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 Securities Exchange Act of 1934

For the quarter ended December 31, 2023

Commission File Number 001-35754

Infosys Limited

(Exact name of Registrant as specified in its charter)

Not Applicable.

(Translation of Registrant's name into English)

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

(Address of principal executive offices)

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

Form 20-F þ Form 40-F o

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

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

TABLE OF CONTENTS

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

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Infosys Limited (“we” or “the Company”) hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter and nine months ended December 31, 2023.

The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On January 11, 2024, we announced our results of operations for the quarter and nine months ended December 31, 2023. We issued press releases announcing our results under International Financial Reporting Standards (“IFRS”) in U.S. dollars and Indian rupees, copies of which are attached to this Form 6-K as Exhibits 99.1 and 99.2, respectively.

On January 11, 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 nine months ended December 31, 2023 and 2022 (as per IFRS); revenue by client geography offering, business segment, revenue by offering; 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 January 11, 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 nine months ended December 31, 2023, under Ind AS. A copy of the release to the stock exchanges and the advertisement is attached to this Form 6-K as Exhibit 99.6.

We have made available to the public on our website, www.infosys.com, the following: Audited Interim Condensed Financial Statements in compliance with IFRS in US dollars and the Auditors Report; Audited Interim Condensed Financial Statements in compliance with IFRS in Indian Rupees and the Auditors Report; Audited Interim Ind AS Condensed Standalone Financial Statements and the Auditors Report; Audited Interim Ind AS Condensed Consolidated Financial Statements and the Auditors Report for the quarter and nine months ended December 31, 2023. We have attached these documents to this Form 6-K as Exhibits 99.7, 99.8, 99.9 and 99.10, respectively.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Infosys Limited<br><br> <br>/s/ Inderpreet Sawhney
Date: January 17, 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<br> of January 11, 2024 press conference call
99.4	Fact Sheet regarding Registrant's Statement of Profit and Loss for the quarter and nine months ended December 31,<br>2023 and 2022 (as per IFRS); revenue by Business Segment, Client Geography, information regarding Client Concentration; Employee Information<br>and Metrics and Consolidated IT Services Information and cash flow information.
99.5	Transcript<br> of January 11, 2024 earnings conference 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 nine months ended December 31, 2023 in compliance with Indian Accounting Standards (INDAS) and Auditors Report thereon.
99.10	Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its subsidiaries in compliance with INDAS for the quarter and nine months ended December 31, 2023 and Auditors Report thereon

Exhibit 99.1

IFRS USD Press Release

Resilient performance in a seasonally weak quarter; Large deal momentum continues with 71% net new dealsInfosys Topaz driving strong differentiation and market leadership in generative AI

Bengaluru, India – January 11, 2024: Infosys (NSE, BSE, NYSE: INFY), a global leader in next generation digital services and consulting, delivered $4,663 million in Q3 revenues with year-on-year and sequential decline of 1.0% in constant currency. Large deal TCV for the quarter was $3.2 billion, with 71% being net new. Operating margin for the quarter was 20.5%, a sequential decline of 70 bps. Attrition declined further to 12.9%. FY24 revenue guidance revised to 1.5%-2.0% and operating margin guidance at 20%-22%.

“Our performance in Q3 was resilient. Large deal wins were strong at $3.2 billion, with 71% of this as net new, reflecting the relevance and strength of our portfolio of offerings ranging from generative AI, digital and cloud to cost, efficiency and automation” said Salil Parekh, CEO and MD. “Our clients are leveraging our Topaz generative AI capabilities and our Cobalt cloud capabilities to create long-term value for their businesses”, he added.

growth percentage

Guidancefor FY24:

·	Revenue<br> growth of 1.5%-2.0% in constant currency
·	Operating<br> margin of 20%-22%
---	---
1.	Key highlights:
---	---
For the quarter ended December 31, 2023<br><br> <br>· <br> Revenues in CC terms declined by 1.0% YoY and QoQ<br><br> <br>· <br> Reported revenues at $4,663 million, growth of 0.1% YoY<br><br> <br>· <br> Operating margin at 20.5%, decline of 1.0% YoY and 0.7% QoQ<br><br> <br>· <br> Basic EPS at $0.18, decline of 7.1% YoY<br><br> <br>· <br> FCF at $665 million, growth of 15.5% YoY; FCF conversion at 90.6% of net profit	For the nine months ended December 31, 2023<br><br> <br>· <br> Revenues in CC terms grew by 1.8% YoY<br><br> <br>· <br> Reported revenues at $13,997 million, growth of 2.5% YoY<br><br> <br>· <br> Operating margin at 20.8%, decline of 0.2% YoY<br><br> <br>· <br> Basic EPS at $0.53, flat YoY<br><br> <br>· <br> FCF at $2,034 million, growth of 11.7% YoY; FCF conversion at 92.1% of net profit
---	---

“Q3 performance is a demonstration of our strong execution capabilities reflected in improved operational efficiencies achieved under ‘Project Maximus’, despite a challenging environment”, said Nilanjan Roy, Chief Financial Officer. “Cash generation remained robust with FCF to net profit conversion for Q3 at 90.6%”, he added.

2. Clientwins & Testimonials

·	Infosys<br> entered into a collaboration with smart Europe GmbH for five years to bring sustainable electric<br> mobility to customers. Dirk Adelmann, Chief Executive Officer, smart Europe GmbH,<br> said, “We are pleased to have Infosys as our partner on this journey. Infosys’<br> strong leadership commitment backed by its ability to drive end-to-end application development<br> and maintenance with efficiency and effectiveness, will help us boost our operational performance<br> and user experience.”
·	Infosys<br> announced a strategic long-term collaboration with TK Elevator (TKE) to help consolidate,<br> harmonize, and modernize their digital landscape. Susan Poon, Global CIO at TK Elevator,<br> said, “Technology empowers our employees and business associates to deliver high-quality<br> services to customers and users across the value chain. We are delighted to significantly<br> expand our collaboration with Infosys, which brings end-to-end digital transformation capabilities,<br> helping us accelerate our business transformation and to realize our strategic vision.”
---	---
·	Infosys<br> collaborated with LKQ Europe to help integrate and standardize their disparate business processes<br> and systems, to enable synergies and achieve economies of scale. Varun Laroyia, Chief Executive Officer, LKQ Europe, said, “At LKQ, we are constantly enhancing our market<br> leading position. This project is an extension of our original program and focused on building<br> a more streamlined and impactful organization. With Infosys as our strategic partner, we<br> are aiming to reduce complexities, increase efficiency and leverage our strengths. This will<br> allow us to upgrade our focus on customer-centricity, ensure best in class customer experiences<br> and further excel our top position.”
---	---
·	Infosys<br> and Spirit AeroSystems inaugurated their dedicated center for aerospace engineering excellence<br> in Richardson, Texas. The center will enable Infosys to work more closely with Spirit AeroSystems<br> to develop cross-functional solutions to pressing business challenges in the aircraft development<br> lifecycle. Dr. Sean Black, Senior Vice President, Chief Technology Officer and Chief Engineer,<br> Spirit AeroSystems, said, “The strategic collaboration with Infosys in Richardson,<br> Texas, will leverage the talent pool in the North Texas region and create a dedicated center<br> for aerospace engineering excellence to cover the complete aircraft development life cycle<br> for both new derivatives and in-service aircraft.”
---	---
·	Infosys<br> helped enhance Spotlight Retail Group’s customer growth via an omnichannel digital<br> fulfilment and advanced analytics platform leveraging Infosys Topaz. Tal Lall, Group General Manager, Digital and Omnichannel, Spotlight Retail Group, said, “At Spotlight Retail<br> Group, we are committed to continuously optimize customer experiences as one of our key competitive<br> differentiators. One of the ways that we’ve done this is through greater investment<br> in personalization, and this is core to the digital commerce platform built with Infosys<br> Topaz, leveraging its advanced analytics capabilities. This platform now provides us with<br> deeper customer insights while supporting scalability to meet customer demands and onboarding<br> new brands. We are delighted to have collaborated with Infosys on this journey.”
---	---
·	Infosys<br> collaborated with Proximus to help modernize their IT stack, optimize costs and broaden their<br> portfolio of offerings. Antonietta Mastroianni, Chief Digital & IT Officer at Proximus,<br> said, “Our affiliates are an important part of Proximus’ multi-brand strategy.<br> They have a fantastic reputation in Belgium when it comes to quality service at great prices.<br> In order to continue to ensure smooth operations and an enhanced portfolio of offerings to<br> all our customers, it was crucial to achieve deeper integration in the Proximus IT stack.<br> A complex transition, involving multiple vendors, applications in an evolving landscape meant<br> that we needed new operating model and sourcing strategy that could anticipate and adapt<br> to our requirements. Infosys as a managing partner for this venture with the out-tasking<br> model enabled us to successfully complete the program on time and with great quality of delivery.”
---	---
·	Bank<br> of Commerce selected Infosys Finacle for its core banking transformation to help replace<br> their legacy platform. Michelangelo R. Aguilar, President and CEO, Bank of Commerce,<br> said, “We are pleased to have chosen Infosys Finacle due to its established presence<br> in the Philippines, robust solutions suite, and record of reliable delivery in the market.<br> The modernization of our core banking system is an integral part of BankCom’s digital<br> transformation journey as a universal bank in delivering a truly digital banking experience<br> to our clients. It will enable us to operate better, innovate, and keep pace with industry<br> best practices, regulatory requirements, and evolving expectations of the markets we serve,<br> notably the San Miguel Group and SMC ecosystem.”
---	---

3. Recognitions & Awards

AI and Cloud Services

·	Positioned as a leader in HFS Horizons: Generative Enterprise Services, 2023
·	Recognized as a leader in Constellation ShortList 2023: AI-Driven Cognitive Applications
---	---
·	Recognized as a leader in Constellation ShortList 2023: Artificial Intelligence and Machine Learning<br> Best-of-Breed Platforms
---	---
·	Positioned as a leader in Gartner Magic Quadrant for Cloud ERP Services for Service-Centric<br>Enterprises
---	---
·	Rated as a leader in Cloud Services in Insurance PEAK Matrix® Assessment 2023 by Everest<br>Group
---	---
·	Recognized as a leader in IDC MarketScape: Worldwide Managed Public Cloud Services 2023 Vendor<br>Assessment
---	---
·	Recognized as a leader in IDC MarketScape: IDC Asia/Pacific Cloud Professional Services Vendor<br>Assessment
---	---
·	Recognized as a leader in IDC MarketScape: Asia/Pacific Microsoft Business Applications Implementation<br>Services Vendor Assessment, 2023–2024
---	---
·	Rated as a leader in NelsonHall’s Advanced Digital Workplace Services NEAT
---	---
·	Recognized as a leader in Public Cloud ISG Provider Lens™ report in the US, UK and<br>Nordics regions
---	---

Key Digital Services

·	Recognized as a leader in Constellation ShortList 2023: Metaverse Design and Services
·	Rated as a leader in Healthcare Payer Digital Services PEAK Matrix® Assessment 2023 by<br>Everest Group
---	---
·	Recognized<br>as a Leader in the Gartner® Magic Quadrant™ for Finance and Accounting Business Process Outsourcing 2023
---	---
·	Rated as a leader in Lending IT Services PEAK Matrix® Assessment 2023 by Everest Group
---	---
·	Rated as a leader in Next-generation Quality Engineering (QE) Services PEAK Matrix® Assessment<br>2023 by Everest Group
---	---
·	Recognized as a leader in IDC MarketScape: Worldwide Production Management Service Providers<br>2023 Vendor Assessment
---	---
·	Recognized as a leader in IDC MarketScape: Worldwide Quality Management Service Providers<br>2023 Vendor Assessment
---	---
·	Positioned as a leader in HFS Horizons: Low-Code Services, 2023
---	---
·	Recognized as a leader in IDC MarketScape: Worldwide Supply Chain All Other Ecosystems Services<br>2023 Vendor Assessment
---	---
·	Recognized as a leader in IDC MarketScape: Worldwide Software Engineering Services 2023 Vendor<br>Assessment
---	---
·	Recognized as a leader in Avasant’s Tech-enabled Sustainability Services 2023–2024<br>RadarView™
---	---
·	Recognized as a leader in Avasant’s Intelligent IT Ops Services 2023-2024 RadarView™
---	---
·	Recognized as a leader in Avasant’s Nordics Digital Services 2023-2024 RadarView™
---	---

Industry & Solutions

·	Positioned as a leader in HFS Horizons: Retail and CPG Service Providers, 2023
·	Infosys BPM won the ‘Best CSR Impact’ award, at the Corporate Social Responsibility Summit and Awards 2023
---	---
·	Infosys Finacle recognized as Best SaaS Provider Europe 2023 at the Global Finance Awards
---	---
·	Infosys Finacle and The National Bank of Greece awarded in the category ‘Best Core Banking Implementation Europe 2023’ at the Global Finance Awards
---	---
·	Infosys Finacle and Union Bank of India recognized at the 2023 Banking Tech awards in the Best Embedded Finance Initiative category
---	---
·	Infosys Finacle and Emirates NBD awarded ‘Best Digital Transformation Implementation’ at the MEA Finance Leaders Awards 2023
---	---

AboutInfosys

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

Safe Harbor

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance, 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 transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the actual or anticipated findings of the ongoing assessment of the extent and nature of exfiltrated data in relation to the McCamish cybersecurity incident and customer reaction to such findings, and the amount of any additional costs, including indemnities or damages / claims, resulting from the McCamish cybersecurity 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<br> Relations	Sandeep<br> Mahindroo<br><br> <br>+91<br> 80 3980 1018<br><br> <br>Sandeep_Mahindroo@infosys.com
Media<br> Relations	Rishi<br> Basu<br><br> <br>+91<br> 80 4156 3998<br><br> <br>Rajarshi.Basu@infosys.com	Harini<br> Babu<br><br> <br>+1<br> 469 996 3516<br><br> <br>Harini_Babu@infosys.com

InfosysLimited and subsidiaries

Extractedfrom the Condensed Consolidated Balance Sheet under IFRS as at:

(Dollarsin millions)

	December 31, 2023	March 31, 2023
ASSETS
Current assets
Cash and cash equivalents	1,640	1,481
Current investments	958	841
Trade receivables	3,680	3,094
Unbilled revenue	1,589	1,861
Other Current assets	1,425	1,349
Total current assets	9,292	8,626
Non-current assets
Property, plant and equipment and Right-of-use assets	2,375	2,516
Goodwill and other Intangible assets	1,075	1,095
Non-current investments	1,354	1,530
Unbilled revenue	202	176
Other non-current assets	1,308	1,369
Total non-current assets	6,314	6,686
Total assets	15,606	15,312
LIABILITIES AND EQUITY
Current liabilities
Trade payables	460	470
Unearned revenue	922	872
Employee benefit obligations	326	292
Other current liabilities and provisions	2,970	3,135
Total current liabilities	4,678	4,769
Non-current liabilities
Lease liabilities	802	859
Other non-current liabilities	458	460
Total non-current liabilities	1,260	1,319
Total liabilities	5,938	6,088
Total equity attributable to equity holders of the company	9,617	9,172
Non-controlling interests	51	52
Total equity	9,668	9,224
Total liabilities and equity	15,606	15,312

Extractedfrom the Condensed Consolidated statement of Comprehensive Income under IFRS for:

(Dollarsin millions except per equity share data)

	3 months ended December 31, 2023	3 months ended December 31, 2022	9 months ended December 31, 2023	9 months ended December 31, 2022
Revenues	4,663	4,659	13,997	13,657
Cost of sales	3,274	3,230	9,755	9,544
Gross profit	1,389	1,429	4,242	4,113
Operating expenses:
Selling and marketing expenses	204	196	633	574
Administrative expenses	229	232	692	671
Total operating expenses	433	428	1,325	1,245
Operating profit	956	1,001	2,917	2,868
Other<br> income, net ^(3)^	79	84	196	229
Profit before income taxes	1,035	1,085	3,113	3,097
Income tax expense	301	285	904	859
Net profit (before minority interest)	734	800	2,209	2,238
Net profit (after minority interest)	733	800	2,208	2,237
Basic EPS ($)	0.18	0.19	0.53	0.53
Diluted EPS ($)	0.18	0.19	0.53	0.53

NOTES:

1.	The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and nine months ended December 31, 2023, which have been taken on record at the Board meeting held on January 11, 2024.
2.	A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com .
---	---
3.	Other income is net of Finance Cost
---	---
4.	As the quarter and nine months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the nine months ended figures reported in this statement.
---	---

Exhibit 99.2

IFRS INR Press Release

Resilient performance in a seasonally weak quarter; Large deal momentum continues with 71% net new dealsInfosys Topaz driving strong differentiation and market leadership in generative AI

growth percentage

Guidancefor FY24:

·	Revenue<br> growth of 1.5%-2.0% in constant currency
·	Operating<br> margin of 20%-22%
---	---
1.	Key highlights:
---	---
For quarter ended December 31, 2023<br><br> <br>· <br> Revenues in CC terms declined by 1.0% YoY and QoQ<br><br> <br>· <br> Reported revenues at 38,821 crore, growth of 1.3% YoY<br><br> <br>· <br> Operating margin at 20.5%, decline of 1.0% YoY and 0.7% QoQ<br><br> <br>· <br> Basic EPS at 14.76, decline of 6.1% YoY<br><br> <br>· <br>FCF at 5,548 crore, growth of 17.0% YoY; FCF conversion at 90.8%<br>of net profit	For the nine months ended December 31, 2023<br><br> <br>· <br> Revenues in CC terms grew by 1.8% YoY<br><br> <br>· <br> Reported revenues at 115,748 crore, growth<br>of 5.9% YoY<br><br> <br>· <br> Operating margin at 20.8%, decline of 0.2% YoY<br><br> <br>· <br> Basic EPS at 44.13, growth of 3.0% YoY<br><br> <br>· <br> FCF at 16,833 crore, growth of 15.3% YoY; FCF conversion at 92.1% of net profit
---	---

2. Clientwins & Testimonials

·	Infosys<br> entered into a collaboration with smart Europe GmbH for five years to bring sustainable electric<br> mobility to customers. Dirk Adelmann, Chief Executive Officer, smart Europe GmbH,<br> said, “We are pleased to have Infosys as our partner on this journey. Infosys’<br> strong leadership commitment backed by its ability to drive end-to-end application development<br> and maintenance with efficiency and effectiveness, will help us boost our operational performance<br> and user experience.”
·	Infosys<br> announced a strategic long-term collaboration with TK Elevator (TKE) to help consolidate,<br> harmonize, and modernize their digital landscape. Susan Poon, Global CIO at TK Elevator,<br> said, “Technology empowers our employees and business associates to deliver high-quality<br> services to customers and users across the value chain. We are delighted to significantly<br> expand our collaboration with Infosys, which brings end-to-end digital transformation capabilities,<br> helping us accelerate our business transformation and to realize our strategic vision.”
---	---
·	Infosys<br> collaborated with LKQ Europe to help integrate and standardize their disparate business processes<br> and systems, to enable synergies and achieve economies of scale. Varun Laroyia, Chief Executive Officer, LKQ Europe, said, “At LKQ, we are constantly enhancing our market<br> leading position. This project is an extension of our original program and focused on building<br> a more streamlined and impactful organization. With Infosys as our strategic partner, we<br> are aiming to reduce complexities, increase efficiency and leverage our strengths. This will<br> allow us to upgrade our focus on customer-centricity, ensure best in class customer experiences<br> and further excel our top position.”
---	---
·	Infosys<br> and Spirit AeroSystems inaugurated their dedicated center for aerospace engineering excellence<br> in Richardson, Texas. The center will enable Infosys to work more closely with Spirit AeroSystems<br> to develop cross-functional solutions to pressing business challenges in the aircraft development<br> lifecycle. Dr. Sean Black, Senior Vice President, Chief Technology Officer and Chief Engineer,<br> Spirit AeroSystems, said, “The strategic collaboration with Infosys in Richardson,<br> Texas, will leverage the talent pool in the North Texas region and create a dedicated center<br> for aerospace engineering excellence to cover the complete aircraft development life cycle<br> for both new derivatives and in-service aircraft.”
---	---
·	Infosys<br> helped enhance Spotlight Retail Group’s customer growth via an omnichannel digital<br> fulfilment and advanced analytics platform leveraging Infosys Topaz. Tal Lall, Group General Manager, Digital and Omnichannel, Spotlight Retail Group, said, “At Spotlight Retail<br> Group, we are committed to continuously optimize customer experiences as one of our key competitive<br> differentiators. One of the ways that we’ve done this is through greater investment<br> in personalization, and this is core to the digital commerce platform built with Infosys<br> Topaz, leveraging its advanced analytics capabilities. This platform now provides us with<br> deeper customer insights while supporting scalability to meet customer demands and onboarding<br> new brands. We are delighted to have collaborated with Infosys on this journey.”
---	---
·	Infosys<br> collaborated with Proximus to help modernize their IT stack, optimize costs and broaden their<br> portfolio of offerings. Antonietta Mastroianni, Chief Digital & IT Officer at Proximus,<br> said, “Our affiliates are an important part of Proximus’ multi-brand strategy.<br> They have a fantastic reputation in Belgium when it comes to quality service at great prices.<br> In order to continue to ensure smooth operations and an enhanced portfolio of offerings to<br> all our customers, it was crucial to achieve deeper integration in the Proximus IT stack.<br> A complex transition, involving multiple vendors, applications in an evolving landscape meant<br> that we needed new operating model and sourcing strategy that could anticipate and adapt<br> to our requirements. Infosys as a managing partner for this venture with the out-tasking<br> model enabled us to successfully complete the program on time and with great quality of delivery.”
---	---
·	Bank<br> of Commerce selected Infosys Finacle for its core banking transformation to help replace<br> their legacy platform. Michelangelo R. Aguilar, President and CEO, Bank of Commerce,<br> said, “We are pleased to have chosen Infosys Finacle due to its established presence<br> in the Philippines, robust solutions suite, and record of reliable delivery in the market.<br> The modernization of our core banking system is an integral part of BankCom’s digital<br> transformation journey as a universal bank in delivering a truly digital banking experience<br> to our clients. It will enable us to operate better, innovate, and keep pace with industry<br> best practices, regulatory requirements, and evolving expectations of the markets we serve,<br> notably the San Miguel Group and SMC ecosystem.”
---	---

3. Recognitions & Awards

AI and Cloud Services

·	Positioned as a leader in HFS Horizons: Generative Enterprise Services, 2023
·	Recognized as a leader in Constellation ShortList 2023: AI-Driven Cognitive Applications
---	---
·	Recognized as a leader in Constellation ShortList 2023: Artificial Intelligence and Machine Learning<br> Best-of-Breed Platforms
---	---
·	Positioned as a leader in Gartner Magic Quadrant for Cloud ERP Services for Service-Centric<br>Enterprises
---	---
·	Rated as a leader in Cloud Services in Insurance PEAK Matrix® Assessment 2023 by Everest<br>Group
---	---
·	Recognized as a leader in IDC MarketScape: Worldwide Managed Public Cloud Services 2023 Vendor<br>Assessment
---	---
·	Recognized as a leader in IDC MarketScape: IDC Asia/Pacific Cloud Professional Services Vendor<br>Assessment
---	---
·	Recognized as a leader in IDC MarketScape: Asia/Pacific Microsoft Business Applications Implementation<br>Services Vendor Assessment, 2023–2024
---	---
·	Rated as a leader in NelsonHall’s Advanced Digital Workplace Services NEAT
---	---
·	Recognized as a leader in Public Cloud ISG Provider Lens™ report in the US, UK and<br>Nordics regions
---	---

Key Digital Services

·	Recognized as a leader in Constellation ShortList 2023: Metaverse Design and Services
·	Rated as a leader in Healthcare Payer Digital Services PEAK Matrix® Assessment 2023 by<br>Everest Group
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·	Recognized<br>as a Leader in the Gartner® Magic Quadrant™ for Finance and Accounting Business Process Outsourcing 2023
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·	Rated as a leader in Lending IT Services PEAK Matrix® Assessment 2023 by Everest Group
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·	Rated as a leader in Next-generation Quality Engineering (QE) Services PEAK Matrix® Assessment<br>2023 by Everest Group
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·	Recognized as a leader in IDC MarketScape: Worldwide Production Management Service Providers<br>2023 Vendor Assessment
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·	Recognized as a leader in IDC MarketScape: Worldwide Quality Management Service Providers<br>2023 Vendor Assessment
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·	Positioned as a leader in HFS Horizons: Low-Code Services, 2023
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·	Recognized as a leader in IDC MarketScape: Worldwide Supply Chain All Other Ecosystems Services<br>2023 Vendor Assessment
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·	Recognized as a leader in IDC MarketScape: Worldwide Software Engineering Services 2023 Vendor<br>Assessment
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·	Recognized as a leader in Avasant’s Tech-enabled Sustainability Services 2023–2024<br>RadarView™
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·	Recognized as a leader in Avasant’s Intelligent IT Ops Services 2023-2024 RadarView™
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·	Recognized as a leader in Avasant’s Nordics Digital Services 2023-2024 RadarView™
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Industry & Solutions

·	Positioned as a leader in HFS Horizons: Retail and CPG Service Providers, 2023
·	Infosys BPM won the ‘Best CSR Impact’ award, at the Corporate Social Responsibility Summit and Awards 2023
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·	Infosys Finacle recognized as Best SaaS Provider Europe 2023 at the Global Finance Awards
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·	Infosys Finacle and The National Bank of Greece awarded in the category ‘Best Core Banking Implementation Europe 2023’ at the Global Finance Awards
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·	Infosys Finacle and Union Bank of India recognized at the 2023 Banking Tech awards in the Best Embedded Finance Initiative category
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·	Infosys Finacle and Emirates NBD awarded ‘Best Digital Transformation Implementation’ at the MEA Finance Leaders Awards 2023
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AboutInfosys

Safe Harbor

Contact

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

InfosysLimited and subsidiaries

Extractedfrom the Condensed Consolidated Balance Sheet under IFRS as at:

(in crore)

	December 31, 2023	March 31, 2023
ASSETS
Current assets
Cash and cash equivalents	13,645	12,173
Current investments	7,974	6,909
Trade receivables	30,618	25,424
Unbilled revenue	13,227	15,289
Other Current assets	11,857	11,086
Total current assets	77,321	70,881
Non-current assets
Property, plant and equipment and Right-of-use assets	19,762	20,675
Goodwill and other Intangible assets	8,943	8,997
Non-current investments	11,270	12,569
Unbilled revenue	1,677	1,449
Other non-current assets	10,893	11,245
Total non-current assets	52,545	54,935
Total assets	129,866	125,816
LIABILITIES AND EQUITY
Current liabilities
Trade payables	3,825	3,865
Unearned revenue	7,674	7,163
Employee benefit obligations	2,717	2,399
Other current liabilities and provisions	24,713	25,759
Total current liabilities	38,929	39,186
Non-current liabilities
Lease liabilities	6,670	7,057
Other non-current liabilities	3,817	3,778
Total non-current liabilities	10,487	10,835
Total liabilities	49,416	50,021
Total equity attributable to equity holders of the company	80,070	75,407
Non-controlling interests	380	388
Total equity	80,450	75,795
Total liabilities and equity	129,866	125,816

Extractedfrom the Condensed Consolidated statement of Comprehensive Income under IFRS for:

(in crore except per equity share data)

	3 months ended December 31, 2023	3 months ended December 31,<br><br> <br>2022	9 months ended December 31, 2023	9 months ended December 31, 2022
Revenues	38,821	38,318	115,748	109,326
Cost of sales	27,253	26,561	80,666	76,342
Gross profit	11,568	11,757	35,082	32,984
Operating expenses:
Selling and marketing expenses	1,700	1,611	5,238	4,591
Administrative expenses	1,907	1,904	5,718	5,365
Total operating expenses	3,607	3,515	10,956	9,956
Operating profit	7,961	8,242	24,126	23,028
Other income, net ^(3)^	658	689	1,622	1,828
Profit before income taxes	8,619	8,931	25,748	24,856
Income tax expense	2,506	2,345	7,474	6,882
Net profit (before minority interest)	6,113	6,586	18,274	17,974
Net profit (after minority interest)	6,106	6,586	18,264	17,967
Basic EPS ()	14.76	15.72	44.13	42.85
Diluted EPS ()	14.74	15.70	44.08	42.79

NOTES:

1.	The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and nine months ended December 31, 2023, which have been taken on record at the Board meeting held on January 11, 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.	As the quarter and nine months ended figures are taken from the source androunded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters mightnot always add up to the nine months ended figures reported in this statement.
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Exhibit 99.3

Press Conference Call

Infosys Limited

Q3 FY24 Financial Results Press Conference Call

January 11, 2024

CORPORATE PARTICIPANTS:

Salil Parekh

Chief ExecutiveOfficer and Managing Director

Nilanjan Roy

Chief FinancialOfficer

Rishi Basu

Corporate Communications

journalists

Ritu Singh

CNBC TV18

Beena Parmar

The Economic Times

Ayushman Baruah

Business Standard

Reshab Shaw

Moneycontrol

Jas Bardia

Mint

Tushar Deep Singh

NDTV Profit

Haripriya Suresh

Reuters

Haripriya Sureban

The Hindu BusinessLine

Sameer Ranjan Bakshi

Financial Express

Rukmini Rao

Fortune India

RishiBasu

A very good evening, everyone, and wishing you all a very happy new year. Thank you for joining us today at Infosys' Third Quarter Financial Results. My name is Rishi and on behalf of Infosys, I would like to welcome all of you today. Over the next hour through the course of this press conference, we request one question from each media house.

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

SalilParekh

Thanks, Rishi. Good afternoon, everyone, and wish you a Happy New Year. Our Q3 revenue declined by 1% Q-o-Q and 1% Y-o-Y in constant currency terms. For the first three quarters, our revenue grew by 1.8% over the same period last year, in constant currency.

Our operating margin was at 20.5%. Large deals were at $3.2 bn, 71% of these were net new. This includes one mega deal. We are seeing strong traction for generative AI programs leveraging our Topaz capability. We have integrated our generative AI components into our service line portfolio, creating impact for our clients. We have 100,000 employees trained in Generative AI areas and we have developed a range of use cases and benefit scenarios across different industries for our clients. Our margin improvement program continues to gain traction.

Based on the performance in the first three quarters, and outlook for Q4, we are tightening our revenue growth guidance for FY24 to 1.5% to 2% growth in constant currency. Our operating margin guidance for FY24 remains unchanged at 20% to 22%.

As you probably know, Nilanjan is leaving Infosys at the end of this financial year. I want to thank Nilanjan for the excellent work he has done and for the strong position he has put Infosys in. In addition, I also want to thank Nilanjan for his partnership and his friendship over the past several years. We wish him all the best in the future.

With that, let us open up for questions.

RishiBasu

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

RituSingh

Hi, Salil. Hi, Nilanjan. As always, we want to understand why yet again now for the third time during the year, you have revised this guidance. What is the visibility you have now for the remaining part of the year? Why the tightening? I mean, sure, it is going to be higher than 1%, perhaps lower than 2.5% on the upper end.

Secondly, what are you seeing when it comes to client budgets now? Are clients in the U.S. open to spending more? What are the areas of weaknesses and strength, whether it is geographies or sectors?

And again, the same question, the headcount continues to come down even in this quarter, even though your attrition rate is lower at 12.9%. Your hiring plans for the year, if you could outline? And apart from the numbers, if you could clarify on the deal wins and that mega $1.5 bn deal, that MoU that you had signed with a global client in the AI transformation space that you seem to have lost out on. What was the reason for that? Are you continuing to see deal cancellations?

And while you wish your colleague all the very best and you always say that Infosys has produced talent for other companies, you are proud of that. What is the impact on business? Because this is not a one-off event. We have seen multiple exits over the course of the last 18 months or so.

SalilParekh

Okay. So let me start off. There are several questions in there. The first, I think was on margin. So what we have done is really as we get closer to the end of the financial year, we have tightened the revenue growth guidance, the margin guidance remains the same. So in effect, really, the higher end has come a little bit lower and the lower end has gone up a little bit. So, we see the outlook in essence, quite similar, but the guidance is tightened, that is how we are seeing it.

Based on what we have seen in the first three quarters, where our growth has been 1.8% in constant currency terms over the previous years’ three quarters. And that is really all we have done with the guidance.

On the budgets, I think that was one of the questions on what we are seeing with the budgets. At this stage, we have not seen any different behavior from clients. Typically, as you know well, Q3 is a quarter with large furloughs and other end-of-year holidays and that we have seen continue. We have not seen either an increase or either a decrease, so the same view. Digital programs are fewer. Cost and efficiency, automation is much more. And Generative AI has a lot of interest and traction even if it is small revenue numbers today.

Then there was a question, I think about the MoU, we have no additional comment. We have shared the comment in the statement we have made some time ago in the quarter.

In terms of leadership, we are indeed fortunate to have a good team and a very strong set of leaders within the company and over last several quarters and even in the past, the people who have taken on many of the new positions are people who have been in the company, have developed their skills there.

And we are delighted Nilanjan has spent five years in that role. He will obviously share his view and we had a fantastic outcome in those five years. And really, Nilanjan has contributed immensely to that and all the best wishes as he looks ahead.

Rishi Basu

Thank you.

Ritu Singh

On the headcount question as well. And for Nilanjan, your Project Maximus, just before you go, I would like to know from you, where do you see the end goal of that project? How do you evaluate your term here and what is next for you after March?

Nilanjan Roy

Yes, so it is been tremendous five years here. I think how the company has transformed over the years have been truly remarkable, in terms of the client intimacy, what we see as hunger for large deals, the focus on people, the entire focus on the shareholder, the capital allocation. So truly, outside the numbers which you all asked about, has been this whole transformation happening inside and under Salil and the Board's leadership that has truly been wonderful.

Five years is a long time, 20 quarters answering the question so I think it is time to move and I will do something later on and as the press release says. But more importantly for me, I may leave Infosys, but Infosys can’t leave me, it’s just a part of me inside.

Rishi Basu

Thanks, Ritu. The next question is from The Economic Times, Beena.

Beena Parmar

Hi, Salil. Thanks for the call. Firstly, in terms of your deal pipeline, could you give us a sense, you know, how does the next two quarters look like? Because your deal pipeline, the order book has reduced that we have seen, in the previous quarter, it was $7.7 bn, but the TCV has reduced this quarter? Could you give us a reason for that?

And on the senior level management churn that we have seen, just adding to what Ritu said, what is the reason that you have not really absorbed newer or recruited newer or made newer appointments? And what is the reason that you are seeing a lot of this churn happening? Do you see this as a one-off event and what are the reasons?

And another thing is on the reports that are doing around about Infosys sending in communication to a rival about anti-poaching and unethical practices. Could you give us your view on that?

SalilParekh

Okay, thanks. Let me try and go through the questions. I think first on the wins, in fact, this quarter has been, I think, very strong at $3.2 bn. If you look at the nine months, it is the highest ever value of deal wins that we have had. Actually, it is more than what we had in the year before, where we had a very large deal in that instance. So, we feel extremely good. 71% of this is net new. That again is extremely strong because it helps to position us for more into the future. The deal win from last quarter was also exceptional, but those are big numbers. I mean, $3.2 bn is really well above our average deal win in any quarter, if you look back, let us say 8, 10, 12 quarters and so on. So, we feel extremely strong with what we see going ahead. And these have deals which are related to cost efficiency, automation, consolidation, new work on SAP, cloud. So, a lot of different areas, which is good. It is across the portfolio.

I think you had a question on our senior leadership team. Again, my sense is we have an exceptionally strong team at different levels within the company. We have continued over the last several years and even well into the past, always promote a lot of people internally with larger responsibilities. We will do that this year and in the years ahead.

And the type of work that we do, people have exposure to some incredible opportunities, both with clients, with delivery, with projects, and the type of projects we are working on are quite leading. So we feel good about that. In terms of some of the media reports you alluded to, we have no real comment on that.

RishiBasu

Thank you, Beena. The next question is from Ayushman Baruah from Business Standard.

AyushmanBaruah

Hi. So I think the trend seems to continue that despite the large and mega deals, revenue growth has not been on par, with the deals. So, when can we expect the revenue growth and the large deals to be in sync? That is one.

And secondly, any specific pockets of weakness you would like to highlight, both in terms of verticals or geographies?

SalilParekh

So there, I will start off and then Nilanjan may add some things. I think large deals, more represent what is the level of connect we have with our clients for large transformation programs or consolidations or cost and efficiency programs. The revenue reflects both what deals contribute and then what programs clients are doing or not doing.

For example, digital programs have been reduced in what we have seen over the last few quarters with clients. That combination gives us the outcome for the revenue and we will see how the global economic environment evolves and that will tell us when that comes in. Sorry, what was the second one?

AyushmanBaruah

It was about any pockets of…

SalilParekh

Yeah, the segments. So, there we are seeing, you know, financial services, hitech, telco, where we still see impact in the market. We see growth in manufacturing, energy utilities, life sciences. So, we do see both of those things. In geography, similarly, we see impact in our North American business, the growth in the European business. So, it is not one thing for all.

RishiBasu

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

ReshabShaw

Hi, gentlemen, Reshab here. So, on your headcount, Y-o-Y we have seen a lot of headcount decrease, so does that indicate a weaker than expected revenue trajectory from here onwards? Your number of clients has been down month-on-month and Y-o-Y. So, would like to say something on that? And on furloughs, how much has that impacted revenues this quarter? And discretionary spending, when do you see it coming back?

NilanjanRoy

So, I will take a couple of them. So, I think furlough is a seasonal industry impact and it is reflected in the minus 1% constant currency decline, so it is part of that as well. In terms of headcount, we had already told you all last quarter that we have a lot of utilization headroom still. In a way, that led to the 6,000-odd headcount reduction. We are still at 82.7%, and our comfort range is between 84%, 85%. So, we still have some capacity and we can always crank this up by taking more trainees on short notice as well. So, our model is very flexed in terms of ability to recruit fast, train them fast and put them on production. So in that sense, I think we are in a good space in terms of ability to capture any future growth.

ReshabShaw

Great. Thank you.

RishiBasu

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

Jas Bardia

Just a couple of questions. At the start of the year, you had expected to grow at 7% and now this is the third such revision. How much of this revision do you attribute to company-specific factors? And how much of it do you attribute to macro-economic issues?

The second question, did the cybersecurity incident at McCamish lead to the termination of the $1.5 bn MoU. Could you give more details on this? And also, could you cite some measures that Infosys is taking to address this?

SalilParekh

So let me start off with the guidance point first. I think on the guidance, this quarter we see this more as a tightening of the guidance. So, in that sense, it is not so much a change. It is more that as we get closer to the end of the financial year, the visibility gives us to a similar outcome.

So, if you look at last quarter and this quarter, it looks in that sense similar, except the distance to the end of the year is reduced by half. On the deal specifically, the MoU, we have no additional comment and we have made a specific disclosure at the earlier time.

On the McCamish question that you asked, I just wanted to maybe share with you a comment from what we had stated in our financial results. As we have shared earlier, one of our subsidiaries, Infosys McCamish experienced a cybersecurity incident that resulted in the disruption of some of its services. The systems have been largely restored and are now up and running.

Rishi Basu

Thank you. The next question is from NDTV Profit, Tushar Singh.

Tushar DeepSingh

Hi, a couple of questions. First on the deal signings, we see that the large deal wins are still happening, but they are still not meaningfully converting into revenue. So, when do you think that is going to come back? And are the large deals ramping up as per expectations so far?

Also, your margins have declined quarter-on-quarter, I think because of the wage hikes that went out. But you have maintained your operational profitability guidance for the full year. So, what are the margin levers left in play that is giving you the confidence to maintain those margins? A final question on your acquisition that you have done of InSemi Tech, can you just talk to us about it?

Salil Parekh

On the first one, I think, the way we see large deals, they are really helping us to build a foundation into the future. And the win sizes, the overall win value is very strong at $3.2 bn and at 71%, very good to have the net new. That gives us, let us say one piece of the revenue into the future. And equally, there are digital programs or other programs which are not something that clients are looking at in this environment. And that takes away a little bit from the revenue. So that combined gives us the revenue outcome as we see it, and we give out the outlook as we see it. So that is how we will put that together.

NilanjanRoy

On the margin, as you have seen in our disclosure, one is, we of course, given our wage hike from 1st of November that is about 70 basis points of the drop. In fact, we have dropped 70 bps. We have had another impact of $30 mn between revenue and cost because of the McCamish incident as well. So that is actually 1.3% headwind. We have compensated that at about 50 basis points from the Project Maximus, which now is in full flow. This is across, we have talked about five tracks and many verticals. And there is about 10 basis points which is from currency. And then, of course, there is a balancing around furloughs, etc. So we actually are seeing a very strong underlying margin movement coming because of Maximus and of course, the wage hikes, etc., were planned and known for and are leading to this margin gap for this quarter.

Tushar DeepSingh

The acquisition of InSemi?

NilanjanRoy

Yeah, so as you know, we have a very large and growing engineering business. We do not probably talk about it as much. It is a business which is working with leading engineering companies around the world and as you know, semicon is a space which is expected from today, a $500 bn market to go about a $1 trillion . And this is a very exciting business in terms of semiconductor chip design working with leading fab, non-fab players across the world. And I think it will give us, firstly, a good entry into a new space and also a new set of clients which we do not have. So we are very excited about this.

Rishi Basu

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

HaripriyaSuresh

Good evening, gentlemen. First, I wanted to understand, now that client budgets have firmed up, at least for the calendar year, do you see what does the deal momentum look like? Are there any signs of improvement at all? how do we expect things to look like, so far?

And on the guidance, I wanted to understand because it was 2.5% at the upper end, right? Like I wanted to understand, if you are not seeing cancellations, etc., why it was narrowed at the upper end. In terms of geographies, I mean across, this is not obviously an Infy phenomenon, across the companies - North America has obviously been impacted. How much is that affecting you? And is Europe helping in any way?

And in terms of hiring, you said that it would be in time. So, is it fair to presume you will not be going to campuses this year and we can expect headcount to trend the way it has right now? Thank you.

SalilParekh

So maybe combining a few things. On what we are seeing for the budgets as the calendar year starts, most of our comments are on the financial year that we are looking at. The budget process has started and launched for many of our clients. It is still early in January. So, it will work its way through.

At this stage, we do not see any change from what we were seeing last quarter. In that we do not see things becoming worse. We do not see any change in that dynamic. We will have our own view of the next financial year as we come into the March, April timeframe, when we have the April results.

The guidance again, for us, we are seeing similar outlook to what we were seeing in the past quarter. But as we get closer to the end of the year, just the variability reduces, and that is how we have narrowed the guidance. So it is not a question of reducing the upper end. Because in that sense, we have increased the lower end. So, I would say it is quite balanced between what we were seeing last quarter and this quarter.

HaripriyaSuresh

On the campus hiring?

NilanjanRoy

Yes. Like I just mentioned earlier, we continue to monitor the utilization. And our flexi hiring model, in fact, with COVID, which is both off-campus and on-campus, I think that is really been a new learning for us. So it is on demand, we can go behind that, in case any fresh demand comes in. And at this stage, of course, we are not seeing any immediate campus requirement. But for any volume increase, we have a very strong off-campus program as well now.

RishiBasu

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

HaripriyaSureban

Hi, guys. Salil, could you give us some more color on the visibility in the market. We keep listening that the macro condition and situation is bottoming out. Do you think so? And do you see any sort of green shoots or what is your reading like which verticals do you expect to bounce back earlier?

And on the margin front, do you see any impact? if there is no tailwind from the currency depreciation given that rupee has been flat for almost one year now so?

SalilParekh

So, on the outlook in the macro, we do not have a view on where it is in terms of the cycle. What we are focused on is how that is impacting our client decision-making. And there, we see what we were sharing earlier, financial services, telco, hi-tech, we still see the impact. Equally, we see growth in manufacturing, energy utilities, life sciences. There is a difference in the geographies as well, as we shared earlier, between North America and Europe.

So, at this stage, there is no more view that we have than that. We are obviously very positive with the deal wins we have got. A lot of those deals win in cost and efficiency. But there are also deal wins which we have seen, for example, in cloud, in SAP and these are areas which we have tremendous strength in and so we feel good. And then Generative AI is becoming more and more important in all discussions, while it is not a big revenue component, it is still becoming more and more important in all discussions.

NilanjanRoy

On the currency side, we do not plan for actually any currency movement when we do our margin plans as well. So, whatever comes on top of a currency benefit is actually always a bonus. But our underlying plans do not reflect that.

Rishi Basu

Thank you. The next question is from the Financial Express, Sameer Bakshi.

Sameer RanjanBakshi

Hello sir. Please correct me if I am wrong. You said a lot of Gen AI projects are in pipeline, right? And you have around 1 lakh Gen AI trained employees. So why is this that we are seeing smaller and active clients, their number have fallen?

NilanjanRoy

I think if you see from a revenue perspective, which is more relevant, it is the large clients who continue to grow well. Of course, there is a longer tail towards the 1,500 plus clients. But I mean the biggest revenue chunk comes from the top 50, top 100, top 200.

Sameer RanjanBakshi

Okay. Thank you.

Rishi Basu

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

RukminiRao

Hi, thank you. I have two clarification and a question. One, the $30 mn impact of McCamish, it has been accounted for completely this quarter?

NilanjanRoy

Yes, between loss of revenue and in cost, yes.

RukminiRao

Sure, thanks. And the other one, this is in continuation to what Beena asked. So Salil, I do not fathom how two companies can informally talk to each other? And if at all, Infosys has actually written to a peer raising certain concerns, it must be legal in nature. I mean I am guessing so. So, could you actually tell us whether you have had any communication with your other peers when it comes to talent?

Salil Parekh

I think you are referring to the media report?

RukminiRao

That is right, that is right.

Salil Parekh

So we have no additional comments on that.

RukminiRao

Going back to the deal that did not fructify, right? I just want to understand from you, was it a client concern about Infosys' ability to be able to execute this deal or was it a client-specific problem that you faced? The way large deals are getting structured or the check boxes the very last minute that are getting countered, what really led to this deal not fructifying? And also some sense on the large deals, is there any fundamental change that is happening how vendors are being looked at by clients when it comes to closing large deals? Thanks.

Salil Parekh

So, on the way large deals are working, in fact, in this quarter, in Q3, we have seen quite a few deals which are consolidation deals where we have been the beneficiary, where clients are looking to consolidate to select partners or strategic partners. So, that is one of the things that we are visibly seeing.

On the specific MoU which was not completed, there is no additional comment. We made the statement, as we had shared earlier. The deal flow in the market is good because the way we look at it, at $3.2 bn, it is well above the average that we see for large deals in any quarter. With 71% net new, that is also very strong because that gives us a good confidence that, that is building out for the future. I think that then you get coupled with, the digital programs which are not happening or slowing down. And that takes away a little bit from the possible benefits of these large deals. And that is really the balance that we are working on.

RukminiRao

Salil, like you mentioned earlier saying that digital deals are not still a big component of your revenue, right? But when you have another peer of yours already calling out Gen-AI revenues that they are doing, when do you see actually Infosys being able to call out this number or reach a size in revenue, where are you there in the curve when it comes to being able to grab a Gen-AI deal and make it, let us say substantial or be able to have a statable set of revenues coming out of Gen-AI?

SalilParekh

So, in Generative AI, we have an extremely strong capability set, a lot of activity with our clients. For example, we are working with a large retail company on their AI-first transformation. This is a very strategic work with the client. We are working with a large global bank on their risk area to use large language models to make that risk area better for them.

So we have a large number of such deals. We are not at this stage of publicly sharing what the Gen-AI revenue is, but we have tremendous capability, a good leading market position. And we feel in Generative AI, we are very strong in the capabilities we build.

For example, there are a lot of large language models out there. There are several different use cases, different benefits scenarios. We have many of them, for example, in customer service, in analytics, in data, in software engineering. So a host of areas which we are working with clients on. We have also developed what we think is an appropriate approach for large enterprises, what we call the narrow transformer approach.

Here, when you are looking at large companies, the interest is not just on consumer Generative AI. It is much more on what is going to make an impact to them with their data set. And so which is the appropriate large language model you can use for their data set, depending on what the area is.

So I believe we have an incredible capability in Topaz. And clients are also resonating with that capability. We are not today calling out the Generative AI value today, but that is a different subject. But the work we are doing, I think, is quite impactful.

RukminiRao

Salil, just to understand the Gen-AI needs that you are actually getting are from existing clients, or you have been able to get newer clients, maybe of smaller ticket sizes. Just to understand…

SalilParekh

It is a mix of both. A large number of them are existing clients. We have good relationships. They have seen our capability set, and they are, as I said, it is resonating. We have also done what we call a Generative AI roadshow. It is a tour where we are taking all of our capabilities in the different locations around the world. And there are some new clients as well, where we are sort of first time doing Generative AI.

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, Nilanjan.

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. Thank you, and we request you to join us for some high tea outside.

SalilParekh

Thanks.

Exhibit 99.4

FactSheet

Revenue Growth- Q3 24

	Reported	CC
QoQ growth (%)	-1.2%	-1.0%
YoY growth (%)	0.1%	-1.0%

Revenues by Business Segments

(in %)

	Quarter ended			YoY Growth
	Dec 31, 2023	Sep 30, 2023	Dec 31, 2022	Reported	CC
Financial services	27.8	27.5	29.3	(5.2)	(5.9)
Retail	14.6	15.2	14.3	2.0	0.4
Communication	11.4	11.4	12.3	(7.3)	(8.0)
Energy, Utilities, Resources & Services	13.2	12.7	13.0	1.8	0.3
Manufacturing	14.9	14.3	13.3	12.5	10.6
Hi-Tech	7.7	7.8	8.1	(5.0)	(5.1)
Life Sciences	7.6	7.8	7.0	8.2	6.3
Others	2.9	3.3	2.7	5.8	7.0
Total	100.0	100.0	100.0	0.1	(1.0)

Revenues by Client Geography

(in %)

	Quarter ended			YoY Growth
	Dec 31, 2023	Sep 30, 2023	Dec 31, 2022	Reported	CC
North America	59.0	61.1	62.0	(4.7)	(4.9)
Europe	28.2	26.5	25.8	9.2	5.0
Rest of the world	10.4	9.6	9.8	7.1	7.8
India	2.4	2.8	2.4	(1.9)	(1.0)
Total	100.0	100.0	100.0	0.1	(1.0)

Client Data

	Quarter ended
	Dec 31, 2023	Sep 30, 2023	Dec 31, 2022
Number of Clients
Active	1,872	1,884	1,850
Added during the period (gross)	88	100	134
Number of Million dollar clients*
1 Million dollar +	944	951	912
10 Million dollar +	308	312	294
50 Million dollar +	82	80	79
100 Million dollar +	40	39	38
Client contribution to revenues
Top 5 clients	13.4%	13.3%	13.1%
Top 10 clients	20.0%	19.9%	20.5%
Top 25 clients	33.7%	34.1%	35.3%
Days Sales Outstanding*	72	67	68
*	LTM (Last twelve months) Revenues
---	---

Effort & Utilization – ConsolidatedIT Services

(in %)

	Quarter ended
	Dec 31, 2023	Sep 30, 2023	Dec 31, 2022
Effort
Onsite	24.4	24.6	24.5
Offshore	75.6	75.4	75.5
Utilization
Including trainees	81.7	80.4	77.1
Excluding trainees	82.7	81.8	81.7

Employee Metrics

(Nos.)

	Quarter ended
	Dec 31, 2023	Sep 30, 2023	Dec 31, 2022
Total employees	322,663	328,764	346,845
S/W professionals	304,590	310,375	329,296
Sales & Support	18,073	18,389	17,549
Voluntary Attrition % (LTM - IT Services)	12.9%	14.6%	24.3%
% of Women Employees	39.3%	39.4%	39.4%

Cash Flow

In US $ million

	Quarter ended
	Dec 31, 2023	Sep 30, 2023	Dec 31, 2022
Free cash flow ^(1)^	665	670	576
Consolidated cash and investments ^(2)^	3,903	4,170	3,908

In crore

	Quarter ended
	Dec 31, 2023	Sep 30, 2023	Dec 31, 2022
Free cash flow ^(1)^	5,548	5,536	4,741
Consolidated cash and investments ^(2)^	32,476	34,635	32,330
(1)	Free cash flow is defined as net cash provided by operating activities less capital expenditureas per the consolidated statement of cash flows prepared under IFRS (Non-IFRS measure)
---	---
(2)	Consolidated cash and investments comprise of cash and cash equivalents, current and non-currentinvestments excluding investments in equity and preference shares, unquoted compulsorily convertible debentures and others (Non-IFRSmeasure)
---	---

Consolidated statement of Comprehensive Incomefor three months ended,

(Extracted from IFRS Financial Statement)

In US $ million, except per equity share data

Particulars	Dec 31, 2023	Dec 31, 2022	Growth %YoY	Sep 30, 2023	Growth %QoQ
Revenues	4,663	4,659	0.1%	4,718	-1.2%
Cost of sales	3,274	3,230	1.4%	3,271	0.1%
Gross Profit	1,389	1,429	-2.8%	1,447	-4.0%
Operating Expenses:
Selling and marketing expenses	204	196	4.1%	213	-4.2%
Administrative expenses	229	232	-1.3%	234	-2.1%
Total Operating Expenses	433	428	1.2%	447	-3.1%
Operating Profit	956	1,001	-4.5%	1,000	-4.4%
Operating Margin %	20.5	21.5	-1.0%	21.2	-0.7%
Other Income, net^(1)^	79	84	-6.0%	60	31.7%
Profit before income taxes	1,035	1,085	-4.6%	1,060	-2.4%
Income tax expense	301	285	5.6%	309	-2.6%
Net Profit (before minority interest)	734	800	-8.2%	751	-2.2%
Net Profit (after minority interest)	733	800	-8.3%	751	-2.3%
Basic EPS ($)	0.18	0.19	-7.1%	0.18	-2.3%
Diluted EPS ($)	0.18	0.19	-7.1%	0.18	-2.3%
Dividend Per Share ($)^(2)^	–	–	–	0.22	–

Consolidated statement of Comprehensive Incomefor nine months ended,

(Extracted from IFRS Financial Statement)

In US $ million, except per equity share data

Particulars	Dec 31, 2023	Dec 31, 2022	Growth %
Revenues	13,997	13,657	2.5%
Cost of sales	9,755	9,544	2.2%
Gross Profit	4,242	4,113	3.1%
Operating Expenses:
Selling and marketing expenses	633	574	10.3%
Administrative expenses	692	671	3.1%
Total Operating Expenses	1,325	1,245	6.4%
Operating Profit	2,917	2,868	1.7%
Operating Margin %	20.8	21.0	-0.2%
Other Income, net^(1)^	196	229	-14.4%
Profit before income taxes	3,113	3,097	0.5%
Income tax expense	904	859	5.2%
Net Profit (before minority interest)	2,209	2,238	-1.3%
Net Profit (after minority interest)	2,208	2,237	-1.3%
Basic EPS ($)	0.53	0.53	0.0%
Diluted EPS ($)	0.53	0.53	0.1%
Dividend Per Share ($)^(2)^	0.22	0.20	9.1%
(1)	Other income is net of Finance Cost
---	---
(2)	USD/INR exchange rate of 83.00 considered for Q3’24
---	---

Consolidated statement of Comprehensive Incomefor three months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Dec 31, 2023	Dec 31, 2022	Growth %YoY	Sep 30, 2023	Growth %QoQ
Revenues	38,821	38,318	1.3%	38,994	-0.4%
Cost of sales	27,253	26,561	2.6%	27,031	0.8%
Gross Profit	11,568	11,757	-1.6%	11,963	-3.3%
Operating Expenses:
Selling and marketing expenses	1,700	1,611	5.5%	1,754	-3.1%
Administrative expenses	1,907	1,904	0.2%	1,935	-1.4%
Total Operating Expenses	3,607	3,515	2.6%	3,689	-2.2%
Operating Profit	7,961	8,242	-3.4%	8,274	-3.8%
Operating Margin %	20.5	21.5	-1.0%	21.2	-0.7%
Other Income, net^(1)^	658	689	-4.5%	494	33.2%
Profit before income taxes	8,619	8,931	-3.5%	8,768	-1.7%
Income tax expense	2,506	2,345	6.9%	2,553	-1.8%
Net Profit (before minority interest)	6,113	6,586	-7.2%	6,215	-1.6%
Net Profit (after minority interest)	6,106	6,586	-7.3%	6,212	-1.7%
Basic EPS ()	14.76	15.72	-6.1%	15.01	-1.7%
Diluted EPS ()	14.74	15.70	-6.1%	14.99	-1.7%
Dividend Per Share ()	–	–	–	18.00	–

Consolidated statement of Comprehensive Incomefor nine months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Dec 31, 2023	Dec 31, 2022	Growth %
Revenues	115,748	109,326	5.9%
Cost of sales	80,666	76,342	5.7%
Gross Profit	35,082	32,984	6.4%
Operating Expenses:
Selling and marketing expenses	5,238	4,591	14.1%
Administrative expenses	5,718	5,365	6.6%
Total Operating Expenses	10,956	9,956	10.0%
Operating Profit	24,126	23,028	4.8%
Operating Margin %	20.8	21.1	-0.3%
Other Income, net^(1)^	1,622	1,828	-11.3%
Profit before income taxes	25,748	24,856	3.6%
Income tax expense	7,474	6,882	8.6%
Net Profit (before minority interest)	18,274	17,974	1.7%
Net Profit (after minority interest)	18,264	17,967	1.7%
Basic EPS ()	44.13	42.85	3.0%
Diluted EPS ()	44.08	42.79	3.0%
Dividend Per Share ()	18.00	16.50	9.1%
(1)	Other income is net of Finance Cost
---	---

As the quarter and nine months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarter might not always add up to the nine months ended figures reported in this statement.

Exhibit 99.5

      **Earnings Conference Call**

Infosys Limited Earnings Conference Call

January 11, 2024

CORPORATE PARTICIPANTS

Salil Parekh

Chief Executive Officer & Managing Director

Nilanjan Roy

Chief Financial Officer

Sandeep Mahindroo

Senior Vice President, Financial Controller & Head Investor Relations

analystS

Kumar Rakesh

BNP Paribas

Nitin Padmanabhan

Investec

Moshe Katri

Wedbush Securities

Ankur Rudra

JPMorgan Chase

Bryan Bergin

TD Cowen

Keith Bachman

BMO

Jamie Friedman

Susquehanna International Group

Sumeet Jain

CLSA

Yogesh Agarwal

HSBC

Vibhor Singhal

Nuvama Equities

Gaurav Rateria

Morgan Stanley

Sandeep Shah

Equirus Securities

Kawaljeet Saluja

Kotak

Manik Taneja

Axis Capital

Moderator

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

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

Sandeep Mahindroo

Hello, everyone, and welcome to Infosys Earnings Call for Q3 FY '24. Let me start by wishing everyone a very Happy New Year. Joining us on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Nilanjan Roy; and other members of the leadership team. We will start the call with some remarks on the performance of the company for Q3, subsequent to which we will open up the call for questions.

Please note that anything we say that refers to our outlook for the future is a forward-looking statement that must be read in conjunction with the risk that the company faces. A full 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.

Salil Parekh

Thanks, Sandeep. Good evening and good morning to everyone on the call. Wish you a Happy New Year.

Our Q3 revenue declined by 1% quarter-on-quarter and 1% year-on-year in constant currency terms. For the first three quarters, our revenue grew by 1.8% over the same period last year in constant currency. We see lower traction for digital transformation programs and more activity for cost and efficiency programs and increasing interest in Generative AI programs.

Our operating margin was at 20.5%. We delivered this outcome while managing through one-off business disruptions. Nilanjan will provide more detail for this. Large deals were at $3.2 bn. 71% of this was net new. This included one mega deal. With this, our large deal value for the first three quarters stands at $13.2 bn, of which 55% is net new. This is the highest ever large deal value for the first three quarters in the fiscal year for us.

We see that with our large deal wins, we continue to win market share and strengthen our position through our leading capabilities in helping clients with cost, efficiency, automation programs and by leveraging Generative AI, digital and cloud.

We have seen impact in financial services, telco and hi-tech segments. We see strength in manufacturing, energy utilities and life sciences segments. We are seeing strong traction for Generative AI programs, leveraging our Topaz capability. We have integrated our Generative AI components into our service line portfolio, creating impact for our clients.

We have 100,000 employees trained in Generative AI areas. We have developed a range of use cases and benefit scenarios across different industries for our clients. Some of these areas are related to client analytics, process optimization, sales, marketing, knowledge analysis, software development, self-service and personalization.

Some examples of the work we are doing in these areas. We are working with a large global bank to support them in their risk analysis program by using a large language model for them. We are working with a global food supplier to personalized food experience for their customers and to make their operations efficient using artificial intelligence. We are working with a global retail company in defining their AI first business transformation strategy.

Our clients are leveraging all these Generative AI capabilities in Topaz, combined with the cloud capabilities in Cobalt to help them navigate through this current business environment and setting up for the future.

Our margin improvement program continues to gain traction. The five pillars, the large organization mobilization and steady execution are creating impact. Based on the performance in the first three quarters and our outlook for Q4, we are tightening our revenue growth guidance for financial year '24 to 1.5% to 2% in constant currency.

Our operating margin guidance for financial year '24 remains unchanged at 20% to 22%.

As you probably know, Nilanjan is leaving Infosys at the end of this financial year. I want to thank Nilanjan for the excellent work he has done and the strong position he has put Infosys in. In addition, I also want to thank him for his partnership and his friendship over the past several years. We wish him all the best in his future plans.

With that, let me hand it over to Nilanjan.

Nilanjan Roy

Thanks, Salil. Good evening, everyone and thank you for joining the call.

Coming to our Q3 results, revenues declined by 1% year-on-year in constant currency. Sequentially, revenues similarly declined by 1% in constant currency and 1.2% in dollar terms. This includes the impact of furloughs and one-offs. Volumes remain soft, coupled with seasonality and normalization of one-time revenues we had in Q2. While the overall environment remains subdued, our large-deal TCV is highest ever on a YTD basis. I will talk about the large deals in more detail.

Revenue for nine months increased by 1.8% in constant currency and 2.5% in USD terms. We are making steady progress on Project Maximus, the margin improvement plan across five pillars and over 20 tracks. This strengthens our confidence that the program will give us the impetus for margin expansion overtime.

Operating margins for Q3 were 20.5%, a decline of 70 basis points sequentially, bringing the nine-month margins to 20.8%, which is within the guidance band for the year. The major components of QoQ margin walk for Q3 margin are as follows:

Headwinds of 130 bps comprising of

70 bps from salary increases effective Nov 1^st^
60 bps from McCamish cyber incident which had an impact on both revenues and costs

Partially offset by tailwinds of 60 bps comprising of

50 bps benefit from cost optimization including higher utilization and lower SG&A
10 bps from currency movement

Balance includes impact of furloughs, offset by higher leave utilization and one-off benefits including lower provision for post sales client support and lower ECL model losses etc

Headcount at the end of the quarter stood at 322,000 employees, a decline of 1.9% from the previous quarter, which is reflected in improvement in utilization to 82.7% excluding trainees. On-site mix also improved by 20 basis points sequentially to 24.4. As mentioned earlier, we continue to improve our operating efficiencies.

LTM attrition for Q3 reduced further by 1.7% to 12.9%. Free cash flow for the quarter was robust at $665 mn and the conversion to net profit for Q3 was strong at 90.6%. Our unbilled revenues dropped for the third consecutive quarter. And consequently, this has partly led to an increase in DSO by 5 days sequentially to 72 days. Consolidated cash and equivalents stood at $3.9 bn at the end of the quarter after a dividend payout of $895 mn.

EPS declined by 6.1% in INR on a year-on-year basis and grew by 3% in INR for the 9 months period ended.

Yield on cash balances was 6.9% in Q3. ROE improved to 31.8%.

Large deal momentum continued and deal TCV of Q3 was $3.2 bn, with 71% net new. Consequently, our YTD large deal TCV is over $13 bn, which is the highest ever for any comparative period. This clearly reinforces our position and strengthens the relevance and strength of our service offerings.

We signed 23 large deals in Q3, including one mega deal. We signed 8 deals in manufacturing, 6 in FS, 4 in EURS, 2 each in retail and communication and 1 in others. Region-wise, we signed 10 large deals in America, 9 in Europe, 3 in ROW and 1 in India.

Coming to industry verticals,

Inflation, uncertain macro and delay in decision-making continues to impact the financial services sector. With increasing cost pressures, clients remain cautious on spending and are reprioritizing their programs to deliver maximum business value. Topaz is central to our Generative AI discussions, which is gaining momentum and use cases around improving customer experience. We also started implementing use cases in some of our clients focusing on improving client experience, detecting fraud, etc. Overall, while the near-term outlook remains volatile, we will benefit from the recent deal wins and the new account openings.

Clients in communication sector continues to face growth challenges, which is putting pressure on opex spend. Uncertainty about medium-term spend remains with clients, prioritizing cost optimization and vendor consolidation. Clients are looking at conserving cash, which is visible in delayed decision-making and project deferrals. Our focus on large and mega deals resulted in healthy pipeline and deal wins.

Energy, utilities, resources and services clients remain cautiously optimistic about the demand environment with cap on short-term spend. In Energy segment, we are seeing market share gains due to consolidation. Our investment on industry cloud solutions and the energy transition, combined with extreme focus on human experience, have helped us differentiate, win multiple deals and build a strong pipeline.

Manufacturing segment continues to deliver strong performance on the back of new deal wins and ramp-up of earlier large deals signed. Growth was broad-based across Europe and the U.S. as well as across industrial, automotive and aerospace industries. While the budget remains largely stable, clients continue to find ways to channel run savings into newer areas like digital, cloud, data and IoT. Pipeline remains healthy with emerging opportunities on various fronts in the ER&D space resulting from increased spending.

In the Retail segment, cost takeouts and consolidation remain the primary focus for the clients. While discretionary spend remain under pressure, there are pockets of opportunities, leveraging Generative AI, in predictive analysis, real-term insights and decision support areas. Deal pipeline is strong, though decision cycles remain long.

A resilient performance in a seasonally weak quarter and the continued momentum in deal wins, coupled with a very large efficient execution engine, gives us confidence for growth in the medium term. Driven by our YTD growth of 1.8% in CC terms and Q4 outlook, we have revised our revenue growth guidance for FY '24 from 1% to 2.5% previously to 1.5% to 2% in constant currency terms. We retain our margin guidance band for the year at 20% to 22%.

Finally, I would personally like to thank all the stakeholders of Infosys, especially the fabulous finance team here for their support over the past five years. As I step down, I look forward to working closely with the entire leadership team over the next few months to ensure a smooth transition. Finally, I wish Jayesh the very best as he assumes the role of CFO from 1st of April '24.

With that, we can open up the call for questions.

Moderator

Thank you, very much. We will now begin the question-and-answer session. The first question is from the line of Kumar Rakesh from BNP Paribas. Please go ahead.

Kumar Rakesh

Hi, good evening and thank you for taking my question. My first question was...

Moderator

Kumar sir, can I request you to speak up a bit?

Kumar Rakesh

Sure. Is this better?

Moderator

Yes. Go ahead, please.

Kumar Rakesh

Thank you. So, my first question was around the new deal wins, which has been pretty strong at $2.3 bn, it is some of the highest we have seen in the recent quarters. However, that also implies the renewals have been weaker. In recent quarters, we have seen renewals to be in the range of $1.5 bn to $2 bn. In this quarter, it was less than $1 bn. And that could also be the reason for the slowdown in the second half, which you are expecting.

We can understand that the new deal wins would be lumpy and difficult to predict, but you would have a timeline on the renewals, when they would be happening and what is the probability that you could see winning them back? So how do you see the next quarter or so panning out from the renewal perspective, any visibility on that side?

Salil Parekh

Thanks for that question. I think my reading of the large deals win is more along the lines that we are continuing to do well with renewals and then we have got really excellent net new wins in the $3.2 bn. As we have discussed at other times, the large deals numbers by themselves vary quarter-on-quarter. As you know, last quarter was also extremely large number.

Having said that, we have on the renewals, a clear sight of what is coming up. We are also benefiting in many of these areas from consolidations which Nilanjan referenced. And also where our clients are seeing, opportunities for cost and efficiency. So all of that gets combined with the renewals coming along at regular cycles.

Kumar Rakesh

Got it. Thanks for that. And my second question was around Gen AI. So you have talked about 100,000 employees being trained on Gen AI. But can you just quantify or share some insights on the client engagement side? Anything that you can quantify, number of projects that we are working or the amount of deals that we are winning, anything that we can start tracking on that side?

Salil Parekh

So there, we are not, at this stage sharing externally any views on revenues or projects and so on. To give you color what is happening today is, almost every discussion with clients involves some element of Generative AI. And what we have now developed through Topaz is a set of areas where there is benefit cases, use cases scenarios where there is impact, where we are working across a large number of clients on those in different scales, where there are some which are more pilot, some which are programs. And that is the three examples that I shared.

We have also developed strength across a number of large language model, where we have trained our teams. And then on how to leverage datasets. Our focus is very much on large enterprises who are our clients and the datasets within those enterprises, depending on the usage of where that large language model is to be applied.

We have a very strong business in data and analytics, which becomes the foundation for this Generative AI work. We are working to make sure that the benefits are felt across all of our service offerings, so we can start to see in new discussions with clients, productivity benefits, which are downstream coming from this Generative AI. So at this stage, while we are not externally quantifying all of the elements I referenced, that is the sort of color we are seeing across a large number of discussions.

Kumar Rakesh

Thanks for that, Salil.

Moderator

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

Nitin Padmanabhan

Hi, good evening, thanks for the opportunity. Congrats on the strong deal wins. So I think, first off, Salil, anything that you have seen versus the previous quarter in terms of client behavior that suggests green shoots on the discretionary side? Or do you think that will continue to be under pressure for some time?

The second question is for Nilanjan. It appears that we will exit the year with margins lower than last year. Do you still believe that margin could be better next year versus the current one? We have sort of highlighted that as an aspiration at the beginning of the year, so just wanted your thoughts on how one should think of that at this point in time? Thank you.

Salil Parekh

Thanks. In terms of the client discussions, we have not seen some significant change in one or the other direction from what we were seeing last quarter. So some of the digital transformation work or some of that type of programs are where clients are not putting focus or attention, whereas the cost and the efficiency and now even consolidation, we are seeing more and more of that, which is what we were seeing last quarter as well.

So in that sense, we do not have any change that we have sensed at this stage.

Nilanjan Roy

So Nitin, on the margin question, I think you have seen this quarter as well, the underlying margins, excluding the one-offs are quite resilient and we have talked about now Project Maximus, this is nearly the third quarter and a lot of work has been going on. We are seeing the benefits of that, and you can see that in our commentary as well. We are very confident about the overall margin outlook.

Of course, we would not give a number about next year. But really, the multiple tracks around value-based selling, around efficient pyramid, around automation and Gen AI, are all working well. So, I think that gives us good optimism over the medium term in terms of our margin structure.

Nitin Padmanabhan

Okay. Thank you so much and all the best.

Moderator

Thank you. Next question is from the line of Moshe Katri from Wedbush Securities. Please go ahead.

Moshe Katri

Thanks for taking my questions and congrats on strong bookings for the quarter. First question, any color of the ongoing budget cycle for calendar '24? Do you think budgets will be on time? Do you think budgets will be delayed? Any color there on that one?

Salil Parekh

Thanks, Moshe. On the budgets, in Q3 end of the year quarter the furloughs were in play. We are seeing that coming into play in the Q1 calendar year which is our Q4. The budget decisions are ongoing and as you know well, these will go through the early part of this month. So, nothing from that. We do not see any change in what we were seeing in terms of behavior from the last quarter where budgets would suddenly have a different direction.

So, at this stage, it looks like it is similar to what we were seeing, but everything is not yet closed out from our discussions on the budgets.

Moshe Katri

Understood. And then looking at the deal flow, the large deal flow that went through calendar '23, there were some concerns that they are not converting, some of deals are not converting on a timely basis. Has that changed in any way in terms of conversion on some of these deals, and when we could start seeing that inflection point in revenue growth because of those deals converting? Thanks a lot.

Salil Parekh

On that, as you are aware, the large deals are obviously giving us the foundation, especially the net new and renewal for future revenue. And at the same time, we are also seeing impact of the digital programs not moving or digital programs sometimes being stopped. So that combination is what gives that revenue outcome.

At this stage, we have no specific external view on what will happen in the quarter, but our overall revenue guidance for this financial year, which is only one more quarter, gives you a sense of how we are feeling about that. We will see, because a lot of the large deals, as they start to build up, and when the digital capabilities start to have more interest with clients, we will start to see that change, I am sure.

Moshe Katri

Thanks, Salil.

Moderator

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

Ankur Rudra

Hi, thank you. Salil, could you elaborate on what you have seen the client spending sentiment has been, on projects that have already been signed, let us say in the last nine months or so on the cost takeout side; and on incremental signing of smaller projects? Because we can see on large projects, but we do not have a visibility on how your small projects are doing?

Salil Parekh

Sure. So, on the client spending, where clients have signed recently in the last three, six, nine months, that spending is going well, both on cost and other projects, incremental projects, as you were describing. On things that were more in the past, that behavior on the cost has continued and the incremental projects we have seen even in the past quarter some impact. But what has been signed recently, we see those proceeding as per what they have signed.

Ankur Rudra

Understood. And you have mentioned several times on the call that there seems to be delays in revenue recognition because of project reprioritization. Is there a way of maybe estimating this for investors benefit? Like, for example, how much of fiscal '23 or the last 2 years, total contract value or signings may have been impacted because of change in client priorities? Or alternatively, how much of the signings have been shrinking every quarter, there is one back with new project signings for you to stay at the same place?

Salil Parekh

We are not in a position to share that externally. We have a view on what we look at, in terms of wins, execution and large deals internally. There are also other programs, some small, some mid-sizes which go up and down. So that whole internal composition is something which we work with, but it is not something which we have shared in the past and are even today sharing externally.

Ankur Rudra

Understand. I wanted a color as opposed to maybe a quantification?

Salil Parekh

Yes. So same, I think at this stage, the outcome is what we have. We have not given any more on that in terms of color as well, Ankur.

Ankur Rudra

Understood. Maybe moving to margins. Just one question. Obviously, this quarter, if I take out the impact of the ransomware incident, it appears that margins would have been up by 60 basis points. Is that right? Number one. Number two, if you could elaborate where we are on the various Project Maximus levers? And where is the remaining support, let us say, over next year or so?

Nilanjan Roy

Yes, we have given the margin walk in the initial script, and quite clear about the one-offs, the salary, etc.

From Maximus, there are a lot of tracks which are currently in play. Utilization is one you are seeing, in fact, that is the biggest one, straight up in your metrics, you can see that and how that is flowing into margins. There are other internal programs on the pyramid, a lot of work there onsite-offshore, is the first time we have seen some positive movement after a lot of quarters.

On automation and Gen AI, a lot of work going on, with Gen AI coming in with additional sort of levers available to us more than the traditional automation which we used to do. Pricing has been much better. There is a lot of work happening on value-based selling. And in fact, that is also reflected in overall RPP that we are seeing a much more stable pricing, in the underlying pricing regime, and that is something which we are pushing on.

So all the levers are in play. We have quarters where we are able to squeeze more and many new ideas. I think with Project Maximus, which have come into the fray as well, looking at large programs and whether we can early on get into a margin improvement program rather than what was originally budgeted during the bid phase. So there is a lot of stuff happening, and I think we are already seeing the early results.

Ankur Rudra

A quick follow-up, if I can. There is some concern that some of the cost takeout contracts won in the last 9 months may drive some margin headwinds. Is that something that should impact on a portfolio basis next year?

Nilanjan Roy

That is something we have always talked about. We have a portfolio of contracts in the first, second, third, fourth, fifth year. So while new contracts come in, which are initially potentially at lower margins, at the same time, we have contracts which have been going into a steady state. Some of these questions were raised two, three years back in one of our segments as well.

And you have seen the improvement for that segment particularly over the period of time where it is nearly closer to the average margin for company. So that is something which we have really fine-tuned and mastered over the few years. So in that sense, that is always built into our projections and forecast.

Ankur Rudra

I appreciate the color. Thanks and best of luck.

Moderator

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

Bryan Bergin

Hi, good evening, thank you. First question I have is demand by geography. Can you talk about pipeline and client spending plans across the U.S. versus Europe, maybe also based on what you have in backlog? I am curious if you think the recent trends of North America weakness being offset by solid Europe performance is likely to continue or whether that may change as you go through fiscal '25?

Salil Parekh

On the geography, as you point out, we had good growth in Europe in Q3, weaker in North America. In terms of pipeline, we don’t share the pipeline split by geography. We do see our large deals that Nilanjan shared by geography in good momentum at least on the large deals on both U.S. and European side, but we don’t specifically call out pipeline or outlook by geography within our business.

Bryan Bergin

Okay. Any reason that the current growth trajectory should change near term or should it remain somewhat consistent?

Salil Parekh

So, if you look at guidance for the full year, which is for the remaining quarter, it’s for the entire business and we don’t have a specific view that we share externally on the U.S. or Europe there.

Bryan Bergin

Okay. Follow-up on the third-party items. So another uptick here, just I think, over 8% of revenue now. Can you talk about whether you expect third-party items to continue to rise as mix revenue or may this start to come down as you go forward and deal composition potentially change? I am just trying to think about sustainable level here as this has moved up meaningfully over the last couple of years?

Nilanjan Roy

Yes. So as we have talked about this before, as we are involved in larger transformation deal, the longer-term transformation deals across the entire IT stack, infra, cyber, application development, data, I think many of these are bundled deals, which have software, hardware elements in it. And in a way, that is also giving us the benefit of taking these larger deals off the table and at the same time, we are able to manage our margins as well.

So, we are able to navigate both, the impact of this. So we have no number in mind to say that this is where we target or this is optimal level. As long as we are able to get incremental market share and get our margins in-line, which is what the program of Maximus is also about, I think we are comfortable with that.

Bryan Bergin

Okay. And just last one for you, just on the headcount resourcing plans. Can you just give us a sense how you are thinking about resourcing plans near term? I know it was down again, sequentially about 2%. I am just curious if you have kind of reached a stabilization point?

Nilanjan Roy

Yes, so we still have a lot of headroom and we have talked about it in the last two quarters that our utilizations are still quite low. We have operated a much higher utilization, 84%, 85% and of course in the COVID years, maybe 87%, 88%. So that is one, and we are still below 84% as we speak. We also have an on-tap demand fulfillment from our fresher model, so we can absorb in freshers very fast, because we do not have to just go for colleges and wait for the annual cycle.

Now we have a source of supply from off-campus as well. And with attrition slowing down, there is a lot of talent, even from a lateral basis available across the country as well. So I do not think that is a big concern for us.

Bryan Bergin

Good luck to you, Nilanjan. Thank you.

Nilanjan Roy

Thank you.

Moderator

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

Keith Bachman

Hi. Thank you. I want to ask a couple of questions, if I could. First on pricing, you mentioned specific segment of pricing, but I wanted to ask about, pricing on renewals, are you seeing pricing pressure that is different from past cycles at the time of renewals? And then also, you had good deal signings for large deals. I wanted to talk, if you could address pricing for those large deals and how that might be impacting your margins? And then I have a follow-up, please.

Nilanjan Roy

Yes. We have seen much better pricing stability over the last few years. And in fact, we are also very conscious with our value-based selling program that we are not leaving any pennies on the table when we are going after deals, because in the hubris, we want to make sure that we are not leaving a lot of dollars on the table. So I think there is a lot of work happening there.

But overall, from a competitive positioning, pricing really has been stable across. And that is reflected on the cost pressure that people are also conscious of, in their margins and in where they are.

So, in that sense, there is no more concern. We, of course, have the one-offs, etc., specific clients, specific segments where they are in trouble. And of course, they may want to rebid some of that. But overall, it is not been something which is really concerning us in that sense today.

Keith Bachman

Okay. And my follow-up relates to duration, this was asked a little bit differently earlier in the call. But as you are getting good signings of large deals, is the duration of those large deals extending so that investors should be thinking about the book-to-bill being a bit longer?

Nilanjan Roy

So, we do not give out the duration of the deal wins. We have deals which come with longer-term periods. And you could see some of the announcements we have made. But nothing specifically whether they are going up across. So, we do not comment on that.

Keith Bachman

Okay. Well, then maybe I could sneak in one more. As you just look out over the next couple of quarters, if you could just help us on the puts-and-takes on margins that we should be thinking about. I am not asking for guidance. You have already said that utilization perhaps is a source of potential margin upside as it goes up. I would think that wage pressures would be less going forward, but not sure how mix fits into that.

But anything you just want to highlight beyond the March quarter, but just the puts and takes that we should at least be considering as we are creating our margin profile over the next, four, five quarters?

Nilanjan Roy

Yes. So, I think one of the earlier question was on this and probably I talked about it in Project Maximus, as well. There are other benefits, which we don’t factor in into any of our models. For instance, operating leverage, you can see the impact of SG&A benefits on operating margins when we were growing during '21, '22, '23. So, that is something which automatically flows into the P&L with growth. And in a way it gets reversed, the operating leverage works against you when revenues are down. So, that is something from a pure margin perspective, which you know flexes.

Secondly, similarly on the currency, we don’t build in anything into our programs. And that also comes in the future as well, but it is not part of Maximus. Of course, there are things out there, what the expectations of dollar movements are. So, these are some things more extraneous as well which can impact, but we are more confident of what we are able to control within the 20 tracks of Maximus and we have talked about that.

Keith Bachman

Okay. All right, thank you.

Moderator

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

Jamie Friedman

Hi. Good evening. Nilanjan, in your prepared remarks you expressed confidence in growth in the medium term. I was just hoping you could unpack that a little. When you say medium term is that just a comment about the fourth quarter or is that longer in duration?

Nilanjan Roy

Yes. Medium term is medium term. It is definitely more than the fourth quarter.

Jamie Friedman

Okay. Thank you. Also, Nilanjan and Salil, I have tried to reconcile when Salil observes the strength in the TCV and a record TCV in nine months and when Nilanjan, you used the word subdued in your prepared remarks. It seems like you are saying, it is hot and cold at the same time. So, I know these are where many of these questions are going, but how can the weather be both?

Salil Parekh

Hi, maybe the way that we are thinking about this, we can share with you. The large deals really give us good confidence of revenue over the next several periods in terms of the wins, both for net new and renewals. And the comment, which was more around subdued, we look at it from a perspective of where we see less activity on digital programs and less activity on some of those type of projects, where that takes away a little bit from the revenue.

So, that is the sort of balance in our mind. One of them giving us that revenue outlook and the other where clients are under constraints on their own spend, reducing some of that. That is how we see the balance on that. Hopefully, that clarifies the comments.

Jamie Friedman

Thank you, Salil. I will jump back in the queue.

Moderator

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

Sumeet Jain

Yes. Hi, thanks for the opportunity. Firstly, I wanted to ask around the one-time loss what you had around McCamish, are you expecting it to reverse back in Q4 and include it in your guidance? Or will it reverse some time in FY '25?

Nilanjan Roy

No, this is one-time. There is no reversal.

Sumeet Jain

Got it. And secondly, I wanted to check around your platform business. I mean we have seen for the last 2 years, there has absolutely been no growth in that particular business. But although we keep seeing deal wins around your Finacle platform with various regional banks in the Middle East geography and other regional banks in North America as well. So can you share any plans to grow that part of the piece where we are seeing the other SaaS companies globally have actually seen a lot of traction post the Gen AI offerings and their solutions?

Nilanjan Roy

Yes. So I think we continue to do well. I think Finacle business continues to motor ahead, a very nice deal wins across. And overall platforms is a more generic usage. And I mean, we track it across various things, but Finacle actually overall has been doing very well.

Sumeet Jain

So any reasons for the platform business to be flat over the last 2 years?

Nilanjan Roy

So I think we can get back to you on that.

Sumeet Jain

Okay, that is all I had. Thank you.

Nilanjan Roy

Okay. I think Sandeep is just prompting me that we also use it for internal productivity as well for services.

Sumeet Jain

Okay. Got it. Thank you.

Moderator

The next question is from the line of Yogesh Agarwal from HSBC. Please go ahead,

Yogesh Agarwal

Yes, hi. Just one quick question. The number of employees are down 7% year-on-year, but the total wage bill is up around 1% or 2%, which means that the wage bill per head is up around 9%, 10% year-on-year. So I would have assumed that the pyramid would have kicked in, in a slower growth last few quarters. So any particular reason why the wage bill per head has gone up so much? Thanks.

Nilanjan Roy

I think one of the things is the comp increase also has happened this quarter. And, of course, in the initial part of the year, we had more lateral movements coming in, in the top end of the pyramid. But if you see the latest quarter, you will see a reversal of that. I think the employee costs have come down, in this quarter as well. So you will see that trend reversing.

Yogesh Agarwal

Great. Thanks. Thanks, Nilanjan, all the best for your future endeavors.

Nilanjan Roy

Thank you.

Moderator

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

Vibhor Singhal

Yes, hi. Thanks for taking my question.

Moderator

Please use your handset. There is an echo in the line.

Vibhor Singhal

Sure. Is it better now?

Moderator

Yes, please go ahead.

Vibhor Singhal

Yes, thanks a lot for taking my question. So, Salil, just a question on the deal flow number. I know we have already had a bit on it. So, I just wanted to take a bit of feedback. We know this quarter was basically on the softer side, both in terms of seasonality and probably furloughs being higher than the last year itself. But on the overall demand environment that we are looking at, both, let us say, in terms of the cost takeout deals or the discretionary spends or basically the different verticals that we are looking at, is there any change in the overall demand environment that we are looking at from 3 months ago? I mean, when we met for the second quarter results?

And how do you see this playing out over the next couple of months as clients get into the budget cycle and any specific verticals or pockets that you might want to call?

Salil Parekh

So, there, you know, the thing that we have observed is, as we look at a large client base, the way clients are behaving in terms of spend, we have not seen a change in the way they are looking at it. So, we still see, what we were discussing earlier on digital transformation programs being more impacted, where cost efficiency being much more in play, there is also more consolidation that we are seeing, and that was coming through in the past quarter as well.

And then, there is a lot of interest in almost every conversation we have, where Generative AI is part of the mix. So, in that sense, I do not have a feeling that there is a change that we are seeing. Now, this is also the start of the calendar year. We will get a sense fairly quickly on how clients are looking at their spend. And as we come to the end of our financial year and as we plan for next year, that will give us, let us say, more view into that spending pattern.

Vibhor Singhal

Got it. And in terms of the deal flow, I mean, the deal wins that we had in the first half of the year were very rock solid deal wins. Any color on some of those deals getting into execution mode driven by the conversation with your clients? I mean, are we seeing incremental intent from the clients on starting those deals, which were maybe a bit delayed on their side? Or, any color on that that we have seen incrementally over the last three months?

Salil Parekh

So, there we have seen, essentially, in this last 3-month cycle, the deal starting or ramping up being as we anticipated. So nothing has changed in this 3-months cycle. There are places in some of the large deals where there is need for incremental work, which is also starting to be visible, which will hopefully flow through.

So, there will be no delay that we have seen. In fact, we have seen more of those on track in the last three months.

Vibhor Singhal

Got it. Thanks for taking my questions and I wish you all the best.

Salil Parekh

Thank you.

Moderator

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

Gaurav Rateria

Hi. Thanks for taking my question. The first question is with respect to the mega deal signed in 2Q. The transition period was expected to be a little longer, and some of them were supposed to come into revenues in the fourth quarter itself. So is the expectation remaining similar on that? Or has anything changed with respect to the transition period and flow-through of the revenue?

Salil Parekh

There, as we had shared previously, it was towards the end of the year and that is where we are, so we do not see that changing.

Gaurav Rateria

Got it. Second question is with respect to the underlying leakage in the business on small deals, discretionary spend that has been continuing now for some time. How do you characterize your 3Q versus, let us say, 1Q and 2Q has the leakage remained largely similar or has that kind of come down compared to the pace at it was leaking in the first two quarters?

Salil Parekh

Let me try to give color in the way we look at it. In the last quarter, so in the last three months, we have not seen those things change in direction, they appear to be stable or similar.

Gaurav Rateria

And is that the similar thing built in your outlook for the fourth quarter as well, when you tightened your guided band?

Salil Parekh

At this stage that is what we have put into the Q4 outlook, yes.

Gaurav Rateria

Got it. Last question is on the margins. Given that you will have some bit of more headwind in fourth quarter because there will be full three-month impact of the wages that you have provided for in this quarter, your margins probably will have some more headwinds, plus your implied guidance points to again, weak revenue trajectory in the fourth quarter also, so no major massive operating leverage per se.

It is just that you are exiting the year with margins closer to the lower end of the guide, is that the bottom for the margins? And given the Project Maximus is underway from here on the margin should only be going in the upward direction? Is that the way to look for it? I am not specifically looking for fiscal '25, but just trying to understand is that the bottom for the margins? Thank you.

Nilanjan Roy

Yes, so in Q4, I mean, it will work out of Q3 as well and you know there are puts-and-takes in Q4. And like we have said, Project Maximus continues to deliver very strongly and in our overall commentary, we have talked about the optimism in the medium-term for our margins coming out of Maximus.

Gaurav Rateria

Thank you.

Moderator

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

Sandeep Shah

Yes, thanks. Thanks for the opportunity. Most of the questions have been answered. Just wanted to understand the 60 bps impact on our cybersecurity, is it possible to break down in terms of revenue and cost? And is it fair to assume the impact, which could have been there because of the cost, will actually no longer be there? It would be a tailwind in the fourth quarter?

Nilanjan Roy

Firstly we can’t split it, but both these are one-time impacts - the loss of revenue and the cost impact. So, this was like the puts-and-take. So, in Q4, as we see it now, this is not going to be there.

Sandeep Shah

Okay. And so even the revenue will come back in the fourth quarter, right?

Nilanjan Roy

Yes, so I think in the statement, you have seen that the systems are back substantially by the end of December, right? The system is up and running. So I think that part goes away and the work that we do in Q4, should translate to revenues.

Sandeep Shah

Okay. And Nilanjan for two months of wage hike, 60 bps to 70 bps wage impact looks slightly lower. So, is the almost 100% of the eligible employees have been covered? And is it fair to assume the wage impact would be much lower in the fourth quarter because it would be one month impact?

Nilanjan Roy

Going to be a one-month impact, absolutely. Every time we do a wage hike, we look at, of course, the competitive scenario we look at the market, attrition, employees, tenure, what are the pay point grids. So, it is a very complex exercise. And based on this, this is what we have rolled out. And of course, you can see the attrition figures are also good.

Sandeep Shah

Okay. And last question, Salil, I think one of the responses, you said the furloughs in the December quarter may continue in the March quarter, have I heard correctly or I have been mistaken?

Salil Parekh

So there, my point was on more Q3, we had the furloughs and that is a seasonal impact. In Q4, we typically see a little bit of that always in our business in Australia and that is really the reference I was making.

Sandeep Shah

Okay, okay. Thanks and all the best. And all the best Nilanjan.

Nilanjan Roy

Thank you.

Moderator

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

Kawaljeet Saluja

Hey, hi. My question is for Nilanjan. And Nilanjan you know the margins for this quarter, is it based on your normal variable compensation provision? Or is that something which has taken a hit in this quarter?

Nilanjan Roy

So Kawal, we do not talk about the variable pay, of course. I think there will be enough news in the papers about that, but we do not give any commentary on variable pay.

Kawaljeet Saluja

Yes. I mean I think it will make its way to the media after a month, so might as well talk about it now Nilanjan.

Nilanjan Roy

We never confirm at any case.

Kawaljeet Saluja

Okay. Got that. Yes. All the best for your future endeavors, Nilanjan.

Nilanjan Roy

Thanks, Kawal.

Moderator

Thank you. Next question is from the line of Manik Taneja from Axis Capital. Please go ahead,

Manik Taneja

Hi. Thank you for the opportunity. I just wanted to understand over the course of last 9 to 12 months, the industry has been complaining about the leakage on the existing projects as well as non-extension of discretionary projects. Are you seeing any change on that front? That is question number one. The second question was with regards to the expansion in terms of captive centers, and we continue to see news flow on that front. Any comments from you on that front?

Salil Parekh

I think, on the first part, our sense is in the last quarter, so in this Q3, we have not seen any change in the work on those projects that had essentially a similar type of trajectory. On the captive centers there, typically, we see that any time there is new technology shifts, whether there was digital or cloud or Generative AI, there is definitely more interest in some clients building out captives. Equally as technologies age, we see some clients are looking to exit and especially to be more optimized.

And we have seen that in several of our large deals, if you look back over the last several quarters. We have had these where, in addition to the transformation, we have taken on the task of optimizing pre-existing captives and so on.

So, we do not see a change. It is just maybe it is that new technology moment where we see the activity. But we also see converse activity of things which were let us say, set up 5, 7, 10 years ago, which are going through that change or decline in that situation.

Manik Taneja

Sure. And one last question from my end, we have been seeing our headcount reduced for the last several quarters. Any sense on how we should be thinking about the optimization on this front given the kind of deal wins that we have had in the last three quarters?

Nilanjan Roy

Yes. So I have mentioned that a couple of times, utilization is something where we have headroom. So the decline in headcount really does not concern us too much. And both from availability of talent to ramp-up, we now have a very strong off-campus program. This is something over the last three or four years, we have perfected post COVID and that is really on tap without having to give out requests to colleges one year in advance.

And of course, from a lateral perspective, like I mentioned, with the market being soft, there is of course, talent available even laterally. So in that sense, we are very, very comfortable with any volume requirements and ability to fulfill.

Manik Taneja

Sure. Thank you and all the best for the future.

Moderator

Ladies and gentlemen, that was the last question for today. I now hand the conference over to the management for their closing remarks. Thank you and over to you.

Salil Parekh

Thank you. Just, first, everyone on the call thanks very much for joining us and for your questions. I want to just summarize with a few points. First, we are very excited with the large deals at $3.2 bn, 71% net new. It really shows the foundation of what we see for the future, very happy with the strong margin and also for an extremely strong margin improvement program that is in play.

Our Generative AI work is really pervasive. It is across all of our client discussions, in our service lines and we believe we are building extremely deep capability within our Topaz set of capabilities. We see continued strong focus on cost takeout, consolidation and we have extreme strength in that. We feel good that, that will continue. If that continues, we have a good play into that.

And then finally, we feel good overall about the resilience of our business given the quarter and the seasonality that we had and the overall economic environment. We feel really good about the resilience of our business and the future.

So thank you, everyone, again and look forward to catching up at the next quarter call.

Moderator

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

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 nine months ended December 31, 2023, (the “Statement”) being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

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

i.	includes<br>the results of the subsidiaries as given in the Annexure to this report;
ii.	is presented<br>in accordance with the requirements of Regulation 33 of the Listing Regulations; and
---	---
iii.	gives a<br>true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim<br>Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read<br>with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated<br>total comprehensive income and other financial information of the Group for the quarter and nine months ended December 31, 2023.
---	---

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for audit of the consolidated financial results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the consolidated financial results for the quarter and nine months ended December 31, 2023 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(c) 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 for the three and nine months ended December 31, 2023. This responsibility includes the preparation and presentation of the consolidated financial results for the quarter and nine months ended December 31, 2023 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 these consolidated financial results.

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

·	Identify<br>and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform<br>audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.<br>The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve<br>collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
·	Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
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·	Evaluate<br>the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
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·	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.
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·	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.
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·	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.
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·	Perform procedures in accordance with<br>the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
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·	Obtain<br>sufficient appropriate audit evidence regarding the Financial Information of the entities within the Group to express an opinion on the<br>consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information<br>of such entities included in the consolidated financial results of which we are the independent auditors.
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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: January 11, 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>Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN: 24039826BKCOCL8373

Annexure to Auditor’s Report

List of Entities:

1.	Infosys<br>Technologies (China) Co. Limited
2.	Infosys<br>Technologies S. de R. L. de C. V.
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3.	Infosys<br>Technologies (Sweden) AB
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4.	Infosys<br>Technologies (Shanghai) Company Limited
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5.	Infosys<br>Nova Holdings LLC.
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6.	EdgeVerve<br>Systems Limited
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7.	Infosys<br>Austria GmbH
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8.	Skava Systems<br>Private Limited (under liquidation)
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9.	Infosys<br>Chile SpA
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10.	Infosys<br>Arabia Limited (under liquidation)
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11.	Infosys<br>Consulting Ltda.
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12.	Infosys<br>Luxembourg S.a.r.l
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13.	Infosys<br>Americas Inc. (liquidated effective July 14, 2023)
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14.	Infosys<br>Public Services, Inc. USA
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15.	Infosys<br>BPM Limited
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16.	Infosys<br>(Czech Republic) Limited s.r.o.
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17.	Infosys<br>Poland Sp z.o.o
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18.	Infosys<br>McCamish Systems LLC
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19.	Portland<br>Group Pty Ltd
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20.	Infosys<br>BPO Americas LLC.
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21.	Infosys<br>Consulting Holding AG
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22.	Infosys<br>Management Consulting Pty Limited
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23.	Infosys<br>Consulting AG
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24.	Infosys<br>Consulting GmbH
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25.	Infosys<br>Consulting S.R.L (Romania)
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26.	Infosys<br>Consulting SAS
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27.	Infy Consulting Company Ltd.
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28.	Infy Consulting<br>B.V.
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29.	Infosys<br>Consulting S.R.L (Argentina) (formerly a wholly-owned subsidiary of Infosys Consulting Holding AG) became the majority owned and controlled<br>subsidiary of Infosys Limited with effect from April 1, 2022
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30.	Infosys<br>Consulting (Belgium) NV
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31.	Panaya<br>Inc.
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32.	Infosys<br>Financial Services GmbH (formerly known as Panaya GmbH) became a wholly owned subsidiary of Infosys Singapore Pte. Ltd with effect from<br>February 23, 2023
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33.	Panaya<br>Ltd.
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34.	Brilliant<br>Basics Holdings Limited (under liquidation)
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35.	Brilliant<br>Basics Limited (under liquidation)
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36.	Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.)
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37.	Infosys<br>Middle East FZ LLC
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38.	Fluido<br>Oy
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39.	Fluido<br>Sweden AB (Extero)
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40.	Fluido<br>Norway A/S
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41.	Fluido<br>Denmark A/S
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42.	Fluido<br>Slovakia s.r.o
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43.	Infosys<br>Compaz Pte. Ltd.
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44.	Infosys<br>South Africa (Pty) Ltd
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45.	WongDoody, Inc
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46.	HIPUS Co.,<br>Ltd.
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47.	Stater<br>N.V.
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48.	Stater<br>Nederland B.V.
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49.	Stater<br>XXL B.V.
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50.	HypoCasso<br>B.V.
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51.	Stater<br>Participations B.V. (wholly owned subsidiary of Stater N.V. merged with Stater N.V. with effect from November 24, 2023)
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52.	Stater<br>Belgium N.V./S.A. (formerly a wholly owned subsidiary of Stater Participations B.V., became the wholly owned subsidiary of Stater N.V.<br>with effect from November 24, 2023)
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53.	Outbox<br>systems Inc. dba Simplus (US)
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54.	Simplus<br>ANZ Pty Ltd.
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55.	Simplus<br>Australia Pty Ltd
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56.	Simplus<br>Philippines, Inc.
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57.	Infosys<br>Fluido UK, Ltd. (formerly Simplus U.K, Ltd)
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58.	Infosys<br>Fluido Ireland, Ltd. (formerly Simplus Ireland, Ltd)
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59.	Infosys<br>Limited Bulgaria EOOD
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60.	Infosys<br>BPM UK Limited
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61.	Blue Acorn<br>iCi Inc. (formerly known as Beringer Commerce Inc)
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62.	Kaleidoscope<br>Animations, Inc.
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63.	Kaleidoscope<br>Prototyping LLC (liquidated effective November 1, 2023)
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64.	GuideVision<br>s.r.o
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65.	GuideVision<br>Deutschland GmbH
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66.	GuideVision<br>Suomi Oy
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67.	GuideVision<br>Magyarorszag Kft
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68.	GuideVision<br>Polska Sp. z.o.o
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69.	Infosys<br>Business Solutions LLC
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70.	Infosys<br>Germany GmbH (formerly known as Kristall 247. GmbH)
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71.	GuideVision<br>UK Ltd (under liquidation)
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72.	Infosys<br>Turkey Bilgi Teknolojileri Limited Sirketi
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73.	Infosys<br>Germany Holding Gmbh
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74.	Infosys<br>Automotive and Mobility GmbH & Co. KG
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75.	Stater<br>GmbH
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76.	Infosys Green Forum
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77.	Infosys (Malaysia) SDN. BHD.<br>(formerly Global Enterprise International (Malaysia) Sdn. Bhd.
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78.	oddity space GmbH (acquired by<br>Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023)
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79.	oddity jungle GmbH (acquired<br>by Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023)
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80.	oddity waves GmbH (acquired by<br>Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023)
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81.	oddity group Services GmbH (acquired<br>by Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023)
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82.	oddity code GmbH (acquired by<br>Infosys Germany GmbH on April 20, 2022, merged into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023)
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83.	oddity code d.o.o. (renamed as<br>WongDoody d.o.o) which was formerly a subsidiary of oddity Code GmbH acquired by Infosys Germany GmbH on April 20, 2022 has become a subsidiary<br>of Wongdoody Gmbh (formerly known as oddity GmbH) with effect from September 29, 2023
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84.	oddity GmbH renamed as WongDoody<br>GmbH (acquired by Infosys Germany GmbH on April 20, 2022)
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85.	oddity (Shanghai) Co. Ltd. (subsidiary<br>of oddity GmbH) acquired by Infosys Germany GmbH on April 20, 2022
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86.	oddity Limited (Taipei) (subsidiary<br>of oddity GmbH) acquired by Infosys Germany GmbH on April 20, 2022
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87.	Infosys Public Services Canada<br>Inc. (a wholly owned subsidiary of Infosys Public Services Inc.) incorporated on July 8, 2022
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88.	BASE life science A/S acquired<br>by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.) on September 1, 2022
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89.	BASE life science AG (a wholly<br>owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.) on<br>September 1, 2022
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90.	BASE life science GmbH (a wholly<br>owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.) on<br>September 1, 2022
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91.	BASE life science Ltd. (a wholly<br>owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.) on<br>September 1, 2022
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92.	BASE life science S.A.S. (a wholly<br>owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.) on<br>September 1, 2022
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93.	BASE life science S.r.l. (a wholly<br>owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.) on<br>September 1, 2022
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94.	Innovisor Inc. (a wholly owned<br>subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.) on September<br>1, 2022
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95.	BASE life science Inc. (a wholly<br>owned subsidiary of BASE life science A/S) acquired by Infosys Singapore Pte. Ltd. (formerly known as Infosys Consulting Pte. Ltd.) on<br>September 1, 2022
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96.	BASE life science SL. (a wholly<br>owned subsidiary of BASE life science A/S) incorporated on September 6, 2022
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97.	Panaya Germany GmbH, a wholly<br>owned subsidiary of Panaya Inc. was incorporated on December 15, 2022
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98.	Infosys Norway, a wholly owned<br>subsidiary of Infosys Singapore Pte. Ltd. was incorporated on February 7, 2023
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99.	Infosys BPM Canada Inc. (Wholly-owned<br>subsidiary of Infosys BPM Limited) incorporated on August 11, 2023
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100.	Danske IT and Support Services<br>India Private Limited acquired by Infosys Limited on September 1, 2023
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101.	Infosys Employees Welfare Trust
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102.	Infosys Employee Benefits Trust
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103.	Infosys Science Foundation
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104.	Infosys Expanded Stock Ownership<br>Trust
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INDEPENDENTAUDITOR’S REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL RESULTS

TOTHE BOARD OF DIRECTORS OF INFOSYS LIMITED

Opinion

We have audited the accompanying Statement of Standalone Financial Results of INFOSYS LIMITED (the “Company”), for the quarter and nine months ended December 31, 2023, (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 accordance with<br>the requirements of Regulation 33 of the Listing Regulations; and
b.	gives a true and fair view in<br>conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting”<br>(“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read with relevant rules issued<br>thereunder 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 nine months ended December 31, 2023.
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is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and total comprehensive income, and other financial information of the Company for the quarter and nine months ended December 31, 2023.

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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 Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter and nine months ended December 31, 2023 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 for the three and nine months ended December 31, 2023. This responsibility includes the preparation and presentation of the standalone financial results for the quarter and nine months ended December 31, 2023 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

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

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

Auditor’s Responsibilities for theAudit of the Standalone Financial Results

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

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

•	Identify and assess the risks<br>of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive<br>to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting<br>a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional<br>omissions, misrepresentations, or the override of internal control.
•	Obtain an understanding of internal<br>financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the<br>purpose of expressing an opinion on the effectiveness of such controls.
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•	Evaluate the appropriateness<br>of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
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•	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.
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•	Conclude on the appropriateness<br>of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material<br>uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going<br>concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related<br>disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence<br>obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue<br>as a going concern.
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•	Evaluate the overall presentation,<br>structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent<br>the underlying transactions and events in a manner that achieves fair presentation.
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•	Obtain sufficient appropriate<br>audit evidence regarding the standalone financial results of the Company to express an opinion on the standalone financial results.
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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: January 11, 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>Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN: 24039826BKCOCN5706
<br> Infosys<br> Limited<br><br><br> <br><br> Regd.<br> office: Electronics City, Hosur Road,<br><br><br> <br><br> Bengaluru<br> – 560 100, India<br>	<br> CIN<br> : L85110KA1981PLC013115<br><br><br> <br><br> Website:<br> www.infosys.com<br><br><br> <br><br> email:<br> investors@infosys.com<br><br><br> <br><br> T:<br> 91 80 2852 0261, F: 91 80 2852 0362<br>
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Statement of Consolidated Audited Results of InfosysLimited and its subsidiaries for the quarter and nine months ended December 31, 2023 prepared in compliance with the Indian AccountingStandards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine monthsendedDecember 31,		Year endedMarch 31,
	2023	2023	2022	2023	2022	2023
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	38,821	38,994	38,318	115,748	109,326	146,767
Other income, net	789	632	769	1,982	2,030	2,701
Total Income	39,610	39,626	39,087	117,730	111,356	149,468
Expenses
Employee benefit expenses	20,651	20,796	20,272	62,228	58,048	78,359
Cost of technical sub-contractors	3,066	3,074	3,343	9,264	10,946	14,062
Travel expenses	387	439	360	1,288	1,099	1,525
Cost of software packages and others	3,722	3,387	3,085	9,828	8,017	10,902
Communication expenses	169	179	183	531	542	713
Consultancy and professional charges	504	387	401	1,237	1,296	1,684
Depreciation and amortisation expenses	1,176	1,166	1,125	3,515	3,104	4,225
Finance cost	131	138	80	360	202	284
Other expenses	1,185	1,292	1,307	3,731	3,246	4,392
Total expenses	30,991	30,858	30,156	91,982	86,500	116,146
Profit before tax	8,619	8,768	8,931	25,748	24,856	33,322
Tax expense:
Current tax	2,419	2,491	2,195	7,216	7,027	9,287
Deferred tax	87	62	150	258	(145)	(73)
Profit for the period	6,113	6,215	6,586	18,274	17,974	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	71	(64)	29	94	(17)	8
Equity instruments through other comprehensive income, net	(9)	40	1	31	8	(7)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	(46)	23	(57)	(17)	(43)	(7)
Exchange differences on translation of foreign operations	436	5	676	457	715	776
Fair value changes on investments, net	52	(20)	48	107	(298)	(256)
Total other comprehensive income/(loss), net of tax	504	(16)	697	672	365	514
Total comprehensive income for the period	6,617	6,199	7,283	18,946	18,339	24,622
Profit attributable to:
Owners of the company	6,106	6,212	6,586	18,264	17,967	24,095
Non-controlling interest	7	3	–	10	7	13
	6,113	6,215	6,586	18,274	17,974	24,108
Total comprehensive income attributable to:
Owners of the company	6,605	6,196	7,268	18,934	18,322	24,598
Non-controlling interest	12	3	15	12	17	24
	6,617	6,199	7,283	18,946	18,339	24,622
Paid up share capital (par value 5/- each, fully paid)	2,070	2,070	2,086	2,070	2,086	2,069
Other equity *^#^	73,338	73,338	73,252	73,338	73,252	73,338
Earnings per equity share (par value 5/- each)**
Basic (in per share)	14.76	15.01	15.72	44.13	42.85	57.63
Diluted (in per share)	14.74	14.99	15.70	44.08	42.79	57.54
*	Balances for the quarter and nine months ended December 31, 2023 and quarter ended September30, 2023 represent balances as per the audited Balance Sheet as at March 31, 2023 and balances for the quarter and nine months endedDecember 31, 2022 represent balances as per the audited Balance Sheet as at March 31, 2022 as required by SEBI (Listing and Other DisclosureRequirements) Regulations, 2015
---	---
**	EPS is not annualized for the quarter and nine months ended December 31, 2023, quarterended September 30, 2023 and quarter and nine months ended December 31, 2022.
---	---
^#^	Excludes non-controlling interest
---	---

1. Notes pertaining to the current quarter

a) The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2023 have been taken on record by the Board of Directors at its meeting held on January 11, 2024. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Board and Management changes

i) The Board, based on the recommendation of the Nomination and Remuneration Committee, considered and approved the re-appointment of Chitra Nayak (DIN - 09101763), as an Independent Director for the second term of three years from March 25, 2024 to March 24, 2027, subject to shareholders’ approval.

ii) The Board appointed Jayesh Sanghrajka as the Chief Financial Officer of the Company with effect from April 1, 2024.

iii) Nilanjan Roy resigned as the Chief Financial Officer of the Company. He will continue to be with Infosys till March 31, 2024 as the Chief Financial Officer. The Board placed on record its appreciation for the services rendered by him and for his contributions to the Company.

c) Update on McCamish Cybersecurity incident

In November 2023, Infosys McCamish Systems LLC (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 and others amounted to approximately 250 crore ($30 million).

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. On the basis of analysis conducted by the cybersecurity firm, McCamish believes that certain data was exfiltrated by unauthorized third parties during the incident and this exfiltrated data included certain customer data. McCamish has engaged a third-party e-discovery vendor in assessing the extent and nature of such data. This review process is ongoing. McCamish may incur additional costs including indemnities or damages/claims, which are indeterminable at this time.

Infosys had previously communicated the occurence of this cybersecurity incident to BSE Limited, National Stock Exchange of India Limited, New York Stock Exchange and to United States Securities and Exchange Commission on November 3, 2023.

d) 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 280 crore (approximately $34 million) , subject to customary closing adjustments.

e) Update on stock grants

The Board, on January 11, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved the annual time-based stock incentives in the form of Restricted Stock Units (RSUs) to Salil Parekh, CEO & MD having a market value of 3 crore as on the date of grant under the 2015 Stock Incentive Compensation Plan (2015 Plan) in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The RSUs will be granted w.e.f February 1, 2024 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2024. The exercise price of RSUs will be equal to the par value of the share.

2. Information on dividends for the quarter andnine months ended December 31, 2023

The Board of Directors (in the meeting held on October 12, 2023) declared an interim dividend of 18/- 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 endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine months ended December 31,		Year endedMarch 31,
	2023	2023	2022	2023	2022	2023
Dividend per share (par value 5/- each)
Interim dividend	–	18.00	–	18.00	16.50	16.50
Final dividend	–	–	–	–	–	17.50

3. Segment reporting (Consolidated - Audited)

(in crore)

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine months ended December 31,		Year endedMarch 31,
	2023	2023	2022	2023	2022	2023
Revenue by business segment
Financial Services ^(1)#^	10,783	10,705	11,235	32,149	32,945	43,763
Retail ^(2)^	5,649	5,913	5,480	17,075	15,667	21,204
Communication ^(3)^	4,421	4,463	4,710	13,325	13,675	18,086
Energy, Utilities, Resources and Services	5,121	4,957	4,957	14,966	13,714	18,539
Manufacturing	5,786	5,574	5,099	16,710	13,957	19,035
Hi-Tech	2,985	3,053	3,095	9,095	8,878	11,867
Life Sciences ^(4)^	2,954	3,050	2,695	8,753	7,404	10,085
All other segments ^(5)^	1,122	1,279	1,047	3,675	3,086	4,188
Total	38,821	38,994	38,318	115,748	109,326	146,767
Less: Inter-segment revenue	–	–	–	–	–	–
Net revenue from operations	38,821	38,994	38,318	115,748	109,326	146,767
Segment profit before tax, depreciation and non-controlling interests:
Financial Services ^(1)#^	2,260	2,579	2,678	7,384	8,243	10,843
Retail ^(2)^	1,715	1,674	1,646	5,018	4,761	6,396
Communication ^(3)^	860	1,035	1,042	2,879	2,801	3,759
Energy, Utilities , Resources and Services	1,450	1,352	1,457	4,091	3,853	5,155
Manufacturing	1,110	1,033	1,035	3,116	2,212	3,113
Hi-Tech	758	788	813	2,349	2,209	2,959
Life Sciences ^(4)^	766	799	684	2,266	1,861	2,566
All other segments ^(5)^	218	180	12	538	192	339
Total	9,137	9,440	9,367	27,641	26,132	35,130
Less: Other Unallocable expenditure	1,176	1,166	1,125	3,515	3,104	4,225
Add: Unallocable other income	789	632	769	1,982	2,030	2,701
Less: Finance cost	131	138	80	360	202	284
Profit before tax and non-controlling interests	8,619	8,768	8,931	25,748	24,856	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.c) 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 not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

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

(in crore)

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine months ended December 31,		Year endedMarch 31,
	2023	2023	2022	2023	2022	2023
Revenue from operations	32,491	32,629	32,389	96,932	93,483	124,014
Profit before tax	8,876	8,517	8,295	25,539	23,686	31,643
Profit for the period	6,552	6,245	6,210	18,754	17,364	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 condensed financial statements as stated.

	By order of the Board for Infosys Limited
Bengaluru, India	Salil Parekh
January 11, 2024	Chief Executive Officer and Managing Director

The Board has also taken on record the condensed consolidatedresults of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2023, prepared as per InternationalFinancial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:

(in US$ million, except per equity share data)

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine months ended December 31,		Year endedMarch 31,
	2023	2023	2022	2023	2022	2023
	Audited	Audited	Audited	Audited	Audited	Audited
Revenues	4,663	4,718	4,659	13,997	13,657	18,212
Cost of sales	3,274	3,271	3,230	9,755	9,544	12,709
Gross profit	1,389	1,447	1,429	4,242	4,113	5,503
Operating expenses	433	447	428	1,325	1,245	1,678
Operating profit	956	1,000	1,001	2,917	2,868	3,825
Other income, net	95	77	94	239	254	335
Finance cost	16	17	10	43	25	35
Profit before income taxes	1,035	1,060	1,085	3,113	3,097	4,125
Income tax expense	301	309	285	904	859	1,142
Net profit	734	751	800	2,209	2,238	2,983
Earnings per equity share *
Basic (in $ per share)	0.18	0.18	0.19	0.53	0.53	0.71
Diluted (in $ per share)	0.18	0.18	0.19	0.53	0.53	0.71
Total assets	15,606	15,689	15,226	15,606	15,226	15,312
Cash and cash equivalents and current investments	2,598	2,805	2,456	2,598	2,456	2,322
*	EPS is not annualized for the quarter and nine months ended December 31, 2023, quarterended September 30, 2023 and quarter and nine months ended December 31, 2022.
---	---

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident 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 transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the actual or anticipated findings of the ongoing assessment of the extent and nature of exfiltrated data in relation to the McCamish cybersecurity incident and customer reaction to such findings, and the amount of any additional costs, including indemnities or damages / claims, resulting from the McCamish cybersecurity 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.

<br> Infosys<br> Limited<br><br><br> <br><br> Regd.<br> office: Electronics City, Hosur Road,<br><br><br> <br><br> Bengaluru<br> – 560 100, India<br>	<br> CIN<br> : L85110KA1981PLC013115<br><br><br> <br><br> Website:<br> www.infosys.com<br><br><br> <br><br> email:<br> investors@infosys.com<br><br><br> <br><br> T:<br> 91 80 2852 0261, F: 91 80 2852 0362<br>

Statement of Audited Results of Infosys Limited forthe quarter and nine months ended December 31, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine monthsendedDecember 31,		Year endedMarch 31,
	2023	2023	2022	2023	2022	2023
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	32,491	32,629	32,389	96,932	93,483	124,014
Other income, net	1,582	1,350	1,177	3,934	3,093	3,859
Total income	34,073	33,979	33,566	100,866	96,576	127,873
Expenses
Employee benefit expenses	16,304	16,435	16,395	49,092	47,182	62,764
Cost of technical sub-contractors	4,670	4,645	4,720	13,991	14,545	19,096
Travel expenses	296	345	284	1,001	892	1,227
Cost of software packages and others	1,811	1,809	1,728	4,793	4,339	5,214
Communication expenses	119	131	132	379	386	502
Consultancy and professional charges	282	275	280	772	975	1,236
Depreciation and amortisation expense	738	738	713	2,222	2,039	2,753
Finance cost	82	89	41	215	115	157
Other expenses	895	995	978	2,862	2,417	3,281
Total expenses	25,197	25,462	25,271	75,327	72,890	96,230
Profit before tax	8,876	8,517	8,295	25,539	23,686	31,643
Tax expense:
Current tax	2,231	2,180	1,916	6,476	6,261	8,167
Deferred tax	93	92	169	309	61	208
Profit for the period	6,552	6,245	6,210	18,754	17,364	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	73	(68)	28	92	(28)	(19)
Equity instruments through other comprehensive income, net	(9)	40	2	31	9	(6)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	(46)	23	(57)	(17)	(43)	(7)
Fair value changes on investments, net	49	(22)	42	95	(275)	(236)
Total other comprehensive income/ (loss), net of tax	67	(27)	15	201	(337)	(268)
Total comprehensive income for the period	6,619	6,218	6,225	18,955	17,027	23,000
Paid-up share capital (par value 5/- each fully paid)	2,075	2,075	2,091	2,075	2,091	2,074
Other Equity*	65,671	65,671	67,203	65,671	67,203	65,671
Earnings per equity share ( par value 5 /- each)**
Basic (in per share)	15.79	15.05	14.77	45.19	41.28	55.48
Diluted (in per share)	15.78	15.04	14.76	45.15	41.24	55.42
*	Balances for the quarter and nine months ended December 31, 2023 and quarter ended September30, 2023 represent balances as per the audited Balance Sheet as at March 31, 2023 and balances for the quarter and nine months endedDecember 31, 2022 represent balances as per the audited Balance Sheet as at March 31, 2022 as required by SEBI (Listing and Other DisclosureRequirements) Regulations, 2015.
---	---
**	EPS is not annualized for the quarter and nine months ended December 31, 2023, quarterended September 30, 2023 and quarter and nine months ended December 31, 2022.
---	---

1. Notes pertaining to the current quarter

a) The audited interim condensed standalone financial statements for the quarter and nine months ended December 31, 2023 have been taken on record by the Board of Directors at its meeting held on January 11, 2024. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Board and Management changes

ii) The Board appointed Jayesh Sanghrajka as the Chief Financial Officer of the Company with effect from April 1, 2024.

c) Proposed acquisition

d) Update on stock grants

2. Information on dividends for the quarter andnine months ended December 31, 2023

(in )

Particulars	Quarter endedDecember 31,	Quarter endedSeptember 30,	Quarter endedDecember 31,	Nine months endedDecember 31,		Year endedMarch 31,
	2023	2023	2022	2023	2022	2023
Dividend per share (par value 5/- each)
Interim dividend	–	18.00	–	18.00	16.50	16.50
Final dividend	–	–	–	–	–	17.50

3. Segment Reporting

The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the audited interim condensed consolidated financial statements. Accordingly, the segment information is given in the audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2023.

	By order of the Board for Infosys Limited
Bengaluru, India	Salil Parekh
January 11, 2024	Chief Executive Officer and Managing Director

<br> Infosys<br> Limited<br><br><br> <br><br> Regd.<br> office: Electronics City, Hosur Road,<br><br><br> <br><br> Bengaluru<br> – 560 100, India<br>	<br> CIN<br> : L85110KA1981PLC013115<br><br><br> <br><br> Website:<br> www.infosys.com<br><br><br> <br><br> email:<br> investors@infosys.com<br><br><br> <br><br> T:<br> 91 80 2852 0261, F: 91 80 2852 0362<br>

Extract of Consolidated Audited Financial Results ofInfosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2023 prepared in compliance with the Indian AccountingStandards (Ind-AS)

( in crore exceptper equity share data)

Particulars	Quarter endedDecember 31,	Nine monthsendedDecember 31,	Quarter endedDecember 31,
	2023	2023	2022
Revenue from operations	38,821	115,748	38,318
Profit before tax	8,619	25,748	8,931
Profit for the period	6,113	18,274	6,586
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax)	6,617	18,946	7,283
Profit attributable to:
Owners of the company	6,106	18,264	6,586
Non-controlling interest	7	10	-
	6,113	18,274	6,586
Total comprehensive income attributable to:
Owners of the company	6,605	18,934	7,268
Non-controlling interest	12	12	15
	6,617	18,946	7,283
Paid-up share capital (par value 5/- each fully paid)	2,070	2,070	2,086
Other equity *^#^	73,338	73,338	73,252
Earnings per equity share (par value 5/- each)**
Basic (in per share)	14.76	44.13	15.72
Diluted (in per share)	14.74	44.08	15.70
*	Balances for the quarter and nine months ended December 31, 2023 represent balances asper the audited Balance Sheet as at March 31, 2023 and balances for the quarter ended December 31, 2022 represent balances as per theaudited Balance Sheet as at March 31, 2022 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015
---	---
**	EPS is not annualized for the quarter and nine months ended December 31, 2023 and quarterended December 31, 2022.
---	---
^#^	Excludes non-controlling interest
---	---

1. Notes pertaining to the current quarter

a) The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2023 have been taken on record by the Board of Directors at its meeting held on January 11, 2024. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Board and Management changes

ii) The Board appointed Jayesh Sanghrajka as the Chief Financial Officer of the Company with effect from April 1, 2024.

c) Update on McCamish Cybersecurity incident

Loss of contracted revenues and costs incurred with respect to remediations, restoration, communication efforts and others amounted to approximately 250 crore ($30 million).

d) Proposed acquisition

e) Update on stock grants

2. Information on dividends for the quarter andnine months ended December 31, 2023

**** (in )

Particulars	Quarter endedDecember 31,	Nine monthsendedDecember 31,	Quarter endedDecember 31,
	2023	2023	2022
Dividend per share (par value 5/- each)
Interim dividend	–	18.00	–
Final dividend	–	–	–

3. Audited financial results of InfosysLimited (Standalone information)

(in crore)

Particulars	Quarter endedDecember 31,	Nine monthsendedDecember 31,	Quarter endedDecember 31,
	2023	2023	2022
Revenue from operations	32,491	96,932	32,389
Profit before tax	8,876	25,539	8,295
Profit for the period	6,552	18,754	6,210

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

	By order of the Board for Infosys Limited
Bengaluru, India	Salil Parekh
January 11, 2024	Chief Executive Officer and Managing Director

Exhibit 99.7

IFRS USD Earning Release

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS)in US Dollars for the three months and nine months ended December31, 2023

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

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim CondensedConsolidated Financial Statements

Opinion

We have audited the accompanying interim condensed consolidated financial statements of INFOSYS LIMITED (the “Company”), and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”), which comprise the Condensed Consolidated Balance Sheet as at December 31, 2023, the Condensed Consolidated Statement of Comprehensive Income for the three months and nine months ended on that date, the Condensed Consolidated Statement of Changes in Equity and the Condensed Consolidated Statement of Cash Flows for the nine months ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as the “interim condensed consolidated financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed consolidated financial statements give a true and fair view in conformity with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”), of the consolidated state of affairs of the Group as at December 31, 2023, its consolidated profit and its consolidated total comprehensive income for the three months and nine months ended on that date, its consolidated changes in equity and its consolidated cash flows for the nine months ended on that date.

Basis for Opinion

We conducted our audit of the interim condensed consolidated financial statements in accordance with the Standards on Auditing (“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 control that we identify during our audit.

Place: Bengaluru<br><br> <br>Date: January 11, 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: 24039826BKCOCQ1901

Infosys Limited and subsidiaries

(Dollars in millions except equity share data)

Condensed Consolidated Balance Sheet as at	Note	December 31, 2023	March 31, 2023
ASSETS
Current assets
Cash and cash equivalents	2.1	1,640	1,481
Current investments	2.2	958	841
Trade receivables		3,680	3,094
Unbilled revenue	2.17	1,589	1,861
Prepayments and other current assets	2.4	1,395	1,336
Income tax assets	2.12	21	1
Derivative financial instruments	2.3	9	12
Total current assets		9,292	8,626
Non-current assets
Property, plant and equipment	2.7	1,547	1,679
Right-of-use assets	2.8	828	837
Goodwill	2.9	894	882
Intangible assets		181	213
Non-current investments	2.2	1,354	1,530
Unbilled revenue	2.17	202	176
Deferred income tax assets	2.12	84	152
Income tax assets	2.12	823	785
Other non-current assets	2.4	401	432
Total non-current assets		6,314	6,686
Total assets		15,606	15,312
LIABILITIES AND EQUITY
Current liabilities
Trade payables		460	470
Lease liabilities	2.8	249	151
Derivative financial instruments	2.3	17	10
Current income tax liabilities	2.12	483	412
Unearned revenue		922	872
Employee benefit obligations		326	292
Provisions	2.6	220	159
Other current liabilities	2.5	2,001	2,403
Total current liabilities		4,678	4,769
Non-current liabilities
Lease liabilities	2.8	802	859
Deferred income tax liabilities	2.12	113	149
Employee benefit obligations		11	10
Other non-current liabilities	2.5	334	301
Total non-current liabilities		1,260	1,319
Total liabilities		5,938	6,088
Equity
Share capital - 5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,139,198,089 (4,136,387,925) equity shares fully paid up, net of 11,249,465 (12,172,119) treasury shares as at December 31, 2023 (March 31, 2023)	2.18	325	325
Share premium		413	366
Retained earnings		11,613	11,401
Cash flow hedge reserves		(2)	-
Other reserves		1,593	1,370
Capital redemption reserve		24	24
Other components of equity		(4,349)	(4,314)
Total equity attributable to equity holders of the Company		9,617	9,172
Non-controlling interests		51	52
Total equity		9,668	9,224
Total liabilities and equity		15,606	15,312

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm's Registration No:
117366W/W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
Bengaluru<br><br> <br>January 11, 2024	Nilanjan Roy<br><br> <br>Chief Financial Officer	Jayesh Sanghrajka<br><br> <br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary

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

Condensed Consolidated Statement of Comprehensive Income for the	Three months ended		Nine months ended
	December 31, 2023	December 31, 2022	December 31, 2023	December 31, 2022
Revenues	4,663	4,659	13,997	13,657
Cost of sales	3,274	3,230	9,755	9,544
Gross profit	1,389	1,429	4,242	4,113
Operating expenses:
Selling and marketing expenses	204	196	633	574
Administrative expenses	229	232	692	671
Total operating expenses	433	428	1,325	1,245
Operating profit	956	1,001	2,917	2,868
Other income, net	95	94	239	254
Finance cost	16	10	43	25
Profit before income taxes	1,035	1,085	3,113	3,097
Income tax expense	301	285	904	859
Net profit	734	800	2,209	2,238
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	8	4	11	-
Equity instruments through other comprehensive income, net	(1)	(1)	4	(2)
	7	3	15	(2)
Items that will be reclassified subsequently to profit or loss
Fair value changes on investments, net	7	6	13	(34)
Fair value changes on derivatives designated as cash flow hedge, net	(6)	(7)	(2)	(5)
Exchange differences on translation of foreign operations	34	(84)	(63)	(771)
	35	(85)	(52)	(810)
Total other comprehensive income/(loss), net of tax	42	(82)	(37)	(812)
Total comprehensive income	776	718	2,172	1,426
Profit attributable to:
Owners of the Company	733	800	2,208	2,237
Non-controlling interests	1	–	1	1
	734	800	2,209	2,238
Total comprehensive income attributable to:
Owners of the Company	775	718	2,171	1,425
Non-controlling interests	1	–	1	1
	776	718	2,172	1,426
Earnings per equity share
Basic (in per share)	0.18	0.19	0.53	0.53
Diluted (in per share)	0.18	0.19	0.53	0.53
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	4,138,963,794	4,190,550,470	4,138,282,170	4,192,969,201
Diluted (in shares)	4,143,565,697	4,195,924,920	4,143,506,821	4,199,312,062

All values are in US Dollars.

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm's Registration No:
117366W/W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
Bengaluru<br><br> <br>January 11, 2024	Nilanjan Roy<br><br> <br>Chief Financial Officer	Jayesh Sanghrajka<br><br> <br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary

Infosys Limited and subsidiaries

Condensed Consolidated Statement of Changes in Equity

(Dollarsin 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 nine months ended December 31, 2022
Net profit	–	–	–	2,237	–	–	–	–	2,237	1	2,238
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	(5)	–	(5)	–	(5)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	(771)	(771)	–	(771)
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	(2)	(2)	–	(2)
Fair value changes on investments, net*	–	–	–	–	–	–	–	(34)	(34)	–	(34)
Total comprehensive income for the period	–	–	–	2,237	–	–	(5)	(807)	1,425	1	1,426
Shares issued on exercise of employee stock options (Refer to note 2.11)	2,499,692	–	3	–	–	–	–	–	3	–	3
Buyback of equity shares (Refer to note 2.18)^**^	(25,164,000)	(1)	(40)	(704)	–	–	–	–	(745)	–	(745)
Transaction cost relating to buyback*	–	–	(3)	–	–	–	–	–	(3)	–	(3)
Amount transferred to capital redemption reserve upon buyback	–	–	–	(1)	–	1	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	48	–	–	–	–	–	48	–	48
Income tax benefit arising on exercise of stock options	–	–	5	–	–	–	–	–	5	–	5
Transferred to other reserves	–	–	–	(312)	312	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	108	(108)	–	–	–	–	–	–
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(3)	(3)
Dividends^#^	–	–	–	(1,697)	–	–	–	–	(1,697)	–	(1,697)
Balance as at December 31, 2022<br><br> <br>****	4,170,348,621	327	350	11,301	1,374	22	(4)	(4,395)	8,975	51	9,026
Balance as at April 1, 2023<br><br> <br>****	4,136,387,925	325	366	11,401	1,370	24	–	(4,314)	9,172	52	9,224
Changes in equity for the nine months ended December 31, 2023
Net profit	–	–	–	2,208	–	–	–	–	2,208	1	2,209
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	11	11	–	11
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	4	4	–	4
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	(2)	–	(2)	–	(2)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	(63)	(63)	–	(63)
Fair value changes on investments, net*	–	–	–	–	–	–	–	13	13	–	13
Total comprehensive income for the period	–	–	–	2,208	–	–	(2)	(35)	2,171	1	2,172
Shares issued on exercise of employee stock options (Refer to note 2.11)	2,810,164	–	–	–	–	–	–	–	–	–	–
Transferred on account of options not exercised	–	–	(4)	4	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	51	–	–	–	–	–	51	–	51
Transferred to other reserves	–	–	–	(281)	281	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	58	(58)	–	–	–	–	–	–
Buyback of shares pertaining to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(2)	(2)
Dividends^#^	–	–	–	(1,777)	–	–	–	–	(1,777)	–	(1,777)
Balance as at December 31, 2023	4,139,198,089	325	413	11,613	1,593	24	(2)	(4,349)	9,617	51	9,668
*	net of tax
---	---
**	Including tax on buyback of $141 million for the nine months ended December 31, 2022.
---	---
#	net of treasury shares
---	---
^##^	Impact on account of adoption of amendment to IAS 37 Provisions, Contingent Liabilitiesand Contingents Assets
---	---
^(1)^	excludes treasury shares of 11,249,465 as at December 31, 2023, 12,172,119 as at April1, 2023, 12,568,222 as at December 31, 2022 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 ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm's Registration No:
117366W/W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
Bengaluru<br><br> <br>January 11, 2024	Nilanjan Roy<br><br> <br>Chief Financial Officer	Jayesh Sanghrajka<br><br> <br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary

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 items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

(Dollars in millions)

Particulars	Note	Nine months ended December 31,
		2023	2022
Operating activities:
Net Profit		2,209	2,238
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortization		425	388
Interest income		(95)	(105)
Finance cost		43	25
Income tax expense	2.12	904	859
Exchange differences on translation of assets and liabilities, net		15	47
Impairment loss recognized/(reversed) under expected credit loss model		27	25
Stock compensation expense		52	48
Provision for post sale client support		25	24
Other adjustments		132	60
Changes in working capital
Trade receivables and unbilled revenue		(429)	(915)
Prepayments and other assets		(83)	(311)
Trade payables		(5)	80
Unearned revenue		61	98
Other liabilities and provisions		(183)	308
Cash generated from operations		3,098	2,869
Income taxes paid		(864)	(824)
Net cash generated by operating activities		2,234	2,045
Investing activities:
Expenditure on property, plant and equipment and intangibles		(200)	(224)
Deposits placed with Corporation		(89)	(113)
Redemption of deposits placed with Corporation		76	84
Interest received		91	97
Payment for acquisition of business, net of cash acquired		-	(113)
Payment of contingent consideration pertaining to acquisition of business		(12)	(8)
Escrow and other deposits pertaining to Buyback		-	(72)
Payments to acquire Investments
Liquid mutual funds units		(6,439)	(6,793)
Certificates of deposit		(510)	(846)
Quoted debt securities		(41)	(228)
Commercial paper		(580)	(291)
Other investments		(1)	(2)
Proceeds on sale of investments
Quoted debt securities		173	273
Certificates of deposit		723	947
Commercial paper		435	162
Liquid mutual funds units		6,316	6,666
Other investments		2	12
Other receipts		15	7
Net cash used in investing activities		(41)	(442)
Financing activities:
Payment of lease liabilities		(174)	(107)
Payment of dividends		(1,777)	(1,697)
Payment of dividends to non-controlling interests of subsidiary		-	(3)
Payment towards buyback of shares pertaining to non controlling interest of subsidiary		(2)	-
Shares issued on exercise of employee stock options		-	3
Other payments		(64)	(45)
Other receipts		-	15
Buyback of equity shares including transaction costs and tax on buyback		-	(475)
Net cash used in financing activities		(2,017)	(2,309)
Net increase/(decrease) in cash and cash equivalents		176	(706)
Effect of exchange rate changes on cash and cash equivalents		(17)	(198)
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	1,640	1,401
Supplementary information:
Restricted cash balance	2.1	45	46

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm's Registration No:
117366W/W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer and Managing Director	Bobby Parikh<br><br> <br>Director
Bengaluru<br><br> <br>January 11, 2024	Nilanjan Roy<br><br> <br>Chief Financial Officer	Jayesh Sanghrajka<br><br> <br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary

INFOSYS LIMITED AND SUBSIDIARIES

Overview and Notes to the Interim Condensed ConsolidatedFinancial Statements

1. Overview

1.1 Company overview

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

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

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

The Group's interim condensed consolidated financial statements are approved for issue by the company's Board of Directors on January 11, 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 ("IASB"), 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 interim condensed consolidated financial statements in conformity with IFRS requires Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the interim condensed consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

1.5 Critical accounting estimates and judgments

a. Revenue recognition

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 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 controls the good or service before it is transferred to the customer. The Group considers whether it has the primary obligation to fulfil the contract, inventory risk, pricing discretion and other factors to determine whether it controls the goods or service and therefore, is acting as a principal or an agent.

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

b. Income taxes

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

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

In assessing the realizability of deferred income tax assets, Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, Management believes that the group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.12)

c. Business combinations and intangible assets

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by Management. (Refer to note 2.10 and 2.9.2)

d. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to note 2.7)

e. Impairment of Goodwill

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

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins. (Refer to note 2.9.1)

1.6 Recent accounting pronouncements

New and revised IFRS Standards in issue but not yeteffective:

Amendments to IFRS 16 Leases	Lease Liability in a Sale and Leaseback
Amendments to IAS 7 Statement of Cash Flows and IFRS 7<br> Financial Instruments	Disclosure regarding supplier finance arrangements
Amendments to IAS 21 The Effects of Changes in Foreign<br> Exchange Rates	Lack of Exchangeability

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 does not expect this amendment to have any significant impact in its financial statements.

Amendments to IAS 7 and IFRS 7

On May 25, 2023 International Accounting Standards Board (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 is in the process of evaluating the impact of the amendment.

Amendments to IAS 21

On August 15, 2023, International Accounting Standards Board (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.

2. Notes to the Interim Condensed Consolidated FinancialStatements

2.1 Cash and cash equivalents

Cash and cash equivalents consist of the following:

(Dollars in millions)

Particulars	As at
	December 31, 2023	March 31, 2023
Cash and bank deposits	1,640	1,220
Deposits with financial institutions	–	261
Total Cash and cash equivalents	1,640	1,481

Cash and cash equivalents as at December 31, 2023 and March 31, 2023 include restricted cash and bank balances of $45 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
	December 31, 2023	March 31, 2023
(i) Current Investments
Amortized Cost
Quoted debt securities	–	18
Fair Value through profit or loss
Liquid mutual fund units	257	119
Fair Value through other comprehensive income
Quoted debt securities	226	179
Certificates of deposits	229	435
Commercial paper	246	90
Total current investments	958	841
(ii) Non-current Investments
Amortized Cost
Quoted debt securities	212	215
Fair Value through other comprehensive income
Quoted debt securities	1,042	1,221
Quoted equity securities	16	–
Unquoted equity and preference securities	10	24
Fair Value through profit or loss
Target maturity fund units	51	49
Others^(1)^	23	21
Total non-current investments	1,354	1,530
Total investments	2,312	2,371
Investments carried at amortized cost	212	233
Investments carried at fair value through other comprehensive income	1,769	1,949
Investments carried at fair value through profit or loss	331	189
^(1)^	Uncalled capital commitments outstanding as on December 31, 2023 and March 31, 2023 was$10 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
		December 31, 2023	March 31, 2023
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	257	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	234	261
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	1,268	1,400
Commercial paper - carried at fair value through other comprehensive income	Market observable inputs	246	90
Certificates of deposit - carried at fair value through other comprehensive income	Market observable inputs	229	435
Quoted equity securities	Quoted price	16	–
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	10	24
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	23	21
Total		2,334	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 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 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 consolidated statement of comprehensive income.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at December 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)	1,640	–	–	–	–	1,640	1,640
Investments (Refer to note 2.2)
Liquid mutual fund units	–	–	257	–	–	257	257
Target maturity fund units	–	–	51	–	–	51	51
Quoted debt securities	212	–	–	–	1,268	1,480	1,502^(1)^
Certificates of deposit	–	–	–	–	229	229	229
Commercial Papers	–	–	–	–	246	246	246
Quoted equity securities	–	–	–	16	–	16	16
Unquoted equity and preference securities	–	–	–	10	–	10	10
Unquoted investment others	–	–	23	–	–	23	23
Trade receivables	3,680	–	–	–	–	3,680	3,680
Unbilled revenues (Refer to note 2.17)^(3)^	1,058	–	–	–	–	1,058	1,058
Prepayments and other assets (Refer to note 2.4)	663	–	–	–	–	663	656^(2)^
Derivative financial instruments	–	–	7	–	2	9	9
Total	7,253	–	338	26	1,745	9,362	9,377
Liabilities:
Trade payables	460	–	–	–	–	460	460
Lease liabilities (Refer to note 2.8)	1,051	–	–	–	–	1,051	1,051
Derivative financial instruments	–	–	14	–	3	17	17
Financial liability under option arrangements <br><br>(Refer to note 2.5)	–	–	78	–	–	78	78
Other liabilities including contingent consideration<br><br>(Refer to note 2.5)	1,789	–	–	–	–	1,789	1,789
Total	3,300	–	92	–	3	3,395	3,395
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on quoted debt securities carried at amortized cost of $7 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, trade payables, other assets and payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Fair value hierarchy

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

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

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

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

(Dollars in millions)

Particulars	As at December 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	257	257	–	–
Investments in target maturity fund units	51	51	–	–
Investments in quoted debt securities	1,502	1,377	125	–
Investments in certificates of deposit	229	–	229	–
Investments in commercial paper	246	–	246	–
Investments in quoted equity securities	16	16	–	–
Investments in unquoted equity and preference securities	10	–	–	10
Investments in unquoted investments others	23	–	–	23
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts	9	–	9	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts	17	–	17	–
Financial liability under option arrangements (Refer to note 2.5)^(1)^	78	–	–	78
^(1)^	Discount rate ranges from 10% to 17%
---	---

During the nine months ended December 31, 2023, quoted debt securities of $202 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 $18 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 certificates of deposit	435	–	435	–
Investments in commercial paper	90	–	90	–
Investments in unquoted equity and preference securities	24	–	–	24
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
	December 31, 2023	March 31, 2023
Current
Rental deposits^(1)^	7	4
Security deposits^(1)^	1	1
Loans to employees^(1)^	28	35
Prepaid expenses^(2)^	436	334
Interest accrued and not due^(1)^	46	59
Withholding taxes and others^(2)^	356	398
Advance payments to vendors for supply of goods^(2)^	9	25
Deposit with corporations^(1)(3)^	305	286
Deferred contract cost^(2)^
Cost of obtaining a contract^(2)(4)^	31	104
Cost of fulfillment^(2)^	40	21
Net investment in sublease of right-of-use asset^(1)^	1	6
Other non financial assets^(2)^	27	32
Other financial assets^(1)^	108	31
Total Current prepayment and other assets	1,395	1,336
Non-current
Loans to employees^(1)^	4	5
Security deposits^(1)^	6	6
Deposit with corporations^(1)(3)^	2	12
Defined benefit plan assets^(2)^	4	4
Prepaid expenses^(2)^	42	41
Deferred contract cost^(2)^
Cost of obtaining a contract ^(2)(4)^	18	23
Cost of fulfillment^(2)^	86	79
Withholding taxes and others^(2)^	82	83
Net investment in sublease of right-of-use asset^(1)^	–	37
Rental deposits^(1)^	27	29
Other non financial assets^(2)^	2	–
Other financial assets^(1)^	128	113
Total Non- current prepayment and other assets	401	432
Total prepayment and other assets	1,796	1,768
^(1)^ Financial assets carried at amortized cost	663	624
^(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 December 31, 2023, the financial liability pertaining to such arrangements amounts to $43 million. (Refer to note 2.5)

---

2.5 Other liabilities

Other liabilities comprise the following:

(Dollars in millions)

Particulars	As at
	December 31, 2023	March 31, 2023
Current
Accrued compensation to employees^(1)^	454	508
Accrued expenses^(1)^	933	949
Accrued defined benefit liability^(3)^	1	–
Withholding taxes and others^(3)^	421	442
Retention money^(1)^	2	2
Liabilities of controlled trusts^(1)^	25	26
Deferred income - government grants^(3)^	1	4
Liability towards contingent consideration^(2)^	–	12
Capital Creditors^(1)^	27	82
Financial liability under option arrangements^(2)#^	66	73
Other financial liabilities^(1)(4)^	71	305
Total current other liabilities	2,001	2,403
Non-current
Accrued compensation to employees^(1)^	1	1
Accrued expenses^(1)^	265	198
Accrued defined benefit liability ^(3)^	35	54
Deferred income - government grants^(3)^	8	5
Deferred income^(3)^	1	1
Financial liability under option arrangements^(2)#^	12	–
Other non-financial liabilities^(3)^	1	1
Other financial liabilities^(1)(4)^	11	41
Total non-current other liabilities	334	301
Total other liabilities	2,335	2,704
^(1)^ Financial liability carried at amortized cost	1,789	2,112
^(2)^ Financial liability carried at fair value through profit or loss	78	85
^(3)^	Non financial liabilities
---	---
^(4)^	Deferred contract cost (Refer to note 2.4) includes technology assets taken over by the Group<br>from a customer as a part of transformation project which is not considered as distinct goods or services and the control related to<br>the assets is not transferred to the Group in accordance with IFRS 15 - Revenue from contract with customers. Accordingly, the same has<br>been considered as a reduction to the total contract value and accounted as Deferred contract cost. The Group has entered into financing<br>arrangements with a third party for these assets. As at December 31, 2023, the financial liability pertaining to such arrangements amounts<br>to $43 million.
---	---
#	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 recognised 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
	December 31, 2023	March 31, 2023
Post sales client support and other provisions	220	159
Total provisions	220	159

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

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

As at December 31, 2023 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 $91 million (759 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 and others amounted to approximately $30 million.

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. On the basis of analysis conducted by the cybersecurity firm, McCamish believes that certain data was exfiltrated by unauthorized third parties during the incident and this exfiltrated data included certain customer data. McCamish has engaged a third-party e- discovery vendor in assessing the extent and nature of such data. This review process is ongoing. McCamish may incur additional costs including indemnities or damages/claims, which are indeterminable at this time.

2.6.3 Legal proceedings

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 these legal actions, when ultimately concluded and determined, will not have a material and adverse effect on the Group’s results of operations or financial condition.

2.7 Property, plant and equipment

Accounting Policy

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

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

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

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

Impairment

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

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

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

(Dollars in millions)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at October 1, 2023	172	1,388	623	1,023	411	6	3,623
Additions	–	1	4	25	1	–	31
Deletions**	–	(7)	(6)	(27)	(7)	–	(47)
Translation difference	–	(1)	1	–	1	–	1
Gross carrying value as at December 31, 2023	172	1,381	622	1,021	406	6	3,608
Accumulated depreciation as at October 1, 2023	–	(572)	(483)	(739)	(314)	(5)	(2,113)
Depreciation	–	(14)	(13)	(41)	(12)	–	(80)
Accumulated depreciation on deletions**	–	7	5	27	7	–	46
Translation difference	–	1	–	–	(1)	–	–
Accumulated depreciation as at December 31, 2023	–	(578)	(491)	(753)	(320)	(5)	(2,147)
Capital work-in progress as at October 1, 2023							77
Carrying value as at October 1, 2023	172	816	140	284	97	1	1,587
Capital work-in progress as at December 31, 2023							86
Carrying value as at December 31, 2023	172	803	131	268	86	1	1,547

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2022 are as follows:

(Dollars in millions)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at October 1, 2022	176	1,393	618	1,094	409	5	3,695
Additions	–	20	16	42	14	–	92
Deletions*	–	–	–	(48)	(2)	–	(50)
Translation difference	(3)	(19)	(11)	(13)	(4)	1	(49)
Gross carrying value as at December 31, 2022	173	1,394	623	1,075	417	6	3,688
Accumulated depreciation as at October 1, 2022	–	(530)	(472)	(782)	(318)	(5)	(2,107)
Depreciation	–	(13)	(14)	(42)	(11)	–	(80)
Accumulated depreciation on deletions*	–	–	–	48	2	–	50
Translation difference	–	8	8	10	3	–	29
Accumulated depreciation as at December 31, 2022	–	(535)	(478)	(766)	(324)	(5)	(2,108)
Capital work-in progress as at October 1, 2022							59
Carrying value as at October 1, 2022	176	863	146	312	91	–	1,647
Capital work-in progress as at December 31, 2022							42
Carrying value as at December 31, 2022	173	859	145	309	93	1	1,622

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

(Dollars in millions)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at April 1, 2023	174	1,407	625	1,037	409	6	3,658
Additions	–	2	18	71	14	–	105
Deletions**	–	(7)	(14)	(75)	(13)	–	(109)
Translation difference	(2)	(21)	(7)	(12)	(4)	–	(46)
Gross carrying value as at December 31, 2023	172	1,381	622	1,021	406	6	3,608
Accumulated depreciation as at April 1, 2023	–	(552)	(468)	(709)	(300)	(5)	(2,034)
Depreciation	–	(41)	(42)	(127)	(36)	–	(246)
Accumulated depreciation on deletions**	–	7	13	75	12	–	107
Translation difference	–	8	6	8	4	–	26
Accumulated depreciation as at December 31, 2023	–	(578)	(491)	(753)	(320)	(5)	(2,147)
Capital work-in progress as at April 1, 2023							55
Carrying value as at April 1, 2023	174	855	157	328	109	1	1,679
Capital work-in progress as at December 31, 2023							86
Carrying value as at December 31, 2023	172	803	131	268	86	1	1,547

** During each of the three months ended and nine months ended December 31, 2023, certain assets which were not in use having gross book value of $16 million (net book value: Nil) and $71 million (net book value: Nil) respectively, were retired.

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2022 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	–	38	33	127	35	–	233
Additions - Business Combination	–	–	1	1	–	–	2
Deletions*	–	–	(5)	(84)	(6)	–	(95)
Translation difference	(15)	(125)	(59)	(94)	(35)	–	(328)
Gross carrying value as at December 31, 2022	173	1,394	623	1,075	417	6	3,688
Accumulated depreciation as at April 1, 2022	–	(541)	(484)	(796)	(324)	(5)	(2,150)
Depreciation	–	(41)	(44)	(121)	(33)	–	(239)
Accumulated depreciation on deletions*	–	–	5	84	6	–	95
Translation difference	–	47	45	67	27	–	186
Accumulated depreciation as at December 31, 2022	–	(535)	(478)	(766)	(324)	(5)	(2,108)
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 December 31, 2022							42
Carrying value as at December 31, 2022	173	859	145	309	93	1	1,622

* During each of the three months ended and nine months ended December 31, 2022, certain assets which were not in use having gross book value of $33 million (net book value: Nil) and $62 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 interim condensed consolidated statement of comprehensive income when incurred.

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipments aggregating to $87 million and $117 million as at December 31, 2023 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 December 31, 2023:

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of October 1, 2023	74	459	2	302	837
Additions^*^	–	1	–	63	64
Deletions	(1)	(6)	–	(16)	(23)
Depreciation	–	(22)	–	(27)	(49)
Impairment^#^	–	(10)	–	–	(10)
Translation difference	–	2	–	7	9
Balance as of December 31, 2023	73	424	2	329	828
^^*	Net of adjustments on account of modifications
---	---
^#^	included under other expenses. Refer note 2.19
---	---

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2022:

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of October 1, 2022	77	472	2	141	692
Additions^*^	–	17	–	122	139
Deletions	–	(1)	–	(11)	(12)
Depreciation	(1)	(20)	–	(20)	(41)
Translation difference	(1)	(3)	–	9	5
Balance as of December 31, 2022	75	465	2	241	783
^^*	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 nine months ended December 31, 2023:

(Dollars in millions)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2023	76	474	2	285	837
Additions^*^	–	39	1	181	221
Deletions	(1)	(11)	–	(65)	(77)
Impairment^#^	–	(10)	–	–	(10)
Depreciation	–	(66)	(1)	(75)	(142)
Translation difference	(2)	(2)	–	3	(1)
Balance as of December 31, 2023	73	424	2	329	828
^^*	Net of adjustments on account of modifications and lease incentives
---	---
#	included under other expenses. Refer note 2.19
---	---

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2022:

(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^*^	–	79	1	248	328
Deletions	–	(1)	–	(31)	(32)
Depreciation	(1)	(62)	(1)	(39)	(103)
Translation difference	(7)	(40)	–	1	(46)
Balance as of December 31, 2022	75	465	2	241	783
^^*	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 December 31, 2023 and March 31, 2023:

(Dollars in millions)

Particulars	As at
	December 31, 2023	March 31, 2023
Current lease liabilities	249	151
Non-current lease liabilities	802	859
Total	1,051	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
	December 31, 2023	March 31, 2023
Carrying value at the beginning	882	817
Goodwill on acquisitions	–	79
Translation differences	12	(14)
Carrying value at the end	894	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.

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 derecognised.

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.

Proposed acquisition

2.11 Employees' Stock Option Plans (ESOP)

Accounting Policy

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

Infosys Expanded Stock Ownership Program 2019 (the2019 Plan)

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 50,000,000 equity shares. To implement the 2019 Plan, 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 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.

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 11,249,465 and 12,172,119 shares as at December 31, 2023 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 December 31, 2023 and March 31, 2023, respectively.

The following is the summary of grants made during three months and nine months ended December 31, 2023 and December 31, 2022:

Particulars	2019 Plan				2015 Plan
	Three months ended December 31,		Nine months ended December 31,		Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022	2023	2022	2023	2022
Equity settled RSUs
Key Management Personnel (KMP)	35,990	–	114,271	176,893	88,040	–	421,636	287,325
Employees other than KMP	464,260	3,814	464,260	374,774	1,169,660	48,050	1,197,940	48,050
	500,250	3,814	578,531	551,667	1,257,700	48,050	1,619,576	335,375
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	7,950	–	7,950	–
	–	–	–	–	7,950	–	7,950	–
Total Grants	500,250	3,814	578,531	551,667	1,265,650	48,050	1,627,526	335,375

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 grant of performance-based RSUs (Annual performance equity grant) of fair value of 34.75 crore for fiscal 2024 under the 2015 Plan. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. Accordingly, 2,72,026 performance based RSU’s were granted effective May 2, 2023.

The Board, on April 13, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved the performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of 2 crore for fiscal 2024 under the 2015 Plan. 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. Accordingly, 15,656 performance based RSU’s were granted effective May 2, 2023.

The Board, on April 13, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved the performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of 5 crore for fiscal 2024 under the 2015 Plan. 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. Accordingly, 39,140 performance based RSU’s were granted effective May 2, 2023.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of December 31, 2023, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with IFRS 2, Share based payment. The grant date for this purpose in accordance with IFRS 2, 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 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 nine months ended December 31, 2023, based on recommendations of Nomination and Remuneration Committee, the Board approved 88,040 time based RSUs and 6,774 performance based RSUs to other KMP under the 2015 plan. The time based RSUs will vest over three years and performance based RSUs will vest over three years based on certain performance targets.

Under the 2019 plan:

During the nine months ended December 31, 2023, based on recommendations of Nomination and Remuneration Committee, the Board approved performance based grants of 35,990 RSUs to other KMP 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 December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Granted to:
KMP	2	–	6	5
Employees other than KMP	16	14	46	43
Total ^(1)^	18	14	52	48
^(1)^	Cash settled stock compensation expense included in the above
---	---

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

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

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

Particulars	For options granted in
	Fiscal 2024- Equity Shares-RSU	Fiscal 2024- ADS-RSU	Fiscal 2023- Equity Shares-RSU	Fiscal 2023- ADS-RSU
Weighted average share price () / ($ ADS)	1,321	16.41	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)	1,151	14.31	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.

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

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

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Current taxes
Domestic taxes	223	194	644	642
Foreign taxes	67	73	229	236
	290	267	873	878
Deferred taxes
Domestic taxes	21	29	66	33
Foreign taxes	(10)	(11)	(35)	(52)
	11	18	31	(19)
Income tax expense	301	285	904	859

Income tax expense for the three months ended December 31, 2023 and December 31, 2022 includes reversal (net of provisions) of $8 million and $9 million, respectively. Income tax expense for the nine months ended December 31, 2023 and December 31, 2022 includes reversal (net of provisions) of $16 million and $4 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.

Deferred income tax for the three months and nine months ended December 31, 2023 and December 31, 2022 substantially relates to origination and reversal of temporary differences.

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

As at December 31, 2023, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $518 million (4,307 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 $754 million (6,275 crore) and $794 million (6,528 crore) as at December 31, 2023 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 multiple issues of disallowances such as disallowance of profits earned from STP Units and SEZ Units, disallowance of deductions in respect of employment of new employees under section 80JJAA, disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes. These matters are pending before various Income Tax Authorities and the Management including the Company's 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 nine months ended December 31, 2023, 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
---	---
-	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).
---	---
-	On September 1, 2023 Infosys Ltd. acquired 100% of voting interests in Danske IT and Support<br>Services India Private Limited (“Danske IT”).
---	---
-	Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM Limited was incorporated<br>on August 11, 2023.
---	---
-	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
---	---
-	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.
---	---

Changes in key management personnel

The following are the changes in the key management personnel:

Independent directors:

-	Helene Auriol Potier (appointed as independent director effective May 26, 2023)
-	Nitin Paranjpe (appointed as an additional and independent director effective January 1,<br>2024)
---	---

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

Transactions with key management personnel

The table below describes the related party transactions with key management personnel which comprise directors and executive officers:

(Dollars in millions)

	Three months ended December 31,		Nine months ended December 31,
Particulars	2023	2022	2023	2022
Salaries and other short term employee benefits to whole-time directors and executive officers^(1)(2)^	3	2	10	11
Commission and other benefits to non-executive/ independent directors	–	1	1	2
Total	3	3	11	13
^(1)^	Total employee stock compensation expense for the three months ended December 31, 2023and December 31, 2022 includes a charge of $2 million and less than a million respectively, towards key management personnel. For thenine months ended December 31, 2023 and December 31, 2022, includes a charge of $6 million and $5 million respectively, towards key managementpersonnel. (Refer note 2.11).
---	---
^(2)^	Does not include post-employment benefits and other long-term benefits, based on actuarialvaluation as these are done for the Company as a whole.
---	---

2.15 Segment reporting

The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

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

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

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.

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

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

2.15.1 Business segments

For the three months ended December 31, 2023 andDecember 31, 2022

(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	1,295	679	531	614	696	358	355	135	4,663
	1,366	667	573	603	619	376	328	127	4,659
Identifiable operating expenses	781	357	334	330	455	210	205	81	2,753
	796	345	348	315	390	217	192	91	2,694
Allocated expenses	243	115	94	110	107	58	58	28	813
	244	122	98	111	104	60	53	35	827
Segment Profit	271	207	103	174	134	90	92	26	1,097
	326	200	127	177	125	99	83	1	1,138
Unallocable expenses									141
									137
Operating profit									956
									1,001
Other income, net (Refer to note 2.19)									95
									94
Finance Cost									16
									10
Profit before income taxes									1,035
									1,085
Income tax expense									301
									285
Net profit									734
									800
Depreciation and amortization									141
									137
Non-cash expenses other than depreciation and amortization									–
									–

For the nine months ended December 31, 2023 and December31, 2022

(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	3,888	2,066	1,611	1,807	2,024	1,099	1,058	444	13,997
	4,118	1,958	1,710	1,713	1,739	1,109	925	385	13,657
Identifiable operating expenses	2,266	1,102	972	982	1,323	633	614	277	8,169
	2,353	1,002	1,062	913	1,156	653	540	263	7,942
Allocated expenses	729	356	291	333	321	183	170	103	2,486
	735	361	298	320	312	181	153	99	2,459
Segment Profit	893	608	348	492	380	283	274	64	3,342
	1,030	595	350	480	271	275	232	23	3,256
Unallocable expenses									425
									388
Operating profit									2,917
									2,868
Other income, net (Refer to note 2.19)									239
									254
Finance Cost									43
									25
Profit before income taxes									3,113
									3,097
Income tax expense									904
									859
Net profit									2,209
									2,238
Depreciation and amortization									425
									388
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
---	---
*	Includes impact on account of McCamish cybersecurity incident.Refer note 2.6.2.
---	---

2.15.2 Significant clients

No client individually accounted for more than 10% of the Revenue for the three months and nine months ended December 31, 2023 and December 31, 2022, 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.

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 controls the good or service before it is transferred to the customer. The Group considers whether it has the primary obligation to fulfil the contract, inventory risk, pricing discretion and other factors to determine whether it controls the goods or service 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 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 and nine months ended December 31, 2023 and December 31, 2022 is as follows:

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Revenue from software services	4,416	4,362	13,208	12,790
Revenue from products and platforms	247	297	789	867
Total revenue from operations	4,663	4,659	13,997	13,657

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

Revenue disaggregation by business segments has been included in segment information (Refer note 2.15). The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

Three months and nine months ended December 31,2023 and December 31, 2022

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
*Revenues by Geography^^**
North America	2,752	2,889	8,442	8,482
Europe	1,313	1,202	3,797	3,443
India	111	113	369	360
Rest of the world	487	455	1,389	1,372
Total	4,663	4,659	13,997	13,657
^^*	Geographical revenues are based on the domicile of customer.
---	---

The percentage of revenue from fixed-price contracts for the three months ended December 31, 2023 and December 31, 2022 is 55% and 53%, respectively. The percentage of revenue from fixed-price contracts for the nine months ended December 31, 2023 and December 31, 2022 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
	December 31, 2023	March 31, 2023
Unbilled financial asset ^(1)^	1,058	1,157
Unbilled non financial asset ^(2)^	733	880
Total	1,791	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.

Special Economic Zone Re-investment reserve

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.

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.

Cash flow hedge reserve

2.18.1 Capital allocation policy

Effective fiscal 2020, the company expects to return approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi annual dividends and/or share buyback and/or special dividends, subject to applicable laws and requisite approvals, if any. Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

The Company’s objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of December 31, 2023, 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.

2.18.2 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 in accordance with Companies Act 2013 is as follows:

Particulars	Nine months ended December 31, 2023		Nine months ended December 31, 2022
	in	in US Dollars	in	in US Dollars
Interim dividend for fiscal 2024	18.00	0.22	–	–
Final dividend for fiscal 2023	17.50	0.21	–	–
Interim dividend for fiscal 2023	–	–	16.50	0.20
Final dividend for fiscal 2022	–	–	16.00	0.21

The Board of Directors in their meeting held on April 13, 2023 recommended a final dividend of 17.50/- per equity share (approximately $0.21 per equity share) for the financial year ended March 31, 2023. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 28, 2023 which resulted in a net cash outflow of $882 million (excluding dividend paid on treasury shares).

The Board of Directors in their meeting held on October 12, 2023 declared an interim dividend of 18/- (approximately $0.22 per equity share) per equity share which resulted in a net cash outflow of $895 million (excluding dividend paid on treasury shares).

2.18.3 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. 11,249,465 shares and 12,172,119 shares were held by controlled trust, as at December 31, 2023 and March 31, 2023, respectively.

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 independent 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 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 independent 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 recognised using the same exchange rate.

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

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

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

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

2.19.7 Government grants

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

2.19.8 Operating Profits

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

The table below provides details of break-up ofexpenses:

Cost of sales

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,<br><br> <br>****
	2023	2022	2023	2022
Employee benefit costs	2,237	2,236	6,784	6,583
Depreciation and amortization	141	137	425	388
Travelling costs	34	31	111	97
Cost of technical sub-contractors	368	407	1,120	1,371
Cost of software packages for own use	65	60	182	170
Third party items bought for service delivery to clients	379	312	995	819
Consultancy and professional charges	15	4	22	12
Communication costs	10	10	32	34
Repairs and maintenance	12	13	40	39
Provision for post-sales client support	4	16	25	24
Others	9	4	19	7
Total	3,274	3,230	9,755	9,544

Selling and marketing expenses

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,<br><br> <br>****
	2023	2022	2023	2022
Employee benefit costs	163	154	499	447
Travelling costs	8	8	27	25
Branding and marketing	26	27	87	79
Consultancy and professional charges	4	4	13	11
Communication costs	–	–	1	1
Others	3	3	6	11
Total	204	196	633	574

Administrative expenses

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,<br><br> <br>****
	2023	2022	2023	2022
Employee benefit costs	81	76	244	229
Consultancy and professional charges	41	41	114	139
Repairs and maintenance	30	30	91	85
Power and fuel	6	6	18	16
Communication costs	10	12	31	33
Travelling costs	5	5	18	15
Rates and taxes	10	9	29	28
Insurance charges	6	5	19	16
Commission to non-whole time directors	–	–	1	1
Impairment loss recognized/(reversed) under expected credit loss model	1	13	27	25
Contribution towards Corporate Social Responsibility	16	18	42	40
Others	23	17	58	44
Total	229	232	692	671

Other income for the three months and nine monthsended December 31, 2023 and December 31, 2022 is as follows:

(Dollars in millions)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Interest income on financial assets carried at amortized cost	31	26	98	83
Interest income on financial assets carried at fair value through other comprehensive income	28	29	83	91
Gain/(loss) on investments carried at fair value through profit or loss	12	6	24	11
Exchange gains / (losses) on forward and options contracts	(18)	(44)	(11)	(98)
Exchange gains / (losses) on translation of other assets and liabilities	27	67	25	143
Others	15	10	20	24
Total	95	94	239	254

for and on behalf of the Board of Directors of InfosysLimited

Nandan M. Nilekani	Salil Parekh	Bobby Parikh
Chairman	Chief Executive Officer and Managing Director	Director
Nilanjan Roy	Jayesh Sanghrajka	A.G.S. Manikantha
Chief Financial Officer	Executive Vice President and Deputy Chief Financial Officer	Company Secretary
Bengaluru
January 11, 2024

Exhibit 99.8

IFRS INR Earning Release

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim CondensedConsolidated Financial Statements

Opinion

Basis for Opinion

Emphasis of Matter

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

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

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

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

·	Identify and assess the risks<br>of material misstatement of the interim condensed consolidated financial statements, whether due to fraud or error, design and perform<br>audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.<br>The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve<br>collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
·	Obtain an understanding of internal<br>financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the<br>purpose of expressing an opinion on effectiveness of such controls.
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·	Evaluate the appropriateness<br>of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
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·	Conclude on the appropriateness<br>of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty<br>exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If<br>we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures<br>in the interim condensed consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions<br>are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause<br>the Group to cease to continue as a going concern.
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·	Evaluate the overall presentation,<br>structure and content of the interim condensed consolidated financial statements, including the disclosures, and whether the interim condensed<br>consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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·	Obtain sufficient appropriate<br>audit evidence regarding the financial information of the entities within the Group to express an opinion on the interim condensed consolidated<br>financial statements. We are responsible for the direction, supervision and performance of the audit of financial statements of such entities<br>included in the interim condensed consolidated financial statements of which we are independent auditors.
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Place: Bengaluru<br><br> <br>Date: January 11, 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: 24039826BKCOCP8167

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in Indian Rupee for the three months and nine months ended December 31, 2023

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

(In crore except equity share data)

Condensed Consolidated Balance Sheet as at	Note	December 31, 2023	March 31, 2023
ASSETS
Current assets
Cash and cash equivalents	2.1	13,645	12,173
Current investments	2.2	7,974	6,909
Trade receivables		30,618	25,424
Unbilled revenue	2.17	13,227	15,289
Prepayments and other current assets	2.4	11,609	10,979
Income tax assets	2.12	173	6
Derivative financial instruments	2.3	75	101
Total current assets		77,321	70,881
Non-current assets
Property, plant and equipment	2.7	12,870	13,793
Right-of-use assets	2.8	6,892	6,882
Goodwill	2.9	7,435	7,248
Intangible assets		1,508	1,749
Non-current investments	2.2	11,270	12,569
Unbilled revenue	2.17	1,677	1,449
Deferred income tax assets	2.12	702	1,245
Income tax assets	2.12	6,851	6,453
Other non-current assets	2.4	3,340	3,547
Total non-current assets		52,545	54,935
Total assets		129,866	125,816
LIABILITIES AND EQUITY
Current liabilities
Trade payables		3,825	3,865
Lease liabilities	2.8	2,074	1,242
Derivative financial instruments	2.3	144	78
Current income tax liabilities	2.12	4,019	3,384
Unearned revenue		7,674	7,163
Employee benefit obligations		2,717	2,399
Provisions	2.6	1,827	1,307
Other current liabilities	2.5	16,649	19,748
Total current liabilities		38,929	39,186
Non-current liabilities
Lease liabilities	2.8	6,670	7,057
Deferred income tax liabilities	2.12	942	1,220
Employee benefit obligations		90	83
Other non-current liabilities	2.5	2,785	2,475
Total non-current liabilities		10,487	10,835
Total liabilities		49,416	50,021
Equity
Share capital - 5 par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,139,198,089 (4,136,387,925) equity shares fully paid up, net of 11,249,465 (12,172,119) treasury shares as at December 31, 2023 (March 31, 2023)	2.18	2,070	2,069
Share premium		1,453	1,065
Retained earnings		61,826	60,063
Cash flow hedge reserves		(22)	(5)
Other reserves		11,855	10,014
Capital redemption reserve		169	169
Other components of equity		2,719	2,032
Total equity attributable to equity holders of the Company		80,070	75,407
Non-controlling interests		380	388
Total equity		80,450	75,795
Total liabilities and equity		129,866	125,816

The accompanying notes form an integral part of the interim condensedconsolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<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	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
---	---	---	---
	Nilanjan Roy<br><br> <br>Chief Financial Officer	Jayesh Sanghrajka<br><br> <br>Executive Vice President and<br><br> <br>Deputy Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>January 11, 2024

Infosys Limited and subsidiaries

(In crore except equity share and per equityshare data)

Condensed Consolidated Statement of Comprehensive Income for the		Three months ended December 31,		Nine months ended December 31,
	Note	2023	2022	2023	2022
Revenues	2.16	38,821	38,318	115,748	109,326
Cost of sales	2.19	27,253	26,561	80,666	76,342
Gross profit		11,568	11,757	35,082	32,984
Operating expenses
Selling and marketing expenses	2.19	1,700	1,611	5,238	4,591
Administrative expenses	2.19	1,907	1,904	5,718	5,365
Total operating expenses		3,607	3,515	10,956	9,956
Operating profit		7,961	8,242	24,126	23,028
Other income, net	2.19	789	769	1,982	2,030
Finance cost		131	80	360	202
Profit before income taxes		8,619	8,931	25,748	24,856
Income tax expense	2.12	2,506	2,345	7,474	6,882
Net profit		6,113	6,586	18,274	17,974
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		71	29	94	(17)
Equity instruments through other comprehensive income, net	2.2	(9)	1	31	8
		62	30	125	(9)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		(46)	(57)	(17)	(43)
Exchange differences on translation of foreign operations		436	676	457	715
Fair value changes on investments, net	2.2	52	48	107	(298)
		442	667	547	374
Total other comprehensive income/(loss), net of tax		504	697	672	365
Total comprehensive income		6,617	7,283	18,946	18,339
Profit attributable to:
Owners of the Company		6,106	6,586	18,264	17,967
Non-controlling interests		7	-	10	7
		6,113	6,586	18,274	17,974
Total comprehensive income attributable to:
Owners of the Company		6,605	7,268	18,934	18,322
Non-controlling interests		12	15	12	17
		6,617	7,283	18,946	18,339
Earnings per equity share
Equity shares of par value 5/- each
Basic (in per share)		14.76	15.72	44.13	42.85
Diluted (in per share)		14.74	15.70	44.08	42.79
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.13	4,138,963,794	4,190,550,470	4,138,282,170	4,192,969,201
Diluted (in shares)	2.13	4,143,565,697	4,195,924,920	4,143,506,821	4,199,312,062

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
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	Nilanjan Roy<br><br> <br>Chief Financial Officer	Jayesh Sanghrajka<br><br> <br>Executive Vice President and<br><br> <br>Deputy Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>January 11, 2024

Infosys Limited and subsidiaries

(In crore except equity share data)

Condensed Consolidated Statement of Changes in Equity	Number of Shares^(1)^	Share capital	Share premium	Retained earnings	Other reserves^(2)^	Capital redemption reserve	Other components of equity	Cash flow hedge reserve	Total equity attributable to equity holders of the Company	Non-controlling interest	Total equity
Balance as at April 1, 2022	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 nine months ended December 31, 2022
Net profit	–	–	–	17,967	–	–	–	–	17,967	7	17,974
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	(17)	–	(17)	–	(17)
Fair value changes on derivatives designated as Cash flow hedge, net*	–	–	–	–	–	–	–	(43)	(43)	–	(43)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	705	–	705	10	715
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	8	–	8	–	8
Fair value changes on investments, net*	–	–	–	–	–	–	(298)	–	(298)	–	(298)
Total comprehensive income for the period	–	–	–	17,967	–	–	398	(43)	18,322	17	18,339
Shares issued on exercise of employee stock options (Refer to note 2.11)	2,499,692	1	22	–	–	–	–	–	23	–	23
Buyback of equity shares (Refer to note 2.18)^**^	(25,164,000)	(13)	(332)	(5,820)	–	–	–	–	(6,165)	–	(6,165)
Transaction cost relating to buyback*	–	–	(17)	(1)	–	–	–	–	(18)	–	(18)
Amount transferred to capital redemption reserve upon buyback	–	–	–	(11)	–	11	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	382	–	–	–	–	–	382	–	382
Income tax benefit arising on exercise of stock options (Refer to note 2.12)	–	–	49	–	–	–	–	–	49	–	49
Transfer on account of options not exercised	–	–	(2)	2	–	–	–	–	–	–	–
Transferred to other reserves	–	–	–	(2,575)	2,575	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	869	(869)	–	–	–	–	–	–
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(22)	(22)
Dividends^#^	–	–	–	(13,632)	–	–	–	–	(13,632)	–	(13,632)
Balance as at December 31, 2022	4,170,348,621	2,086	929	59,203	10,045	150	1,920	(41)	74,292	381	74,673
Balance as at April 1, 2023	4,136,387,925	2,069	1,065	60,063	10,014	169	2,032	(5)	75,407	388	75,795
Changes in equity for the nine months ended December 31, 2023
Net profit	–	–	–	18,264	–	–	–	–	18,264	10	18,274
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	94	–	94	–	94
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	31	–	31	–	31
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	(17)	(17)	–	(17)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	455	–	455	2	457
Fair value changes on investments, net*	–	–	–	–	–	–	107	–	107	–	107
Total comprehensive income for the period	–	–	–	18,264	–	–	687	(17)	18,934	12	18,946
Shares issued on exercise of employee stock options (Refer to note 2.11)	2,810,164	1	3	–	–	–	–	–	4	–	4
Transferred on account of options not exercised	–	–	(32)	32	–	–	–	–	–	–	–
Employee stock compensation expense (Refer to note 2.11)	–	–	417	–	–	–	–	–	417	–	417
Transferred to other reserves	–	–	–	(2,326)	2,326	–	–	–	–	–	–
Transferred from other reserves on utilization	–	–	–	485	(485)	–	–	–	–	–	–
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(2)	(2)
Buyback of shares pertaining to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	(18)	(18)
Dividends^#^	–	–	–	(14,692)	–	–	–	–	(14,692)	–	(14,692)
Balance as at December 31, 2023	4,139,198,089	2,070	1,453	61,826	11,855	169	2,719	(22)	80,070	380	80,450
*	net of tax
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**	Including tax on buyback of 1,165 crore for the ninemonths ended December 31, 2022.
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^#^	net of treasury shares
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^##^	Impact on account of adoption of amendment to IAS 37 Provisions, Contingent Liabilitiesand Contingents Assets
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^(1)^	excludes treasury shares of 11,249,465 as at December 31, 2023, 12,172,119 as at April1, 2023, 12,568,222 as at December 31, 2022, 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 ofthe interim condensed consolidated financial statements.

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
---	---	---	---
	Nilanjan Roy<br><br> <br>Chief Financial Officer	Jayesh Sanghrajka<br><br> <br>Executive Vice President and<br><br> <br>Deputy Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>January 11, 2024

Infosys Limited and subsidiaries

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.

(In crore)

Particulars		Nine months ended December 31,
	Note	2023	2022
Operating activities:
Net Profit		18,274	17,974
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortization		3,515	3,104
Income tax expense	2.12	7,474	6,882
Finance cost		360	202
Interest income		(790)	(847)
Exchange differences on translation of assets and liabilities, net		129	373
Impairment loss recognised/(reversed) under expected credit loss model		219	197
Stock compensation expense		426	386
Provision for post sale client support		203	200
Other adjustments		1,095	489
Changes in working capital
Trade receivables and unbilled revenue		(3,555)	(7,350)
Prepayments and other assets		(683)	(2,498)
Trade payables		(39)	644
Unearned revenue		511	789
Other liabilities and provisions		(1,513)	2,474
Cash generated from operations		25,626	23,019
Income taxes paid		(7,146)	(6,615)
Net cash generated by operating activities		18,480	16,404
Investing activities:
Expenditure on property, plant and equipment and intangibles		(1,647)	(1,805)
Deposits placed with corporation		(737)	(904)
Redemption of deposits placed with corporation		628	671
Interest received		750	777
Payment for 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		–	(592)
Payments to acquire Investments
- Quoted debt securities		(337)	(1,831)
- Liquid mutual fund units		(53,255)	(54,567)
- Certificates of deposit		(4,219)	(6,794)
- Commercial paper		(4,804)	(2,338)
- Other investments		(11)	(18)
Proceeds on sale of investments
- Other investments		18	99
- Quoted debt securities		1,429	2,190
- Liquid mutual fund units		52,238	53,546
- Certificates of deposit		5,981	7,605
- Commercial paper		3,599	1,300
Other receipts		128	57
Net cash (used)/generated in investing activities		(340)	(3,574)
Financing activities:
Payment of lease liabilities		(1,448)	(866)
Payment of dividends		(14,695)	(13,633)
Payment of dividends to non-controlling interests of subsidiary		(2)	(22)
Other payments		(528)	(360)
Other receipts		2	121
Payment towards buyback of shares pertaining to non controlling interest of subsidiary		(18)	–
Buyback of equity shares including transaction costs and tax on buyback		–	(3,928)
Shares issued on exercise of employee stock options		4	23
Net cash used in financing activities		(16,685)	(18,665)
Net increase/(decrease) in cash and cash equivalents		1,455	(5,835)
Effect of exchange rate changes on cash and cash equivalents		17	(50)
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	13,645	11,587
Supplementary information:
Restricted cash balance	2.1	376	384

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP<br><br> <br>Chartered Accountants<br><br> <br>Firm’s Registration No:<br><br> <br>117366W/ W-100018	for and on behalf of the Board of Directors of Infosys Limited
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
---	---	---	---
	Nilanjan Roy<br><br> <br>Chief Financial Officer	Jayesh Sanghrajka<br><br> <br>Executive Vice President and<br><br> <br>Deputy Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>January 11, 2024

INFOSYS LIMITED AND SUBSIDIARIES

Overview and Notes to the Interim Condensed ConsolidatedFinancial Statements

1. Overview

1.1	Company overview

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

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

The Group's interim condensed consolidated financial statements are approved for issue by the Company's Board of Directors on January 11, 2024.

1.2 Basis of preparation of financial statements

These interim consolidated financial statements have been prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, ("IASB") under the historical cost convention on 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 consolidated financial statements under IFRS in Indian rupee 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.

1.3 Basis of consolidation

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

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

1.4 Use of estimates and judgments

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

1.5 Critical accounting estimates and judgments

a. Revenue recognition

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

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the 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

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

Amendments to IFRS 16

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.

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.

2. Notes to the Interim Condensed Consolidated FinancialStatements

2.1 Cash and cash equivalents

Cash and cash equivalents consist of the following:

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Cash and bank deposits	13,645	10,026
Deposits with financial institutions	–	2,147
Total Cash and cash equivalents	13,645	12,173

Cash and cash equivalents as at December 31, 2023 and March 31, 2023 include restricted cash and bank balances of 376 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 investments are as follows:

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
(i) Current Investments
Amortized Cost
Quoted debt securities	–	150
Fair Value through profit or loss
Liquid mutual fund units	2,138	975
Fair Value through other comprehensive income
Quoted Debt Securities	1,882	1,468
Commercial Papers	2,045	742
Certificate of Deposit	1,909	3,574
Total current investments	7,974	6,909
(ii) Non-current Investments
Amortized Cost
Quoted debt securities	1,762	1,770
Fair Value through other comprehensive income
Quoted debt securities	8,673	10,032
Quoted equity securities	137	-
Unquoted equity and preference securities	81	196
Fair Value through profit or loss
Target maturity fund units	422	402
Others^(1)^	195	169
Total non-current investments	11,270	12,569
Total investments	19,244	19,478
Investments carried at amortized cost	1,762	1,920
Investments carried at fair value through other comprehensive income	14,727	16,012
Investments carried at fair value through profit or loss	2,755	1,546
(1)	Uncalled capital commitments outstanding as at December 31, 2023 and March 31, 2023 was81 crore and 92 crore, respectively.
---	---

Refer to note 2.3 for accounting policies on financial instruments.

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		December 31, 2023	March 31, 2023
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	2,138	975
Target maturity fund units - carried at fair value through profit or loss	Quoted price	422	402
Quoted debt securities- carried at amortized cost	Quoted price and market observable inputs	1,947	2,148
Quoted debt securities- carried at fair value through other comprehensive income	Quoted price and market observable inputs	10,555	11,500
Commercial papers- carried at fair value through other comprehensive income	Market observable inputs	2,045	742
Certificates of deposit- carried at fair value through other comprehensive income	Market observable inputs	1,909	3,574
Quoted equity securities carried at fair value through other comprehensive income	Quoted price	137	-
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	81	196
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	195	169
Total		19,429	19,706

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

2.3 Financial instruments

Accounting Policy

2.3.1 Initial recognition

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

2.3.2 Subsequent measurement

a. Non-derivative financial instruments

(i) Financial assets at amortized cost

(ii) Financial assets at fair value through othercomprehensive income (FVOCI)

(iii) Financial assets at fair value throughprofit or loss (FVTPL)

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

(iv) Financial liabilities

b. Derivative financial instruments

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

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

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

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

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

(ii) Cash flow hedge

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

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

2.3.3 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 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

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at December 31, 2023 were as follows:

(In crore)

(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)	13,645	–	–	–	–	13,645	13,645
Investments (Refer to note 2.2)
Liquid mutual fund units	–	–	2,138	–	–	2,138	2,138
Target maturity fund units	–	–	422	–	–	422	422
Quoted debt securities	1,762	–	–	–	10,555	12,317	12,502 ^(1)^
Commercial Papers	–	–	–	–	2,045	2,045	2,045
Certificates of deposit	–	–	–	–	1,909	1,909	1,909
Unquoted equity and preference securities	–	–	–	81	–	81	81
Quoted equity securities	–	–	–	137	–	137	137
Unquoted investment others	–	–	195	–	–	195	195
Trade receivables	30,618	–	–	–	–	30,618	30,618
Unbilled revenues (Refer to note 2.17)^(3)^	8,807	–	–	–	–	8,807	8,807
Prepayments and other assets (Refer to note 2.4)	5,525	–	–	–	–	5,525	5,470 ^(2)^
Derivative financial instruments	–	–	62	–	13	75	75
Total	60,357	–	2,817	218	14,522	77,914	78,044
Liabilities:
Trade payables	3,825	–	–	–	–	3,825	3,825
Lease liabilities (Refer to note 2.8)	8,744	–	–	–	–	8,744	8,744
Derivative financial instruments	–	–	114	–	30	144	144
Financial liability under option arrangements <br><br>(Refer to note 2.5)	–	–	648	–	–	648	648
Other liabilities including contingent consideration<br><br>(Refer to note 2.5)	14,892	–	–	–	–	14,892	14,892
Total	27,461	–	762	–	30	28,253	28,253

^(1)^	On account of fair value changes including interest accrued
^(2)^	Excludes interest accrued on quoted debt securities carried at amortized cost of 55crore
---	---
^(3)^	Excludes unbilled revenue for contracts where the right to consideration is dependenton completion of contractual milestones
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 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 Paper	–	–	–	–	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 <br><br>(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 December 31, 2023 is as follows:

(In crore)

Particulars	As at December 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	2,138	2,138	–	–
Investments in target maturity fund units	422	422	–	–
Investments in quoted debt securities	12,502	11,460	1,042	–
Investments in unquoted equity and preference securities	81	–	–	81
Investments in quoted equity securities	137	137	–	–
Investments in certificates of deposit	1,909	–	1,909	–
Investments in commercial papers	2,045	–	2,045	–
Investments in unquoted investments others	195	–	–	195
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts	75	–	75	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts	144	–	144	–
Financial liability under option arrangements (Refer to note 2.5)^(1)^	648	–	–	648

^(1)^	Discount rate ranges from 10% to 17%

During the nine months ended December 31, 2023, quoted debt securities of 1,679 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 147 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% to 15%

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.

2.4 Prepayments and other assets

Prepayments and other assets consist of the following:

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Current
Rental deposits^(1)^	57	32
Security deposits^(1)^	11	10
Loans to employees^(1)^	238	289
Prepaid expenses^(2)^	3,630	2,745
Interest accrued and not due^(1)^	383	488
Withholding taxes and others^(2)^	2,961	3,268
Advance payments to vendors for supply of goods^(2)^	78	202
Deposit with corporations^(1)(3)^	2,535	2,348
Deferred contract cost^(2)^
Cost of obtaining a contract ^(2)(4)^	256	853
Cost of fulfillment ^(2)^	331	175
Net investment in sublease of right of use asset^(1)^	6	53
Other non financial assets ^(2)^	221	261
Other financial assets^(1)^	902	255
Total Current prepayment and other assets	11,609	10,979
Non-current
Loans to employees^(1)^	35	39
Deposit with corporations^(1)(3)^	18	96
Rental deposits^(1)^	224	240
Security deposits^(1)^	47	47
Withholding taxes and others^(2)^	685	684
Deferred contract cost^(2)^
Cost of obtaining a contract ^(2)(4)^	147	191
Cost of fulfillment ^(2)^	717	652
Prepaid expenses^(2)^	346	332
Net investment in sublease of right of use asset^(1)^	4	305
Defined benefit plan assets^(2)^	32	36
Other non financial assets^(2)^	20	–
Other financial assets^(1)^	1,065	925
Total Non- current prepayment and other assets	3,340	3,547
Total prepayment and other assets	14,949	14,526
^(1)^ Financial assets carried at amortized cost	5,525	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 corporations represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business.

^(4)^

356 crore. (Refer to note 2.5)

---

2.5 Other liabilities

Other liabilities comprise the following:

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Current
Accrued compensation to employees^(1)^	3,774	4,174
Accrued expenses^(1)^	7,763	7,802
Withholding taxes and others^(3)^	3,506	3,632
Retention money^(1)^	19	20
Liabilities of controlled trusts^(1)^	211	211
Deferred income - government grants^(3)^	6	29
Accrued defined benefit liability ^(3)^	5	4
Liability towards contingent consideration^(2)^	–	97
Capital Creditors^(1)^	221	674
Other non-financial liabilities ^(3)^	–	2
Other financial liabilities^(1)(4)^	593	2,503
Financial liability under option arrangements^(2)#^	551	600
Total current other liabilities	16,649	19,748
Non-current
Accrued expenses^(1)^	2,204	1,628
Accrued defined benefit liability ^(3)^	296	445
Accrued compensation to employees^(1)^	13	5
Deferred income - government grants^(3)^	69	43
Deferred income^(3)^	5	6
Other financial liabilities^(1)(4)^	94	342
Financial liability under option arrangements^(2)#^	97	–
Other non-financial liabilities^(3)^	7	6
Total non-current other liabilities	2,785	2,475
Total other liabilities	19,434	22,223
^(1)^Financial liability carried at amortized cost	14,892	17,359
^(2)^Financial liability carried at fair value through profit or loss	648	697

^(3)^

Non financial liabilities

^(4)^

Deferred contract cost (Refer to 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 December 31, 2023, the financial liability pertaining to such arrangements amounts to

356 crore.

---

Represents liability related to options issued by

the Group over the non-controlling interests in its subsidiaries

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

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

a. Post sales client support

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

b. Onerous contracts

Provision for post sales client support and otherprovisions

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Post sales client support and other provisions	1,827	1,307
Total provisions	1,827	1,307

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 interim consolidated statement of comprehensive income.

As at December 31, 2023 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 759 crore and 700 crore, respectively.

2.6.2 McCamish Cybersecurity incident

Loss of contracted revenues and costs incurred with respect to remediations, restoration, communication efforts and others amounted to approximately 250 crore ($30 million).

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. On the basis of analysis conducted by the cybersecurity firm, McCamish believes that certain data was exfiltrated by unauthorized third parties during the incident and this exfiltrated data included certain customer data. McCamish has engaged a third-party e- discovery vendor in assessing the extent and nature of such data. This review process is ongoing. McCamish may incur additional costs including indemnities or damages/claims, which are indeterminable at this time.

2.6.3 Legal proceedings

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 these 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 the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

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

^(1)^ Includes solar plant with a usefullife of 25 years

Impairment

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

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

(In crore)

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

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2022 are as follows:

(In crore)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at October 1, 2022	1,429	11,328	5,050	8,897	3,328	44	30,076
Additions	–	165	132	348	120	–	765
Deletions*	–	–	(7)	(393)	(18)	–	(418)
Translation difference	–	37	9	43	25	–	114
Gross carrying value as at December 31, 2022	1,429	11,530	5,184	8,895	3,455	44	30,537
Accumulated depreciation as at October 1, 2022	–	(4,308)	(3,864)	(6,360)	(2,587)	(38)	(17,157)
Depreciation	–	(109)	(119)	(343)	(93)	(1)	(665)
Accumulated depreciation on deletions*	–	–	7	392	17	–	416
Translation difference	–	(8)	(8)	(28)	(20)	–	(64)
Accumulated depreciation as at December 31, 2022	–	(4,425)	(3,984)	(6,339)	(2,683)	(39)	(17,470)
Capital work-in progress as at October 1, 2022							483
Carrying value as at October 1, 2022	1,429	7,020	1,186	2,537	741	6	13,402
Capital work-in progress as at December 31, 2022							350
Carrying value as at December 31, 2022	1,429	7,105	1,200	2,556	772	5	13,417

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

(In crore)

Particulars	Land	Buildings	Plant and machinery	Computer equipment	Furniture and fixtures	Vehicles	Total
Gross carrying value as at April 1, 2023	1,429	11,562	5,169	8,519	3,365	45	30,089
Additions	1	13	148	586	118	1	867
Deletions**	–	(55)	(113)	(622)	(111)	(1)	(902)
Translation difference	–	(22)	(1)	14	6	–	(3)
Gross carrying value as at December 31, 2023	1,430	11,498	5,203	8,497	3,378	45	30,051
Accumulated depreciation as at April 1, 2023	–	(4,535)	(3,877)	(5,826)	(2,465)	(40)	(16,743)
Depreciation	–	(339)	(349)	(1,051)	(297)	(3)	(2,039)
Accumulated depreciation on deletions**	–	55	112	617	107	1	892
Translation difference	–	5	(1)	(7)	(5)	–	(8)
Accumulated depreciation as at December 31, 2023	–	(4,814)	(4,115)	(6,267)	(2,660)	(42)	(17,898)
Capital work-in progress as at April 1, 2023							447
Carrying value as at April 1, 2023	1,429	7,027	1,292	2,693	900	5	13,793
Capital work-in progress as at December 31, 2023							717
Carrying value as at December 31, 2023	1,430	6,684	1,088	2,230	718	3	12,870

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

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2022 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	–	308	267	1,016	283	1	1,875
Deletions*	–	–	(43)	(686)	(49)	(1)	(779)
Translation difference	–	(2)	5	32	17	–	52
Gross carrying value as at December 31, 2022	1,429	11,530	5,184	8,895	3,455	44	30,537
Accumulated depreciation as at April 1, 2022	–	(4,100)	(3,677)	(6,034)	(2,452)	(37)	(16,300)
Depreciation	–	(325)	(345)	(968)	(266)	(3)	(1,907)
Accumulated depreciation on deletions*	–	–	42	685	49	1	777
Translation difference	–	–	(4)	(22)	(14)	–	(40)
Accumulated depreciation as at December 31, 2022	–	(4,425)	(3,984)	(6,339)	(2,683)	(39)	(17,470)
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 December 31, 2022							350
Carrying value as at December 31, 2022	1,429	7,105	1,200	2,556	772	5	13,417

* During the three months and nine months ended December 31, 2022, certain assets which were not in use having gross book value of 275 crore (net book value: Nil) and 504 crore (net book value: Nil), respectively were retired.

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

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

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipment aggregating to 727 crore and 959 crore as at December 31, 2023 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.

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

The Group as a lessor

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

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

(In crore)

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

* Net of adjustments on account of modifications

# included under other expenses. Refer note 2.19

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2022:

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of October 1, 2022	622	3,843	14	1,146	5,625
Additions*	–	133	2	1,010	1,145
Deletions	–	(10)	–	(97)	(107)
Depreciation	(1)	(170)	(2)	(162)	(335)
Translation difference	3	51	1	97	152
Balance as of December 31, 2022	624	3,847	15	1,994	6,480

* Net of adjustments on account of modificationsand lease incentives

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

(In crore)

Particulars	Category of ROU asset				Total
	Land	Buildings	Vehicles	Computers
Balance as of April 1, 2023	623	3,896	15	2,348	6,882
Additions*	–	333	10	1,496	1,839
Deletions	(10)	(89)	(1)	(540)	(640)
Impairment^#^	–	(88)	–	–	(88)
Depreciation	(5)	(543)	(7)	(617)	(1,172)
Translation difference	(1)	18	1	53	71
Balance as of December 31, 2023	607	3,527	18	2,740	6,892

* Net of adjustments on account of modificationsand lease incentives

^#^ included under other expenses. Refernote 2.19

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2022:

(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*	–	619	6	2,004	2,629
Deletions	–	(12)	–	(250)	(262)
Depreciation	(4)	(500)	(7)	(320)	(831)
Translation difference	–	29	–	92	121
Balance as of December 31, 2022	624	3,847	15	1,994	6,480

* Net of adjustments on account of modificationsand 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 December 31, 2023 and March 31, 2023:

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Current lease liabilities	2,074	1,242
Non-current lease liabilities	6,670	7,057
Total	8,744	8,299

2.9 Goodwill and Intangible assets

2.9.1 Goodwill

Accounting Policy

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

Impairment

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

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Carrying value at the beginning	7,248	6,195
Goodwill on acquisitions	–	630
Translation differences	187	423
Carrying value at the end	7,435	7,248

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

2.9.2 Intangible assets

Accounting Policy

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 preparing the asset for its intended use.

Impairment

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

2.10 Business combinations

Accounting policy

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

Proposed acquisition

2.11 Employees' Stock Option Plans (ESOP)

Accounting Policy

Infosys Expanded Stock Ownership Program 2019 (the2019 Plan):

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

2015 Stock Incentive Compensation Plan (the 2015Plan):

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

Controlled trust holds 11,249,465 and 12,172,119 shares as at December 31, 2023 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 December 31, 2023 and March 31, 2023.

The following is the summary of grants made during the three months and nine months ended December 31, 2023 and December 31, 2022:

	2019 Plan				2015 Plan
Particulars	Three months ended December 31,		Nine months ended December 31,		Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022	2023	2022	2023	2022
Equity settled RSUs
Key Management Personnel (KMP)	35,990	–	114,271	176,893	88,040	–	421,636	287,325
Employees other than KMP	464,260	3,814	464,260	374,774	1,169,660	48,050	1,197,940	48,050
	500,250	3,814	578,531	551,667	1,257,700	48,050	1,619,576	335,375
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	7,950	–	7,950	–
	–	–	–	–	7,950	–	7,950	–
Total Grants	500,250	3,814	578,531	551,667	1,265,650	48,050	1,627,526	335,375

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of December 31, 2023, 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:

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 December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Granted to:
KMP	14	–	51	41
Employees other than KMP	133	117	375	345
Total ^(1)^	147	117	426	386
^(1)^Cash settled stock compensation expense included in the above	2	5	9	4

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)	1,321	16.41	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)	1,151	14.31	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/Stock option.

2.12 Income Taxes

Accounting policy

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

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

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Current taxes
Domestic taxes	1,858	1,598	5,325	5,142
Foreign taxes	561	597	1,891	1,885
	2,419	2,195	7,216	7,027
Deferred taxes
Domestic taxes	174	242	548	267
Foreign taxes	(87)	(92)	(290)	(412)
	87	150	258	(145)
Income tax expense	2,506	2,345	7,474	6,882

Income tax expense for the three months ended December 31, 2023 and December 31, 2022 includes reversal (net of provisions) of 64 crores and 76 crores, respectively. Income tax expense for the nine months ended December 31, 2023 and December 31, 2022 includes reversal (net of provisions) of 136 crores and 36 crores, 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.

Deferred income tax for the three months and nine months ended December 31, 2023 and December 31, 2022 substantially relates to origination and reversal of temporary differences.

As at December 31, 2023, claims against the Group not acknowledged as debts from the Income tax authorities amounted to 4,307 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 6,275 crore and 6,528 crore as at December 31, 2023 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 multiple issues of disallowances such as disallowance of profits earned from STP Units and SEZ Units, disallowance of deductions in respect of employment of new employees under section 80JJAA, disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes. 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 at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

2.14 Related party transactions

Refer to note 2.14 "Related party transactions" in the Company’s 2023 Consolidated financial statements under IFRS in Indian rupee for the full names and other details of the Company's subsidiaries and controlled trusts.

During the nine months ended December 31, 2023, 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”).

- 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.

Change in key management personnel

The following are the changes in the key management personnel:

Independent directors:

- 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 related party transactions with key management personnel which comprise directors and executive officers:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Salaries and other short term employee benefits to whole-time directors and executive officers^(1)(2)^	24	12	82	86
Commission and other benefits to non-executive/ independent directors	4	5	12	12
Total	28	17	94	98
^(1)^	Total employee stock compensation expense for the three months ended December 31, 2023and December 31, 2022, includes a charge of 14 crore and less than a crore respectively, towards keymanagement personnel. For the nine months ended December 31, 2023 and December 31, 2022, includes a charge of 51crore and 41 crore respectively, towards key management personnel. (Refer to note 2.11).
---	---
^(2)^	Does not include post-employment benefits and other long-term benefits based on actuarialvaluation as these are done for the Company as a whole.
---	---

2.15 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.

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.

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

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

2.15.1 Business segments

Three months ended December 31, 2023 and December31, 2022

(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	10,783	5,649	4,421	5,121	5,786	2,985	2,954	1,122	38,821
	11,235	5,480	4,710	4,957	5,099	3,095	2,695	1,047	38,318
Identifiable operating expenses	6,504	2,974	2,781	2,751	3,787	1,745	1,703	675	22,920
	6,549	2,837	2,858	2,594	3,206	1,786	1,580	746	22,156
Allocated expenses	2,019	960	780	920	889	482	485	229	6,764
	2,008	997	810	906	858	496	431	289	6,795
Segment Profit	2,260	1,715	860	1,450	1,110	758	766	218	9,137
	2,678	1,646	1,042	1,457	1,035	813	684	12	9,367
Unallocable expenses									1,176
									1,125
Operating profit									7,961
									8,242
Other income, net (Refer to note 2.19)									789
									769
Finance cost									131
									80
Profit before income taxes									8,619
									8,931
Income tax expense									2,506
									2,345
Net profit									6,113
									6,586
Depreciation and amortization									1,176
									1,125
Non-cash expenses other than depreciation and amortization									–

Nine months ended December 31, 2023 and December31, 2022

(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	32,149	17,075	13,325	14,966	16,710	9,095	8,753	3,675	115,748
	32,945	15,667	13,675	13,714	13,957	8,878	7,404	3,086	109,326
Identifiable operating expenses	18,740	9,113	8,038	8,121	10,941	5,237	5,077	2,286	67,553
	18,829	8,023	8,488	7,309	9,245	5,225	4,320	2,100	63,539
Allocated expenses	6,025	2,944	2,408	2,754	2,653	1,509	1,410	851	20,554
	5,873	2,883	2,386	2,552	2,500	1,444	1,223	794	19,655
Segment Profit	7,384	5,018	2,879	4,091	3,116	2,349	2,266	538	27,641
	8,243	4,761	2,801	3,853	2,212	2,209	1,861	192	26,132
Unallocable expenses									3,515
									3,104
Operating profit									24,126
									23,028
Other income, net (Refer to note 2.19)									1,982
									2,030
Finance cost									360
									202
Profit before income taxes									25,748
									24,856
Income tax expense									7,474
									6,882
Net profit									18,274
									17,974
Depreciation and amortization									3,515
									3,104
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
---	---
*	Includes impact on account of McCamish cybersecurity incident. Refer note 2.6.2.
---	---

2.15.2 Significant clients

No client individually accounted for more than 10% of the revenues for the three months and nine months ended December 31, 2023 and December 31, 2022, 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.

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 controls the good or service before it is transferred to the customer. The Group considers whether it has the primary obligation to fulfil the contract, inventory risk, pricing discretion and other factors to determine whether it controls the goods or service 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 Group expects to recover them.

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

Revenues for the three months and nine months ended December 31, 2023 and December 31, 2022 is as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Revenue from software services	36,767	35,870	109,221	102,375
Revenue from products and platforms	2,054	2,448	6,527	6,951
Total revenue from operations	38,821	38,318	115,748	109,326

Products & platforms

Disaggregated revenue information

For the three months and nine months ended December31, 2023 and December 31, 2022

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
*Revenues by Geography^^**
North America	22,911	23,756	69,805	67,881
Europe	10,934	9,895	31,407	27,587
India	920	927	3,048	2,880
Rest of the world	4,056	3,740	11,488	10,978
Total	38,821	38,318	115,748	109,326

^*^Geographical revenues are based onthe domicile of customer.

Trade Receivables and Contract Balances

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

Invoicing in excess of earnings are classified as unearned revenue.

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

2.17 Unbilled Revenue

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Unbilled financial asset ^(1)^	8,807	9,502
Unbilled non financial asset ^(2)^	6,097	7,236
Total	14,904	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

Special Economic Zone Re-investment reserve

Capital Redemption Reserve

Other components of equity

Cash flow hedge reserve

2.18.1 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 in accordance with Companies Act 2013 is as follows:

(In )

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Interim dividend for fiscal 2024	18.00	–	18.00	–
Final dividend for fiscal 2023	–	–	17.50	–
Interim dividend for fiscal 2023	–	16.50	–	16.50
Final dividend for fiscal 2022	–	–	–	16.00

The Board of Directors in their meeting held on April 13, 2023 recommended a final dividend of 17.50/- per equity share for the financial year ended March 31, 2023. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 28, 2023 which resulted in a net cash outflow of 7,242 crore (excluding dividend paid on treasury shares).

The Board of Directors in their meeting held on October 12, 2023 declared an interim dividend of 18/- per equity share which resulted in a net cash outflow of 7,450 crore (excluding dividend paid on treasury shares).

2.18.2 Capital allocation policy

Effective fiscal 2020, the company expects to return approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback and/or special dividends, subject to applicable laws and requisite approvals, if any. Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS. Dividend and buyback include applicable taxes.

2.18.3 Share capital and share premium

2.19 Break-up of expenses and other income, net

a. 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 independent actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

Other income, net

Foreign currency

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 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.

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.

b. The table below provides details of break-upof expenses:

Cost of sales

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Employee benefit costs	18,621	18,383	56,088	52,649
Depreciation and amortization	1,176	1,125	3,515	3,104
Travelling costs	283	257	915	776
Cost of technical sub-contractors	3,064	3,343	9,261	10,944
Cost of software packages for own use	540	495	1,504	1,357
Third party items bought for service delivery to clients	3,152	2,567	8,238	6,575
Consultancy and professional charges	124	32	187	96
Communication costs	85	86	262	271
Repairs and maintenance	103	107	333	310
Provision for post-sales client support	35	130	203	200
Others	70	36	160	60
Total	27,253	26,561	80,666	76,342

Selling and marketing expenses

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Employee benefit costs	1,358	1,264	4,125	3,570
Travelling costs	64	64	228	200
Branding and marketing	219	226	717	633
Communication costs	3	3	10	10
Consultancy and professional charges	36	30	106	89
Others	20	24	52	89
Total	1,700	1,611	5,238	4,591

Administrative expenses

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Employee benefit costs	672	625	2,015	1,829
Consultancy and professional charges	344	339	944	1,111
Repairs and maintenance	248	243	747	677
Power and fuel	49	47	150	129
Communication costs	81	94	259	261
Travelling costs	40	39	145	123
Impairment loss recognized/(reversed) under expected credit loss model	13	106	219	197
Rates and taxes	80	74	241	220
Insurance	49	43	155	129
Commission to non-whole time directors	4	4	11	11
Contribution towards Corporate Social Responsibility	137	146	351	320
Others	190	144	481	358
Total	1,907	1,904	5,718	5,365

c. Other income

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Interest income on financial assets carried at amortized cost	258	212	807	664
Interest income on financial assets carried at fair value through other comprehensive income	232	241	689	724
Gain/(loss) on investments carried at fair value through profit or loss	97	46	197	87
Gain/(loss) on investments carried at fair value through other comprehensive income	–	–	–	1
Exchange gains / (losses) on forward and options contracts	(152)	(363)	(89)	(789)
Exchange gains / (losses) on translation of other assets and liabilities	230	552	210	1,153
Others	124	81	168	190
Total	789	769	1,982	2,030

for and on behalf of the Board of Directors of InfosysLimited

Nandan M. Nilekani<br><br> <br>Chairman	Salil Parekh<br><br> <br>Chief Executive Officer<br><br> <br>and Managing Director	Bobby Parikh<br><br> <br>Director
Nilanjan Roy<br><br> <br>Chief Financial Officer	Jayesh Sanghrajka<br><br> <br>Executive Vice President and<br><br> <br>Deputy Chief Financial Officer	A.G.S. Manikantha<br><br> <br>Company Secretary
Bengaluru<br><br> <br>January 11, 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 December 31, 2023, the Condensed Statement of Profit and Loss (including Other Comprehensive Income) for the three months and nine months ended on that date, the Condensed Statement of Changes in Equity and the Condensed Statement of Cash Flows for the nine months ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as the “interim condensed standalone financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed standalone financial statements give a true and fair view in conformity with Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the state of affairs of the Company as at December 31, 2023, its profit and total comprehensive income for the three months and nine months ended on that date, changes in equity and its cash flows for the nine months ended on that date.

Basis for Opinion

We conducted our audit of the interim condensed standalone financial statements in accordance with the Standards on Auditing (“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 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, Boards 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 Boards 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 responsible for overseeing the Company’s financial reporting process.

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

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

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

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

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

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

	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: January 11, 2024	Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>(Membership No.039826)<br><br> <br>UDIN: 24039826BKCOCO3212

INFOSYS LIMITED

Condensed Standalone Financial Statementsunder Indian Accounting Standards (Ind AS)for the three months and nine months ended December 31, 2023

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	Note No.	December 31, 2023	March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment	2.1	10,635	11,656
Right-of-use assets	2.3	3,487	3,561
Capital work-in-progress		530	275
Goodwill	2.2	211	211
Other intangible assets		–	3
Financial assets
Investments	2.4	22,927	23,686
Loans	2.5	35	39
Other financial assets	2.6	1,386	1,341
Deferred tax assets (net)		246	779
Income tax assets (net)		6,307	5,916
Other non-current assets	2.9	1,924	1,788
Total non - current assets		47,688	49,255
Current assets
Financial assets
Investments	2.4	6,057	4,476
Trade receivables	2.7	25,434	20,773
Cash and cash equivalents	2.8	7,210	6,534
Loans	2.5	198	291
Other financial assets	2.6	9,482	9,088
Other current assets	2.9	9,900	10,920
Total current assets		58,281	52,082
Total assets		105,969	101,337
EQUITY AND LIABILITIES
Equity
Equity share capital	2.11	2,075	2,074
Other equity		70,310	65,671
Total equity		72,385	67,745
LIABILITIES
Non-current liabilities
Financial liabilities
Lease liabilities	2.3	3,423	3,553
Other financial liabilities	2.12	1,968	1,317
Deferred tax liabilities (net)		638	866
Other non-current liabilities	2.14	290	414
Total non - current liabilities		6,319	6,150
Current liabilities
Financial liabilities
Lease liabilities	2.3	794	713
Trade payables	2.13
Total outstanding dues of micro enterprises and small enterprises		17	97
Total outstanding dues of creditors other than micro enterprises and small enterprises		2,399	2,329
Other financial liabilities	2.12	10,733	12,697
Other current liabilities	2.14	8,426	7,609
Provisions	2.15	1,510	1,163
Income tax liabilities (net)		3,386	2,834
Total current liabilities		27,265	27,442
Total equity and liabilities		105,969	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	Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 2024

INFOSYS LIMITED

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

Condensed Statement of Profit and Loss for the	Note No.	Three months ended December 31,		Nine months ended December 31,
		2023	2022	2023	2022
Revenue from operations	2.17	32,491	32,389	96,932	93,483
Other income, net	2.18	1,582	1,177	3,934	3,093
Total income		34,073	33,566	100,866	96,576
Expenses
Employee benefit expenses	2.19	16,304	16,395	49,092	47,182
Cost of technical sub-contractors		4,670	4,720	13,991	14,545
Travel expenses		296	284	1,001	892
Cost of software packages and others	2.19	1,811	1,728	4,793	4,339
Communication expenses		119	132	379	386
Consultancy and professional charges		282	280	772	975
Depreciation and amortization expenses		738	713	2,222	2,039
Finance cost		82	41	215	115
Other expenses	2.19	895	978	2,862	2,417
Total expenses		25,197	25,271	75,327	72,890
Profit before tax		8,876	8,295	25,539	23,686
Tax expense:
Current tax	2.16	2,231	1,916	6,476	6,261
Deferred tax	2.16	93	169	309	61
Profit for the period		6,552	6,210	18,754	17,364
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		73	28	92	(28)
Equity instruments through other comprehensive income, net		(9)	2	31	9
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		(46)	(57)	(17)	(43)
Fair value changes on investments, net		49	42	95	(275)
Total other comprehensive income/ (loss), net of tax		67	15	201	(337)
Total comprehensive income for the period		6,619	6,225	18,955	17,027
Earnings per equity share
Equity shares of par value 5/- each
Basic (in per share)		15.79	14.77	45.19	41.28
Diluted (in per share)		15.78	14.76	45.15	41.24
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.20	4,150,398,147	4,203,307,369	4,149,948,587	4,206,048,595
Diluted (in shares)	2.20	4,153,337,842	4,206,813,168	4,153,265,047	4,210,104,735

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	Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 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 nine months ended December 31, 2022
Profit for the period	–	–	–	–	–	17,364	–	–	–	–	–	–	17,364
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	(28)	(28)
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	9	–	–	9
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	(43)	–	(43)
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	(275)	(275)
Total comprehensive income for the period	–	–	–	–	–	17,364	–	–	–	9	(43)	(303)	17,027
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	–	(2,562)	–	–	2,562	–	–	–	–
Buyback of equity shares**	(13)	–	–	–	(332)	(5,820)	–	–	–	–	–	–	(6,165)
Transaction cost relating to buyback*	–	–	–	–	(17)	(1)	–	–	–	–	–	–	(18)
Amount transferred to capital redemption reserve upon buyback	–	–	–	11	–	(2)	(9)	–	–	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	817	–	–	(817)	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.11)	–	–	–	–	191	–	–	(191)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	2	(2)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.11)	1	–	–	–	17	–	–	–	–	–	–	–	18
Employee stock compensation expense (Refer to note 2.11)	–	–	–	–	–	–	–	383	–	–	–	–	383
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	–	49	–	–	–	–	49
Dividends	–	–	–	–	–	(13,675)	–	–	–	–	–	–	(13,675)
Balance as at December 31, 2022	2,091	54	2,844	150	31	51,561	2	845	9,671	275	(41)	(567)	66,916

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 nine months ended December 31, 2023
Profit for the period	–	–	–	–	–	18,754	–	–	–	–	–	–	18,754
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	92	92
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	31	–	–	31
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	(17)	–	(17)
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	95	95
Total comprehensive income for the period	–	–	–	–	–	18,754	–	–	–	31	(17)	187	18,955
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	–	(2,326)	–	–	2,326	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	–	461	–	–	(461)	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.11)	–	–	–	–	351	–	–	(351)	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	–	32	(32)	–	–	–	–	–
Shares issued on exercise of employee stock options (Refer to note 2.11)	1	–	–	–	–	–	–	–	–	–	–	–	1
Employee stock compensation expense (Refer to note 2.11)	–	–	–	–	–	–	–	417	–	–	–	–	417
Dividends	–	–	–	–	–	(14,733)	–	–	–	–	–	–	(14,733)
Balance as at December 31, 2023	2,075	54	2,862	169	484	54,339	34	912	11,519	291	(22)	(332)	72,385
*	net of tax
---	---
**	Including tax on buyback of 1,165 crore for the nine months ended December 31, 2022.
---	---
^#^	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	Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 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 crore)

Particulars	Note No.	Nine months ended December 31,
		2023	2022
Cash flow from operating activities:
Profit for the period		18,754	17,364
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and Amortization		2,222	2,039
Income tax expense	2.16	6,785	6,322
Impairment loss recognized / (reversed) under expected credit loss model		194	112
Finance cost		215	115
Interest and dividend income		(3,325)	(2,401)
Stock compensation expense		378	343
Provision for post sale client support		205	201
Other adjustments		162	40
Exchange differences on translation of assets and liabilities, net		48	98
Changes in assets and liabilities
Trade receivables and unbilled revenue		(3,459)	(6,476)
Loans, other financial assets and other assets		(1,016)	(873)
Trade payables		(10)	408
Other financial liabilities, other liabilities and provisions		(170)	2,410
Cash generated from operations		20,983	19,702
Income taxes paid		(6,313)	(5,791)
Net cash generated by operating activities		14,670	13,911
Cash flow from investing activities:
Expenditure on property, plant and equipment		(1,373)	(1,475)
Deposits placed with corporation		(625)	(569)
Redemption of deposits placed with corporation		459	417
Interest and dividend received		1,252	1,090
Dividend received from subsidiary		2,118	1,187
Loan given to subsidiaries		–	(427)
Loan repaid by subsidiaries		4	393
Investment in subsidiaries		(63)	(1,530)
Proceeds from liquidation of a subsidiary		80	–
Escrow and other deposits pertaining to Buyback		–	(592)
Other receipts		123	47
Payments to acquire investments
Liquid mutual fund units		(46,790)	(48,592)
Commercial papers		(4,270)	(2,116)
Certificates of deposit		(3,169)	(5,912)
Government Securities		–	(1,370)
Non-convertible debentures		(337)	–
Other investments		(2)	(4)
Proceeds on sale of investments
Tax free bonds and government bonds		150	13
Liquid mutual fund units		45,744	47,770
Non-convertible debentures		800	220
Certificates of deposit		4,387	7,155
Commercial papers		3,045	1,100
Government Securities		5	1,532
Other investments		13	99
Net cash (used in) / generated from investing activities		1,551	(1,564)
Cash flow from financing activities:
Buyback of equity shares including transaction costs and tax on buyback		–	(3,928)
Payment of lease liabilities		(624)	(494)
Shares issued on exercise of employee stock options		1	18
Other receipts		–	57
Other payments		(158)	(61)
Payment of dividends		(14,736)	(13,676)
Net cash used in financing activities		(15,517)	(18,084)
Net increase / (decrease) in cash and cash equivalents		704	(5,737)
Effect of exchange differences on translation of foreign currency cash and cash equivalents		(28)	(59)
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	7,210	6,474
Supplementary information:
Restricted cash balance	2.8	54	66

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	Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 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 January 11, 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 controls the good or service before it is transferred to the customer. The Company considers whether it has the primary obligation to fulfil the contract, inventory risk, pricing discretion and other factors to determine whether it controls the goods or service and therefore, is acting as a principal or an agent.

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

b. Income taxes

The Company's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions. Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, management believes that the company will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.16)

c. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company's assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to note 2.1)

2. Notes to the Interim Condensed Standalone FinancialStatements

2.1 PROPERTY, PLANT AND EQUIPMENT

Accounting Policy

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

The estimated useful lives of assets are as follows:

Building^(1)^	22-25 years
Plant and machinery^(1)^	5 years
Office equipment	5 years
Computer equipment^(1)^	3-5 years
Furniture and fixtures^(1)^	5 years
Vehicles^(1)^	5 years
Leasehold improvements	Lower of useful life of the asset or lease term
^(1)^	Based on technical evaluation, the Management believes that the useful lives as givenabove best represent the period over which Management expects to use these assets. Hence, the useful lives for these assets is differentfrom the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013.
---	---

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

Impairment

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

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

(In crore)

Particulars	Land- Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at October 1, 2023	1,429	10,454	3,160	1,333	7,211	2,163	1,021	45	26,816
Additions	1	4	9	28	168	–	4	1	215
Deletions**	–	(55)	(15)	(7)	(139)	(22)	(48)	(1)	(287)
Gross carrying value as at December 31, 2023	1,430	10,403	3,154	1,354	7,240	2,141	977	45	26,744
Accumulated depreciation as at October 1, 2023	–	(4,427)	(2,654)	(1,101)	(5,230)	(1,643)	(727)	(42)	(15,824)
Depreciation	–	(103)	(55)	(29)	(282)	(57)	(43)	(1)	(570)
Accumulated depreciation on deletions**	–	55	15	7	139	20	48	1	285
Accumulated depreciation as at December 31, 2023	–	(4,475)	(2,694)	(1,123)	(5,373)	(1,680)	(722)	(42)	(16,109)
Carrying value as at October 1, 2023	1,429	6,027	506	232	1,981	520	294	3	10,992
Carrying value as at December 31, 2023	1,430	5,928	460	231	1,867	461	255	3	10,635

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2022 are as follows:

(In crore)

Particulars	Land- Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at October 1, 2022	1,429	10,258	3,122	1,272	7,525	2,158	897	44	26,705
Additions	–	165	88	27	309	92	1	–	682
Deletions*	–	–	(1)	(3)	(272)	(1)	–	–	(277)
Gross carrying value as at December 31, 2022	1,429	10,423	3,209	1,296	7,562	2,249	898	44	27,110
Accumulated depreciation as at October 1, 2022	–	(4,027)	(2,607)	(1,036)	(5,443)	(1,713)	(575)	(38)	(15,439)
Depreciation	–	(99)	(61)	(27)	(281)	(55)	(41)	(1)	(565)
Accumulated depreciation on deletions*	–	–	1	3	272	1	–	–	277
Accumulated depreciation as at December 31, 2022	–	(4,126)	(2,667)	(1,060)	(5,452)	(1,767)	(616)	(39)	(15,727)
Carrying value as at October 1, 2022	1,429	6,231	515	236	2,082	445	322	6	11,266
Carrying value as at December 31, 2022	1,429	6,297	542	236	2,110	482	282	5	11,383

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

(In crore)

Particulars	Land- Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2023	1,429	10,445	3,144	1,314	7,235	2,129	968	45	26,709
Additions	1	13	43	61	467	52	54	1	692
Additions through business transfer (Refer to note 2.4)	–	–	–	2	12	8	12	–	34
Deletions**	–	(55)	(33)	(23)	(474)	(48)	(57)	(1)	(691)
Gross carrying value as at December 31, 2023	1,430	10,403	3,154	1,354	7,240	2,141	977	45	26,744
Accumulated depreciation as at April 1, 2023	–	(4,223)	(2,558)	(1,060)	(4,977)	(1,549)	(646)	(40)	(15,053)
Depreciation	–	(307)	(169)	(86)	(867)	(177)	(132)	(3)	(1,741)
Accumulated depreciation on deletions**	–	55	33	23	471	46	56	1	685
Accumulated depreciation as at December 31, 2023	–	(4,475)	(2,694)	(1,123)	(5,373)	(1,680)	(722)	(42)	(16,109)
Carrying value as at April 1, 2023	1,429	6,222	586	254	2,258	580	322	5	11,656
Carrying value as at December 31, 2023	1,430	5,928	460	231	1,867	461	255	3	10,635
**	During the three months and nine months ended December 31, 2023, certain assets which were<br>old having gross book value of 129 crore (net book value: Nil) and 490 crore (net book value: Nil), respectively were retired.
---	---

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2022 are as follows:

(In crore)

Particulars	Land- Freehold	Buildings^(1)(2)^	Plant and machinery^(2)^	Office Equipment^(2)^	Computer equipment^(2)^	Furniture and fixtures^(2)^	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2022	1,429	10,115	3,054	1,250	7,239	2,070	817	44	26,018
Additions	–	308	161	60	826	184	81	1	1,621
Deletions*	–	–	(6)	(14)	(503)	(5)	–	(1)	(529)
Gross carrying value as at December 31, 2022	1,429	10,423	3,209	1,296	7,562	2,249	898	44	27,110
Accumulated depreciation as at April 1, 2022	–	(3,834)	(2,494)	(993)	(5,163)	(1,614)	(499)	(37)	(14,634)
Depreciation	–	(292)	(179)	(81)	(792)	(158)	(117)	(3)	(1,622)
Accumulated depreciation on deletions*	–	–	6	14	503	5	–	1	529
Accumulated depreciation as at December 31, 2022	–	(4,126)	(2,667)	(1,060)	(5,452)	(1,767)	(616)	(39)	(15,727)
Carrying value as at April 1, 2022	1,429	6,281	560	257	2,076	456	318	7	11,384
Carrying value as at December 31, 2022	1,429	6,297	542	236	2,110	482	282	5	11,383
*	During the three months and nine months ended December 31, 2022, certain assets which were<br>old having gross book value of 252 crore (net book value: Nil) and 401 crore (net book value: Nil), 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 crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Carrying value at the beginning	211	211
Carrying value at the end	211	211

2.2.2 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 Company has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labor, overhead costs that are directly attributable to prepare the asset for its intended use.

2.3 LEASES

Accounting Policy

The Company as a lessee

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

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

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

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

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

The Company as a lessor

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

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

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

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

(In crore)

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

Following are the changes in the carrying value of right of use assets for the three months ended December 31, 2022:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at October 1, 2022	550	2,790	178	3,518
Additions*	–	23	160	183
Deletions	–	(2)	(16)	(18)
Depreciation	(1)	(111)	(33)	(145)
Balance as at December 31, 2022	549	2,700	289	3,538
*	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 nine months ended December 31, 2023:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at April 1, 2023	548	2,669	344	3,561
Additions*	–	290	370	660
Deletions	(10)	(77)	(76)	(163)
Impairment^#^	–	(88)	–	(88)
Depreciation	(3)	(359)	(121)	(483)
Balance as at December 31, 2023	535	2,435	517	3,487
*	Net of adjustments on account of modifications and lease incentives
---	---
#	included under other expenses. Refer note 2.19
---	---

Following are the changes in the carrying value of right of use assets for the nine months ended December 31, 2022:

(In crore)

Particulars	Category of ROU asset			Total
	Land	Buildings	Computers
Balance as at April 1, 2022	552	2,621	138	3,311
Additions*	–	411	266	677
Deletions	–	(3)	(50)	(53)
Depreciation	(3)	(329)	(65)	(397)
Balance as at December 31, 2022	549	2,700	289	3,538
*	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 December 31, 2023 and March 31, 2023:

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Current lease liabilities	794	713
Non-current lease liabilities	3,423	3,553
Total	4,217	4,266

2.4 INVESTMENTS

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Non-current investments
Equity instruments of subsidiaries	9,145	9,078
Redeemable Preference shares of subsidiary	2,831	2,831
Preference securities and equity securities	218	196
Target maturity fund units	422	402
Others	95	82
Tax free bonds	1,733	1,742
Government bonds	15	14
Non-convertible debentures	1,818	2,490
Government Securities	6,650	6,851
Total non-current investments	22,927	23,686
Current investments
Liquid mutual fund units	1,418	260
Commercial Papers	1,725	420
Certificates of deposit	1,613	2,765
Tax free bonds	–	150
Government Securities	201	5
Non-convertible debentures	1,100	876
Total current investments	6,057	4,476
Total carrying value	28,984	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
25,000 (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	–
3,27,789 (Nil) shares 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 December 31, 2023 and March 31, 2023 was5 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
		December 31, 2023	March 31, 2023
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	1,418	260
Target maturity fund units - carried at fair value through profit or loss	Quoted price	422	402
Tax free bonds and government bonds - carried at amortized cost	Quoted price and market observable inputs	1,933	2,134
Non-convertible debentures - carried at fair value through other comprehensive income	Quoted price and market observable inputs	2,918	3,366
Government securities - carried at fair value through other comprehensive income	Quoted price and market observable inputs	6,851	6,856
Commercial Papers - carried at fair value through other comprehensive income	Market observable inputs	1,725	420
Certificates of deposit - carried at fair value through other comprehensive income	Market observable inputs	1,613	2,765
Quoted Equity Securities - carried at fair value through other comprehensive income	Quoted price	137	–
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	81	196
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	95	82
Total		17,193	16,481

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

Danske IT and Support Services India Private Limited

On September 1, 2023, Infosys acquired 100% of the voting interests in Danske IT and Support Services India Private Limited, which is Danske Bank's IT center in India. The acquisition was conducted by entering into a share purchase agreement. The estimated consideration is approximately DKK 63 million (approximately 77 crore) which may be subjected to a further adjustment on finalization of the opening net assets value as agreed in the Share Purchase Agreement.

Proposed acquisition

2.5 LOANS

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Non- Current
Loans considered good - Unsecured
Other Loans
Loans to employees	35	39
	35	39
Loans credit impaired - Unsecured
Other Loans
Loans to employees	–	–
Less: Allowance for credit impairment	–	–
	–	–
Total non - current loans	35	39
Current
Loans considered good - Unsecured
Loans to subsidiaries	–	43
Other Loans
Loans to employees	198	248
Total current loans	198	291
Total Loans	233	330

2.6 OTHER FINANCIAL ASSETS

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Non-current
Security deposits ^(1)^	43	43
Net investment in Sublease of right of use asset ^(1)^	–	298
Rental deposits ^(1)^	163	183
Unbilled revenues ^(1)(5)#^	956	686
Others^(1)^	224	131
Total non-current other financial assets	1,386	1,341
Current
Security deposits ^(1)^	1	1
Rental deposits ^(1)^	29	5
Restricted deposits ^(1)*^	2,283	2,116
Unbilled revenues ^(1)(5)#^	4,489	5,166
Interest accrued but not due ^(1)^	329	441
Foreign currency forward and options contracts ^(2)(3)^	31	79
Net investment in Sublease of right-of-use asset ^(1)^	–	48
Others ^(1)(4)^	2,320	1,232
Total current other financial assets	9,482	9,088
Total other financial assets	10,868	10,429
^(1)^ Financial assets carried at amortized cost	10,837	10,350
^(2)^Financial assets carried at fair value through other comprehensive income	13	32
^(3)^Financial assets carried at fair value through Profit or Loss	18	47
^(4)^ Includes dues from subsidiaries	2,081	1,051
^(5)^ Includes dues from subsidiaries	141	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.
---	---

2.7 TRADE RECEIVABLES

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Current
Trade Receivable considered good - Unsecured ^(1)^	25,907	21,202
Less: Allowance for expected credit loss	473	429
Trade Receivable considered good - Unsecured	25,434	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)^	25,434	20,773
^(1)^ Includes dues from subsidiaries	322	611
^(2)^ Includes dues from companies where directors are interested	–	–

2.8 CASH AND CASH EQUIVALENTS

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Balances with banks
In current and deposit accounts	7,210	4,864
Cash on hand	–	–
Others
Deposits with financial institutions	–	1,670
Total Cash and cash equivalents	7,210	6,534
Balances with banks in unpaid dividend accounts	34	37
Deposit with more than 12 months maturity	–	700

Cash and cash equivalents as at December 31, 2023 and March 31, 2023 include restricted cash and bank balances of 54 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
	December 31, 2023	March 31, 2023
Non-current
Capital advances	119	141
Advances other than capital advances
Others
Prepaid expenses	49	63
Defined benefit plan assets	9	9
Deferred contract cost
Cost of obtaining a contract^(3)^	103	139
Cost of fulfillment	666	601
Other receivables	20	–
Unbilled revenues^(2)^	290	167
Withholding taxes and others	668	668
Total non-current other assets	1,924	1,788
Current
Advances other than capital advances
Payment to vendors for supply of goods	38	171
Others
Prepaid expenses ^(1)^	2,122	1,705
Unbilled revenues^(2)^	5,251	6,365
Deferred contract cost
Cost of obtaining a contract^(3)^	188	400
Cost of fulfillment	234	109
Withholding taxes and others	2,055	2,047
Other receivables	12	123
Total current other assets	9,900	10,920
Total other assets	11,824	12,708
^(1)^ Includes dues from subsidiaries	174	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 a financing arrangement with a third partyfor these assets which has been considered as financial liability. As at December 31, 2023, the financial liability pertaining to sucharrangements amounts to 63 crore. (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

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 December 31, 2023 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)	7,210	–	–	–	–	7,210	7,210
Investments (Refer to note 2.4)
Preference securities, Equity securities and others	–	–	95	218	–	313	313
Tax free bonds and government bonds	1,748	–	–	–	–	1,748	1,933^(1)^
Liquid mutual fund units	–	–	1,418	–	–	1,418	1,418
Target maturity fund units	–	–	422	–	–	422	422
Commercial Papers	–	–	–	–	1,725	1,725	1,725
Certificates of deposit	–	–	–	–	1,613	1,613	1,613
Non convertible debentures	–	–	–	–	2,918	2,918	2,918
Government Securities	–	–	–	–	6,851	6,851	6,851
Trade receivables (Refer to note 2.7)	25,434	–	–	–	–	25,434	25,434
Loans (Refer to note 2.5)	233	–	–	–	–	233	233
Other financial assets (Refer to note 2.6) ^(3)^	10,837	–	18	–	13	10,868	10,813^(2)^
Total	45,462	–	1,953	218	13,120	60,753	60,883
Liabilities:
Trade payables (Refer to note 2.13)	2,416	–	–	–	–	2,416	2,416
Lease liabilities (Refer to note 2.3)	4,217	–	–	–	–	4,217	4,217
Other financial liabilities (Refer to note 2.12)	10,308	–	112	–	30	10,450	10,450
Total	16,941	–	112	–	30	17,083	17,083
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on tax free bonds and government bonds carried at amortizedcost of 55 crore
---	---
^(3)^	Excludes unbilled revenue on contracts where the right to consideration is dependent oncompletion of contractual milestones
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 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 December 31, 2023 is as follows:

(In crore)

Particulars	As at December 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	1,918	1,692	226	–
Investments in government bonds	15	15	–	–
Investments in liquid mutual fund units	1,418	1,418	–	–
Investments in target maturity fund units	422	422	–	–
Investments in certificates of deposit	1,613	–	1,613	–
Investments in commercial papers	1,725	–	1,725	–
Investments in non convertible debentures	2,918	2,248	670	–
Investments in government securities	6,851	6,851	–	–
Investments in equity securities	139	137	–	2
Investments in preference securities	79	–	–	79
Other investments	95	–	–	95
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to note 2.6)	31	–	31	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer to note 2.12)	142	–	142	–

During the nine months ended December 31, 2023, tax free bonds and non-convertible debentures of 1,525 crore were transferred from Level 2 to Level 1 of fair value hierarchy since these were valued based on quoted price.

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 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, quoted bonds issued by government and quasi-government organizations and non-convertible debentures. 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
	December 31, 2023	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
4,15,04,47,554 (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 1,500/- (1,500/-)

The Company has only one class of shares referred to as equity shares having a par value of 5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depository Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However, no such preferential amounts exist currently. For details of shares reserved for issue under the employee stock option plan of the Company, refer to the note below.

The reconciliation of the number of shares outstanding and the amount of share capital as at December 31, 2023 and March 31, 2023 is set out below:

(in crore, except as stated otherwise)

Particulars	As at December 31, 2023		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	1,887,510	1	2,247,751	1
Less: Shares bought back	–	–	60,426,348	30
As at the end of the period	4,15,04,47,554	2,075	4,14,85,60,044	2,074

Capital allocation policy

2.11.2 DIVIDEND

The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act, 2013 is as follows:-

(in )

Particulars	Three months ended December 31,		Nine months ended December 31,
****	2023	2022	2023	2022
Interim dividend for fiscal 2024	18.00	–	18.00	–
Final dividend for fiscal 2023	–	–	17.50	–
Interim dividend for fiscal 2023	–	16.50	–	16.50
Final dividend for fiscal 2022	–	–	–	16.00

The Board of Directors in their meeting held on October 12, 2023 declared an interim dividend of 18/- per equity share which resulted in a net cash outflow of 7,471 crore.

2.11.3 Employee Stock Option Plan (ESOP):

Accounting Policy

The Company recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the statement of profit and loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

Infosys Expanded Stock Ownership Program 2019 (the2019 Plan): On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

2015 Stock Incentive Compensation Plan (the 2015Plan): On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.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 11,249,465 shares and 12,172,119 shares as at December 31, 2023 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 December 31, 2023 and March 31, 2023.

The following is the summary of grants during the three months and nine months ended December 31, 2023 and December 31, 2022:

	2019 Plan				2015 Plan
Particulars	Three months ended December 31,		Nine months ended December 31,		Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022	2023	2022	2023	2022
Equity settled RSUs
Key Management Personnel (KMP)	35,990	–	114,271	176,893	88,040	–	421,636	287,325
Employees other than KMP	464,260	3,814	464,260	374,774	1,169,660	48,050	1,197,940	48,050
	500,250	3,814	578,531	551,667	1,257,700	48,050	1,619,576	335,375
Cash settled RSUs
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	7,950	–	7,950	–
	–	–	–	–	7,950	–	7,950	–
Total Grants	500,250	3,814	578,531	551,667	1,265,650	48,050	1,627,526	335,375

Notes on grants to KMP:

CEO & MD

Under the 2015 plan:

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of December 31, 2023, 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:

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 December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Granted to:
KMP	14	–	51	41
Employees other than KMP	117	101	327	302
Total ^(1)^	131	101	378	343
^(1)^ Cash settled stock compensation expense included in the above	-	2	3	-

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance-based options and Monte Carlo simulation model is used for TSR based options.The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

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

Particulars	For options granted in
	Fiscal 2024- Equity Shares-RSU	Fiscal 2024- ADR-RSU	Fiscal 2023- Equity Shares-RSU	Fiscal 2023- ADS-RSU
Weighted average share price () / ($ ADS)	1,321	16.41	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)	1,151	14.31	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
	December 31, 2023		March 31, 2023
Non-current
Others
Compensated absences	83		76
Accrued compensation to employees ^(1)^	13		5
Accrued expenses ^(1)^	1,866		1,184
Other payables ^(1)(6)^	6		52
Total non-current other financial liabilities	1,968		1,317
Current
Unpaid dividends ^(1)^	34		37
Others
Accrued compensation to employees ^(1)^	2,796		3,072
Accrued expenses ^(1)(4)^	4,506		4,430
Retention monies ^(1)^	13		17
Capital creditors ^(1)^	208		652
Compensated absences	2,168		1,893
Other payables ^(1)(5)(6)^	866		2,540
Foreign currency forward and options contracts ^(2)(3)^	142		56
Total current other financial liabilities	10,733		12,697
Total other financial liabilities	12,701		14,014
^(1)^ Financial liability carried at amortized cost	10,308	11,989
^(2)^ Financial liability carried at fair value through profit or loss	112	42
^(3)^ Financial liability carried at fair value through other comprehensive income	30	14
^(4)^ Includes dues to subsidiaries	29	30
^(5)^ Includes dues to subsidiaries	381	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 a financing arrangement with a third party for these assets which has been consideredas financial liability. As at December 31, 2023, the financial liability pertaining to such arrangements amounts to 63 crore.

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

2.13 TRADE PAYABLES

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Outstanding dues of micro enterprises and small enterprises	17	97
Outstanding dues of creditors other than micro enterprises and small enterprises^(1)^	2,399	2,329
Total trade payables	2,416	2,426
^(1)^ Includes dues to subsidiaries	725	653

2.14 OTHER LIABILITIES

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Non-current
Accrued defined benefit liability	260	412
Others
Deferred income	2	2
Deferred income - government grants	28	-
Total non - current other liabilities	290	414
Current
Accrued defined benefit liability	2	2
Unearned revenue	6,210	5,491
Others
Deferred income - government grants	5	28
Withholding taxes and others	2,209	2,088
Total current other liabilities	8,426	7,609
Total other liabilities	8,716	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
	December 31, 2023	March 31, 2023
Current
Others
Post-sales client support and other provisions	1,510	1,163
Total provisions	1,510	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.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.The Company offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the statement of Profit and Loss comprises:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Current taxes	2,231	1,916	6,476	6,261
Deferred taxes	93	169	309	61
Income tax expense	2,324	2,085	6,785	6,322

Income tax expense for the three months ended December 31, 2023 and December 31, 2022 includes reversal (net of provisions) of 71 crore and 79 crore, respectively. Income tax expense for the nine months ended December 31, 2023 and December 31, 2022 includes reversal (net of provisions) of 151 crore and 65 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.

Deferred income tax for the three months and nine months ended December 31, 2023 and December 31, 2022 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 controls the good or service before it is transferred to the customer. The Company considers whether it has the primary obligation to fulfil the contract, inventory risk, pricing discretion and other factors to determine whether it controls the goods or service and therefore is acting as a principal or an agent.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Company expects to recover them.Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Company that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered. Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to expenses over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

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

Revenue from operations for the three months and nine months ended December 31, 2023 and December 31, 2022 is as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Revenue from software services	32,405	32,328	96,697	93,312
Revenue from products and platforms	86	61	235	171
Total revenue from operations	32,491	32,389	96,932	93,483

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 December 31, 2023 and December 31, 2022 is 58% and 55%, respectively. The percentage of revenue from fixed-price contracts for the nine months ended December 31, 2023 and December 31, 2022 is 56% and 54%, 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 nine months ended December 31, 2023 and December 31, 2022 is as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Interest income on financial assets carried at amortized cost
Tax free bonds and government bonds	33	38	101	113
Deposit with Bank and others	159	136	505	451
Interest income on financial assets carried at fair value through other comprehensive income
Non-convertible debentures, commercial papers, certificates of deposit and government securities	208	215	601	650
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	81	63	160	107
Dividend received from subsidiary	927	494	2,118	1,187
Exchange gains/(losses) on foreign currency forward and options contracts	(202)	(413)	(103)	(673)
Exchange gains/(losses) on translation of other assets and liabilities	289	562	340	1,073
Miscellaneous income, net	87	82	212	184
Total other income	1,582	1,177	3,934	3,093

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 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 independent 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 independent actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Employee benefit expenses
Salaries including bonus	15,569	15,757	47,033	45,248
Contribution to provident and other funds	511	499	1,502	1,425
Share based payments to employees (Refer to note 2.11)	131	101	378	343
Staff welfare	93	38	179	166
	16,304	16,395	49,092	47,182
Cost of software packages and others
For own use	429	379	1,215	1,082
Third party items bought for service delivery to clients	1,382	1,349	3,578	3,257
	1,811	1,728	4,793	4,339
Other expenses
Power and fuel	44	40	130	113
Brand and Marketing	182	184	601	526
Rates and taxes	58	54	188	157
Repairs and Maintenance	233	237	719	670
Consumables	7	5	18	18
Insurance	41	35	128	106
Provision for post-sales client support and others	31	132	205	201
Commission to non-whole time directors	4	4	11	11
Impairment loss recognized / (reversed) under expected credit loss model	10	59	194	112
Auditor's remuneration
Statutory audit fees	1	1	5	5
Tax matters	–	–	–	–
Other services	–	–	–	–
Contributions towards Corporate Social Responsibility	125	132	315	289
Others	159	95	348	209
	895	978	2,862	2,417

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. 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.

2.21 CONTINGENT LIABILITIES AND COMMITMENTS

Accounting Policy

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.

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Contingent liabilities:
Claims against the Company, not acknowledged as debts^(1)^	4,490	4,316
[Amount paid to statutory authorities 5,900 crore (6,115 crore)]
Commitments:
Estimated amount of contracts remaining to be executed on capital contracts and not provided for <br><br>(net of advances and deposits)^(2)^	637	824
Other Commitments*	5	8
*	Uncalled capital pertaining to investments
---	---
^(1)^	As at December 31, 2023 and March 31, 2023, claims against the Company not acknowledged as<br>debts in respect of income tax matters amounted to 4,083 crore and 3,953 crore, respectively.The claims against the Company<br>primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account<br>of multiple issues of disallowances such as disallowance of profits earned from STP Units and SEZ Units, disallowance of deductions in<br>respect of employment of new employees under section 80JJAA, disallowance of expenditure towards software being held as capital in nature,<br>payments made to Associated Enterprises held as liable for withholding of taxes. 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 will<br>not have a material adverse effect on the Company's financial position and results of operations.Amount paid to statutory authorities<br>against the tax claims amounted to 5,890 crore and 6,105 crore as at December 31, 2023 and March 31, 2023, respectively.
---	---
^(2)^	Capital contracts primarily comprises of commitments for infrastructure facilities and computer<br>equipments.
---	---

Legal Proceedings

The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business. The Company’s management reasonably expects that these 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 nine months ended December 31, 2023, 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.
---	---
-	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).
---	---
-	On September 1, 2023 Infosys Ltd. acquired 100% of voting interests in Danske IT and Support<br>Services India Private Limited (“Danske IT”).
---	---
-	Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM Limited was incorporated<br>on August 11, 2023.
---	---
-	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
---	---
-	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.
---	---

The Company’s related party transactions during the three months and nine months ended December 31, 2023 and December 31, 2022 and outstanding balances as at December 31, 2023 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:

Independent directors:

-	Helene Auriol Potier (appointed as independent director effective May 26, 2023)
-	Nitin Paranjpe (appointed as an additional and independent director effective January 1,<br>2024)
---	---

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

Transactions with key management personnel

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

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Salaries and other short term employee benefits to whole-time directors and executive officers^(1)(2)^	24	12	82	86
Commission and other benefits to non-executive / independent directors	4	5	12	12
Total	28	17	94	98
^(1)^	Total employee stock compensation expense for the three months ended December 31, 2023and December 31, 2022 includes a charge of 14 crore and less than a crore, respectively, towards key management personnel. Forthe nine months ended December 31, 2023 and December 31, 2022, includes a charge of 51 crore and 41 crore respectively,towards key management personnel. (Refer to note 2.11).
---	---
^(2)^	Does not include post-employment benefits and other long-term benefits based on actuarialvaluation as these are done for the Company as a whole.
---	---

2.23 SEGMENT REPORTING

The Company publishes this financial statement along with the interim condensed consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the interim condensed consolidated financial statements.

for and on behalf of the Board of Directors of InfosysLimited

Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 2024

Exhibit 99.10

Ind AS Consolidated

INDEPENDENT AUDITOR’S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim CondensedConsolidated Financial Statements

Opinion

We have audited the accompanying interim condensed consolidated financial statements of INFOSYS LIMITED (the “Company”), and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”), which comprise the Condensed Consolidated Balance Sheet as at December 31, 2023, the Condensed Consolidated Statement of Profit and Loss (including Other Comprehensive Income) for the three months and nine months ended on that date, the Condensed Consolidated Statement of Changes in Equity and the Condensed Consolidated Statement of Cash Flows for the nine months ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as the “interim condensed consolidated financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed consolidated financial statements give a true and fair view in conformity with the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at December 31, 2023, its consolidated profit and its consolidated total comprehensive income for the three months and nine months ended on that date, its consolidated changes in equity and its consolidated cash flows for the nine months ended on that date.

Basis for Opinion

We conducted our audit of the interim condensed consolidated financial statements in accordance with the Standards on Auditing (“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 Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the interim condensed consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the interim condensed consolidated financial statements.

Emphasis of Matter

As described in note 2.21.3 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 Ind AS 34 and other accounting principles generally accepted in India. The respective Boards of Directors/Trustees of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the interim condensed consolidated financial statements by the Directors of the Company, as aforesaid.

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

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

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

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

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

Place: Bengaluru<br><br> <br>Date: January 11, 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: 24039826BKCOCM9487

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under Indian Accounting Standards (Ind AS) for the three months and nine months ended December31, 2023

Index
Condensed Consolidated Balance Sheet
Condensed Consolidated Statement of Profit and Loss
Condensed Consolidated Statement of Changes in Equity
Condensed Consolidated Statement of Cash Flows
Overview and Notes to the Interim Condensed Consolidated Financial Statements
1. Overview
1.1 Company overview
1.2 Basis of preparation of financial statements
1.3 Basis of consolidation
1.4 Use of estimates and judgments
1.5 Critical accounting estimates and judgments
2. Notes to the Interim Condensed Consolidated Financial Statements
2.1 Business Combinations
2.2 Property, plant and equipment
2.3 Goodwill and intangible assets
2.4 Investments
2.5 Loans
2.6 Other financial assets
2.7 Trade receivables
2.8 Cash and cash equivalents
2.9 Other assets
2.10 Financial instruments
2.11 Equity
2.12 Other financial liabilities
2.13 Other liabilities
2.14 Provisions
2.15 Income taxes
2.16 Revenue from operations
2.17 Other income, net
2.18 Expenses
2.19 Leases
2.20 Basic and diluted shares used in computing earnings per equity share
2.21 Contingent liabilities and commitments
2.22 Related party transactions
2.23 Segment reporting
2.24 Function wise classification of Condensed Consolidated Statement of Profit and Loss

INFOSYS LIMITED AND SUBSIDIARIES

(In crore)

Condensed Consolidated Balance Sheets as at	Note No.	December 31, 2023	March 31, 2023
ASSETS
Non-current assets
Property, plant and equipment	2.2	12,153	13,346
Right-of-use assets	2.19	6,892	6,882
Capital work-in-progress		595	288
Goodwill	2.3	7,435	7,248
Other intangible assets		1,508	1,749
Financial assets
Investments	2.4	11,270	12,569
Loans	2.5	35	39
Other financial assets	2.6	2,701	2,798
Deferred tax assets (net)		702	1,245
Income tax assets (net)		6,851	6,453
Other non-current assets	2.9	2,403	2,318
Total non-current assets		52,545	54,935
Current assets
Financial assets
Investments	2.4	7,974	6,909
Trade receivables	2.7	30,618	25,424
Cash and cash equivalents	2.8	13,645	12,173
Loans	2.5	238	289
Other financial assets	2.6	11,433	11,604
Income tax assets (net)		173	6
Other current assets	2.9	13,240	14,476
Total current assets		77,321	70,881
Total assets		129,866	125,816
EQUITY AND LIABILITIES
Equity
Equity share capital	2.11	2,070	2,069
Other equity		78,000	73,338
Total equity attributable to equity holders of the Company		80,070	75,407
Non-controlling interests		380	388
Total equity		80,450	75,795
Liabilities
Non-current liabilities
Financial Liabilities
Lease liabilities	2.19	6,670	7,057
Other financial liabilities	2.12	2,498	2,058
Deferred tax liabilities (net)		942	1,220
Other non-current liabilities	2.13	377	500
Total non-current liabilities		10,487	10,835
Current liabilities
Financial Liabilities
Lease liabilities	2.19	2,074	1,242
Trade payables		3,825	3,865
Other financial liabilities	2.12	15,993	18,558
Other current liabilities	2.13	11,191	10,830
Provisions	2.14	1,827	1,307
Income tax liabilities (net)		4,019	3,384
Total current liabilities		38,929	39,186
Total equity and liabilities		129,866	125,816

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 2024

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

Condensed Consolidated Statement of Profit and Loss for the	Note No.	Three months ended December 31,		Nine months ended December 31,
		2023	2022	2023	2022
Revenue from operations	2.16	38,821	38,318	115,748	109,326
Other income, net	2.17	789	769	1,982	2,030
Total income		39,610	39,087	117,730	111,356
Expenses
Employee benefit expenses	2.18	20,651	20,272	62,228	58,048
Cost of technical sub-contractors		3,066	3,343	9,264	10,946
Travel expenses		387	360	1,288	1,099
Cost of software packages and others	2.18	3,722	3,085	9,828	8,017
Communication expenses		169	183	531	542
Consultancy and professional charges		504	401	1,237	1,296
Depreciation and amortization expenses		1,176	1,125	3,515	3,104
Finance cost		131	80	360	202
Other expenses	2.18	1,185	1,307	3,731	3,246
Total expenses		30,991	30,156	91,982	86,500
Profit before tax		8,619	8,931	25,748	24,856
Tax expense:
Current tax	2.15	2,419	2,195	7,216	7,027
Deferred tax	2.15	87	150	258	(145)
Profit for the period		6,113	6,586	18,274	17,974
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		71	29	94	(17)
Equity instruments through other comprehensive income, net		(9)	1	31	8
		62	30	125	(9)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		(46)	(57)	(17)	(43)
Exchange differences on translation of foreign operations		436	676	457	715
Fair value changes on investments, net		52	48	107	(298)
		442	667	547	374
Total other comprehensive income /(loss), net of tax		504	697	672	365
Total comprehensive income for the period		6,617	7,283	18,946	18,339
Profit attributable to:
Owners of the Company		6,106	6,586	18,264	17,967
Non-controlling interests		7	–	10	7
		6,113	6,586	18,274	17,974
Total comprehensive income attributable to:
Owners of the Company		6,605	7,268	18,934	18,322
Non-controlling interests		12	15	12	17
		6,617	7,283	18,946	18,339
Earnings per equity share
Equity shares of par value 5/- each
Basic (in per share)		14.76	15.72	44.13	42.85
Diluted (in per share)		14.74	15.70	44.08	42.79
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.20	4,138,963,794	4,190,550,470	4,138,282,170	4,192,969,201
Diluted (in shares)	2.20	4,143,565,697	4,195,924,920	4,143,506,821	4,199,312,062

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 2024

Condensed Consolidated Statement of Changes in Equity

(In crore)

Particulars		OTHER EQUITY													****
		Reserves & Surplus								Other comprehensive income
	Equity Share capital ^(1)^	Capital reserve	Capital redemption reserve	Securities Premium	Retained earnings	General reserve	Share Options Outstanding Account	Special Economic Zone Re-investment reserve ^(2)^	Other reserves ^(3)^	Equity instruments through other comprehensive income	Exchange differences on translating the financial statements of a foreign operation	Effective portion of Cash Flow Hedges	Other items of other comprehensive income / (loss)	Total equity attributable to equity holders of the Company	Non-controlling interest	Total equity
Balance as at April 1, 2022	2,098	54	139	200	61,313	1,061	606	8,339	16	254	1,560	2	(292)	75,350	386	75,736
Impact on adoption of amendment to Ind AS 37^#^	–	–	–	–	(19)	–	–	–	–	–	–	–	–	(19)	–	(19)
	2,098	54	139	200	61,294	1,061	606	8,339	16	254	1,560	2	(292)	75,331	386	75,717
Changes in equity for the nine months ended December 31, 2022
Profit for the period	–	–	–	–	17,967	–	–	–	–	–	–	–	–	17,967	7	17,974
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	–	(17)	(17)	–	(17)
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	8	–	–	–	8	–	8
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	–	(43)	–	(43)	–	(43)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	–	–	–	705	–	–	705	10	715
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	–	(298)	(298)	–	(298)
Total Comprehensive income for the period	–	–	–	–	17,967	–	–	–	–	8	705	(43)	(315)	18,322	17	18,339
Shares issued on exercise of employee stock options (Refer to Note 2.11)	1	–	–	22	–	–	–	–	–	–	–	–	–	23	–	23
Employee stock compensation expense (Refer to Note 2.11)	–	–	–	–	–	–	382	–	–	–	–	–	–	382	–	382
Transferred on account of options not exercised	–	–	–	–	–	2	(2)	–	–	–	–	–	–	–	–	–
Buyback of equity shares (Refer to Note 2.11)**	(13)	–	–	(332)	(5,820)	–	–	–	–	–	–	–	–	(6,165)	–	(6,165)
Transaction costs relating to buyback*	–	–	–	(17)	(1)	–	–	–	–	–	–	–	–	(18)	–	(18)
Amount transferred to capital redemption reserve upon buyback	–	–	11	–	(2)	(9)	–	–	–	–	–	–	–	–	–	–
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	(2,575)	–	–	2,575	–	–	–	–	–	–	–	–
Transfer to legal reserve	–	–	–	–	(3)	–	–	–	3	–	–	–	–	–	–	–
Transferred on account of exercise of stock options (Refer to note 2.11)	–	–	–	191	–	–	(191)	–	–	–	–	–	–	–	–	–
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	49	–	–	–	–	–	–	49	–	49
Dividends ^(1)^	–	–	–	–	(13,632)	–	–	–	–	–	–	–	–	(13,632)	–	(13,632)
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(22)	(22)
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	869	–	–	(869)	–	–	–	–	–	–	–	–
Balance as at December 31, 2022	2,086	54	150	64	58,097	1,054	844	10,045	19	262	2,265	(41)	(607)	74,292	381	74,673

Condensed Consolidated Statement of Changes in Equity(contd.)

(In crore)

Particulars		OTHER EQUITY													****
		Reserves & Surplus								Other comprehensive income
	Equity Share capital ^(1)^	Capital reserve	Capital redemption reserve	Securities Premium	Retained earnings	General reserve	Share Options Outstanding Account	Special Economic Zone Re-investment reserve ^(2)^	Other reserves ^(3)^	Equity instruments through other comprehensive income	Exchange differences on translating the financial statements of a foreign operation	Effective portion of Cash Flow Hedges	Other items of other comprehensive income / (loss)	Total equity attributable to equity holders of the Company	Non-controlling interest	Total equity
Balance as at April 1, 2023	2,069	54	169	166	58,957	1,054	878	10,014	19	247	2,325	(5)	(540)	75,407	388	75,795
Changes in equity for the nine months ended December 31, 2023
Profit for the period	–	–	–	–	18,264	–	–	–	–	–	–	–	–	18,264	10	18,274
Remeasurement of the net defined benefit liability/asset, net*	–	–	–	–	–	–	–	–	–	–	–	–	94	94	–	94
Equity instruments through other comprehensive income, net*	–	–	–	–	–	–	–	–	–	31	–	–	–	31	–	31
Fair value changes on derivatives designated as cash flow hedge, net*	–	–	–	–	–	–	–	–	–	–	–	(17)	–	(17)	–	(17)
Exchange differences on translation of foreign operations	–	–	–	–	–	–	–	–	–	–	455	–	–	455	2	457
Fair value changes on investments, net*	–	–	–	–	–	–	–	–	–	–	–	–	107	107	–	107
Total Comprehensive income for the period	–	–	–	–	18,264	–	–	–	–	31	455	(17)	201	18,934	12	18,946
Shares issued on exercise of employee stock options (Refer to Note 2.11)	1	–	–	3	–	–	–	–	–	–	–	–	–	4	–	4
Employee stock compensation expense (Refer to Note 2.11)	–	–	–	–	–	–	417	–	–	–	–	–	–	417	–	417
Transferred on account of exercise of stock options (Refer to note 2.11)	–	–	–	351	–	–	(351)	–	–	–	–	–	–	–	–	–
Transferred on account of options not exercised	–	–	–	–	–	32	(32)	–	–	–	–	–	–	–	–	–
Income tax benefit arising on exercise of stock options	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Dividends ^(1)^	–	–	–	–	(14,692)	–	–	–	–	–	–	–	–	(14,692)	–	(14,692)
Dividends paid to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(2)	(2)
Buyback of shares pertaining to non controlling interest of subsidiary	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(18)	(18)
Transferred to Special Economic Zone Re-investment reserve	–	–	–	–	(2,326)	–	–	2,326	–	–	–	–	–	–	–	–
Transferred from Special Economic Zone Re-investment reserve on utilization	–	–	–	–	485	–	–	(485)	–	–	–	–	–	–	–	–
Balance as at December 31, 2023	2,070	54	169	520	60,688	1,086	912	11,855	19	278	2,780	(22)	(339)	80,070	380	80,450
*	Net of tax
---	---
**	Including tax on buyback of 1,165 crore for the nine months ended December 31,2022.
---	---
^#^	Impact on account of adoption of amendment to Ind AS 37 Provisions, Contingent Liabilitiesand Contingents Assets
---	---
^(1)^	Net of treasury shares
---	---
^(2)^	The Special Economic Zone Re-investment Reserve has been created out of the profit ofeligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Groupfor acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income Tax Act, 1961.
---	---
^(3)^	Under the Swiss Code of Obligation, few subsidiaries of Infosys Lodestone are requiredto appropriate a certain percentage of the annual profit to legal reserve which may be used only to cover losses or for measures designedto sustain the Company through difficult times, to prevent unemployment or to mitigate its consequences.
---	---

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 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.

(In crore)

Particulars	Note No.	Nine months ended December 31,
		2023	2022
Cash flow from operating activities
Profit for the period		18,274	17,974
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense	2.15	7,474	6,882
Depreciation and amortization		3,515	3,104
Interest and dividend income		(1,495)	(1,388)
Finance cost		360	202
Impairment loss recognized / (reversed) under expected credit loss model		219	197
Exchange differences on translation of assets and liabilities, net		129	373
Stock compensation expense		426	386
Provision for post sale client support		203	200
Other adjustments		1,089	477
Changes in assets and liabilities
Trade receivables and unbilled revenue		(3,555)	(7,350)
Loans, other financial assets and other assets		(738)	(2,435)
Trade payables		(39)	644
Other financial liabilities, other liabilities and provisions		(1,002)	3,263
Cash generated from operations		24,860	22,529
Income taxes paid		(7,146)	(6,615)
Net cash generated by operating activities		17,714	15,914
Cash flows from investing activities
Expenditure on property, plant and equipment and intangibles		(1,647)	(1,805)
Deposits placed with corporation		(737)	(904)
Redemption of deposits placed with Corporation		628	671
Interest and dividend received		1,516	1,267
Payment towards acquisition of business, net of cash acquired	2.1	–	(910)
Payment of contingent consideration pertaining to acquisition of business		(101)	(60)
Escrow and other deposists pertaining to Buyback		–	(592)
Other receipts		128	57
Payments to acquire Investments
Liquid mutual fund units		(53,255)	(54,567)
Certificates of deposit		(4,219)	(6,794)
Commercial Papers		(4,804)	(2,338)
Non-convertible debentures		(337)	(249)
Tax free bonds		–	(13)
Government securities		–	(1,569)
Other Investments		(11)	(18)
Proceeds on sale of Investments
Tax free bonds and government bonds		150	13
Liquid mutual funds units		52,238	53,546
Certificates of deposit		5,981	7,605
Commercial Papers		3,599	1,300
Non-convertible debentures		975	295
Government securities		304	1,882
Equity and preference securities		18	99
Net cash generated / (used in) from investing activities		426	(3,084)
Cash flows from financing activities
Payment of lease liabilities		(1,448)	(866)
Payment of dividends		(14,695)	(13,633)
Payment of dividend to non-controlling interest of subsidiary		(2)	(22)
Payment towards buyback of shares pertaining to non controlling interest of subsidiary		(18)	–
Shares issued on exercise of employee stock options		4	23
Other receipts		2	121
Other payments		(528)	(360)
Buyback of equity shares including transaction cost and tax on buyback		-	(3,928)
Net cash used in financing activities		(16,685)	(18,665)
Net increase / (decrease) in cash and cash equivalents		1,455	(5,835)
Effect of exchange rate changes on cash and cash equivalents		17	(50)
Cash and cash equivalents at the beginning of the period	2.8	12,173	17,472
Cash and cash equivalents at the end of the period	2.8	13,645	11,587
Supplementary information:
Restricted cash balance	2.8	376	384

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

As per our report of even date attached

for Deloitte Haskins & Sells LLP	for and on behalf of the Board of Directors of Infosys Limited
Chartered AccountantsFirm’s Registration No:<br><br>117366W/ W-100018
Sanjiv V. Pilgaonkar<br><br> <br>Partner<br><br> <br>Membership No. 039826	Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
	Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 2024

Overview and notes to the Interim Condensed ConsolidatedFinancial Statements

1. Overview

1.1 Company overview

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

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

The Group's interim condensed consolidated financial statements are approved for issue by the Company's Board of Directors on January 11, 2024.

1.2 Basis of preparation of financial statements

These interim condensed consolidated financial statements are prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting , under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 ('the Act') and guidelines issued by the Securities and Exchange Board of India (SEBI). Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report for the year ended March 31, 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 consolidated interim financial statements have been discussed in the respective notes.

As the quarter and year-to-date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year-to-date figures reported in this statement.

1.3 Basis of consolidation

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

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

1.4 Use of estimates and judgments

The preparation of the interim condensed consolidated financial statements in conformity with Ind AS requires the Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note no. 1.5. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the interim condensed consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

1.5 Critical accounting estimates and judgments

a. Revenue recognition

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 judgment.

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

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

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

b. Income taxes

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

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

In assessing the realizability of deferred income tax assets, the Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the Management believes that the Group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced (Refer to Notes 2.15).

c. Business combinations and intangible assets

Business combinations are accounted for using Ind AS 103, Business Combinations. Ind AS 103 requires 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 the Management (Refer to Note 2.1).

d. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by the Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology (Refer to Note 2.2).

e. Impairment of Goodwill

2.1 BUSINESS COMBINATIONS

Accounting policy

Business combinations have been accounted for using the acquisition method under the provisions of Ind AS 103, Business Combinations.

Business combinations between entities under common control is accounted for at carrying value of the assets acquired and liabilities assumed in the Group's consolidated financial statements.

Proposed acquisition

2.2 PROPERTY, PLANT AND EQUIPMENT

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

Buildings ^(1)^	22-25 years
Plant and machinery ^(1)(2)^	5 years
Office equipment	5 years
Computer equipment ^(1)^	3-5 years
Furniture and fixtures ^(1)^	5 years
Vehicles^(1)^	5 years
Leasehold improvements	Lower of useful life of the asset or lease term
^(1)^	Based on technical evaluation, the Management believes that the useful lives as givenabove best represent the period over which the Management expects to use these assets. Hence, the useful lives for these assets is differentfrom the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013
---	---
^(2)^	Includes Solar plant with a useful life of 25 years
---	---

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

Impairment

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

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

(In crore)

Particulars	Land - Freehold	Buildings ^(1)^	Plant and machinery	Office Equipment	Computer equipment	Furniture and fixtures	Leasehold Improvements	Vehicles	Total
Gross carrying value as at October 1, 2023	1,431	11,527	3,307	1,487	8,496	2,331	1,495	45	30,119
Additions	1	4	12	30	203	–	5	1	256
Deletions**	–	(55)	(16)	(10)	(222)	(28)	(54)	(1)	(386)
Translation difference	–	22	2	3	20	5	10	–	62
Gross carrying value as at December 31, 2023	1,432	11,498	3,305	1,510	8,497	2,308	1,456	45	30,051
Accumulated depreciation as at October 1, 2023	–	(4,749)	(2,534)	(1,228)	(6,132)	(1,768)	(1,124)	(42)	(17,577)
Depreciation	–	(114)	(64)	(33)	(340)	(62)	(52)	(1)	(666)
Accumulated depreciation on deletions**	–	55	16	10	218	27	54	1	381
Translation difference	–	(6)	(2)	(2)	(13)	(4)	(9)	–	(36)
Accumulated depreciation as at December 31, 2023	–	(4,814)	(2,584)	(1,253)	(6,267)	(1,807)	(1,131)	(42)	(17,898)
Carrying value as at October 1, 2023	1,431	6,778	773	259	2,364	563	371	3	12,542
Carrying value as at December 31, 2023	1,432	6,684	721	257	2,230	501	325	3	12,153

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2022 were as follows:

(In crore)

Particulars	Land - Freehold	Buildings ^(1)^	Plant and machinery	Office Equipment	Computer equipment	Furniture and fixtures	Leasehold Improvements	Vehicles	Total
Gross carrying value as at October 1, 2022	1,431	11,328	3,276	1,435	8,897	2,359	1,306	44	30,076
Additions	–	165	89	32	348	100	31	–	765
Deletions*	–	–	(1)	(6)	(393)	(17)	(1)	–	(418)
Translation difference	–	37	4	5	43	8	17	–	114
Gross carrying value as at December 31, 2022	1,431	11,530	3,368	1,466	8,895	2,450	1,353	44	30,537
Accumulated depreciation as at October 1, 2022	–	(4,308)	(2,473)	(1,177)	(6,360)	(1,871)	(930)	(38)	(17,157)
Depreciation	–	(109)	(70)	(32)	(343)	(61)	(49)	(1)	(665)
Accumulated depreciation on deletions*	–	–	–	6	392	17	1	–	416
Translation difference	–	(8)	(4)	(3)	(28)	(7)	(14)	–	(64)
Accumulated depreciation as at December 31, 2022	–	(4,425)	(2,547)	(1,206)	(6,339)	(1,922)	(992)	(39)	(17,470)
Carrying value as at October 1, 2022	1,431	7,020	803	258	2,537	488	376	6	12,919
Carrying value as at December 31, 2022	1,431	7,105	821	260	2,556	528	361	5	13,067

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

(In crore)

Particulars	Land - Freehold	Buildings ^(1)^	Plant and machinery	Office Equipment	Computer equipment	Furniture and fixtures	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2023	1,431	11,562	3,302	1,482	8,519	2,303	1,445	45	30,089
Additions	1	13	53	73	586	67	73	1	867
Deletions**	–	(55)	(48)	(46)	(622)	(65)	(65)	(1)	(902)
Translation difference	–	(22)	(2)	1	14	3	3	–	(3)
Gross carrying value as at December 31, 2023	1,432	11,498	3,305	1,510	8,497	2,308	1,456	45	30,051
Accumulated depreciation as at April 1, 2023	–	(4,535)	(2,437)	(1,198)	(5,826)	(1,675)	(1,032)	(40)	(16,743)
Depreciation	–	(339)	(196)	(98)	(1,051)	(192)	(160)	(3)	(2,039)
Accumulated depreciation on deletions**	–	55	48	45	617	63	63	1	892
Translation difference	–	5	1	(2)	(7)	(3)	(2)	–	(8)
Accumulated depreciation as at December 31, 2023	–	(4,814)	(2,584)	(1,253)	(6,267)	(1,807)	(1,131)	(42)	(17,898)
Carrying value as at April 1, 2023	1,431	7,027	865	284	2,693	628	413	5	13,346
Carrying value as at December 31, 2023	1,432	6,684	721	257	2,230	501	325	3	12,153
**	During the three months and nine months ended December 31, 2023, certain assets which were<br>not in use having gross book value of 137 crore (net book value: Nil) and 594 crore (net book value: Nil), respectively<br>were retired.
---	---

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2022 are as follows:

(In crore)

Particulars	Land - Freehold	Buildings ^(1)^	Plant and machinery	Office Equipment	Computer equipment	Furniture and fixtures	Leasehold Improvements	Vehicles	Total
Gross carrying value as at April 1, 2022	1,431	11,224	3,210	1,427	8,527	2,278	1,234	44	29,375
Additions - Business Combination (Refer to Note 2.1)	–	–	–	5	6	1	2	–	14
Additions	–	308	164	67	1,016	202	117	1	1,875
Deletions*	–	–	(7)	(36)	(686)	(37)	(12)	(1)	(779)
Translation difference	–	(2)	1	3	32	6	12	–	52
Gross carrying value as at December 31, 2022	1,431	11,530	3,368	1,466	8,895	2,450	1,353	44	30,537
Accumulated depreciation as at April 1, 2022	–	(4,100)	(2,344)	(1,150)	(6,034)	(1,779)	(856)	(37)	(16,300)
Depreciation	–	(325)	(208)	(90)	(968)	(174)	(139)	(3)	(1,907)
Accumulated depreciation on deletions*	–	–	6	36	685	37	12	1	777
Translation difference	–	–	(1)	(2)	(22)	(6)	(9)	–	(40)
Accumulated depreciation as at December 31, 2022	–	(4,425)	(2,547)	(1,206)	(6,339)	(1,922)	(992)	(39)	(17,470)
Carrying value as at April 1, 2022	1,431	7,124	866	277	2,493	499	378	7	13,075
Carrying value as at December 31, 2022	1,431	7,105	821	260	2,556	528	361	5	13,067
*	During the three months and nine months ended December 31, 2022, certain assets which were<br>old and not in use having gross book value of 275 crore (net book value: Nil) and 504 crore (net book value: Nil), respectively<br>were retired.
---	---
^(1)^	Buildings include 250/- being the value of five shares of 50/- each in MittalTowers Premises Co-operative Society Limited.
---	---

The aggregate depreciation has been included under depreciation and amortization expense in the interim condensed Consolidated Statement of Profit and Loss.

Repairs and maintenance costs are recognized in the Consolidated Statement of Profit and Loss when incurred.

2.3 GOODWILL AND OTHER INTANGIBLE ASSETS

2.3.1 Goodwill

Accounting policy

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

Impairment

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

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

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Carrying value at the beginning	7,248	6,195
Goodwill on acquisitions	–	630
Translation differences	187	423
Carrying value at the end	7,435	7,248

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

2.3.2 Intangible Assets

Accounting policy

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

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

Impairment

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

2.4 INVESTMENTS

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Non-current Investments
Unquoted
Investments carried at fair value through other comprehensive income
Preference securities	79	193
Equity securities	2	3
	81	196
Investments carried at fair value through profit or loss
Target maturity fund units	422	402
Others ^(1)^	195	169
	617	571
Quoted
Investments carried at amortized cost
Government bonds	29	28
Tax free bonds	1,733	1,742
	1,762	1,770
Investments carried at fair value through other comprehensive income
Non convertible debentures	1,818	2,713
Equity securities	137	–
Government securities	6,855	7,319
	8,810	10,032
Total non-current investments	11,270	12,569
Current Investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units	2,138	975
	2,138	975
Investments carried at fair value through other comprehensive income
Commercial Papers	2,045	742
Certificates of deposit	1,909	3,574
	3,954	4,316
Quoted
Investments carried at amortized cost
Tax free bonds	–	150
	–	150
Investments carried at fair value through other comprehensive income
Non convertible debentures	1,425	1,155
Government securities	457	313
	1,882	1,468
Total current investments	7,974	6,909
Total investments	19,244	19,478
Aggregate amount of quoted investments	12,454	13,420
Market value of quoted investments (including interest accrued), current	1,884	1,637
Market value of quoted investments (including interest accrued), non current	10,761	12,042
Aggregate amount of unquoted investments	6,790	6,058
Investments carried at amortized cost	1,762	1,920
Investments carried at fair value through other comprehensive income	14,727	16,012
Investments carried at fair value through profit or loss	2,755	1,546
^(1)^	Uncalled capital commitments outstanding as at December 31, 2023 and March 31, 2023 was81 crore and 92 crore, respectively.
---	---

Refer to Note 2.10 for Accounting policies on FinancialInstruments.

Method of fair valuation:

(In crore)

Class of investment	Method	Fair value as at
		December 31, 2023	March 31, 2023
Liquid mutual fund units - carried at fair value through profit or loss	Quoted price	2,138	975
Target maturity fund units - carried at fair value through profit or loss	Quoted price	422	402
Tax free bonds and government bonds - carried at amortized cost	Quoted price and market observable inputs	1,947	2,148
Non-convertible debentures - carried at fair value through other comprehensive income	Quoted price and market observable inputs	3,243	3,868
Government securities - carried at fair value through other comprehensive income	Quoted price and market observable inputs	7,312	7,632
Commercial Papers - carried at fair value through other comprehensive income	Market observable inputs	2,045	742
Certificates of deposit - carried at fair value through other comprehensive income	Market observable inputs	1,909	3,574
Quoted Equity securities - carried at fair value through other comprehensive income	Quoted price	137	–
Unquoted equity and preference securities - carried at fair value through other comprehensive income	Discounted cash flows method, Market multiples method, Option pricing model	81	196
Others - carried at fair value through profit or loss	Discounted cash flows method, Market multiples method, Option pricing model	195	169
Total		19,429	19,706

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

2.5 LOANS

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Non Current
Loans considered good - Unsecured
Other loans
Loans to employees	35	39
	35	39
Loans credit impaired - Unsecured
Other loans
Loans to employees	2	2
Less: Allowance for credit impairment	(2)	(2)
	–	–
Total non-current loans	35	39
Current
Loans considered good - Unsecured
Other loans
Loans to employees	238	289
Total current loans	238	289
Total loans	273	328

2.6 OTHER FINANCIAL ASSETS

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Non Current
Security deposits ^(1)^	47	47
Rental deposits ^(1)^	224	240
Unbilled revenues ^(1)#^	1,343	1,185
Net investment in sublease of right-of-use asset ^(1)^	4	305
Restricted deposits ^(1)*^	18	96
Others ^(1)^	1,065	925
Total non-current other financial assets	2,701	2,798
Current
Security deposits ^(1)^	11	10
Rental deposits ^(1)^	57	32
Restricted deposits ^(1)*^	2,535	2,348
Unbilled revenues ^(1)#^	7,464	8,317
Interest accrued but not due ^(1)^	383	488
Foreign currency forward and options contracts ^(2) (3)^	75	101
Net investment in sublease of right of-use-asset ^(1)^	6	53
Others ^(1)^	902	255
Total current other financial assets	11,433	11,604
Total other financial assets	14,134	14,402
^(1)^ Financial assets carried at amortized cost	14,059	14,301
^(2)^ Financial assets carried at fair value through other comprehensive income	13	32
^(3)^ Financial assets carried at fair value through profit or loss	62	69
*	Restricted deposits represent deposits with financial institutions to settle employee related<br>obligations as and when they arise during the normal course of business.
---	---
#	Classified as financial asset as right to consideration is unconditional and is due only<br>after a passage of time.
---	---

2.7 TRADE RECEIVABLES

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Current
Trade Receivable considered good - Unsecured	31,196	25,965
Less: Allowance for expected credit loss	578	541
Trade Receivable considered good - Unsecured	30,618	25,424
Trade Receivable - credit impaired - Unsecured	198	142
Less: Allowance for credit impairment	198	142
Trade Receivable - credit impaired - Unsecured	–	–
Total trade receivables	30,618	25,424

2.8 CASH AND CASH EQUIVALENTS

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Balances with banks
In current and deposit accounts	13,645	10,026
Cash on hand	–	–
Others
Deposits with financial institutions	–	2,147
Total cash and cash equivalents	13,645	12,173
Balances with banks in unpaid dividend accounts	34	37
Deposit with more than 12 months maturity	142	833

Cash and cash equivalents as at December 31, 2023 and March 31, 2023 include restricted cash and bank balances of 376 crore and 362 crore respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

2.9 OTHER ASSETS

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Non-current
Capital advances	122	159
Advances other than capital advances
Others
Withholding taxes and others	685	684
Unbilled revenues ^#^	334	264
Defined benefit plan assets	32	36
Prepaid expenses	346	332
Deferred Contract Cost
Cost of obtaining a contract *	147	191
Cost of fulfillment	717	652
Other receivables	20	–
Total non-current other assets	2,403	2,318
Current
Advances other than capital advances
Payment to vendors for supply of goods	78	202
Others
Unbilled revenues ^#^	5,763	6,972
Withholding taxes and others	2,961	3,268
Prepaid expenses	3,630	2,745
Deferred Contract Cost
Cost of obtaining a contract *	256	853
Cost of fulfillment	331	175
Other receivables	221	261
Total current other assets	13,240	14,476
Total other assets	15,643	16,794
^#^	Classified as non financial asset as the contractual right to consideration is dependent<br>on completion of contractual milestones.
---	---
*	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 Ind AS 115 - 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 December 31, 2023, the financial liability pertaining to such arrangements amounts to 356 crore. (Refer to Note<br>2.13)
---	---

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 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.

2.10.2 Subsequent measurement

a. Non-derivative financial instruments

(i) Financial assets carried at amortized cost

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

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

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

(iv) Financial liabilities

b. Derivative financial instruments

(i) Financial assets or financial liabilities,carried at fair value through profit or loss.

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

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

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

(ii) Cash flow hedge

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

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

2.10.3 Derecognition of financial instruments

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Group's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

2.10.4 Fair value of financial instruments

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

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

2.10.5 Impairment

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

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at December 31, 2023 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)	13,645	–	–	–	–	13,645	13,645
Investments (Refer to Note 2.4)
Equity and preference securities	–	–	–	218	–	218	218
Tax free bonds and government bonds	1,762	–	–	–	–	1,762	1,947^(1)^
Liquid mutual fund units	–	–	2,138	–	–	2,138	2,138
Target maturity fund units	–	–	422	–	–	422	422
Non convertible debentures	–	–	–	–	3,243	3,243	3,243
Government securities	–	–	–	–	7,312	7,312	7,312
Commercial papers	–	–	–	–	2,045	2,045	2,045
Certificates of deposit	–	–	–	–	1,909	1,909	1,909
Other investments	–	–	195	–	–	195	195
Trade receivables (Refer to Note 2.7)	30,618	–	–	–	–	30,618	30,618
Loans (Refer to Note 2.5)	273	–	–	–	–	273	273
Other financials assets (Refer to Note 2.6)^(3)^	14,059	–	62	–	13	14,134	14,079^(2)^
Total	60,357	–	2,817	218	14,522	77,914	78,044
Liabilities:
Trade payables	3,825	–	–	–	–	3,825	3,825
Lease liabilities (Refer to Note 2.19)	8,744	–	–	–	–	8,744	8,744
Financial Liability under option arrangements (Refer to Note 2.12)	–	–	648	–	–	648	648
Other financial liabilities (Refer to Note 2.12)	14,892	–	114	–	30	15,036	15,036
Total	27,461	–	762	–	30	28,253	28,253
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on tax free bonds and government bonds carried at amortizedcost of 55 crore
---	---
^(3)^	Excludes unbilled revenue on contracts where the right to consideration is dependent oncompletion of contractual milestones
---	---

The carrying value and fair value of financial instruments by categories as at March 31, 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)	12,173	–	–	–	–	12,173	12,173
Investments (Refer to Note 2.4)
Equity and preference securities	–	–	–	196	–	196	196
Tax free bonds and government bonds	1,920	–	–	–	–	1,920	2,148^(1)^
Liquid mutual fund units	–	–	975	–	–	975	975
Target maturity fund units	–	–	402	–	–	402	402
Non convertible debentures	–	–	–	–	3,868	3,868	3,868
Government securities	–	–	–	–	7,632	7,632	7,632
Commercial papers	–	–	–	–	742	742	742
Certificates of deposit	–	–	–	–	3,574	3,574	3,574
Other investments	–	–	169	–	–	169	169
Trade receivables (Refer to Note 2.7)	25,424	–	–	–	–	25,424	25,424
Loans (Refer to Note 2.5)	328	–	–	–	–	328	328
Other financials assets (Refer to Note 2.6)^(3)^	14,301	–	69	–	32	14,402	14,318^(2)^
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 2.19)	8,299	–	–	–	–	8,299	8,299
Financial Liability under option arrangements (Refer to Note 2.12)	–	–	600	–	–	600	600
Other financial liabilities (Refer to Note 2.12)	17,359	–	161	–	14	17,534	17,534
Total	29,523	–	761	–	14	30,298	30,298
^(1)^	On account of fair value changes including interest accrued
---	---
^(2)^	Excludes interest accrued on tax free bonds and government bonds carried at amortizedcost of 84 crore
---	---
^(3)^	Excludes unbilled revenue on contracts where the right to consideration is dependent oncompletion of contractual milestones
---	---

Fair value hierarchy

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

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

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

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

(In crore)

Particulars	As at December 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 liquid mutual funds	2,138	2,138	–	–
Investments in target maturity fund units	422	422	–	–
Investments in tax free bonds	1,918	1,692	226	–
Investments in government bonds	29	29	–	–
Investments in non convertible debentures	3,243	2,426	817	–
Investment in government securities	7,312	7,312	–	–
Investments in equity securities	139	137	–	2
Investments in preference securities	79	–	–	79
Investments in commercial papers	2,045	–	2,045	–
Investments in certificates of deposit	1,909	–	1,909	–
Other investments	195	–	–	195
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to Note 2.6)	75	–	75	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer to Note 2.12)	144	–	144	–
Financial liability under option arrangements (Refer to Note 2.12)^(1)^	648	–	–	648
Liability towards contingent consideration (Refer to Note 2.12)^(1)^	–	–	–	–
^(1)^	Discount rate ranges from 10% to 17%
---	---

During the nine months ended December 31, 2023, non-convertible debentures , government securities and tax free bonds of 1679 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non-convertible debentures of 147 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 liquid mutual funds	975	975	–	–
Investments in target maturity fund units	402	402	–	–
Investments in tax free bonds	2,120	1,331	789	–
Investments in government bonds	28	28	–	–
Investments in non convertible debentures	3,868	1,793	2,075	–
Investment in government securities	7,632	7,549	83	–
Investments in equity securities	3	–	–	3
Investments in preference securities	193	–	–	193
Investments in commercial papers	742	–	742	–
Investments in certificates of deposit	3,574	–	3,574	–
Other investments	169	–	–	169
Others
Derivative financial instruments - gain on outstanding foreign exchange forward and option contracts (Refer to Note 2.6)	101	–	101	–
Liabilities
Derivative financial instruments - loss on outstanding foreign exchange forward and option contracts (Refer to Note 2.12)	78	–	78	–
Financial liability under option arrangements (Refer to Note 2.12)^(1)^	600	–	–	600
Liability towards contingent consideration (Refer to Note 2.12)^(1)^	97	–	–	97
^(1)^	Discount rate ranges from 10% to 15%
---	---

During the year ended March 31, 2023, government securities and tax free bonds of 383 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non-convertible debentures 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 Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in liquid mutual fund units, target maturity fund units, tax free bonds, certificates of deposit, commercial papers, treasury bills, government securities, quoted bonds issued by government and quasi-government organizations and non-convertible debentures. The Group invests after considering counterparty risks based on multiple criteria including Tier I capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

2.11 EQUITY

Accounting policy

Ordinary Shares

Treasury Shares

Description of reserves

Capital Redemption Reserve

Retained earnings

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

Securities premium

The amount received in excess of the par value of equity shares has been classified as securities premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

Share options outstanding account

The share options outstanding account is used to record the fair value of equity-settled share based payment transactions with employees. The amounts recorded in share options outstanding account are transferred to securities premium upon exercise of stock options and transferred to general reserve on account of stock options not exercised by employees.

Special Economic Zone Re-investment reserve

Other components of equity

Other components of equity include currency translation, remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

Currency translation reserve

The exchange differences arising from the translation of financial statements of foreign subsidiaries with functional currency other than Indian rupees is recognized in other comprehensive income and is presented within equity.

Cash flow hedge reserve

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the interim condensed Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

EQUITY SHARE CAPITAL

(In crore, except as otherwise stated)

Particulars	As at
	December 31, 2023	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)^	2,070	2,069
4,13,91,98,089 (4,13,63,87,925) equity shares fully paid-up^(2)^
	2,070	2,069

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

^(1)^	Refer to Note 2.20 for details of basic and diluted shares
^(2)^	Net of treasury shares 1,12,49,465 (1,21,72,119)
---	---

The Company has only one class of shares referred to as equity shares having a par value of 5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

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

For details of shares reserved for issue under the employee stock option plan of the Company refer to the note below.

The reconciliation of the number of shares outstanding and the amount of share capital as at December 31, 2023 and March 31, 2023 are as follows:

(In crore, except as stated otherwise)

Particulars	As at December 31, 2023		As at March 31, 2023
	Number of shares	Amount	Number of shares	Amount
As at the beginning of the period	413,63,87,925	2,069	419,30,12,929	2,098
Add: Shares issued on exercise of employee stock options	28,10,164	1	38,01,344	1
Less: Shares bought back	–	–	6,04,26,348	30
As at the end of the period	413,91,98,089	2,070	413,63,87,925	2,069

Capital allocation policy

Effective fiscal 2020, the Company expects to return approximately 85% of the free cash flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback and/or special dividends, subject to applicable laws and requisite approvals, 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.

Dividend

The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:

(in )

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Interim dividend for fiscal 2024	18.00	–	18.00	–
Final dividend for fiscal 2023	–	–	17.50	–
Interim dividend for fiscal 2023	–	16.50	–	16.50
Final dividend for fiscal 2022	–	–	–	16.00

Employee Stock Option Plan (ESOP):

Accounting policy

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

Infosys Expanded Stock Ownership Program 2019 (the2019 Plan) :

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 Plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 Plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the Company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

2015 Stock Incentive Compensation Plan (the 2015Plan) :

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Stock Incentive Compensation Plan. The maximum number of shares under the 2015 Plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

Controlled trust holds 1,12,49,465 and 1,21,72,119 shares as at December 31, 2023 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 December 31, 2023 and March 31, 2023.

The following is the summary of grants made during the three months and nine months ended December 31, 2023 and December 31, 2022:

Particulars	2019 Plan				2015 Plan
	Three months ended December 31,		Nine months ended December 31,		Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022	2023	2022	2023	2022
Equity Settled RSUs
Key Management Personnel (KMP)	35,990	–	114,271	176,893	88,040	–	421,636	287,325
Employees other than KMP	464,260	3,814	464,260	374,774	1,169,660	48,050	1,197,940	48,050
	500,250	3,814	578,531	551,667	1,257,700	48,050	1,619,576	335,375
Cash settled RSU
Key Management Personnel (KMP)	–	–	–	–	–	–	–	–
Employees other than KMP	–	–	–	–	7,950	–	7,950	–
	–	–	–	–	7,950	–	7,950	–
Total Grants	500,250	3,814	578,531	551,667	1,265,650	48,050	1,627,526	335,375

Notes on grants to KMP:

CEO & MD

Under the 2015 Plan:

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of December 31, 2023, 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:

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 December 31,		Nine months ended December 31,<br><br> <br>****
	2023	2022	2023	2022
Granted to:
KMP	14	–	51	41
Employees other than KMP	133	117	375	345
Total ^(1)^	147	117	426	386
^(1)^ Cash-settled stock compensation expense included in the above	2	5	9	4

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)	1,321	16.41	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)	1,151	14.31	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
	December 31, 2023	March 31, 2023
Non-current
Others
Accrued compensation to employees ^(1)^	13	5
Accrued expenses ^(1)^	2,204	1,628
Compensated absences	90	83
Financial liability under option arrangements ^(2) #^	97	–
Other Payables ^(1)(4)^	94	342
Total non-current other financial liabilities	2,498	2,058
Current
Unpaid dividends ^(1)^	34	37
Others
Accrued compensation to employees ^(1)^	3,774	4,174
Accrued expenses ^(1)^	7,763	7,802
Retention monies ^(1)^	19	20
Payable for acquisition of business - Contingent consideration ^(2)^	–	97
Payable by controlled trusts ^(1)^	211	211
Compensated absences	2,717	2,399
Financial liability under option arrangements ^(2) #^	551	600
Foreign currency forward and options contracts ^(2) (3)^	144	78
Capital creditors ^(1)^	221	674
Other payables ^(1)(4)^	559	2,466
Total current other financial liabilities	15,993	18,558
Total other financial liabilities	18,491	20,616
^(1)^ Financial liability carried at amortized cost	14,892	17,359
^(2)^ Financial liability carried at fair value through profit or loss	762	761
^(3)^ Financial liability carried at fair value through other comprehensive income	30	14

^(4)^ Deferred contract cost (Refer to Note 2.9) 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 Ind AS 115 - 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 December 31, 2023, the financial liability pertaining to such arrangements amounts to 356 crore.

Represents liability related to options issued by

the Group over the non-controlling interests in its subsidiaries

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

2.13 OTHER LIABILITIES

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Non-current
Others
Deferred income - government grants	69	43
Accrued defined benefit liability	296	445
Deferred income	5	6
Others	7	6
Total non-current other liabilities	377	500
Current
Unearned revenue	7,674	7,163
Others
Withholding taxes and others	3,506	3,632
Accrued defined benefit liability	5	4
Deferred income - government grants	6	29
Others	–	2
Total current other liabilities	11,191	10,830
Total other liabilities	11,568	11,330

2.14 PROVISIONS

Accounting policy

a. Post sales client support

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

b. Onerous contracts

Provision for post-sales client support and otherprovisions:

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Current
Others
Post-sales client support and other provisions	1,827	1,307
Total provisions	1,827	1,307

Provision for post sales client support and other provisions is included in cost of sales in the condensed consolidated statement of profit and loss.

2.15 INCOME TAXES

Accounting policy

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

Income tax expense in the Consolidated Statement of Profit and Loss comprises:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Current taxes	2,419	2,195	7,216	7,027
Deferred taxes	87	150	258	(145)
Income tax expense	2,506	2,345	7,474	6,882

Income tax expense for the three months ended December 31, 2023 and December 31, 2022 includes reversal (net of provisions) of 64 crore and 76 crore, respectively. Income tax expense for the nine months ended December 31, 2023 and December 31, 2022 includes reversal (net of provisions) of 136 crore and 36 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.

Deferred income tax for the three months and nine months ended December 31, 2023 and December 31, 2022 substantially relates to origination and reversal of temporary differences.

2.16 REVENUE FROM OPERATIONS

Accounting policy

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

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

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

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 controls the good or service before it is transferred to the customer. The Group considers whether it has the primary obligation to fulfil the contract, inventory risk, pricing discretion and other factors to determine whether it controls the goods or service 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 Group expects to recover them.

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

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

Revenue from operation for the three months and nine months ended December 31, 2023 and December 31, 2022 are as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Revenue from software services	36,767	35,870	109,221	102,375
Revenue from products and platforms	2,054	2,448	6,527	6,951
Total revenue from operations	38,821	38,318	115,748	109,326

Products & platforms

Disaggregated revenue information

Revenue disaggregation by business segments has been included in segment information (Refer to Note 2.23). The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

For the three months and nine months ended December 31, 2023 and December 31, 2022:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Revenues by Geography*
North America	22,911	23,756	69,805	67,881
Europe	10,934	9,895	31,407	27,587
India	920	927	3,048	2,880
Rest of the world	4,056	3,740	11,488	10,978
Total	38,821	38,318	115,748	109,326
^^*	Geographical revenues is based on the domicile of customer.
---	---

Trade Receivables and Contract Balances

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

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the consolidated Balance Sheet.

2.17 OTHER INCOME, NET

Accounting policy

Foreign currency

Accounting policy

Functional currency

Transactions and translations

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

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

Government grant

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

Other income for the three months and nine months ended December 31, 2023 and December 31, 2022 is as follows:

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Interest income on financial assets carried at amortized cost
Tax free bonds and Government bonds	33	38	101	113
Deposit with Bank and others	225	174	706	551
Interest income on financial assets carried at fair value through other comprehensive income
Non-convertible debentures, commercial papers, certificates of deposit and government securities	232	241	689	724
Income on investments carried at fair value through profit or loss
Gain / (loss) on liquid mutual funds and other investments	97	46	197	87
Income on investments carried at fair value through other comprehensive income	–	–	–	1
Exchange gains / (losses) on forward and options contracts	(152)	(363)	(89)	(789)
Exchange gains / (losses) on translation of other assets and liabilities	230	552	210	1,153
Miscellaneous income, net	124	81	168	190
Total other income	789	769	1,982	2,030

2.18 EXPENSES

Accounting policy

Gratuity and Pensions

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

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

Provident fund

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

Superannuation

Compensated absences

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

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Employee benefit expenses
Salaries including bonus	19,799	19,467	59,789	55,712
Contribution to provident and other funds	571	559	1,684	1,596
Share based payments to employees (Refer to Note 2.11)	147	117	426	386
Staff welfare	134	129	329	354
	20,651	20,272	62,228	58,048
Cost of software packages and others
For own use	570	518	1,590	1,442
Third party items bought for service delivery to clients	3,152	2,567	8,238	6,575
	3,722	3,085	9,828	8,017
Other expenses
Repairs and maintenance	314	312	962	876
Power and fuel	49	47	151	130
Brand and marketing	220	228	722	640
Rates and taxes	80	75	241	221
Consumables	40	39	122	118
Insurance	50	44	158	131
Provision for post-sales client support and others	35	130	203	200
Commission to non-whole time directors	4	4	11	11
Impairment loss recognized / (reversed) under expected credit loss model	13	106	219	197
Contributions towards Corporate Social Responsibility	137	146	351	320
Others	243	176	591	402
	1,185	1,307	3,731	3,246

2.19 Leases

Accounting Policy

The Group as a lessee

The Group’s lease asset classes 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.

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

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

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

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

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

The Group as a lessor

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

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

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

(In crore)

Particulars	Category of ROU asset
	Land	Buildings	Vehicles	Computers	Total
Balance as of October 1, 2023	616	3,811	15	2,508	6,950
Additions^*^	–	7	5	521	533
Deletions	(10)	(49)	(1)	(133)	(193)
Impairment^#^	–	(88)	–	–	(88)
Depreciation	(1)	(180)	(2)	(223)	(406)
Translation difference	2	26	1	67	96
Balance as of December 31, 2023	607	3,527	18	2,740	6,892
^^*	Net of adjustments on account of modifications
---	---
^#^	included under other expenses. Refer note 2.18
---	---

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2022:

(In crore)

Particulars	Category of ROU asset
	Land	Buildings	Vehicles	Computers	Total
Balance as of October 1, 2022	622	3,843	14	1,146	5,625
Additions^*^	–	133	2	1,010	1,145
Deletions	–	(10)	–	(97)	(107)
Depreciation	(1)	(170)	(2)	(162)	(335)
Translation difference	3	51	1	97	152
Balance as of December 31, 2022	624	3,847	15	1,994	6,480
^^*	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 nine months ended December 31, 2023:

(In crore)

Particulars	Category of ROU asset
	Land	Buildings	Vehicles	Computers	Total
Balance as of April 1, 2023	623	3,896	15	2,348	6,882
Additions^*^	–	333	10	1,496	1,839
Deletions	(10)	(89)	(1)	(540)	(640)
Impairment ^#^	–	(88)	–	–	(88)
Depreciation	(5)	(543)	(7)	(617)	(1,172)
Translation difference	(1)	18	1	53	71
Balance as of December 31, 2023	607	3,527	18	2,740	6,892
^^*	Net of adjustments on account of modifications and lease incentives
---	---
#	included under other expenses. Refer note 2.18
---	---

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2022:

(In crore)

Particulars	Category of ROU asset
	Land	Buildings	Vehicles	Computers	Total
Balance as of April 1, 2022	628	3,711	16	468	4,823
Additions^*^	–	619	6	2,004	2,629
Deletions	–	(12)	–	(250)	(262)
Depreciation	(4)	(500)	(7)	(320)	(831)
Translation difference	–	29	–	92	121
Balance as of December 31, 2022	624	3,847	15	1,994	6,480
^^*	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 Consolidated Statement of Profit and Loss.

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

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Current lease liabilities	2,074	1,242
Non-current lease liabilities	6,670	7,057
Total	8,744	8,299

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

2.21 CONTINGENT LIABILITIES AND COMMITMENTS

Accounting policy

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.

2.21.1 Contingent liability

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Contingent liabilities :
Claims against the Group, not acknowledged as debts^(1)^	5,066	4,762

[Amount paid to statutory authorities 6,286 crore (6,539 crore)]

^(1)^	As at December 31, 2023 and March 31, 2023, claims against the Group not acknowledged as<br>debts in respect of income tax matters amounted to 4,307 crore and 4,062 crore, 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 multiple issues of disallowances such as disallowance of profits earned from STP Units and SEZ Units, disallowance of deductions in respect of employment of new employees under section 80JJAA, disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes. 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.

Amount paid to statutory authorities against the tax claims amounted to 6,275 crore and 6,528 crore as at December 31, 2023 and March 31, 2023, respectively.

2.21.2 Legal Proceedings

2.21.3 McCamish Cybersecurity incident

Loss of contracted revenues and costs incurred with respect to remediations, restoration, communication efforts and others amounted to approximately 250 crore ($30 million).

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. On the basis of analysis conducted by the cybersecurity firm, McCamish believes that certain data was exfiltrated by unauthorized third parties during the incident and this exfiltrated data included certain customer data. McCamish has engaged a third-party e- discovery vendor in assessing the extent and nature of such data. This review process is ongoing. McCamish may incur additional costs including indemnities or damages/claims, which are indeterminable at this time.

2.21.4 Commitments

(In crore)

Particulars	As at
	December 31, 2023	March 31, 2023
Estimated amount of contracts remaining to be executed on capital contracts and not provided for (net of advances and deposits)^(1)^	727	959
Other commitments*	81	92

^(1)^	Capital contracts primarily comprises of commitments for infrastructure facilities and computer<br> equipment.
*	Uncalled capital pertaining to investments
---	---

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 nine months ended December 31, 2023, 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
---	---
-	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).
---	---
-	On September 1, 2023 Infosys Ltd. acquired 100% of voting interests in Danske IT and Support<br>Services India Private Limited (“Danske IT”).
---	---
-	Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM Limited was incorporated<br>on August 11, 2023.
---	---
-	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
---	---
-	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.
---	---

Changes in key management personnel

The following are the changes in the key management personnel:

Independent directors:

-	Helene Auriol Potier (appointed as independent director effective May 26, 2023)
-	Nitin Paranjpe (appointed as an additional and independent director effective January 1,<br>2024)
---	---

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

Transaction with key management personnel:

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

(In crore)

Particulars	Three months ended December 31,		Nine months ended December 31,
	2023	2022	2023	2022
Salaries and other short term employee benefits to whole-time directors and executive officers ^(1)(2)^	24	12	82	86
Commission and other benefits to non-executive/independent directors	4	5	12	12
Total	28	17	94	98
(1)	Total employee stock compensation expense for the three months ended December 31, 2023and December 31, 2022 includes a charge of 14 crore and less than a crore, respectively, towards key management personnel. Forthe nine months ended December 31, 2023 and December 31, 2022 includes a charge of 51 crore and 41 crore, respectively,towards key management personnel (Refer to Note 2.11).
---	---
(2)	Does not include post-employment benefits and other long-term benefits based on actuarialvaluation as these are done for the Company as a whole.
---	---

2.23 SEGMENT REPORTING

Ind AS 108, Operating segments, establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

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

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.

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

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

Business Segments

Three months ended December 31, 2023 and December 31, 2022:

(In crore)

Particulars	*Financial Services ^(1)^**	Retail ^(2)^	Communication ^(3)^	Energy, Utilities, Resources and Services	Manufacturing	Hi-Tech	Life Sciences ^(4)^	All other segments ^(5)^	Total
Revenue from operations	10,783	5,649	4,421	5,121	5,786	2,985	2,954	1,122	38,821
	11,235	5,480	4,710	4,957	5,099	3,095	2,695	1,047	38,318
Identifiable operating expenses	6,504	2,974	2,781	2,751	3,787	1,745	1,703	675	22,920
	6,549	2,837	2,858	2,594	3,206	1,786	1,580	746	22,156
Allocated expenses	2,019	960	780	920	889	482	485	229	6,764
	2,008	997	810	906	858	496	431	289	6,795
Segment operating income	2,260	1,715	860	1,450	1,110	758	766	218	9,137
	2,678	1,646	1,042	1,457	1,035	813	684	12	9,367
Unallocable expenses									1,176
									1,125
Other income, net (Refer to Note 2.17)									789
									769
Finance cost									131
									80
Profit before tax									8,619
									8,931
Income tax expense									2,506
									2,345
Net Profit									6,113
									6,586
Depreciation and amortization									1,176
									1,125
Non-cash expenses other than depreciation and amortization									–

Nine months ended December 31, 2023 and December 31, 2022:

(In crore)

Particulars	*Financial Services ^(1)^**	Retail ^(2)^	Communication ^(3)^	Energy, Utilities, Resources and Services	Manufacturing	Hi-Tech	Life Sciences ^(4)^	All other segments ^(5)^	Total
Revenue from operations	32,149	17,075	13,325	14,966	16,710	9,095	8,753	3,675	115,748
	32,945	15,667	13,675	13,714	13,957	8,878	7,404	3,086	109,326
Identifiable operating expenses	18,740	9,113	8,038	8,121	10,941	5,237	5,077	2,286	67,553
	18,829	8,023	8,488	7,309	9,245	5,225	4,320	2,100	63,539
Allocated expenses	6,025	2,944	2,408	2,754	2,653	1,509	1,410	851	20,554
	5,873	2,883	2,386	2,552	2,500	1,444	1,223	794	19,655
Segment operating income	7,384	5,018	2,879	4,091	3,116	2,349	2,266	538	27,641
	8,243	4,761	2,801	3,853	2,212	2,209	1,861	192	26,132
Unallocable expenses									3,515
									3,104
Other income, net (Refer to Note 2.17)									1,982
									2,030
Finance cost									360
									202
Profit before tax									25,748
									24,856
Income tax expense									7,474
									6,882
Net Profit									18,274
									17,974
Depreciation and amortization expense									3,515
									3,104
Non-cash expenses other than depreciation and amortization									–
^(1)^	Financial Services include enterprises in Financial Services and Insurance
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^(2)^	Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics
---	---
^(3)^	Communication includes enterprises in Communication, Telecom OEM and Media
---	---
^(4)^	Life Sciences includes enterprises in Life sciences and Health care
---	---
^(5)^	Others include operating segments of businesses in India, Japan, China, Infosys PublicServices & other enterprises in Public Services
---	---
*	Includes impact on account of McCamish cybersecurity incident. Refer note 2.21.3.
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Significant clients

No client individually accounted for more than 10% of the revenues for the three months and nine months ended December 31, 2023 and December 31, 2022, respectively.

2.24 FUNCTION WISE CLASSIFICATION OF CONDENSED CONSOLIDATED STATEMENT OF PROFIT AND LOSS

(In crore)

Particulars	Note No.	Three months ended December 31,		Nine months ended December 31,
		2023	2022	2023	2022
Revenue from operations	2.16	38,821	38,318	115,748	109,326
Cost of Sales		27,253	26,561	80,666	76,342
Gross profit		11,568	11,757	35,082	32,984
Operating expenses
Selling and marketing expenses		1,700	1,611	5,238	4,591
General and administration expenses		1,907	1,904	5,718	5,365
Total operating expenses		3,607	3,515	10,956	9,956
Operating profit		7,961	8,242	24,126	23,028
Other income, net	2.17	789	769	1,982	2,030
Finance cost		131	80	360	202
Profit before tax		8,619	8,931	25,748	24,856
Tax expense:
Current tax	2.15	2,419	2,195	7,216	7,027
Deferred tax	2.15	87	150	258	(145)
Profit for the period		6,113	6,586	18,274	17,974
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		71	29	94	(17)
Equity instruments through other comprehensive income, net		(9)	1	31	8
		62	30	125	(9)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		(46)	(57)	(17)	(43)
Exchange differences on translation of foreign operations		436	676	457	715
Fair value changes on investments, net		52	48	107	(298)
		442	667	547	374
Total other comprehensive income / (loss), net of tax		504	697	672	365
Total comprehensive income for the period		6,617	7,283	18,946	18,339
Profit attributable to:
Owners of the Company		6,106	6,586	18,264	17,967
Non-controlling interests		7	—	10	7
		6,113	6,586	18,274	17,974
Total comprehensive income attributable to:
Owners of the Company		6,605	7,268	18,934	18,322
Non-controlling interests		12	15	12	17
		6,617	7,283	18,946	18,339

for and on behalf of the Board of Directors of InfosysLimited

Nandan M. Nilekani<br><br>Chairman	Salil Parekh<br><br>Chief Executive Officerand Managing Director	Bobby Parikh<br><br>Director
Nilanjan Roy<br><br>Chief Financial Officer	Jayesh Sanghrajka<br><br>Executive Vice President and Deputy Chief Financial Officer	A.G.S. Manikantha<br><br>Company Secretary
Bengaluru<br><br>January 11, 2024