletions*	–	–	174	42	1,266	281	10	1	1,774
Accumulated depreciation as at March 31, 2023	–	(4,223)	(2,558)	(1,060)	(4,977)	(1,549)	(646)	(40)	(15,053)
Carrying value as at April 1, 2022	1,429	6,281	560	257	2,076	456	318	7	11,384
Carrying value as at March 31, 2023	1,429	6,222	586	254	2,258	580	322	5	11,656
*	During the year ended March 31, 2023, certain assets which were not in use having gross book<br>value of 1,598 crore (net book value: nil), were retired.
---	---
^(1)^	Buildings include 250/-being the value of five shares of 50/- each in MittalTowers Premises Co-operative Society Limited.
---	---
^(2)^	Includes certain assets provided on cancellable operating lease to subsidiaries.
---	---

The aggregate depreciation has been included under depreciation and amortization expense in the statement of Profit and Loss.

Repairs and maintenance costs are recognized in the statement of Profit and Loss when incurred.

Tangible assets provided on operating lease to subsidiaries as at March 31, 2024 and March 31, 2023 are as follows:

(In crore)

Particulars	Cost	Accumulated depreciation	Net book value
Land	32	–	32
	32	–	32
Buildings	333	138	195
	333	132	201
Plant and machinery	36	34	2
	28	28	–
Furniture and fixtures	29	25	4
	19	18	1
Computer Equipment	2	2	–
	–	–	–
Leasehold Improvement	40	24	16
	–	–	–
Office equipment	23	20	3
	16	16	–

(In crore)

Particulars	Year ended March 31,
	2024	2023
Aggregate depreciation charged on above assets	26	13
The rental income from subsidiary in current year is <br>78 crore and in last year it was 53 crore.

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
	March 31, 2024	March 31, 2023
Carrying value at the beginning	211	211
Carrying value at the end	211	211

The allocation of goodwill to operating segments as at March 31, 2024 and March 31, 2023 is as follows:

(In crore)

Segment	As at
	March 31, 2024	March 31, 2023
Financial services	64	64
Retail	34	34
Communication	28	28
Energy, Utilities, Resources and Services	27	27
Manufacturing	21	21
	174	174
Operating segments without significant goodwill	37	37
Total	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.

The changes in the carrying value of acquired intangible assets for the year ended March 31, 2024 are as follows

(In crore)

Particulars	Customer related	Software related	Trade name related	Others	Total
Gross carrying value as at April 1, 2023	113	54	26	26	219
Deletions	–	–	–	–	–
Gross carrying value as at March 31, 2024	113	54	26	26	219
Accumulated amortization as at April 1, 2023	(113)	(51)	(26)	(26)	(216)
Amortization expense	–	(3)	–	–	(3)
Accumulated amortization on deletions	–	–	–	–	–
Accumulated amortization as at March 31, 2024	(113)	(54)	(26)	(26)	(219)
Carrying value as at March 31, 2024	–	–	–	–	–
Carrying value as at April 1, 2023	–	3	–	–	3
Estimated Useful Life (in years)	7	2	5	5
Estimated Remaining Useful Life (in years)	–	–	–	–

Following are the changes in the carrying value of acquired intangible assets for the year ended March 31, 2023:

(In crore)

Particulars	Customer related	Software related	Trade name related	Others	Total
Gross carrying value as at April 1, 2022	113	54	26	26	219
Deletions	–	–	–	–	–
Gross carrying value as at March 31, 2023	113	54	26	26	219
Accumulated amortization as at April 1, 2022	(104)	(31)	(26)	(26)	(187)
Amortization expense	(9)	(20)	–	–	(29)
Accumulated amortization on deletions	–	–	–	–	–
Accumulated amortization as at March 31, 2023	(113)	(51)	(26)	(26)	(216)
Carrying value as at March 31, 2023	–	3	–	–	3
Carrying value as at April 1, 2022	9	23	–	–	32
Estimated Useful Life (in years)	7	2	5	5
Estimated Remaining Useful Life (in years)	–	–	–	–

The amortization expense has been included under depreciation and amortization expense in the Standalone Statement of Profit and Loss.

Research and Development Expenditure

Research and Development expense recognized in net profit in the statement of profit and loss for the year ended March 31, 2024 and March 31, 2023 is rupee symbol 695 crore and 639 crore, respectively.

2.3	LEASES

Accounting Policy

The Company as a lessee

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

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 year ended March 31, 2024:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at April 1, 2023	548	2,669	344	3,561
Additions*	–	336	420	756
Deletions	(10)	(169)	(92)	(271)
Impairment^#^	–	(88)	–	(88)
Depreciation	(4)	(482)	(169)	(655)
Balance as at March 31, 2024	534	2,266	503	3,303
*	Net of adjustments on account of modifications and lease incentives
---	---
#	included under other expenses. Refer note 2.20
---	---

Following are the changes in the carrying value of right of use assets for the year ended March 31, 2023:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at April 1, 2022	552	2,621	138	3,311
Additions*	–	510	371	881
Deletions	–	(21)	(61)	(82)
Depreciation	(4)	(441)	(104)	(549)
Balance as at March 31, 2023	548	2,669	344	3,561
*	Net of adjustments on account of modifications and lease incentives
---	---

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at March 31, 2024 and March 31, 2023:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Current lease liabilities	678	713
Non-current lease liabilities	3,088	3,553
Total	3,766	4,266

The movement in lease liabilities during the year ended March 31, 2024 and March 31, 2023 is as follows :

(In rupee symbol crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Balance at the beginning	4,266	3,786
Additions	590	883
Finance cost accrued during the period	166	151
Deletions	(413)	(26)
Payment of lease liabilities	(852)	(706)
Translation Difference	9	178
Balance at the end	3,766	4,266

The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2024 and March 31, 2023 on an undiscounted basis:

(In rupee symbol crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Less than one year	803	821
One to five years	2,735	2,547
More than five years	819	1,546
Total	4,357	4,914

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

Rental expense recorded for short-term leases was rupee symbol 16 crore and 22 crore for the year ended March 31, 2024 and March 31, 2023.

The following is the movement in the net investment in sublease in ROU asset during the year ended March 31, 2024 and March 31, 2023:

(In rupee symbol crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Balance at the beginning	346	365
Interest income accrued during the period	–	13
Deletions	(346)
Lease receipts	–	(61)
Translation Difference	–	29
Balance at the end	–	346

Leases not yet commenced to which Company is committed is rupee symbol 20 crore for a lease term up to 7 years.

2.4 CAPITAL WORK -IN-PROGRESS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Capital work-in-progress	277	275
Total Capital work-in-progress	277	275

The capital work-in-progress ageing schedule for the year ended March 31, 2024 and March 31, 2023 is as follows:

(In crore)

Particulars	Amount in CWIP for a period of
	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
Projects in progress	243	22	1	11	277
	222	21	12	20	275
Total Capital work-in-progress	243	22	1	11	277
	222	21	12	20	275

For capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan the project wise details of when the project is expected to be completed is given below as of March 31, 2024 and March 31, 2023:

(In crore)

Particulars	To be completed in
	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
Projects in progress
KL-SP-SDB1	–	–	–	–	–
	114	–	–	–	114
BN-SP-MET	–	–	–	–	–
	20	–	–	–	20
Total Capital work-in-progress	–	–	–	–	–
	134	–	–	–	134

2.5 INVESTMENTS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non-current investments
Equity instruments of subsidiaries	9,150	9,078
Redeemable Preference shares of subsidiary	2,831	2,831
Preference securities and equity securities	206	196
Target maturity fund units	431	402
Others	84	82
Tax free bonds	1,731	1,742
Government bonds	14	14
Non-convertible debentures	2,216	2,490
Government Securities	6,689	6,851
Total non-current investments	23,352	23,686
Current investments
Liquid mutual fund units	1,913	260
Commercial Papers	4,507	420
Certificates of deposit	2,945	2,765
Tax free bonds	–	150
Government Securities	204	5
Non-convertible debentures	1,738	876
Total current investments	11,307	4,476
Total carrying value	34,659	28,162

(In crore, except as otherwise stated)

Particulars
	March 31, 2023
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.	1
Nil (10,000) shares of 10 per share, fully paid up
EdgeVerve Systems Limited	1,312
1,31,18,40,000 (1,31,18,40,000) equity shares of 10/- each, fully paid up
Infosys Nova Holdings LLC#	2,637
Infosys Singapore Pte Ltd	10
1,09,90,000 (1,09,90,000) shares of SGD 1.00 par value, fully paid
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	59
Nil (25,000) 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.	17
30,000 (20,000) 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	7
1,508,060 (1,30,842) 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	–
'3,27,788 (Nil) shared 10 per share fully paid up
Investments in Redeemable Preference shares of subsidiary
Infosys Singapore Pte Ltd	2,831
45,62,00,000 (45,62,00,000) shares of SGD 1 per share, fully paid up
40,000,000 (40,000,000) shares of 1 per share, fully paid up
	11,909
Investments carried at fair value through profit or loss
Target maturity fund units	402
Others (1)	82
	484
Investments carried at fair value through other comprehensive income
Preference securities	193
Equity securities	3
	196
Quoted
Investments carried at amortized cost
Tax free bonds	1,742
Government bonds	14
	1,756
Investments carried at fair value through other comprehensive income
Non-convertible debentures	2,490
Equity Securities	–
Government Securities	6,851
	9,341
Total non-current investments	23,686
Current investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units	260
	260
Investments carried at fair value through other comprehensive income
Commercial Papers	420
Certificates of deposit	2,765
	3,185
Quoted
Investments carried at amortized cost
Tax free bonds	150
	150
Investments carried at fair value through other comprehensive income
Government Securities	5
Non-convertible debentures	876
	881
Total current investments	4,476
Total investments	28,162
Aggregate amount of quoted investments	12,128
Market value of quoted investments (including interest accrued), current	1,050
Market value of quoted investments (including interest accrued), non-current	11,336
Aggregate amount of unquoted investments	16,034
# Aggregate amount of impairment in value of investments	94
Reduction in the fair value of assets held for sale	854
Investments carried at cost	11,909
Investments carried at amortized cost	1,906
Investments carried at fair value through other comprehensive income	13,603
Investments carried at fair value through profit or loss	744

All values are in US Dollars.

^(1)^	Uncalled capital commitments outstanding as of March 31, 2024 and March 31, 2023 was 5crore and 8 crore, respectively.

Refer to note 2.11 for accounting policies on financial instruments.

Details of amounts recorded in other comprehensive income:

(In crore)

	Year ended			Year ended
	March 31, 2024			March 31, 2023
	Gross	Tax	Net	Gross	Tax	Net
Net Gain/(loss) on
Non-convertible debentures	55	5	60	(92)	(1)	(93)
Government Securities	89	(20)	69	(150)	8	(142)
Certificate of deposits	–	–	–	(1)	–	(1)
Equity and preference securities	10	9	19	(7)	1	(6)

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		March 31, 2024	March 31, 2023
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	1,913	260
Target maturity fund units - carried at fair value through profit or loss	Quoted price	431	402
Tax free bonds and government bonds - carried at amortized cost	Quoted price and market observable inputs	1,959	2,134
Non-convertible debentures - carried at fair value through other comprehensive income	Quoted price and market observable inputs	3,954	3,366
Government securities - carried at fair value through other comprehensive income	Quoted price and market observable inputs	6,893	6,856
Commercial Papers - carried at fair value through other comprehensive income	Market observable inputs	4,507	420
Certificates of deposit - carried at fair value through other comprehensive income	Market observable inputs	2,945	2,765
Quoted Equity Securities - carried at fair value through other comprehensive income	Quoted price	113	-
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	93	196
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	84	82
Total		22,892	16,481

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

2.5.1 Business transfer - Danske IT and SupportServices India Private Limited

(In crore)

Particulars	Total
Property plant and equipment	34
Net liabilities	(72)
Net consideration	(38)

Proposed acquisition

On January 11, 2024, Infosys Limited entered into a definitive agreement to acquire 100% of the equity share capital in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India, for a consideration including earn-outs, and management incentives and retention bonuses totaling up to rupee symbol 280 crore (approximately $34 million) , subject to customary closing adjustments.

2.5.2 Details of Investments

The details of investments in preference, equity and other instruments at March 31, 2024 and March 31, 2023 are as follows:

(In crore, except as otherwise stated)

Particulars
	March 31, 2023
Preference Securities
Airviz Inc.	–
2,89,695 (2,89,695) Series A Preferred Stock, fully paid up, par value 0.001 each
Whoop Inc	53
1,10,59,340 (1,10,59,340) Series B Preferred Stock, fully paid up, par value 0.0001 each
Nivetti Systems Private Limited	26
2,28,501 (2,28,501) Preferred Stock, fully paid up, par value 1/- each
Ideaforge Technology Limited	114
Nil (5,402) Series A compulsorily convertible cumulative Preference shares of 10/- each, fully paid up
Nil (1,787) Series B compulsorily convertible cumulative Preference shares of 10/- each, fully paid up
Equity Instrument
Merasport Technologies Private Limited	–
2,420 (2,420) equity shares at 8,052/- each, fully paid up, par value 10/- each
Global Innovation and Technology Alliance	2
15,000 (15,000) equity shares at 1,000/- each, fully paid up, par value 1,000/- each
Ideaforge Technology Limited	1
16,47,314 (22,600) equity shares at 10/-, fully paid up
Others
Stellaris Venture Partners India	82
Total	278

All values are in US Dollars.

2.6 LOANS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non- Current
Loans considered good - Unsecured
Other Loans
Loans to employees	34	39
	34	39
Loans credit impaired - Unsecured
Other Loans
Loans to employees	-	-
Less: Allowance for credit impairment	-	-
	-	-
Total non - current loans	34	39
Current
Loans considered good - Unsecured
Loans to subsidiaries	-	43
Other Loans
Loans to employees	208	248
Total current loans	208	291
Total Loans	242	330

2.7 OTHER FINANCIAL ASSETS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non-current
Security deposits ^(1)^	205	226
Net investment in Sublease of right of use asset ^(1)^	–	298
Unbilled revenues ^(1)(5)#^	1,366	686
Others^(1)^ **	185	131
Total non-current other financial assets	1,756	1,341
Current
Security deposits ^(1)^	25	6
Restricted deposits ^(1)*^	2,282	2,116
Unbilled revenues ^(1)(5)#^	4,993	5,166
Interest accrued but not due ^(1)^	476	441
Foreign currency forward and options contracts ^(2)(3)^	81	79
Net investment in Sublease of right-of-use asset ^(1)^	–	48
Others ^(1)(4)^ **	2,272	1,232
Total current other financial assets	10,129	9,088
Total other financial assets	11,885	10,429
^(1)^ Financial assets carried at amortized cost	11,804	10,350
^(2)^Financial assets carried at fair value through other comprehensive income	23	32
^(3)^Financial assets carried at fair value through Profit or Loss	58	47
^(4)^ Includes dues from subsidiaries	2,052	1,051
^(5)^ Includes dues from subsidiaries	153	290
*	Restricted deposits represent deposit with financial institutions to settle employee related<br>obligations as and when they arise during the normal course of business.
---	---
**	Primarily includes net investment in lease.
---	---
^#^	Classified as financial asset as right to consideration is unconditional and is due only<br>after a passage of time.
---	---

2.8 TRADE RECEIVABLES

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Current
Trade Receivable considered good - Unsecured ^(1)^	25,575	21,202
Less: Allowance for expected credit loss	423	429
Trade Receivable considered good - Unsecured	25,152	20,773
Trade Receivable - credit impaired - Unsecured	157	106
Less: Allowance for credit impairment	157	106
Trade Receivable - credit impaired - Unsecured	–	–
Total trade receivables ^(2)^	25,152	20,773
^(1)^ Includes dues from subsidiaries	259	611
^(2)^ Includes dues from companies where directors are interested	–	–

Trade receivables ageing schedule for the year endedas on March 31, 2024 and March 31, 2023:

(In crore)

Particulars	Outstanding for following periods from due date of payment
	Not Due	Less than 6 months	6 months to 1 year	1-2 years	2-3 years	More than 3 years	Total
Undisputed Trade receivables – considered good	18,724	6,175	219	394	62	1	25,575
	15,579	5,542	4	66	4	7	21,202
Undisputed Trade receivables – credit impaired	3	12	7	5	3	81	111
	9	6	2	4	49	34	104
Disputed Trade receivables – considered good	–	–	–	–	–	–	–
	–	–	–	–	–	–	–
Disputed Trade receivables – credit impaired	–	1	21	22	1	1	46
	–	–	–	–	2	–	2
	18,727	6,188	247	421	66	83	25,732
	15,588	5,548	6	70	55	41	21,308
Less: Allowance for credit loss							580
							535
Total Trade Receivables							25,152
							20,773

2.9 CASH AND CASH EQUIVALENTS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Balances with banks
In current and deposit accounts	8,191	4,864
Cash on hand	–	–
Others
Deposits with financial institutions	–	1,670
Total Cash and cash equivalents	8,191	6,534
Balances with banks in unpaid dividend accounts	37	37
Deposit with more than 12 months maturity	–	700

Cash and cash equivalents as at March 31, 2024 and March 31, 2023 include restricted cash and bank balances of rupee symbol 44 crore and 46 crore, respectively.

2.10 OTHER ASSETS

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non-current
Capital advances	151	141
Advances other than capital advances
Others
Prepaid expenses	68	63
Defined benefit plan assets	9	9
Deferred contract cost
Cost of obtaining a contract^(3)^	88	139
Cost of fulfillment	640	601
Other receivables	–	–
Unbilled revenues^(2)^	58	167
Withholding taxes and others	655	668
Total non-current other assets	1,669	1,788
Current
Advances other than capital advances
Payment to vendors for supply of goods	325	171
Others
Prepaid expenses ^(1)^	1,886	1,705
Unbilled revenues^(2)^	4,397	6,365
Deferred contract cost
Cost of obtaining a contract^(3)^	154	400
Cost of fulfillment	266	109
Withholding taxes and others	2,593	2,047
Other receivables ^(1)^	15	123
Total current other assets	9,636	10,920
Total other assets	11,305	12,708
^(1)^ Includes dues from subsidiaries	155	198

^(2)^

Classified as non-financial asset as the contractual right to consideration is dependenton completion of contractual milestones.

^(3)^

Includes technology assets taken over by the Company from a customer as a part of transformationproject which is not considered as distinct goods or services and the control related to the assets is not transferred to the Companyin accordance with Ind AS 115 - Revenue from contract with customers. Accordingly, the same has been considered as a reduction to thetotal contract value and accounted as Deferred contract cost. The Company has entered into financing arrangements with a third partyfor these assets. As at March 31, 2024 and March 31, 2023, the financial liability pertaining to such arrangements amounts to 58crore and 114 crore, respectively. (Refer to note 2.13)

---

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

2.11 FINANCIAL INSTRUMENTS

Accounting Policy

2.11.1 Initial recognition

2.11.2 Subsequent measurement

a. Non-derivative financial instruments

(i) Financial assets carried at amortized cost

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

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

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

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

(iv) Financial liabilities

(v) Investment in subsidiaries

Investment in subsidiaries is carried at cost in the separate financial statements.

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.

(ii) Cash flow hedge

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

When a derivative is designated as a cash flow hedge instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the 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 Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the Statement of Profit and Loss.

2.11.3 Derecognition of financial instruments

2.11.4 Fair value of financial instruments

2.11.5 Impairment

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at March 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 2.9)	8,191	–	–	–	–	8,191	8,191
Investments (Refer to note 2.5)
Preference securities, Equity securities and others	–	–	84	206	–	290	290
Tax free bonds and government bonds	1,745	–	–	–	–	1,745	1,959 ^(1)^
Liquid mutual fund units	–	–	1,913	–	–	1,913	1,913
Target maturity fund units	–	–	431	–	–	431	431
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 2.8)	25,152	–	–	–	–	25,152	25,152
Loans (Refer to note 2.6)	242	–	–	–	–	242	242
Other financial assets (Refer to note 2.7) ^(3)^	11,804	–	58	–	23	11,885	11,801 ^(2)^
Total	47,134	–	2,486	206	18,322	68,148	68,278
Liabilities:
Trade payables (Refer to note 2.14)	2,493	–	–	–	–	2,493	2,493
Lease liabilities (Refer to note 2.3)	3,766	–	–	–	–	3,766	3,766
Other financial liabilities (Refer to note 2.13)	11,569	–	20	–	1	11,590	11,590
Total	17,828	–	20	–	1	17,849	17,849
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on tax free bonds and government bonds carried at amortizedcost of 84 crore
---	---
^(3)^	Excludes unbilled revenue on contracts where the right to consideration is dependent oncompletion of contractual milestones
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 2023 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 2.9)	6,534	–	–	–	–	6,534	6,534
Investments (Refer to note 2.5)
Preference securities, Equity securities and others	–	–	82	196	–	278	278
Tax free bonds and government bonds	1,906	–	–	–	–	1,906	2,134 ^(1)^
Target maturity fund units	–	–	402	–	–	402	402
Liquid mutual fund units	–	–	260	–	–	260	260
Commercial Papers	–	–	–	–	420	420	420
Certificates of deposit	–	–	–	–	2,765	2,765	2,765
Non convertible debentures	–	–	–	–	3,366	3,366	3,366
Government Securities	–	–	–	–	6,856	6,856	6,856
Trade receivables (Refer to note 2.8)	20,773	–	–	–	–	20,773	20,773
Loans (Refer to note 2.6)	330	–	–	–	–	330	330
Other financial assets (Refer to note 2.7)^(3)^	10,350	–	47	–	32	10,429	10,345 ^(2)^
Total	39,893	–	791	196	13,439	54,319	54,463
Liabilities:
Trade payables (Refer to note 2.14)	2,426	–	–	–	–	2,426	2,426
Lease Liabilities (Refer to note 2.3)	4,266	–	–	–	–	4,266	4,266
Other financial liabilities (Refer to note 2.13)	11,989	–	42	–	14	12,045	12,045
Total	18,681	–	42	–	14	18,737	18,737
^(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 March 31, 2024 is 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 2.5)
Investments in tax free bonds	1,944	1,944	–	–
Investments in government bonds	15	15	–	–
Investments in liquid mutual fund units	1,913	1,913	–	–
Investments in target maturity fund units	431	431	–	–
Investments in certificates of deposit	2,945	–	2,945	–
Investments in commercial papers	4,507	–	4,507	–
Investments in non convertible debentures	3,954	3,697	257	–
Investments in government securities	6,893	6,820	73	–
Investments in equity securities	115	113	–	2
Investments in preference securities	91	–	–	91
Other investments	84	–	–	84
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to note 2.7)	81	–	81	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer to note 2.13)	21	–	21	–

During the year ended March 31, 2024, tax free bonds and non-convertible debentures of rupee symbol 1986 crore were transferred from Level 2 to Level 1 of fair value hierarchy since these were valued based on quoted price. Further State government securities of 73 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2023 was as follows:

(In crore)

Particulars	As at March 31, 2023	Fair value measurement at end of the reporting period using
		Level 1	Level 2	Level 3
Assets
Investments (Refer to note 2.5)
Investments in tax free bonds	2,120	1,331	789	–
Investments in target maturity fund units	402	402	–	–
Investments in government bonds	14	14	–	–
Investments in liquid mutual fund units	260	260	–	–
Investments in certificates of deposit	2,765	–	2,765	–
Investments in commercial papers	420	–	420	–
Investments in non convertible debentures	3,366	1,364	2,002	–
Investments in government securities	6,856	6,856	–	–
Investments in equity securities	3	–	–	3
Investments in preference securities	193	–	–	193
Other investments	82	–	–	82
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to note 2.7)	79	–	79	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer note 2.13)	56	–	56	–

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.

Financial risk management

Financial risk factors

The Company's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company's primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the Company is foreign exchange risk. The Company uses derivative financial instruments to mitigate foreign exchange related risk exposures. The Company's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.

Market risk

The Company operates internationally and a major portion of the business is transacted in several currencies and consequently the Company is exposed to foreign exchange risk through its sales and services in the United States and elsewhere, and purchases from overseas suppliers in various foreign currencies. 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 exchange rate between the Indian rupee and foreign currencies has changed substantially in recent years and may fluctuate substantially in the future. Consequently, the results of the Company’s operations are adversely affected as the rupee appreciates/ depreciates against these currencies.

The following table analyses the foreign currency risk from financial assets and liabilities as at March 31, 2024:

(In crore)

Particulars	U.S. dollars	Euro	United Kingdom Pound Sterling	Australian dollars	Other currencies	Total
Net financial assets	23,447	6,929	1,940	1,463	2,575	36,354
Net financial liabilities	(9,918)	(1,911)	(663)	(798)	(1,112)	(14,402)
Total	13,529	5,018	1,277	665	1,463	21,952

The following table analyses the foreign currency risk from financial assets and liabilities as at March 31, 2023:

(In crore)

Particulars	U.S. dollars	Euro	United Kingdom Pound Sterling	Australian dollars	Other currencies	Total
Net financial assets	18,436	5,442	1,612	1,765	2,278	29,533
Net financial liabilities	(10,017)	(1,898)	(682)	(926)	(1,082)	(14,605)
Total	8,419	3,544	930	839	1,196	14,928

Sensitivity analysis between Indian Rupee and U.S. dollars

Particulars	Year ended March 31,
	2024	2023
Impact on the Company's incremental Operating Margins	0.46%	0.47%

Derivative financial instruments

The Company holds derivative financial instruments such as foreign currency forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank. These derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace.

The details in respect of outstanding foreign currency forward and option contracts are as follows :

Particulars	As at		As at
	March 31, 2024		March 31, 2023
	In million	In crore	In million	In crore
Derivatives designated as cash flow hedges
Forward contracts
In Euro	30	270	–	–
Option Contracts
In Euro	236	2,121	325	2,907
In Australian dollars	106	573	140	770
In United Kingdom Pound Sterling	35	368	55	559
Other derivatives
Forward contracts
In U.S. dollars	1,223	10,203	1,486	12,209
In Euro	554	4,975	266	2,382
In Singapore dollars	171	1,046	45	278
In United Kingdom Pound Sterling	78	818	76	775
In Swiss Franc	16	150	–	–
In New Zealand dollars	30	149	30	154
In Danish Krone	100	121	–	–
In Norwegian Krone	130	100	100	79
In Canadian dollars	15	92	–	–
In Australian dollars	14	75	10	55
In Hungarian Forint	2,500	57	–	–
In Chinese Yuan	43	49	–	–
In South African rand	85	37	85	39
Option contracts
In Australian dollars	20	111	30	165
In Euro	100	897	160	1,431
In United Kingdom Pound Sterling	–	–	15	153
In U.S. dollars	543	4,527	300	2,465
Total forwards and option contracts		26,739		24,421

The foreign exchange forward and option contracts mature within 12 months. The table below analyses the derivative financial instruments into relevant maturity groupings based on the remaining period as at the Balance Sheet date:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Not later than one month	9,581	10,972
Later than one month and not later than three months	15,181	10,122
Later than three months and not later than one year	1,977	3,327
Total	26,739	24,421

During the year ended March 31, 2024 and March 31, 2023 the Company has designated certain foreign exchange forward and option contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. The related hedge transactions for balance in cash flow hedge reserve as at March 31, 2024 are expected to occur and reclassified to statement of profit and loss within 3 months.

The Company determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items.

If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in the Statement of Profit or Loss at the time of the hedge relationship rebalancing.

The following table provides the reconciliationof cash flow hedge reserve for the year ended March 31, 2024 and March 31, 2023:

(In crore)

Particulars	Year ended March 31,
	2024	2023
Gain / (Loss)
Balance at the beginning of the year	(5)	2
Gain / (Loss) recognized in other comprehensive income during the year	8	90
Amount reclassified to profit and loss during the year	7	(99)
Tax impact on above	(4)	2
Balance at the end of the year	6	(5)

The Company offsets a financial asset and a financial liability when it currently has a legally enforceable right to set off the recognized amounts and the Company intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows:

(In crore)

Particulars	As at
	March 31, 2024		March 31, 2023
	Derivative financial asset	Derivative financial liability	Derivative financial asset	Derivative financial liability
Gross amount of recognized financial asset / liability	93	(33)	103	(80)
Amount set off	(12)	12	(24)	24
Net amount presented in Balance Sheet	81	(21)	79	(56)

Credit risk

Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to rupee symbol 25,152 crore and 20,773 crore as at March 31, 2024 and March 31, 2023, respectively and unbilled revenue amounting to 10,814 crore and 12,384 crore as at March 31, 2024 and March 31, 2023, respectively. Trade receivables and unbilled revenue are typically unsecured and are derived from revenue from customers majorly located in the United States of America and Europe. Credit risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of the customers to which the Company grants credit terms in the normal course of business. The Company uses the expected credit loss model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues. This matrix takes into account credit reports and other related credit information to the extent available.

The Company's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. Exposure to customers is diversified and there is no single customer contributing more than 10% of outstanding trade receivables and unbilled revenues.

The following table gives details in respect of percentage of revenues generated from top five customers and top ten customers:

(In %)

Particulars	Year ended March 31,
	2024	2023
Revenue from top five customers	11.6	11.3
Revenue from top ten customers	18.9	19.6

Credit risk exposure

The Company's credit period generally ranges from 30-75 days.

The allowance for lifetime expected credit loss on customer balances recognized for the year ended March 31, 2024 and March 31, 2023 is rupee symbol 108 crore and 139 crore, respectively.

The movement in credit loss allowance on customerbalance is as follows:

(In crore)

Particulars	Year ended March 31,
	2024	2023
Balance at the beginning	699	673
Impairment loss recognized/ (reversed), net	108	139
Amounts written off	(93)	(145)
Translation differences	7	32
Balance at the end	721	699

The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery.

Credit risk on cash and cash equivalents is limited as the Company generally invest in deposits with banks with high ratings assigned by international and domestic credit rating agencies. Ratings are monitored periodically and the Company has considered the latest available credit ratings as at the date of approval of these financial statements.

The investments of the Company primarily include investment in liquid mutual fund units, target maturity fund units, tax free bonds, certificates of deposit, commercial paper, 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 Group’s risk management program.

Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time.

The Company's principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company has no outstanding borrowings. The Company believes that the working capital is sufficient to meet its current requirements.

As at March 31, 2024, the Company had a working capital of rupee symbol 43,866 crore including cash and cash equivalents of 8,191 crore and current investments of 11,306 crore. As at March 31, 2023, the Company had a working capital of 24,640 crore including cash and cash equivalents of 6,534 crore and current investments of 4,476 crore.

As at March 31, 2024 and March 31, 2023, the outstanding compensated absences were rupee symbol 2,159 crore and 1,969 crore, respectively, which have been substantially funded. Accordingly, no liquidity risk is perceived.

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2024:

(In crore)

Particulars	Less than 1 year	1-2 years	2-4 years	4-7 years	Total
Trade payables	2,493	–	–	–	2,493
Other financial liabilities on an undiscounted basis (Refer to note 2.13)	9,697	1,240	567	67	11,571

The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2023:

(In crore)

Particulars	Less than 1 year	1-2 years	2-4 years	4-7 years	Total
Trade payables	2,426	–	–	–	2,426
Other financial liabilities on an undiscounted basis (Refer to note 2.13)	10,752	965	264	13	11,994

2.12 EQUITY

Accounting policy

Ordinary Shares

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

Special Economic Zone Re-investment reserve

Other components of 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 Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

2.12.1 EQUITY SHARE CAPITAL

(In crore, except as otherwise stated)

Particulars	As at
	March 31, 2024	March 31, 2023
Authorized
Equity shares, 5/- par value
4,80,00,00,000 (4,80,00,00,000) equity shares	2,400	2,400
Issued, Subscribed and Paid-Up
Equity shares, 5/- par value ^(1)^	2,075	2,074
4,15,08,67,464 (4,14,85,60,044) equity shares fully paid-up
	2,075	2,074

^(1)^	Refer to note 2.22 for details of basic and diluted shares

Forfeited shares amounted to rupee symbol 1500/- (1,500/-)

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.

In the period of five years immediately precedingMarch 31, 2024:

Buyback

In the period of five years immediately preceding March 31, 2024, the Company had purchased and extinguished a total of 214,100,951 fully paid-up equity shares of face value rupee symbol 5/- each from the stock exchange. The Company has only one class of equity shares.

Capital allocation policy

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

Buyback completed in February 2023

In line with the capital allocation policy, the Board, at its meeting held on October 13, 2022, approved the buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to rupee symbol 9,300 crore (Maximum Buyback Size, excluding buyback tax) at a price not exceeding 1,850 per share (Maximum Buyback Price), subject to shareholders' approval by way of Postal Ballot.

The shareholders approved the proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting on the postal ballot, the results of which were declared on December 3, 2022. The buyback was offered to all equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The buyback of equity shares through the stock exchange commenced on December 7, 2022 and was completed on February 13, 2023. During this buyback period the Company had purchased and extinguished a total of 60,426,348 equity shares from the stock exchange at a volume weighted average buyback price of rupee symbol 1,539.06/- per equity share comprising 1.44% of the pre buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of 9,300 crore (excluding transaction costs and tax on buyback). The Company funded the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013.

2.12.2 Shareholding of promoter

The details of the shares held by promoters as at March 31, 2024 are as follows:

Promoter name	No. of shares	% of total shares	% Change during the year
Sudha Gopalakrishnan	95,357,000	2.30%	–
Rohan Murty	60,812,892	1.47%	–
S. Gopalakrishnan	31,853,808	0.77%	(23.89%)
Nandan M. Nilekani	40,783,162	0.98%	–
Akshata Murty	38,957,096	0.94%	–
Asha Dinesh	38,579,304	0.93%	–
Sudha N. Murty	34,550,626	0.83%	–
Rohini Nilekani	34,335,092	0.83%	–
Dinesh Krishnaswamy	32,479,590	0.78%	–
Shreyas Shibulal	21,323,515	0.51%	(10.04%)
N. R. Narayana Murthy	15,145,638	0.36%	(9.01%)
Nihar Nilekani	12,677,752	0.31%	–
Janhavi Nilekani	8,589,721	0.21%	–
Kumari Shibulal	4,945,935	0.12%	(5.77%)
Deeksha Dinesh	7,646,684	0.18%	–
Divya Dinesh	7,646,684	0.18%	–
Meghana Gopalakrishnan	14,834,928	0.36%	206.83%
Shruti Shibulal	2,737,538	0.07%	–
S. D. Shibulal	5,208,673	0.13%	(10.42%)
Ekagrah Rohan Murty	1,500,000	0.04%	100.00%
Promoters Group
Gaurav Manchanda	12,524,106	0.30%	(8.82%)
Milan Shibulal Manchanda	6,513,389	0.16%	(6.52%)
Nikita Shibulal Manchanda	6,513,389	0.16%	(6.52%)
Bhairavi Madhusudhan Shibulal	6,021,716	0.15%	(9.84%)
Shray Chandra	719,424	0.02%	–
Tanush Nilekani Chandra	3,356,017	0.08%	–

2.12.3 DIVIDEND

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

(in )

Particulars	Year ended March 31,
****	2024	2023
Final dividend for fiscal 2022	–	16.00
Interim dividend for fiscal 2023	–	16.50
Final dividend for fiscal 2023	17.50	–
Interim dividend for fiscal 2024	18.00	–

During the year ended March 31, 2024, on account of the final dividend for fiscal 2023 and interim dividend for fiscal 2024, the Company has incurred a net cash outflow of rupee symbol 14,733 crore.

The details of shareholders holding more than 5% shares as at March 31, 2024 and March 31, 2023 are set out below:

Name of the shareholders	As at March 31, 2024		As at March 31, 2023
	Number of shares	% held	Number of shares	% held
Deutsche Bank Trust Company Americas <br><br>(Depository of ADR's - legal ownership)	44,23,91,411	10.66	50,57,90,851	12.19
Life Insurance Corporation of India	38,59,52,941	9.30	29,82,44,977	7.19

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2024 and March 31, 2023 is set out below:

(in crore, except as stated otherwise)

Particulars	As at March 31, 2024		As at March 31, 2023
	Number of shares	Amount	Number of shares	Amount
As at the beginning of the period	4,14,85,60,044	2,074	4,20,67,38,641	2,103
Add: Shares issued on exercise of employee stock options	2,307,420	1	22,47,751	1
Less: Shares bought back	–	–	60,426,348	30
As at the end of the period	4,15,08,67,464	2,075	4,14,85,60,044	2,074

2.12.4 Employee Stock Option Plan (ESOP):

Accounting Policy

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 1,09,16,829 shares and 12,172,119 shares as at March 31, 2024 and March 31, 2023, 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 March 31, 2024 and March 31, 2023.

The following is the summary of grants during the year ended March 31, 2024 and March 31, 2023:

	2019 Plan		2015 Plan
Particulars	Year ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Equity settled RSUs
Key Management Personnel (KMP)	141,171	210,643	498,730	367,479
Employees other than KMP	4,046,731	3,704,014	4,640,640	1,784,975
	4,187,902	3,914,657	5,139,370	2,152,454
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–
Employees other than KMP	–	–	176,990	92,400
	–	–	176,990	92,400
Total Grants	4,187,902	3,914,657	5,316,360	2,244,854

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

-	2,72,026 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.
-	15,656 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value<br>of 2 crore. These RSUs will vest in line with the employment<br>agreement based on achievement of certain environment, social and governance milestones as determined by the Board.
---	---
-	39,140 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value<br>of 5 crore . These RSUs will vest in line with the employment<br>agreement based on Company’s performance on cumulative relative TSR over the years and as determined by the Board.
---	---

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of March 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 payments. The grant date for this purpose in accordance with Ind AS 102, Share based payments is July 1, 2022.

Under the 2019 plan:

Other KMP

Under the 2015 plan:

Under the 2019 plan:

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

(in crore)

Particulars	Year ended March 31,
	2024	2023
Granted to:
KMP	68	49
Employees other than KMP	507	411
Total ^(1)^	575	460
^(1)^Cash settled stock compensation expense included in the above	5	1

The activity in the 2015 and 2019 Plan for equity-settled share based payment transactions during the year ended March 31, 2024 and March 31, 2023 is set out as follows:

Particulars	Year ended March 31, 2024		Year ended March 31, 2023
	Shares arising out of options	Weighted average exercise price ()	Shares arising out of options	Weighted average exercise price ()
2015 Plan: RSUs
Outstanding at the beginning	54,08,018	5.00	62,32,975	4.82
Granted	51,39,370	5.00	21,52,454	5.00
Exercised	18,15,025	5.00	21,05,904	4.50
Forfeited and expired	656,305	5.00	8,71,507	4.93
Outstanding at the end	80,76,058	5.00	54,08,018	5.00
Exercisable at the end	8,31,050	4.98	7,87,976	4.97
2015 Plan: Employee Stock Options (ESOPs)
Outstanding at the beginning	134,030	529	700,844	557
Granted	–	–	–	–
Exercised	51,980	499	566,814	596
Forfeited and expired	–	–	–	–
Outstanding at the end	82,050	551	1,34,030	529
Exercisable at the end	82,050	551	1,34,030	529
2019 Plan: RSUs
Outstanding at the beginning	72,22,038	5.00	49,58,938	5.00
Granted	41,87,902	5.00	39,14,657	5.00
Exercised	16,95,705	5.00	11,28,626	5.00
Forfeited and expired	16,90,380	5.00	5,22,931	5.00
Outstanding at the end	80,23,855	5.00	72,22,038	5.00
Exercisable at the end	8,14,798	5.00	13,52,150	5.00

The weighted average share price of option exercised is set out as follows:

(in )

	2019 Plan		2015 Plan
Particulars	Year ended March 31,		Year ended March 31,
	2024	2023	2024	2023
Weighted average share price of options exercised	1,352	1,485	1,414	1,515

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2024 is as follows:

	2019 plan - Options outstanding			2015 plan - Options outstanding
Range of exercise prices per share ()	No. of shares arising out of options	Weighted average remaining contractual life	Weighted average exercise price ()	No. of shares arising out of options	Weighted average remaining contractual life	Weighted average exercise price ()
0 - 5 (RSU)	8,023,855	1.42	5.00	8,076,058	1.77	5.00
450 - 640 (ESOP)	–	–	–	82,050	1.10	551

The summary of information about equity settled RSUs and ESOPs outstanding as at March 31, 2023 was as follows:

	2019 plan - Options outstanding			2015 plan - Options outstanding
Range of exercise prices per share ()	No. of shares arising out of options	Weighted average remaining contractual life	Weighted average exercise price ()	No. of shares arising out of options	Weighted average remaining contractual life	Weighted average exercise price ()
0 - 5 (RSU)	7,222,038	1.33	5.00	5,408,018	1.49	5.00
450 - 630 (ESOP)	–	–	–	134,030	1.77	529

As at March 31, 2024 and March 31, 2023, 2,91,795 and 2,24,924 cash settled options were outstanding respectively. The carrying value of liability towards cash settled share based payments was rupee symbol 13 crore and 4 crore as at March 31, 2024 and March 31, 2023 respectively.

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 2024- Equity Shares-RSU	Fiscal 2024- ADS-RSU	Fiscal 2023- Equity Shares-RSU	Fiscal 2023- ADS-RSU
Weighted average share price () / ($ ADS)	1,588	19.19	1,525	18.08
Exercise price () / ($ ADS)	5.00	0.07	5.00	0.07
Expected volatility (%)	23-31	25-33	23-32	27-34
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	5-7	2-5
Weighted average fair value as on grant date () / ($ ADS)	1,317	16.27	1,210	13.69

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

2.13 OTHER FINANCIAL LIABILITIES

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non-current
Others
Compensated absences	81	76
Accrued compensation to employees ^(1)^	7	5
Accrued expenses ^(1)^	1,779	1,184
Other payables ^(1)(6)^	74	52
Total non-current other financial liabilities	1,941	1,317
Current
Unpaid dividends ^(1)^	37	37
Others
Accrued compensation to employees ^(1)^	3,336	3,072
Accrued expenses ^(1)(4)^	5,134	4,430
Capital creditors ^(1)^	269	652
Compensated absences	2,078	1,893
Other payables ^(1)(5)(6)^	933	2,557
Foreign currency forward and options contracts ^(2)(3)^	21	56
Total current other financial liabilities	11,808	12,697
Total other financial liabilities	13,749	14,014
^(1)^ Financial liability carried at amortized cost	11,569	11,989
^(2)^ Financial liability carried at fair value through profit or loss	20	42
^(3)^ Financial liability carried at fair value through other comprehensive income	1	14
^(4)^ Includes dues to subsidiaries	29	30
^(5)^ Includes dues to subsidiaries	405	422

^(6)^ Deferred contract cost (Refer tonote 2.10) Includes technology assets taken over by the Company from a customer as a part of transformation project which is not consideredas distinct goods or services and the control related to the assets is not transferred to the Company in accordance with Ind AS 115 -Revenue from contract with customers. Accordingly, the same has been considered as a reduction to the total contract value and accountedas Deferred contract cost. The Company has entered into financing arrangements with a third party for these assets. As at March 31, 2024and March 31, 2023, the financial liability pertaining to such arrangements amounts to 58 crore and 114 crore, respectively.

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

2.14 TRADE PAYABLE

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Outstanding dues of micro enterprises and small enterprises	92	97
Outstanding dues of creditors other than micro enterprises and small enterprises^(1)^	2,401	2,329
Total trade payables	2,493	2,426
^(1)^ Includes dues to subsidiaries	778	653

The information as required to be disclosed pursuant under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act, 2006) has been determined to the extent such parties have been identified on the basis of information available with the Company

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Amount remaining unpaid :
Principal	92	97
Interest	–	–
Interest paid by the Company under MSMED Act, 2006 along with the amounts of the payment made to the supplier beyond the appointed day	6	33
Interest due and payable for the period of delay in making payment (which has been paid but beyond the appointed day during the year) but without adding the interest specified under the MSMED Act, 2006);	–	–
Interest accrued and remaining unpaid at the end of the year	–	–
Interest remaining due and payable (pertaining to prior years), until such date when the interest dues as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible expenditure under section 23 of MSMED Act 2006.	–	–

Trade payables ageing schedule for the year ended ason March 31, 2024 and March 31, 2023:

(In crore)

Particulars		Outstanding for following periods from due date of payment
	Not Due	Less than 1 year	1-2 years	2-3 years	More than 3 years	Total
Outstanding dues to MSME	92	–	–	–	–	92
	97	–	–	–	–	97
Others	2,039	362	–	–	–	2,401
	1,943	386	–	–	–	2,329
Total trade payables	2,131	362	–	–	–	2,493
	2,040	386	–	–	–	2,426

Relationship with struck off companies

(In crore)

Name of Struck off Company	Nature of transactions	Transactions during the year March 31, 2024	Balance outstanding as at March 31, 2024	Relationship with the Struck off company
		–	–

There are no transactions with struck off companies for the year ending March 31, 2024

2.15 OTHER LIABILITIES

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Non-current
Accrued defined benefit liability	123	412
Others	27	2
Total non - current other liabilities	150	414
Current
Accrued defined benefit liability	2	2
Unearned revenue	5,698	5,491
Others
Withholding taxes and others	1,974	2,088
Others	7	28
Total current other liabilities	7,681	7,609
Total other liabilities	7,831	8,023

2.16 PROVISIONS

Accounting Policy

a. Post-sales client support

b. Onerous contracts

Provision for post-sales client support andother provisions

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Current
Others
Post-sales client support and other provisions	1,464	1,163
Total provisions	1,464	1,163

The movement in the provision for post-sales clientsupport is as follows :

(In crore)

Particulars	Year ended March 31, 2024
Balance at the beginning	1,163
Provision recognized/(reversed)	689
Provision utilized	(396)
Translation difference	8
Balance at the end	1,464

2.17 INCOME TAXES

Accounting Policy

Income tax expense in the statement of Profit and Loss comprises:

(In crore)

Particulars	Year ended March 31,
	2024	2023
Current taxes	7,306	8,167
Deferred taxes	1,413	208
Income tax expense	8,719	8,375

A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before income taxes is summarized below:

(In crore)

Particulars	Year ended March 31,
	2024	2023
Profit before income taxes	35,953	31,643
Enacted tax rates in India	34.94%	34.94%
Computed expected tax expense	12,564	11,057
Tax effect due to non-taxable income for Indian tax purposes	(3,009)	(2,916)
Overseas taxes	1,081	1,028
Tax provision (reversals)	(913)	(116)
Effect of exempt non-operating income	(1,086)	(563)
Effect of non-deductible expenses	135	144
Effect of differential tax rates	(189)	–
Others	136	(259)
Income tax expense	8,719	8,375

The applicable Indian corporate statutory tax rate for the year ended March 31, 2024 and March 31, 2023 is 34.94%

Income tax expense for the year ended March 31, 2024 and March 31, 2023 includes reversal (net of provisions) of rupee symbol 913 crore and 116 crore, respectively. These reversals pertaining to prior periods is primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

During the year ending March 31, 2024, the Company received orders under sections 250 and 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and 2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result interest income (pre-tax) of rupee symbol 1,933 crore was recognised and provision for income tax aggregating 525 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to 1,628 crore has been reduced from contingent liabilities.

Deferred income tax for the year ended March 31, 2024 and March 31, 2023 substantially relates to origination and reversal of temporary differences.

Infosys is subject to a 15% Branch Profit Tax (BPT) in the U.S. to the extent its U.S. branch's net profit during the year is greater than the increase in the net assets of the U.S. branch during the year, computed in accordance with the Internal Revenue Code. As at March 31, 2024, Infosys' U.S. branch net assets amounted to approximately rupee symbol 7,844 crore. As at March 31, 2024, the Company has a deferred tax liability for branch profit tax of 269 crore (net of credits), as the Company estimates that these branch profits are expected to be distributed in the foreseeable future.

Deferred income tax liabilities have not been recognized on temporary differences amounting to rupee symbol 10,776 crore and 10,948 crore as at March 31, 2024 and March 31, 2023, respectively, associated with investments in subsidiaries and branches as the Company is able to control the timing of reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. The Company majorly intends to repatriate earnings from subsidiaries and branches only to the extent these can be distributed in a tax free manner.

Deferred income tax assets have not been recognized on accumulated losses of rupee symbol 1,358 crore each as at March 31, 2024 and March 31, 2023, respectively as it is probable that future taxable profit will not be available against which the unused tax losses can be utilized in the foreseeable future. Majority of the accumulated losses as at March 31, 2023 will expire between financial years 2028 to 2030.

The details of income tax assets and income tax liabilities as at March 31, 2024 and March 31, 2023:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Income tax assets	8,912	5,916
Current income tax liabilities	2,962	2,834
Net current income tax assets/(liabilities) at the end	5,950	3,082

The gross movement in the current income tax assets/ (liabilities) for the year ended March 31, 2024 and March 31, 2023 is as follows:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Net current income tax assets/(liabilities) at the beginning	3,082	3,406
Income tax paid	8,235	7,807
Interest on income tax refund	1,934	–
Current income tax expense	(7,306)	(8,167)
Income tax benefit arising on exercise of stock options	3	51
Income tax on other comprehensive income	2	(22)
Tax impact on buyback expenses	–	9
Impact on account of Ind AS 37 adoption	–	(2)
Net current income tax assets/ (liabilities) at the end	5,950	3,082

The movement in gross deferred income tax assets and liabilities (before set off) for the year ended March 31, 2024 is as follows:

(In crore)

Particulars	Carrying value as of April 1, 2023	Changes throughprofit and loss	Changes through OCI	Impact on account of Ind AS 37 adoption	Translation difference	Carrying value as of March 31, 2024
Deferred income tax assets/(liabilities)
Property, plant and equipment	211	69	–	–	–	280
Lease liabilities	199	(26)	–	–	–	173
Trade receivables	211	(30)	–	–	–	181
Compensated absences	501	41	–	–	–	542
Post sales client support	188	(169)	–	–	–	19
Derivative financial instruments	–	(7)	(4)	–	–	(11)
Credits related to branch profits	718	84	–	–	9	811
Intangibles through business transfer	2	(1)	–	–	–	1
Branch profit tax	(866)	(202)	–	–	(12)	(1,080)
SEZ reinvestment reserve	(1,329)	(610)	–	–	–	(1,939)
Interest receivable on income tax refund	–	(487)	–	–	–	(487)
Others	78	(75)	(4)	–	2	1
Total deferred income tax assets/(liabilities)	(87)	(1,413)	(8)	–	(1)	(1,509)

The movement in gross deferred income tax assets and liabilities (before set off) for the year ended March 31, 2023 is as follows:

(In crore)

Particulars	Carrying value as of April 1, 2022	Changes throughprofit and loss	Changes through OCI	Impact on account of Ind AS 37 adoption	Translation difference	Carrying value as of March 31, 2023
Deferred income tax assets/(liabilities)
Property, plant and equipment	189	22	–	–	–	211
Lease liabilities	163	36	–	–	–	199
Trade receivables	169	42	–	–	–	211
Compensated absences	466	35	–	–	–	501
Post sales client support	118	68	–	2	–	188
Derivative financial instruments	(24)	22	2	–	–	–
Credits related to branch profits	676	(13)	–	–	55	718
Intangibles through business transfer	(4)	6	–	–	–	2
Branch profit tax	(834)	35	–	–	(67)	(866)
SEZ reinvestment reserve	(830)	(499)	–	–	–	(1,329)
Others	40	38	–	–	–	78
Total deferred income tax assets/(liabilities)	129	(208)	2	2	(12)	(87)

The tax effects of significant temporary differences that resulted in deferred income tax assets and liabilities are as follows:

(In crore)

Particulars	As at
	March 31, 2024	March 31, 2023
Deferred income tax assets after set off	–	779
Deferred income tax liabilities after set off	(1,509)	(866)

In assessing the reliability 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. The 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.

2.18 REVENUE FROM OPERATIONS