Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Trading Symbol | INFY |
Entity Registrant Name | INFOSYS LIMITED |
Entity Central Index Key | 0001067491 |
Current Fiscal Year End Date | --03-31 |
Entity Well Known Seasoned Issuer | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock Shares Outstanding | 4,148,560,044 |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Security Exchange Name | NYSE |
Title of 12(b) Security | American Depositary Shares each representedby one Equity Share, par value ₹5/- per share |
Entity File Number | 001-35754 |
Entity Address, Address Line One | Electronics City |
Entity Address, Address Line Two | Hosur Road |
Entity Address, City or Town | Bengaluru |
Entity Address, Country | IN |
Entity Address, Postal Zip Code | 560 100 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Entity Incorporation, State or Country Code | K7 |
ICFR Auditor Attestation Flag | true |
Auditor Firm ID | 1180 |
Auditor Name | Deloitte Haskins & Sells LLP |
Auditor Location | Bengaluru, Karnataka, India |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Electronics City |
Entity Address, Address Line Two | Hosur Road |
Entity Address, City or Town | Bengaluru |
Entity Address, Country | IN |
Entity Address, Postal Zip Code | 560 100 |
Local Phone Number | 4116-7931 |
Contact Personnel Name | Nilanjan Roy |
Contact Personnel Email Address | nilanjan.roy@infosys.com |
City Area Code | +91-80 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 1,481 | $ 2,305 |
Current investments | 841 | 880 |
Trade receivables | 3,094 | 2,995 |
Unbilled revenues | 1,861 | 1,526 |
Prepayments and other current assets | 1,336 | 1,133 |
Income tax assets | 1 | 7 |
Derivative financial instruments | 12 | 19 |
Total current assets | 8,626 | 8,865 |
Non-current assets | ||
Property, plant and equipment | 1,679 | 1,793 |
Right of use assets | 837 | 636 |
Goodwill | 882 | 817 |
Intangible assets | 213 | 225 |
Non-current investments | 1,530 | 1,801 |
Unbilled revenues | 176 | 124 |
Deferred income tax assets | 152 | 160 |
Income tax assets | 785 | 805 |
Other non-current assets | 432 | 329 |
Total non-current assets | 6,686 | 6,690 |
Total assets | 15,312 | 15,555 |
Current liabilities | ||
Trade payables | 470 | 545 |
Lease liabilities | 151 | 115 |
Derivative financial instruments | 10 | 8 |
Current income tax liabilities | 412 | 344 |
Unearned revenues | 872 | 834 |
Employee benefit obligations | 292 | 288 |
Provisions | 159 | 129 |
Other current liabilities | 2,403 | 2,170 |
Total current liabilities | 4,769 | 4,433 |
Non-current liabilities | ||
Lease liabilities | 859 | 607 |
Deferred income tax liabilities | 149 | 153 |
Employee benefit obligations | 10 | 12 |
Other non-current liabilities | 301 | 356 |
Total liabilities | 6,088 | 5,561 |
Equity | ||
Share capital - Rs 5/- ($0.16) par value 4,800,000,000 (4,800,000,000) authorized equity shares, issued and outstanding 4,136,387,925 (4,193,012,929) equity shares fully paid up, net of 12,172,119 (13,725,712) treasury shares each as of March 31, 2023 (March 31, 2022), respectively | 325 | 328 |
Share premium | 366 | 337 |
Retained earnings | 11,401 | 11,672 |
Cash flow hedge reserve | 1 | |
Other reserves | 1,370 | 1,170 |
Capital redemption reserve | 24 | 21 |
Other components of equity | (4,314) | (3,588) |
Total equity attributable to equity holders of the company | 9,172 | 9,941 |
Non-controlling interests | 52 | 53 |
Total equity | 9,224 | 9,994 |
Total liabilities and equity | 15,312 | 15,555 |
Commitments and contingent liabilities |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) | Mar. 31, 2023 ₨ / shares shares | Mar. 31, 2023 $ / shares shares | Mar. 31, 2022 ₨ / shares shares | Mar. 31, 2022 $ / shares shares |
Statement of financial position [abstract] | ||||
Par value per share | (per share) | ₨ 5 | $ 0.16 | ₨ 5 | $ 0.16 |
Number of shares authorized | 4,800,000,000 | 4,800,000,000 | 4,800,000,000 | 4,800,000,000 |
Number of shares issued, net | 4,136,387,925 | 4,136,387,925 | 4,193,012,929 | 4,193,012,929 |
Number of shares outstanding | 4,136,387,925 | 4,136,387,925 | 4,193,012,929 | 4,193,012,929 |
Treasury shares | 12,172,119 | 12,172,119 | 13,725,712 | 13,725,712 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Comprehensive income [abstract] | ||||
Revenues | $ 18,212 | $ 16,311 | $ 13,561 | |
Cost of sales | 12,709 | 10,996 | 8,828 | |
Gross profit | 5,503 | 5,315 | 4,733 | |
Operating expenses: | ||||
Selling and marketing expenses | 776 | 692 | 624 | |
Administrative expenses | 902 | 868 | 784 | |
Total operating expenses | 1,678 | 1,560 | 1,408 | |
Operating profit | 3,825 | 3,755 | 3,325 | |
Other income, net | 335 | 308 | 297 | |
Finance cost | 35 | 27 | 26 | |
Profit before income taxes | 4,125 | 4,036 | 3,596 | |
Income tax expense | 1,142 | 1,068 | 973 | |
Net profit | 2,983 | 2,968 | 2,623 | |
Items that will not be reclassified subsequently to profit or loss: | ||||
Remeasurements of the net defined benefit liability / asset, net | [1] | 4 | (11) | 17 |
Equity instruments through other comprehensive income, net | [1] | (3) | 12 | 16 |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | 1 | 1 | 33 | |
Items that will be reclassified subsequently to profit or loss: | ||||
Fair valuation of investments, net | [1] | (30) | (6) | (14) |
Fair value changes on derivatives designated as cash flow hedge, net | [1] | (1) | (1) | 4 |
Exchange differences on translation of foreign operations | (697) | (320) | 333 | |
Total other comprehensive income that will be reclassified to profit or loss, net of tax | (728) | (327) | 323 | |
Total other comprehensive income/(loss), net of tax | (727) | (326) | 356 | |
Total comprehensive income | 2,256 | 2,642 | 2,979 | |
Profit attributable to: | ||||
Owners of the company | 2,981 | 2,963 | 2,613 | |
Non-controlling interests | 2 | 5 | 10 | |
Net profit | 2,983 | 2,968 | 2,623 | |
Total comprehensive income attributable to: | ||||
Owners of the company | 2,254 | 2,637 | 2,968 | |
Non-controlling interests | 2 | 5 | 11 | |
Total comprehensive income | $ 2,256 | $ 2,642 | $ 2,979 | |
Earnings per equity share | ||||
Basic (in $ per share) | $ 0.71 | $ 0.70 | $ 0.62 | |
Diluted (in $ per share) | $ 0.71 | $ 0.70 | $ 0.61 | |
Weighted average equity shares used in computing earnings per equity share | ||||
Basic (in shares) | 4,180,897,857 | 4,209,546,724 | 4,242,416,665 | |
Diluted (in shares) | 4,187,731,070 | 4,218,525,134 | 4,250,732,467 | |
[1] net of taxes |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity $ in Millions | USD ($) shares | Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) | Cumulative Effect Adjustment To Equity Amendments To IAS 37 USD ($) | [5] | Issued capital [member] USD ($) shares | Issued capital [member] Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) shares | Share Premium USD ($) | Share Premium Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) | Retained Earnings USD ($) | Retained Earnings Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) | Retained Earnings Cumulative Effect Adjustment To Equity Amendments To IAS 37 USD ($) | [5] | Other Reserves USD ($) | Other Reserves Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) | Capital Redemption Reserve USD ($) | Capital Redemption Reserve Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) | Cash Flow Hedge Reserve USD ($) | Cash Flow Hedge Reserve Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) | Other Components of Equity USD ($) | Other Components of Equity Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) | Total equity attributable to equity holders of the company USD ($) | Total equity attributable to equity holders of the company Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) | Total equity attributable to equity holders of the company Cumulative Effect Adjustment To Equity Amendments To IAS 37 USD ($) | [5] | Non-controlling interest USD ($) | Non-controlling interest Opening Balance After Adjustment Cumulative Effect at Date of Initial Application Amendments To IAS 37 USD ($) | ||||
Balance at Mar. 31, 2020 | $ 8,701 | $ 332 | $ 305 | $ 11,014 | $ 594 | $ 17 | $ (2) | $ (3,614) | $ 8,646 | $ 55 | ||||||||||||||||||||
Balance, Shares at Mar. 31, 2020 | shares | [1] | 4,240,753,210 | ||||||||||||||||||||||||||||
Changes in equity for the year | ||||||||||||||||||||||||||||||
Net Profit | 2,623 | 2,613 | 2,613 | 10 | ||||||||||||||||||||||||||
Remeasurement of the net defined benefit liability/asset, net* | [2] | 17 | 17 | 17 | ||||||||||||||||||||||||||
Equity instruments through other comprehensive income, net* (Refer to Notes 2.2 and 2.18) | [2] | 16 | 16 | 16 | ||||||||||||||||||||||||||
Fair value changes on investments, net* (Refer to Notes 2.2 and 2.18) | [2] | (14) | (14) | (14) | ||||||||||||||||||||||||||
Fair value changes on derivatives designated as cash flow hedge, net* (Refer to Notes 2.3 and 2.18) | [2] | 4 | 4 | 4 | ||||||||||||||||||||||||||
Exchange differences on translation of foreign operations | 333 | 332 | 332 | 1 | ||||||||||||||||||||||||||
Total comprehensive income | 2,979 | 2,613 | 4 | 351 | 2,968 | 11 | ||||||||||||||||||||||||
Shares issued on exercise of employee stock options (Refer to Note 2.17) | 2 | 2 | 2 | |||||||||||||||||||||||||||
Shares issued on exercise of employee stock options (Refer to note 2.17), Shares | shares | [1] | 4,392,904 | ||||||||||||||||||||||||||||
Transfer to other reserves | 0 | (455) | 455 | |||||||||||||||||||||||||||
Transfer from other reserves on utilization | 0 | 141 | (141) | |||||||||||||||||||||||||||
Effect of modification of equity settled share-based payment awards to cash settled awards (Refer to Note 2.17) | 12 | 12 | 12 | |||||||||||||||||||||||||||
Employee stock compensation expense (Refer to Note 2.17) | 34 | 34 | 34 | |||||||||||||||||||||||||||
Income tax benefit arising on exercise of stock options | 6 | 6 | 6 | |||||||||||||||||||||||||||
Payment towards acquisition of minority interest | (7) | (4) | (4) | (3) | ||||||||||||||||||||||||||
Dividends paid to non-controlling interest of subsidiary | (3) | (3) | ||||||||||||||||||||||||||||
Dividends (1) | [3] | (1,222) | (1,222) | (1,222) | ||||||||||||||||||||||||||
Balance at Mar. 31, 2021 | 10,502 | $ 332 | 359 | 12,087 | 908 | 17 | 2 | (3,263) | 10,442 | 60 | ||||||||||||||||||||
Balance, Shares at Mar. 31, 2021 | shares | [1] | 4,245,146,114 | ||||||||||||||||||||||||||||
Changes in equity for the year | ||||||||||||||||||||||||||||||
Net Profit | 2,968 | 2,963 | 2,963 | 5 | ||||||||||||||||||||||||||
Remeasurement of the net defined benefit liability/asset, net* | [2] | (11) | (11) | (11) | ||||||||||||||||||||||||||
Equity instruments through other comprehensive income, net* (Refer to Notes 2.2 and 2.18) | [2] | 12 | 12 | 12 | ||||||||||||||||||||||||||
Fair value changes on investments, net* (Refer to Notes 2.2 and 2.18) | [2] | (6) | (6) | (6) | ||||||||||||||||||||||||||
Fair value changes on derivatives designated as cash flow hedge, net* (Refer to Notes 2.3 and 2.18) | [2] | (1) | (1) | |||||||||||||||||||||||||||
Exchange differences on translation of foreign operations | (320) | (1) | [2] | (320) | (320) | |||||||||||||||||||||||||
Total comprehensive income | 2,642 | 2,963 | (1) | (325) | 2,637 | 5 | ||||||||||||||||||||||||
Shares issued on exercise of employee stock options (Refer to Note 2.17) | 2 | 2 | 2 | |||||||||||||||||||||||||||
Shares issued on exercise of employee stock options (Refer to note 2.17), Shares | shares | [1] | 3,674,152 | ||||||||||||||||||||||||||||
Buyback of equity shares (Refer to Note 2.15) | [4] | (1,499) | $ (4) | (86) | (1,409) | (1,499) | ||||||||||||||||||||||||
Buyback of equity shares (Refer to note 2.5 and 2.15), Shares | shares | [1] | (55,807,337) | ||||||||||||||||||||||||||||
Transaction costs related to buyback* (Refer to Note 2.15) | [2] | (4) | (4) | (4) | ||||||||||||||||||||||||||
Amount transferred to capital redemption reserve upon Buyback (Refer to Note 2.15) | 0 | (4) | 4 | |||||||||||||||||||||||||||
Transfer to other reserves | 0 | (408) | 408 | |||||||||||||||||||||||||||
Transfer from other reserves on utilization | 0 | 146 | (146) | |||||||||||||||||||||||||||
Employee stock compensation expense (Refer to Note 2.17) | 52 | 52 | 52 | |||||||||||||||||||||||||||
Income tax benefit arising on exercise of stock options | 10 | 10 | 10 | |||||||||||||||||||||||||||
Dividends paid to non-controlling interest of subsidiary | (12) | (12) | ||||||||||||||||||||||||||||
Dividends (1) | [3] | (1,699) | (1,699) | (1,699) | ||||||||||||||||||||||||||
Balance at Mar. 31, 2022 | $ 9,994 | $ 9,992 | $ (2) | $ 328 | $ 328 | 337 | $ 337 | 11,672 | $ 11,670 | $ (2) | $ 1,170 | 21 | $ 21 | 1 | $ 1 | (3,588) | $ (3,588) | 9,941 | $ 9,939 | $ (2) | 53 | $ 53 | ||||||||
Balance, Shares at Mar. 31, 2022 | shares | 4,193,012,929 | 4,193,012,929 | [1] | 4,193,012,929 | [1] | |||||||||||||||||||||||||
Changes in equity for the year | ||||||||||||||||||||||||||||||
Net Profit | $ 2,983 | 2,981 | 2,981 | 2 | ||||||||||||||||||||||||||
Remeasurement of the net defined benefit liability/asset, net* | [2] | 4 | 4 | 4 | ||||||||||||||||||||||||||
Equity instruments through other comprehensive income, net* (Refer to Notes 2.2 and 2.18) | [2] | (3) | (3) | (3) | ||||||||||||||||||||||||||
Fair value changes on investments, net* (Refer to Notes 2.2 and 2.18) | [2] | (30) | (30) | (30) | ||||||||||||||||||||||||||
Fair value changes on derivatives designated as cash flow hedge, net* (Refer to Notes 2.3 and 2.18) | [2] | (1) | (1) | (1) | ||||||||||||||||||||||||||
Exchange differences on translation of foreign operations | (697) | (697) | (697) | |||||||||||||||||||||||||||
Total comprehensive income | 2,256 | 2,981 | $ (1) | (726) | 2,254 | 2 | ||||||||||||||||||||||||
Shares issued on exercise of employee stock options (Refer to Note 2.17) | 4 | 4 | 4 | |||||||||||||||||||||||||||
Shares issued on exercise of employee stock options (Refer to note 2.17), Shares | shares | [1] | 3,801,344 | ||||||||||||||||||||||||||||
Buyback of equity shares (Refer to Note 2.15) | [4] | (1,394) | $ (3) | (41) | (1,350) | (1,394) | ||||||||||||||||||||||||
Buyback of equity shares (Refer to note 2.5 and 2.15), Shares | shares | [4] | (60,426,348) | ||||||||||||||||||||||||||||
Transaction costs related to buyback* (Refer to Note 2.15) | [2] | (3) | (3) | (3) | ||||||||||||||||||||||||||
Amount transferred to capital redemption reserve upon Buyback (Refer to Note 2.15) | 0 | (3) | 3 | |||||||||||||||||||||||||||
Transfer to other reserves | 0 | (380) | 380 | |||||||||||||||||||||||||||
Transfer from other reserves on utilization | 0 | 180 | (180) | |||||||||||||||||||||||||||
Employee stock compensation expense (Refer to Note 2.17) | 63 | 63 | 63 | |||||||||||||||||||||||||||
Income tax benefit arising on exercise of stock options | 6 | 6 | 6 | |||||||||||||||||||||||||||
Dividends paid to non-controlling interest of subsidiary | (3) | (3) | ||||||||||||||||||||||||||||
Dividends (1) | [3] | (1,697) | (1,697) | (1,697) | ||||||||||||||||||||||||||
Balance at Mar. 31, 2023 | $ 9,224 | $ 325 | $ 366 | $ 11,401 | $ 1,370 | $ 24 | $ (4,314) | $ 9,172 | $ 52 | |||||||||||||||||||||
Balance, Shares at Mar. 31, 2023 | shares | 4,136,387,925 | 4,136,387,925 | [1] | |||||||||||||||||||||||||||
[1] excludes treasury shares of 12,172,119 as of March 31, 2023 , 13,725,712 as of March 31, 2022, 15,514,732 as of March 31, 2021, and 18,239,356 as of April 1, 2020, held by consolidated trust. net of taxes net of treasury shares including tax on buyback $ 264 million and $ 256 million for the years ended March 31, 2023 and March 31, 2022 respectively Impact on account of adoption of amendment to IAS 37 Provisions, Contingent Liabilities and Contingents Assets |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of changes in equity [abstract] | ||
Tax on buyback | $ 264 | $ 256 |
Treasury shares | 12,172,119 | 13,725,712 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating activities: | |||
Net profit | $ 2,983 | $ 2,968 | $ 2,623 |
Adjustments to reconcile net profit to net cash provided by operating activities: | |||
Depreciation and amortization | 524 | 466 | 441 |
Interest and dividend income | (139) | (108) | (77) |
Finance cost | 35 | 27 | 26 |
Income tax expense | 1,142 | 1,068 | 973 |
Exchange differences on translation of assets and liabilities, net | 21 | 15 | (8) |
Impairment loss recognized/(reversed) under expected credit loss model | 35 | 23 | 25 |
Stock compensation expense | 64 | 56 | 45 |
Other adjustments | 80 | 8 | (13) |
Changes in working capital | |||
Trade receivables and unbilled revenues | (875) | (1,064) | (248) |
Prepayments and other assets | (404) | (225) | (90) |
Trade payables | (35) | 200 | (33) |
Unearned revenues | 103 | 299 | 138 |
Other liabilities and provisions | 407 | 632 | 319 |
Cash generated from operations | 3,941 | 4,365 | 4,121 |
Income taxes paid | (1,088) | (1,020) | (863) |
Net cash generated by operating activities | 2,853 | 3,345 | 3,258 |
Investing activities: | |||
Expenditure on property, plant and equipment and intangibles | (319) | (290) | (285) |
Deposits placed with corporation | (123) | (121) | (97) |
Redemption of deposits placed with corporations | 94 | 101 | 69 |
Interest and dividend received | 120 | 109 | 70 |
Payment for acquisition of business, net of cash acquired | (113) | (165) | |
Payments to acquire Investments | |||
Liquid mutual fund units and fixed maturity plan securities | (8,739) | (7,240) | (4,753) |
Target maturity fund units | (49) | ||
Certificates of deposit | (1,280) | (560) | |
Quoted debt securities | (228) | (786) | (1,555) |
Commercial paper | (371) | ||
Other investments | (2) | (3) | (3) |
Proceeds on sale of Investments | |||
Quoted debt securities | 318 | 494 | 534 |
Equity and preference securities | 12 | 10 | |
Certificates of deposit | 1,287 | 105 | 154 |
Commercial paper | 284 | ||
Liquid mutual fund units and fixed maturity plan securities | 8,890 | 7,186 | 4,909 |
Other investments | 1 | 3 | |
Escrow and other deposits pertaining to Buyback | (59) | (57) | |
Redemption of escrow and other deposits pertaining to Buyback | 59 | 57 | |
Other payments | (8) | (10) | (27) |
Other receipts | 9 | 9 | 7 |
Net cash used in investing activities | (218) | (1,005) | (1,129) |
Financing activities: | |||
Payment of lease liabilities | (151) | (125) | (94) |
Payment of dividends | (1,697) | (1,703) | (1,226) |
Payment of dividends to non-controlling interests of subsidiary | (3) | (11) | (3) |
Shares issued on exercise of employee stock options | 4 | 2 | 2 |
Payment towards purchase of non-controlling interest | (7) | ||
Other payments | (59) | (17) | |
Other receipts | 16 | 32 | 11 |
Buyback of equity shares including transaction costs and tax on buyback | (1,398) | (1,503) | |
Net cash used in financing activities | (3,288) | (3,325) | (1,317) |
Net increase/(decrease) in cash and cash equivalents | (653) | (985) | 812 |
Effect of exchange rate changes on cash and cash equivalents | (171) | (90) | 103 |
Cash and cash equivalents at the beginning | 2,305 | 3,380 | 2,465 |
Cash and cash equivalents at the end | 1,481 | 2,305 | 3,380 |
Supplementary information: | |||
Restricted cash balance | $ 44 | $ 62 | $ 69 |
Overview
Overview | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Overview | 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 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 Bengaluru, Karnataka, India . The Company has its primary listings on the BSE Limited and National Stock Exchange of India Limited in India. The Company’s American Depositary Shares (“ADS”) representing equity shares are listed on the New York Stock Exchange (“NYSE”). The Group's consolidated financial statements are authorized for issue by the Company’s Board of Directors on June 15, 2023. 1.2 Basis of preparation of financial statements These consolidated financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as issued by the 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. 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. 1.3 Basis of consolidation Infosys consolidates entities which it owns or controls. The consolidated financial statements comprise the financial statements of the Company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases. The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded. Refer to Note 2.20 for the list of subsidiaries and controlled trusts of the Company. 1.4 Use of estimates and judgments The preparation of the financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the 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 consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements. 1.5 Critical accounting estimates and judgements a. Revenue recognition The Group’s contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to the contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement. Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from a fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and 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 2.18). 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 2.9 and 2.10). 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 the 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 (“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 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). 1.6 Recent accounting pronouncements 1.6.1 Standards issued but not yet effective New and revised IFRS Standards in issue but not yet effective: Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors : Definition of Accounting Estimates Amendments to IAS 1, Presentation of Financial Statements : Disclosure of Accounting Policies Amendments to IAS12, Income taxes : Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to IFRS 16, Leases : Lease liability in a Sale and Leaseback Amendments to IAS 8 On February 12, 2021, IASB has issued amendments to IAS 8 Accounting Policies, Changes in Accounting estimates and Errors which introduced a definition of ‘accounting estimates’ and included amendments to IAS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is the annual periods beginning on or after January 1, 2023, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements. Amendments to IAS 1 On February 12, 2021, IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements which requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2023, although early adoption is permitted. The Group has early adopted this amendment and the impact of the amendment is insignificant in the Group’s consolidated financial statements. Amendments to IAS 12 On May 7, 2021, IASB has issued amendment to IAS 12 Income Taxes which narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2023, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements. Amendments to IFRS 16 On September 22, 2022, IASB has issued amendments to IFRS 16 Leases, which added requirements explaining the subsequent measurement for a sale and leaseback transaction. These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. The effective date for the adoption of this amendment is annual reporting periods beginning on or after January 1, 2024, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Mar. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and cash equivalents | 2.1 Cash and cash equivalents Cash and cash equivalents consist of the following: (Dollars in millions) As of March 31, 2023 March 31, 2022 Cash and bank deposits 1,220 1,840 Deposits with financial institutions 261 465 1,481 2,305 Cash and cash equivalents as of March 31, 2023, and March 31, 2022, include restricted cash and bank balances of $ 44 million and $ 62 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 institution comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal. |
Investments
Investments | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Abstract] | |
Investments | 2.2 Investments The carrying value of investments are as follows: (Dollars in millions) As of March 31, 2023 March 31, 2022 Current investments Amortized cost: Quoted debt securities Cost 18 29 Fair value through profit and loss: Liquid mutual funds Fair value 119 266 Fair Value through Other comprehensive income: Quoted debt securities Fair value 179 133 Certificates of deposit Fair value 435 452 Commercial Paper Fair value 90 — 841 880 Non-Current investments Amortized cost: Quoted debt securities Cost 215 251 Fair value through Other comprehensive income: Quoted debt securities Fair value 1,221 1,501 Unquoted equity and preference securities Fair value 24 26 Fair value through profit and loss: Target maturity fund units Fair value 49 — Unquoted Preference securities Fair value — 3 Unquoted Compulsorily convertible debentures Fair value — 1 Others Fair value 21 19 1,530 1,801 Total Investments 2,371 2,681 Investment carried at amortized cost 233 280 Investments carried at fair value through other comprehensive income 1,949 2,112 Investments carried at fair value through profit and loss 189 289 Note: Uncalled capital commitments outstanding as of March 31, 2023 and March 31, 2022, was $ 11 million and $ 4 million, respectively. Refer to Note 2.3 for accounting policies on financial instruments. Details of amounts recorded in other comprehensive income: (Dollars in millions) Net gain / (loss) on Year ended March 31, 2023 Gross Tax Net Quoted debt securities ( 31 ) 1 ( 30 ) Unquoted equity and preference securities ( 3 ) — ( 3 ) (Dollars in millions) Net gain / (loss) on Year ended March 31, 2022 Gross Tax Net Quoted debt securities ( 9 ) 3 ( 6 ) Unquoted equity and preference securities 15 ( 3 ) 12 (Dollars in millions) Net gain / (loss) on Year ended March 31, 2021 Gross Tax Net Quoted debt securities ( 17 ) 3 ( 14 ) Unquoted equity and preference securities 19 ( 3 ) 16 Method of fair valuation: (Dollars in millions) Fair value As of March 31 Class of investment Method 2023 2022 Liquid mutual funds- carried at Fair value through profit or loss Quoted price 119 266 Target maturity fund units- carried at Fair value through profit or loss Quoted price 49 — Quoted debt securities- carried at amortized cost Quoted price and market 261 323 Quoted debt securities- carried at Fair value through other comprehensive income Quoted price and market 1,400 1,634 Commercial Paper- carried at Fair value through other comprehensive income Market observable inputs 90 — Certificate of deposits- carried at Fair value through other comprehensive income Market observable inputs 435 452 Unquoted equity and preference securities- carried at fair value through other comprehensive income Discounted cash flows method, 24 26 Unquoted equity and preference securities- carried at fair value through profit or loss Discounted cash flows method, — 3 Unquoted compulsorily convertible debentures- carried at fair value through profit or loss Discounted cash flows method — 1 Others - carried at fair value through profit or loss Discounted cash flows method, 21 19 2,399 2,724 Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | 2.3 Financial instruments Accounting policy 2.3.1 Initial recognition The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities which are not at fair value through profit or loss are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date. 2.3.2 Subsequent measurement a. Non-derivative financial instruments (i) Financial assets carried at amortized cost A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. (ii) Financial assets at fair value through other 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 at fair value through profit or loss (FVTPL) A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss. (iv) Financial liabilities Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration 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, 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 IFRS 9, Financial Instruments. Any derivative that is either not designated a 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 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 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 the 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 revenue 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 expected credit losses (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 of March 31, 2023 were as follows: (Dollars in millions) Financial assets/ liabilities Financial assets/liabilities Amortised cost Designated upon Mandatory Equity instruments Mandatory Total Total fair value Assets: Cash and cash equivalents (Refer to Note 2.1) 1,481 — — — — 1,481 1,481 Investments (Refer to Note 2.2) Liquid mutual funds — — 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 2.12) (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 1,010 — — — — 1,010 1,010 Derivative financial instruments — — 8 — 2 10 10 Financial liability under option arrangements (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 on contracts where the right to consideration is dependent on completion of contractual milestones The carrying value and fair value of financial instruments by categories as of March 31, 2022, were as follows: (Dollars in millions) Financial assets/ liabilities Financial assets/liabilities Amortised cost Designated upon Mandatory Equity instruments Mandatory Total Total fair value Assets: Cash and cash equivalents (Refer to Note 2.1) 2,305 — — — — 2,305 2,305 Investments (Refer to Note 2.2) Liquid mutual funds — — 266 — — 266 266 Quoted debt securities 280 — — — 1,634 1,914 1,957 (1) Certificate of deposit — — — — 452 452 452 Unquoted equity and preference securities — — 3 26 — 29 29 Unquoted Compulsorily convertible debentures — — 1 — — 1 1 Unquoted investments others — — 19 — — 19 19 Trade receivables 2,995 — — — — 2,995 2,995 Unbilled revenues (Refer to Note 2.12) (3) 838 — — — — 838 838 Prepayments and other assets (Refer to Note 2.4) 526 — — — — 526 514 (2) Derivative financial instruments — — 16 — 3 19 19 Total 6,944 — 305 26 2,089 9,364 9,395 Liabilities: Trade payables 545 — — — — 545 545 Lease liabilities 722 — — — — 722 722 Derivative financial instruments — — 8 — — 8 8 Financial liability under option arrangements (Refer to Note 2.5) — — 86 — — 86 86 Other liabilities including contingent consideration (Refer to Note 2.5) 1,989 — 16 — — 2,005 2,005 Total 3,256 — 110 — — 3,366 3,366 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on quoted debt securities carried at amortized cost of $ 12 million (3) Excludes unbilled revenue on contracts where the right to consideration is dependent on 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 of March 31, 2023 is as follows : (Dollars in millions) As of Fair value measurement at end of 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 Investment 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)* 73 — — 73 Liability towards contingent consideration (Refer to Note 2.5)* 12 — — 12 * Discount rate ranges from 10 % to 15 % During fiscal 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. The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 is as follows : (Dollars in millions) As of Fair value measurement at end of Level 1 Level 2 Level 3 Assets Investments (Refer to note 2.2) Investments in liquid mutual fund units 266 266 — — Investments in quoted debt securities 1,957 1,721 236 — Investments in certificates of deposit 452 — 452 — Investments in unquoted equity and preference securities 29 — — 29 Investments in unquoted compulsorily convertible debentures 1 — — 1 Investment in unquoted investments others 19 — — 19 Others Derivative financial instruments- gain on outstanding foreign exchange forward and option contracts 19 — 19 — Liabilities Derivative financial instruments- loss on outstanding foreign exchange forward and option contracts 8 — 8 — Financial liability under option arrangements (Refer to Note 2.5)* 86 — — 86 Liability towards contingent consideration (Refer to Note 2.5)* 16 — — 16 * Discount rate ranges from 8 % to 14.5 % During fiscal 2022, quoted debt securities of $ 76 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 $ 127 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. Income from financial assets (Dollars in millions) Year ended March 31, 2023 2022 2021 Interest income on financial assets carried at amortized cost 107 135 161 Interest income on financial assets fair valued through other comprehensive income 119 86 55 Dividend income on investments carried at fair value through profit or loss — — 1 Gain / (loss) on investments carried at fair value through profit or loss 18 24 10 Gain / (loss) on investments carried at fair value through other comprehensive income — — 11 244 245 238 Financial risk management Financial risk factors The Group's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Group's primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary market risk to the Group is foreign exchange risk. The Group uses derivative financial instruments to mitigate foreign exchange related risk exposures. The Group's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. Market risk The Group operates internationally, and a major portion of the business is transacted in several currencies and consequently the Group is exposed to foreign exchange risk through its sales and services in the United States and elsewhere, and purchases from overseas suppliers in various foreign currencies. The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The Group is also exposed to foreign exchange risk arising on intercompany transaction in foreign currencies. The exchange rate between the Indian rupee and foreign currencies has changed substantially in recent years and may fluctuate substantially in the future. Consequently, the results of the Group’s operations are adversely affected as the rupee appreciates/ depreciates against these currencies. The following table analyzes foreign currency risk from financial assets and liabilities as of March 31, 2023: (Dollars in millions) U.S. dollars Euro United Kingdom Australian dollars Other currencies Total Net financial assets 2,528 908 221 220 317 4,194 Net financial liabilities ( 1,478 ) ( 454 ) ( 90 ) ( 116 ) ( 269 ) ( 2,407 ) Total 1,050 454 131 104 48 1,787 The following table analyzes foreign currency risk from financial assets and liabilities as of March 31, 2022: (Dollars in millions) U.S. dollars Euro United Kingdom Australian dollars Other currencies Total Net financial assets 2,404 657 199 178 279 3,717 Net financial liabilities ( 1,214 ) ( 417 ) ( 88 ) ( 129 ) ( 238 ) ( 2,086 ) Total 1,190 240 111 49 41 1,631 For the years ended March 31, 2023, 2022 and 2021, every percentage point depreciation / appreciation in the exchange rate between the Indian rupee and the U.S. dollar has affected the company's incremental operating margins by approximately 0.44 %, 0.46 % and 0.47 %, respectively. Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period. Derivative financial instruments The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank. These derivative financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly observable in the marketplace. The following table gives details in respect of outstanding foreign exchange forward and options contracts: As of March 31, 2023 March 31, 2022 In Million In $ Million In Million In $ Million Derivatives designated as cash flow hedges Forward contracts In Euro — — 8 9 Option Contracts In Australian dollars 140 94 185 139 In Euro 325 354 280 311 In United Kingdom Pound Sterling 55 68 32 42 Other derivatives Forward contracts In Australian dollars 10 6 — — In Brazilian Real — — 6 1 In Canadian dollars — — 34 27 In Chinese Yuan 41 6 38 6 In Czech Koruna 364 16 296 14 In Euro 316 344 297 330 In New Zealand dollars 30 19 20 14 In Norwegian Krone 100 10 80 9 In Singapore dollars 204 151 252 180 In Swiss Franc 1 1 15 17 In U.S. Dollars 1,670 1,670 1,166 1,166 In United Kingdom Pound Sterling 86 107 65 86 In South African rand 85 5 45 3 Option contracts In Australian dollars 30 20 — — In Euro 160 174 81 90 In United Kingdom Pound Sterling 15 19 — — In U.S. Dollars 300 300 677 677 3,364 3,121 The Group recognized a net loss of $ 69 million, net gain of $ 22 million and net gain of $ 84 million on derivative financial instruments not designated as cash flow hedges for fiscal 2023, 2022 and 2021, respectively, which are included under other income. The foreign exchange forward and option contracts mature within 12 months. The table below analyzes the derivative financial instruments into relevant maturity groupings based on the remaining period as of the balance sheet date: (Dollars in millions) As of March 31, 2023 March 31, 2022 Not later than one month 1,601 823 Later than one month and not later than three months 1,358 1,642 Later than three months and not later than one year 405 656 3,364 3,121 During fiscal 2023, 2022 and 2021, the Group has designated certain foreign exchange forward and option contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. The related hedge transactions for balance in cash flow hedging reserve as of March 31, 2023, are expected to occur and reclassified to statement of comprehensive income within three months. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, including whether the hedging instrument is expected to offset changes in cash flows of hedged items. If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time of the hedge relationship rebalancing. The following table provides the reconciliation of cash flow hedge reserve: (Dollars in millions) Year ended Year ended Gain / (Loss) Balance at the beginning of the period 1 2 Gain / (Loss) recognized in other comprehensive income during the period 12 14 Amount reclassified to profit or loss during the period ( 13 ) ( 15 ) Tax impact on above — — Balance at the end of the period — 1 The Group offsets a financial asset and a financial liability when it currently has a legally enforceable right to set off the recognized amounts and the Group intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The following table provides quantitative information about offsetting of derivative financial assets and derivative financial liabilities: (Dollars in millions) As of March 31, 2023 March 31, 2022 Derivative Derivative Derivative Derivative Gross amount of recognized financial asset/liability 15 ( 13 ) 24 ( 13 ) Amount set off ( 3 ) 3 ( 5 ) 5 Net amount presented in balance sheet 12 ( 10 ) 19 ( 8 ) Credit risk Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to $ 3,094 million and $ 2,995 million as of March 31, 2023 and March 31, 2022, respectively and unbilled revenue amounting to $ 2,037 million and $ 1,650 million as of March 31, 2023 and March 31, 2022, respectively. Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers primarily located in the United States of America and Europe. Credit risk has always been managed by the Group through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business. The Group uses the expected credit loss model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance for trade receivables and unbilled revenues. This matrix takes into account credit reports and other related credit information to the extent available. The Group's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk from the top few customers. Exposure to customers is diversified and there is no single customer contributing more than 10% of outstanding trade receivables and unbilled revenues. The following table gives details in respect of percentage of revenues generated from top five customers and top ten customers: (In %) Year ended March 31, 2023 2022 2021 Revenue from top five customers 12.7 11.4 11.0 Revenue from top ten customers 20.2 19.3 18.1 Credit risk exposure Trade receivables ageing schedule for fiscal 2023 is as follows: (Dollars in millions) Outstanding for following periods from due date of payment Not Due Less than 6 months 6 months to 1 year 1-2 years 2-3 years More than 3 years Total Trade receivables 2,241 914 7 1 9 5 3,177 Less: Allowance for credit loss 83 Total Trade receivables 3,094 Trade receivables ageing schedule for fiscal 2022 is as follows: (Dollars in millions) Outstanding for following periods from due date of payment Not Due Less than 6 months 6 months to 1 year 1-2 years 2-3 years More than 3 years Total Trade receivables 2,295 734 31 10 9 4 3,083 Less: Allowance for credit loss 88 Total Trade receivables 2,995 The allowance for lifetime expected credit loss on customer balances was $ 28 million, $ 19 million and $ 25 million for fiscal 2023, 2022 and 2021, respectively. Movement in credit loss allowance on customer balance is as follows: (Dollars in millions) Year ended March 31, 2023 2022 2021 Balance at the beginning 113 103 93 Translation differences ( 3 ) ( 1 ) 2 Impairment loss recognized / (reversed), net 28 19 25 Amounts written off ( 21 ) ( 8 ) ( 17 ) Balance at the end 117 113 103 The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery. Credit exposure The Group’s credit period generally ranges from 30-75 days. (Dollars in millions) As of March 31, 2023 March 31, 2022 Trade receivables 3,094 2,995 Unbilled revenues 2,037 1,650 Days Sales Outstanding (DSO) as of March 31, 2023 and March 31, 2022 was 62 days and 67 days, respectively. Credit risk on cash and cash equivalents is limited as the Group generally invest in deposits with banks and financial institutions with high ratings assigned by international and domestic credit rating agencies. Ratings are monitored periodically and the Group has considered the latest credit rating information to the extent available as at the date of these consolidated financial statements. 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, quoted debt securities, certificates of deposit, commercial paper, quoted bonds issued by government and quasi government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, credit rating, profitability, NPA levels and deposit base of banks and financial institutions. These risks are monitored regularly as per Group’s risk management program. Liquidity risk Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time . The Group's principal sources of liquidity are cash and cash equivalents and investments and the cash flow that is generated from operations. The Group has no outstanding borrowings. The Group believes that the working capital is sufficient to meet its current requirements. As of March 31, 2023, the Group had a working capital of $ 3,857 million including cash and cash equivalents of $ 1,481 , million and current investments of $ 841 million. As of March 31, 2022, the Group had a working capital of $ 4,432 million including cash and cash equivalents of $ 2,305 million and current investments of $ 880 million. As of March 31, 2023 and March 31, 2022, the outstanding employee benefit obligations were $ 302 million and $ 300 million, respectively, which have been substantially funded. Accordingly, no liquidity risk is perceived. The table below provides details regarding the contractual maturities of significant financial liabilities as of March 31, 2023: (Dollars in millions) Less than 1 year 1-2 years 2-4 years 4-7 years Total Trade payables 470 — — — 470 Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) 82 — — — 82 Other financial liabilities (excluding liabilities towards contingent consideration) on an undiscounted basis (Refer to Note 2.5) 1,875 186 53 2 2,116 Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) 12 — — — 12 The table below provides details regarding the contractual maturities of significant financial liabilities as of March 31, 2022: (Dollars in millions) Less than 1 year 1-2 years 2-4 years 4-7 years Total Trade payables 545 — — — 545 Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) — 12 11 68 91 Other financial liabilities (excluding liabilities towards contingent consideration) on an undiscounted basis (Refer to Note 2.5) 1,787 144 60 1 1,992 Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) 9 3 5 — 17 |
Prepayments and Other Assets
Prepayments and Other Assets | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Prepayments and other assets | 2.4 Prepayments and other assets Prepayments and other assets consist of the following: (Dollars in millions) As of March 31, 2023 March 31, 2022 Current Rental deposits 4 8 Security deposits 1 1 Loans to employees 35 33 Prepaid expenses (1) 334 263 Interest accrued and not due 59 48 Withholding taxes and others (1) 398 256 Advance payments to vendors for supply of goods (1) 25 25 Deposit with corporation 286 287 Deferred contract cost (1) Cost of obtaining a contract # 104 113 Cost of fulfillment 21 12 Net investment in sublease of right of use asset (Refer to Note 2.8) 6 6 Other non-financial assets (1) 32 43 Other financial assets 31 38 Total Current prepayment and other assets 1,336 1,133 Non-current Loans to employees 5 5 Security deposits 6 6 Deposit with corporation 12 4 Defined benefit plan assets (Refer to Note 2.14) (1) 4 3 Prepaid expenses (1) 41 13 Deferred contract cost (1) Cost of obtaining a contract # 23 78 Cost of fulfillment 79 41 Withholding taxes and others (1) 83 89 Net investment in sublease of right of use asset (Refer to Note 2.8) 37 43 Rental deposits 29 24 Other financial assets 113 23 Total Non-current prepayment and other assets 432 329 Total prepayment and other assets 1,768 1,462 Financial assets in prepayments and other assets 624 526 (1) Non-financial assets Withholding taxes and others primarily consist of input tax credits and Cenvat/VAT recoverable from Government of India. Deposit with corporation represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business. # 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 of March 31, 2023, the financial liability pertaining to such arrangements amounts to $ 89 million. During fiscal 2023, $ 14 million was settled directly by the third party to the customer on behalf of the Group and accordingly considered as non-cash transaction (Refer to note 2.5). |
Other Liabilities
Other Liabilities | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Other Liabilities [Abstract] | |
Other Liabilities | 2.5 Other liabilities Other liabilities comprise the following: (Dollars in millions) As of March 31, 2023 March 31, 2022 Current Accrued compensation to employees (1) 508 536 Accrued defined benefit liability (Refer to Note 2.14) (3) — 1 Accrued expenses (1) 949 986 Withholding taxes and others (3) 442 374 Retention money (1) 2 2 Liabilities of controlled trusts (1) 26 28 Deferred income- government grants (3) 4 1 Liability towards contingent consideration (2) 12 9 Capital creditors (1) 82 57 Financial liability under option arrangements (Refer to Note 2.10) (2)(4) 73 — Other financial liabilities (1)# 305 176 Total Current other liabilities 2,403 2,170 Non-current Liability towards contingent consideration (Refer to Note 2.10) (2) — 7 Accrued compensation to employees (1) 1 1 Accrued expenses (1) 198 125 Accrued defined benefit liability (Refer to Note 2.14) (3) 54 49 Deferred income - government grants (3) 5 8 Deferred income (3) 1 1 Financial liability under option arrangements (Refer to Note 2.10) (2)(4) — 86 Other non-financial liabilities (3) 1 1 Other financial liabilities (1) # 41 78 Total Non-current other liabilities 301 356 Total other liabilities 2,704 2,526 (1) Financial liability carried at amortized cost 2,112 1,989 (2) Financial liability carried at fair value through profit or loss 85 102 Financial liability under option arrangements on undiscounted basis (Refer to Note 2.5) 82 91 Financial liability towards contingent consideration on undiscounted basis (Refer to Note 2.10) 12 17 (3) Non-financial liabilities (4) 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. # Deferred contract cost in note 2.4 includes technology assets taken over by the Group from a customer as a part of transformation project which is not considered as distinct goods or services and the control related to the assets is not transferred to the Group in accordance with IFRS 15 - Revenue from contract with customers. Accordingly, the same has been considered as a reduction to the total contract value and accounted as Deferred contract cost. The Group has entered into financing arrangements with a third party for these assets. As of March 31, 2023, the financial liability pertaining to such arrangements amounts to $ 89 million. During fiscal 2023, $ 14 million was settled directly by the third party to the customer on behalf of the Group and accordingly considered as non-cash transaction. |
Provisions and Other Contingenc
Provisions and Other Contingencies | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of other provisions [abstract] | |
Provisions and Other Contingencies | 2.6 Provisions and other contingencies Accounting policy a. Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. b. 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. c. 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 other provisions : (Dollars in millions) As of March 31, 2023 March 31, 2022 Post sales client support and other provisions 159 129 159 129 Provision for post sales client support 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 . The movement in the provision for post sales client support is as follows: (Dollars in millions) Year ended March 31, 2023 Balance at the beginning 123 Translation differences ( 6 ) Impact on adoption of amendment to IAS 37 2 Provision recognized / (reversed) 57 Provision utilized ( 17 ) Balance at the end 159 Provision for post sales client support and other provisions is included in cost of sales in the consolidated statement of comprehensive income. As of March 31, 2023 and March 31, 2022, claims against the Group, not acknowledged as debts (excluding demands from income tax authorities- Refer to Note 2.18) amounted to $ 85 million (₹ 700 crore) and $ 84 million (₹ 640 crore), respectively. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 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: Buildings 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 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 depreciation) had no impairment loss been recognized for the asset in prior years. Following are the changes in the carrying value of property, plant and equipment for fiscal 2023: (Dollars in millions) Land Buildings Plant and Computer Furniture Vehicles Total Gross carrying value as of April 1, 2022 188 1,481 653 1,125 423 6 3,876 Additions - Business Combination (Refer to Note 2.10) — — 1 1 — — 2 Additions — 42 57 187 62 — 348 Deletions* — — ( 32 ) ( 191 ) ( 45 ) — ( 268 ) Translation difference ( 14 ) ( 116 ) ( 54 ) ( 85 ) ( 31 ) — ( 300 ) Gross carrying value as of March 31, 2023 174 1,407 625 1,037 409 6 3,658 Accumulated depreciation as of April 1, 2022 — ( 541 ) ( 484 ) ( 796 ) ( 324 ) ( 5 ) ( 2,150 ) Depreciation — ( 54 ) ( 58 ) ( 164 ) ( 44 ) — ( 320 ) Accumulated depreciation on deletions* — — 32 190 44 — 266 Translation difference — 43 42 61 24 — 170 Accumulated depreciation as of March 31, 2023 — ( 552 ) ( 468 ) ( 709 ) ( 300 ) ( 5 ) ( 2,034 ) Capital work-in-progress as of March 31, 2023 55 Carrying value as of March 31, 2023 174 855 157 328 109 1 1,679 Capital work-in-progress as of April 1, 2022 67 Carrying value as of April 1, 2022 188 940 169 329 99 1 1,793 * During fiscal 2023, certain assets which were not in use having gross book value of $ 234 million (net book value: Nil), were retired Following are the changes in the carrying value of property, plant and equipment for fiscal 2022: (Dollars in millions) Land Buildings Plant and Computer Furniture Vehicles Total Gross carrying value as of April 1, 2021 191 1,445 679 1,045 416 6 3,782 Additions 4 81 47 206 26 — 364 Deletions* — — ( 50 ) ( 90 ) ( 7 ) — ( 147 ) Translation difference ( 7 ) ( 45 ) ( 23 ) ( 36 ) ( 12 ) — ( 123 ) Gross carrying value as of March 31, 2022 188 1,481 653 1,125 423 6 3,876 Accumulated depreciation as of April 1, 2021 — ( 503 ) ( 492 ) ( 771 ) ( 294 ) ( 4 ) ( 2,064 ) Depreciation — ( 56 ) ( 57 ) ( 141 ) ( 45 ) ( 1 ) ( 300 ) Accumulated depreciation on deletions* — — 47 90 6 — 143 Translation difference — 18 18 26 9 — 71 Accumulated depreciation as of March 31, 2022 — ( 541 ) ( 484 ) ( 796 ) ( 324 ) ( 5 ) ( 2,150 ) Capital work-in-progress as of March 31, 2022 67 Carrying value as of March 31, 2022 188 940 169 329 99 1 1,793 Capital work-in-progress as of April 1, 2021 145 Carrying value as of April 1, 2021 191 942 187 274 122 2 1,863 * During fiscal 2022, certain assets which were not in use having gross book value of $ 43 million (net book value: Nil), were retired Following are the changes in the carrying value of property, plant and equipment for fiscal 2021: (Dollars in millions) Land Buildings Plant and Computer Furniture Vehicles Total Gross carrying value as of April 1, 2020 174 1,324 621 882 381 6 3,388 Additions 11 70 39 156 26 — 302 Additions- Business Combinations (Refer to Note 2.10) — — — 1 — — 1 Deletions — — ( 4 ) ( 29 ) ( 6 ) — ( 39 ) Translation difference 6 51 23 35 15 — 130 Gross carrying value as of March 31, 2021 191 1,445 679 1,045 416 6 3,782 Accumulated depreciation as of April 1, 2020 — ( 434 ) ( 418 ) ( 646 ) ( 243 ) ( 4 ) ( 1,745 ) Depreciation — ( 52 ) ( 63 ) ( 129 ) ( 47 ) ( 1 ) ( 292 ) Accumulated depreciation on deletions — — 4 27 6 — 37 Translation difference — ( 17 ) ( 15 ) ( 23 ) ( 10 ) 1 ( 64 ) Accumulated depreciation as of March 31, 2021 — ( 503 ) ( 492 ) ( 771 ) ( 294 ) ( 4 ) ( 2,064 ) Capital work-in-progress as of March 31, 2021 145 Carrying value as of March 31, 2021 191 942 187 274 122 2 1,863 Capital work-in-progress as of April 1, 2020 167 Carrying value as of April 1, 2020 174 890 203 236 138 2 1,810 The aggregate depreciation expense is included in cost of sales in the consolidated statement of comprehensive income. Repairs and maintenance costs are recognized in the consolidated statement of comprehensive income when incurred. The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipment aggregating to $ 117 million and $ 164 million as of March 31, 2023, and March 31, 2022, respectively. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Leases | 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 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. 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 ROU 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. ROU 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. ROU 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 are 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 ROU 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 year ended March 31, 2023: (Dollars in millions) Category of ROU asset Land Buildings Vehicles Computers Total Balance as of April 1, 2022 83 489 2 62 636 Additions* — 107 1 328 436 Deletions — ( 5 ) — ( 46 ) ( 51 ) Depreciation ( 1 ) ( 84 ) ( 1 ) ( 61 ) ( 147 ) Translation difference ( 6 ) ( 33 ) — 2 ( 37 ) Balance as of March 31, 2023 76 474 2 285 837 * Net of adjustments on account of modifications and lease incentives Following are the changes in the carrying value of right of use assets for the year ended March 31, 2022: (Dollars in millions) Category of ROU asset Land Buildings Vehicles Computers Total Balance as of April 1, 2021 86 545 3 22 656 Additions* — 60 — 63 123 Deletions — ( 11 ) — ( 6 ) ( 17 ) Depreciation ( 1 ) ( 88 ) ( 1 ) ( 15 ) ( 105 ) Translation difference ( 2 ) ( 17 ) — ( 2 ) ( 21 ) Balance as of March 31, 2022 83 489 2 62 636 * Net of adjustments on account of modifications and lease incentives Following are the changes in the carrying value of right of use assets for the year ended March 31, 2021: (Dollars in millions) Category of ROU asset Land Buildings Vehicles Computers Total Balance as of April 1, 2020 83 461 2 5 551 Additions* 1 168 1 19 189 Deletions — ( 20 ) — — ( 20 ) Depreciation ( 1 ) ( 80 ) ( 1 ) ( 4 ) ( 86 ) Translation difference 3 16 1 2 22 Balance as of March 31, 2021 86 545 3 22 656 * 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 consolidated statement of comprehensive income. The following is the break-up of current and non-current lease liabilities: (Dollars in millions) As of March 31, 2023 March 31, 2022 Current lease liabilities 151 115 Non-current lease liabilities 859 607 Total 1,010 722 The following is the movement in lease liabilities: (Dollars in millions) Year ended March 31, 2023 2022 2021 Balance at the beginning 722 728 612 Additions 434 125 204 Finance cost accrued during the period 30 24 24 Deletions ( 6 ) ( 18 ) ( 23 ) Payment of lease liabilities ( 152 ) ( 128 ) ( 111 ) Translation difference ( 18 ) ( 9 ) 22 Balance at the end 1,010 722 728 The table below provides details regarding the contractual maturities of lease liabilities on an undiscounted basis: (Dollars in millions) As of March 31, 2023 March 31, 2022 Less than one year 219 131 One to five years 663 430 More than five years 241 262 Total 1,123 823 The Group does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due. Rental expense recorded for short-term leases was $ 12 million, $ 8 million and $ 11 million for fiscal 2023, fiscal 2022 and fiscal 2021, respectively. The following is the movement in the net-investment in sublease of ROU asset: (Dollars in millions) Year ended March 31, 2023 2022 2021 Balance at the beginning 49 53 58 Additions 1 1 — Interest income accrued during the period 2 2 2 Lease receipts ( 8 ) ( 7 ) ( 7 ) Balance at the end 44 49 53 The table below provides details regarding the contractual maturities of net investment in sublease of ROU asset on an undiscounted basis: (Dollars in millions) As of March 31, 2023 March 31, 2022 Less than one year 8 7 One to five years 32 31 More than five years 8 17 Total 48 55 Leases not yet commenced to which Group is committed is $ 21 million for a lease term ranging from 3 years to 10 years. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Mar. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Goodwill and Intangible Assets | 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 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: (Dollars in millions) As of March 31, 2023 March 31, 2022 Carrying value at the beginning 817 832 Goodwill on acquisitions during the year (Refer to Note 2.10) 79 — Translation differences ( 14 ) ( 15 ) Carrying value at the end 882 817 For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the cash generating units (CGU) or groups of CGUs, which are benefited from the synergies of the acquisition. The Group internally reviews the goodwill for impairment at the operating segment level, after allocation of the goodwill to CGUs or groups of CGUs. The following table presents the allocation of goodwill to operating segments as of March 31, 2023 and March 31, 2022: (Dollars in millions) As of Segments March 31, 2023 March 31, 2022 Financial services 178 180 Retail 113 108 Communication 81 82 Energy, utilities, Resources and Services 140 141 Manufacturing 70 66 Life Sciences 115 54 697 631 Operating segments without significant goodwill 68 69 Total 765 700 The goodwill pertaining to Panaya is tested for impairment at the entity level as of March 31, 2023 and March 31, 2022, amounting to $ 117 million and $ 117 million, respectively. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. The fair value of a CGU is determined based on the market capitalization. Value-in-use is determined based on discounted future cash flows. The key assumptions used for the calculations are as follows: (in %) As of March 31, 2023 March 31, 2022 Long term growth rate 8 - 10 8 - 10 Operating margins 19 - 21 19 - 21 Discount rate 13 12 The above discount rate is based on the Weighted Average Cost of Capital (WACC) of the Company. As of March 31, 2023, the estimated recoverable amount of the CGU exceeded its carrying amount. Reasonable sensitivities in key assumptions are unlikely to cause the carrying amount to exceed the recoverable amount of the cash generating units. 2.9.2 Intangible assets Accounting policy 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 labour, overhead costs that are directly attributable to preparing 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. Following are the changes in the carrying value of acquired intangible assets for fiscal 2023: (Dollars in millions) Customer Software Marketing Others* Total Gross carrying value as of April 1, 2022 274 121 40 90 525 Additions during the period — 8 — — 8 Acquisition through business combination (Refer note no. 2.10) 34 — 3 4 41 Translation differences ( 1 ) ( 2 ) ( 1 ) — ( 4 ) Gross carrying value as of March 31, 2023 307 127 42 94 570 Accumulated amortization as of April 1, 2022 ( 169 ) ( 75 ) ( 19 ) ( 37 ) ( 300 ) Amortization expense ( 29 ) ( 10 ) ( 6 ) ( 15 ) ( 60 ) Translation differences 2 — 1 — 3 Accumulated amortization as of March 31, 2023 ( 196 ) ( 85 ) ( 24 ) ( 52 ) ( 357 ) Carrying value as of March 31, 2023 111 42 18 42 213 Carrying value as of April 1, 2022 105 46 21 53 225 Estimated Useful Life (in years) 1 - 15 3 - 10 3 - 10 3 - 7 Estimated Remaining Useful Life (in years) 1 - 11 1 - 6 1 - 7 1 - 5 * Majorly includes intangibles related to vendor relationships Following are the changes in the carrying value of acquired intangible assets for fiscal 2022: (Dollars in millions) Customer Software Marketing Others* Total Gross carrying value as of April 1, 2021 282 112 40 91 525 Additions during the period — 11 — — 11 Translation differences ( 8 ) ( 2 ) — ( 1 ) ( 11 ) Gross carrying value as of March 31, 2022 274 121 40 90 525 Accumulated amortization as of April 1, 2021 ( 139 ) ( 67 ) ( 14 ) ( 22 ) ( 242 ) Amortization expense ( 32 ) ( 9 ) ( 5 ) ( 16 ) ( 62 ) Translation differences 2 1 — 1 4 Accumulated amortization as of March 31, 2022 ( 169 ) ( 75 ) ( 19 ) ( 37 ) ( 300 ) Carrying value as of March 31, 2022 105 46 21 53 225 Carrying value as of April 1, 2021 143 45 26 69 283 Estimated Useful Life (in years) 1 - 15 3 - 10 3 - 10 3 - 7 Estimated Remaining Useful Life (in years) 1 - 12 1 - 7 1 - 8 1 - 6 * Majorly includes intangibles related to vendor relationships Following are the changes in the carrying value of acquired intangible assets for fiscal 2021: (Dollars in millions) Customer Software Marketing Others* Total Gross carrying value as of April 1, 2020 248 92 32 54 426 Additions during the period — 14 — — 14 Acquisition through business combination (Refer to Note 2.10) 24 4 8 36 72 Translation differences 10 2 — 1 13 Gross carrying value as of March 31, 2021 282 112 40 91 525 Accumulated amortization as of April 1, 2020 ( 100 ) ( 59 ) ( 9 ) ( 7 ) ( 175 ) Amortization expense ( 37 ) ( 7 ) ( 5 ) ( 14 ) ( 63 ) Translation differences ( 2 ) ( 1 ) — ( 1 ) ( 4 ) Accumulated amortization as of March 31, 2021 ( 139 ) ( 67 ) ( 14 ) ( 22 ) ( 242 ) Carrying value as of March 31, 2021 143 45 26 69 283 Carrying value as of April 1, 2020 148 33 23 47 251 Estimated Useful Life (in years) 1 - 15 3 - 10 3 - 10 3 - 7 Estimated Remaining Useful Life (in years) 1 - 13 1 - 8 1 - 9 1 - 7 * Majorly includes intangibles related to vendor relationships The amortization expense has been included under depreciation and amortization expense under cost of sales in the consolidated statement of comprehensive income. Research and development expense recognized in the consolidated statement of comprehensive income, for fiscal 2023, 2022 and 2021 was $ 129 million, $ 124 million and $ 127 million, respectively. |
Business Combinations
Business Combinations | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Business combinations | 2.10 Business combinations Accounting Policy: Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations. The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the consolidated statement of comprehensive income. The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity of subsidiaries. Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed. The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized. Acquisitions during the year ended March 31, 2023 During fiscal 2023, the Group completed two business combinations to complement its digital offerings by acquiring 100 % voting interests in: 1) oddity GmbH, oddity group services GmbH, oddity space GmbH, oddity jungle GmbH, oddity code GmbH and oddity waves GmbH (collectively known as oddity), a Germany-based digital marketing, experience, and commerce agencies on April 20, 2022; and 2) BASE life science A/S, a consulting and technology firm in the life Science industry in Europe on September 1, 2022. These acquisitions are expected to strengthen the Group’s creative, branding and experience design capabilities and augment the Group’s life sciences expertise, scales its digital transformation capabilities with cloud based industry solutions and expand its presence across Europe. The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the dates of acquisition as follows: (Dollars in millions) Component Acquiree's Fair value Purchase price Net assets (1) 12 — 12 Intangible assets Customer contracts and relationships — 34 34 Vendor relationships — 4 4 Brand — 3 3 Deferred tax liabilities on intangible assets — ( 10 ) ( 10 ) 12 31 43 Goodwill 79 Total purchase price 122 (1) Includes cash and cash equivalents acquired of $ 3 million The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset. Goodwill is not tax-deductible. Goodwill pertaining to these business combinations is allocated to operating segments as more fully described in Note 2.9. The purchase consideration of $ 122 million includes cash consideration of $ 116 million and contingent consideration with an estimated fair value of $ 6 million as on the date of acquisition. At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rate of 12.5 %. The undiscounted value of contingent consideration as of March 31, 2023 was $ 7 million. Additionally, these acquisitions have employee retention bonus payable to the employees of the acquiree over three years , subject to their continuous employment with the Group along with achievement of financial targets for the respective years. Performance and Retention Bonus is recognized in employee benefit expenses in the Consolidated Statement of Comprehensive Income over the period of service. Fair value of trade receivables acquired, is $ 14 million as of acquisition date and as of March 31, 2023 the amounts are substantially collected. Transaction costs that the Group incurs in connection with a business combination such as finders’ fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of $ 1 million related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the year ended March 31, 2023. Acquisitions during the year ended March 31, 2021 During fiscal 2021, the Group, completed three business combinations to complement its digital offerings and end to end customer experience offerings to customers by acquiring 100 % voting interests in: (i) GuideVision, s.r.o a ServiceNow Elite Partner based in Europe on October 1, 2020 (ii) Kaleidoscope Animations, Inc., a U.S. based product design and development services focused primarily on medical devices on October 9, 2020, and (iii) Beringer Commerce Inc. and Beringer Capital Digital Group Inc., collectively known as Blue Acorn iCi, an Adobe Platinum partner in the United States, and a leader in digital customer experience, commerce and analytics, on October 27, 2020 The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the dates of acquisition as follows: (Dollars in millions) Component Acquiree's Fair value Purchase price Net assets (1) 18 — 18 Intangible Assets Vendor Relationships — 36 36 Customer Contracts and Relationships — 24 24 Brand — 8 8 Software — 4 4 Deferred tax liabilities on intangible assets — ( 3 ) ( 3 ) 18 69 87 Goodwill 102 Total purchase price 189 (1) Includes cash and cash equivalents acquired of $ 11 million The excess of the purchase consideration paid over the fair value of net assets acquired has been attributed to goodwill. Goodwill majorly includes value expected from increase in revenues from various new streams of business, addition of new customers, and estimated synergies which does not qualify as an intangible asset. Goodwill amounting to $ 70 million is not tax deductible. Goodwill pertaining to these business combinations is allocated to operating segments as more fully described in Note 2.9. The purchase consideration of $ 189 million includes cash consideration of $ 176 million and contingent consideration with a fair value of $ 13 million as on the date of acquisition. At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rates ranging from 12 % to 13.5 %. There was no contingent consideration as of March 31, 2023. Additionally, these acquisitions have retention payouts payable to the employees of the acquiree over the next one to two years , subject to their continuous employment with the group along with achievement of financial targets for the respective years. Retention bonus is recognized in employee benefit expenses in the statement of comprehensive income over the period of service. Fair value of trade receivables acquired, is $ 15 million as of acquisition date and as of March 31, 2023, the amounts are substantially collected. Transaction costs that the Group incurs in connection with a business combination such as finders’ fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of $ 2 million related to the acquisition have been included under administrative expenses in the statement of comprehensive income for the year ended March 31, 2021. |
Revenue from Operations
Revenue from Operations | 12 Months Ended |
Mar. 31, 2023 | |
Revenue [abstract] | |
Revenue from Operations | 2.11 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 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 the 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 statement of comprehensive income. Revenues for fiscal 2023, 2022 and 2021 are as follows: (Dollars in millions) Year ended March 31, 2023 2022 2021 Revenue from software services 17,072 15,225 12,604 Revenue from products and platforms 1,140 1,086 957 Total Revenue from Operations 18,212 16,311 13,561 Disaggregated revenue information The table below presents disaggregated revenues from contracts with customers by geography and offerings for each of our business segments. The Group believes 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. Year ended March 31, 2023 (Dollars in millions) Particulars Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) Others (5) Total Revenues by Geography* North America 3,488 1,825 1,354 1,234 938 1,378 910 135 11,262 Europe 915 663 477 868 1,348 34 320 45 4,670 India 237 9 20 26 11 52 3 120 478 Rest of the world 794 135 395 172 60 8 18 220 1,802 Total 5,434 2,632 2,246 2,300 2,357 1,472 1,251 520 18,212 Revenue by offerings Digital 2,980 1,733 1,485 1,442 1,685 945 793 255 11,318 Core 2,454 899 761 858 672 527 458 265 6,894 Total 5,434 2,632 2,246 2,300 2,357 1,472 1,251 520 18,212 Year ended March 31, 2022 (Dollars in millions) Particulars Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) Others (5) Total Revenues by Geography* North America 3,274 1,608 1,136 996 845 1,253 828 126 10,066 Europe 905 639 483 773 884 30 295 30 4,039 India 259 12 42 21 9 55 4 78 480 Rest of the world 780 120 374 152 49 8 15 228 1,726 Total 5,218 2,379 2,035 1,942 1,787 1,346 1,142 462 16,311 Revenue by offerings Digital 2,735 1,456 1,247 1,128 1,103 780 660 194 9,303 Core 2,483 923 788 814 684 566 482 268 7,008 Total 5,218 2,379 2,035 1,942 1,787 1,346 1,142 462 16,311 Year ended March 31, 2021 (Dollars in millions) Particulars Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) Others (5) Total Revenues by Geography* North America 2,636 1,313 916 935 692 1,086 638 104 8,320 Europe 865 562 390 605 535 22 272 29 3,280 India 212 8 31 5 7 40 2 87 392 Rest of the world 686 108 366 147 41 7 15 199 1,569 Total 4,399 1,991 1,703 1,692 1,275 1,155 927 419 13,561 Revenue by offerings Digital 2,100 1,040 874 821 617 562 408 155 6,577 Core 2,299 951 829 871 658 593 519 264 6,984 Total 4,399 1,991 1,703 1,692 1,275 1,155 927 419 13,561 (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 Public Services & other enterprises in Public Services * Geographical revenues are based on the domicile of customer The percentage of revenue from fixed price contracts for each of fiscal 2023, 2022 and 2021 is approximately 52 %, 53 % and 53 %, respectively. Digital Services Digital Services comprise of service and solution offerings of the Group that enable our clients to transform their businesses. These include offerings that enhance customer experience, leverage AI-based analytics and big data, engineer digital products and IoT, modernize legacy technology systems, migrate to cloud applications and implement advanced cybersecurity systems. Core Services Core Services comprise traditional offerings of the Group that have scaled and industrialized over a number of years. These primarily include application management services, proprietary application development services, independent validation solutions, product engineering and management, infrastructure management services, traditional enterprise application implementation, support and integration services, and business process management. 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. 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 & material contracts and fixed price maintenance contracts are classified as a 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 statements of financial position. During fiscal 2023, 2022 and 2021, the Group recognized revenue of $ 669 million, $ 476 million and $ 336 million, respectively, arising from opening unearned revenue as of April 1, 2022, April 1, 2021, and April 1, 2020. During fiscal 2023, 2022 and 2021, $ 739 million, $ 543 million and $ 515 million of unbilled revenue pertaining to other fixed price, fixed time frame contracts as of April 1, 2022, April 1, 2021, and April 1, 2020, respectively, has been reclassified to trade receivables upon billing to customers on completion of milestones. Remaining performance obligations The remaining performance obligation disclosure provides the aggregate amount of the transaction price yet to be recognized as of the end of the reporting period and an explanation as to when the Group expects to recognize these amounts in revenue. Applying the practical expedient as given in IFRS 15, the Group has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognized corresponds directly with the value to the customer of the entity's performance completed to date, typically those contracts where invoicing is on time & material basis and unit of work based contracts. Remaining performance obligation estimates are subject to change and are affected by several factors, including terminations, changes in the scope of contracts, periodic revalidations, adjustment for revenue that has not materialized and adjustments for currency fluctuations. The aggregate value of performance obligations that are completely or partially unsatisfied as of March 31, 2023, other than those meeting the exclusion criteria mentioned above, is $ 9,841 million. Out of this, the Group expects to recognize revenue of around 57 % within the next one year and the remaining thereafter. The aggregate value of performance obligations that were completely or partially unsatisfied as of March 31, 2022 was $ 9,797 million The contracts can generally be terminated by the customers and typically includes an enforceable termination penalty payable by them. Generally, customers have not terminated contracts without cause. |
Unbilled Revenue
Unbilled Revenue | 12 Months Ended |
Mar. 31, 2023 | |
Revenue [abstract] | |
Unbilled Revenue | 2.12 Unbilled revenue (Dollars in millions) As of March 31, 2023 March 31, 2022 Unbilled financial asset (1) 1,157 838 Unbilled non-financial asset (2) 880 812 2,037 1,650 (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. |
Expenses by Nature
Expenses by Nature | 12 Months Ended |
Mar. 31, 2023 | |
Expenses by nature [abstract] | |
Expenses by Nature | 2.13 Expenses by nature (Dollars in millions) Year ended March 31, 2023 2022 2021 Employee benefit costs 9,729 8,585 7,493 Depreciation and amortization charges (Refer to Notes 2.7, 2.8 and 2.9) 524 466 441 Travelling costs 190 110 75 Cost of technical sub-contractors 1,751 1,690 957 Cost of software packages for own use 240 190 165 Third party items bought for service delivery to clients 1,110 721 406 Consultancy and professional charges 210 253 171 Communication costs 89 82 86 Repairs and maintenance 169 163 190 Rates and Taxes 37 35 35 Provision for post-sales client support 15 10 5 Power and fuel 22 18 19 Commission to non-whole time directors 2 2 1 Branding and marketing expenses 112 74 48 Impairment loss recognized / (reversed) under expected credit loss model 35 23 25 Insurance charges 22 22 18 Contribution towards Corporate Social Responsibility 58 57 59 Short-term leases (Refer to Note 2.8) 12 8 11 Others 60 47 31 Total cost of sales, selling and marketing expenses and administrative expenses 14,387 12,556 10,236 Operating profit Operating profit for the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of defined benefit plans [abstract] | |
Employee benefits | 2.14 Employee benefits Accounting policy 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 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 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. 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 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 are recognized in net profits 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. 2.14.1 Gratuity and Pensions The following table sets out the details of the defined benefit retirement plans and the amounts recognized in the Group's financial statements as of March 31, 2023 and March 31, 2022: (Dollars in millions) Gratuity Pension As of As of March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Change in benefit obligations Benefit obligations at the beginning 227 222 122 111 Transfer — — 2 7 Service cost 34 29 5 5 Interest expense 13 12 1 — Remeasurements - Actuarial losses / (gains) ( 9 ) 11 ( 17 ) ( 2 ) Past service cost - plan amendments — — — 2 Employee contribution — — 3 4 Benefits paid ( 33 ) ( 39 ) ( 6 ) ( 5 ) Translation differences ( 16 ) ( 8 ) 2 — Benefit obligations at the end 216 227 112 122 Change in plan assets Fair value of plan assets at the beginning 226 220 111 94 Transfer — — 2 7 Interest Income 13 13 1 — Remeasurements – Returns on plan assets excluding amounts included in interest income 4 3 ( 11 ) 7 Employer contribution 22 36 5 5 Employee contribution — — 3 4 Benefits paid ( 32 ) ( 38 ) ( 6 ) ( 5 ) Translation differences ( 19 ) ( 8 ) 1 ( 1 ) Fair value of plan assets at the end 214 226 106 111 Funded status ( 2 ) ( 1 ) ( 6 ) ( 11 ) Prepaid defined benefit plan asset 3 3 1 1 Accrued defined benefit plan liability ( 5 ) ( 4 ) ( 7 ) ( 12 ) Amount for fiscal 2023, 2022 and 2021 recognized in net profit in the statement of comprehensive income comprises the following components: (Dollars in millions) Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 Service cost 34 29 28 5 5 5 Net interest on the net defined benefit liability / asset — ( 1 ) ( 1 ) — — — Plan amendments — — — — 2 — Net cost 34 28 27 5 7 5 Amount for fiscal 2023, 2022 and 2021 recognized in statement of other comprehensive income: (Dollars in millions) Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 Re-measurements of the net defined benefit liability / (asset) Actuarial (gains) / losses ( 9 ) 11 4 ( 17 ) ( 2 ) 4 (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability / (asset) ( 4 ) ( 3 ) ( 2 ) 11 ( 7 ) ( 4 ) Total ( 13 ) 8 2 ( 6 ) ( 9 ) — Breakup of actuarial (gains) / losses for fiscal 2023, 2022 and 2021 is as follows: (Dollars in millions) Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 (Gain) / loss from change in demographic assumptions — — — — — — (Gain) / loss from change in financial assumptions ( 8 ) ( 6 ) 2 ( 18 ) ( 3 ) 4 (Gain) / loss from change in experience adjustments ( 1 ) 17 2 1 1 — ( 9 ) 11 4 ( 17 ) ( 2 ) 4 The gratuity and pension cost recognized in the statement of comprehensive income apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost is as follows: (Dollars in millions) Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 Cost of sales 31 25 24 5 6 5 Selling and marketing expenses 2 2 2 — 1 — Administrative expenses 1 1 1 — — — 34 28 27 5 7 5 The weighted-average assumptions used to determine benefit obligations as of March 31, 2023 and March 31, 2022 are set out below: Gratuity Pension As of As of March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Discount rate 7.1 % 6.5 % 1.8 % - 3.8 % 0.4 % - 1.7 % Weighted average rate of increase in compensation levels 6 % 6 % 1 % - 3 % 1 % - 3 % Weighted average duration of defined benefit obligation 5.9 years 5.9 years 12 years 14 years The weighted-average assumptions used to determine net periodic benefit cost for fiscal 2023, 2022 and 2021 are set out below: Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 Discount rate for the year 6.5 % 6.1 % 6.2 % 0.4 % - 1.7 % 0.1 % - 0.9 % 0.5 % - 1.7 % Weighted average rate of increase in compensation levels 6 % 6 % 6 % 1 % - 3 % 1 % - 3 % 1 % - 3 % Discount rate For domestic defined benefit plan in India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. For most of our overseas defined benefit plan, given that the market for high quality corporate bonds is not developed, the Government bond rate adjusted for corporate spreads is used. Weighted average rate of increase in compensation levels The average rate of increase in compensation levels is determined by the Company, considering factors such as, the Company’s past compensation revision trends, inflation in respective markets and management’s estimate of future salary increases. Attrition rate Attrition rate considered is the management’s estimate based on the past long-term trend of employee turnover in the Company. The tenure has been considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of post-employment benefit obligation. For domestic defined benefit plan in India, assumptions regarding future mortality experience are set in accordance with the published statistics by the Life Insurance Corporation of India. For overseas defined benefit plan, the assumptions regarding future mortality experience are set with regard to the latest statistics in life expectancy, plan experience and other relevant data. The Group assesses these assumptions with its projected long-term plans of growth and prevalent industry standards. The Company contributes all ascertained liabilities towards gratuity to the Infosys Limited Employees' Gratuity Fund Trust. In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees Gratuity Fund Trust, respectively. Trustees administer contributions made to the trust as of March 31, 2023 and March 31, 2022, and contributions for gratuity are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law. The plan assets of the overseas defined benefit plan have been primarily invested in insurer managed funds and the asset allocation for plan assets is determined based on the investment criteria prescribed under the relevant regulations applicable to pension funds and the insurer managers. The insurers' investments are well diversified and also provide for guaranteed interest rates arrangements. Actual return on assets (including remeasurements) of the gratuity plan for fiscal 2023, 2022 and 2021 were $ 17 million, $ 16 million, and $ 15 million, respectively, and for the pension plan were $( 10 ) million, $ 7 million and $ 4 million, respectively. The contributions for gratuity are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law. The table below sets out the details of major plan assets into various categories as of March 31, 2023 and March 31, 2022. The table below sets out the details of major plan assets into various categories as of March 31, 2023 and March 31, 2022. The table below sets out the details of major plan assets into various categories: Particulars Pension As of March 31, 2023 March 31, 2022 Equity 34 % 34 % Bonds 32 % 32 % Real Estate/Property 26 % 26 % Cash and Cash Equivalents 1 % 1 % Other 7 % 7 % These defined benefit plans expose the Group to actuarial risk which are set out below: Interest rate risk: The present value of the defined benefit plan liability is generally calculated using a discount rate determined by reference to government bond yields and in certain overseas jurisdictions, it is calculated in reference to government bond yield adjusted for a corporate spread. If bond yields fall, the defined benefit obligation will tend to increase. Life expectancy and investment risk: The pension fund offers the choice between a lifelong pension and a cash lump sum upon retirement. The pension fund has defined rates for converting the lump sum to a pension and there is the risk that the members live longer than implied by these conversion rates and that the pension assets don’t achieve the investment return implied by these conversion rates. Asset volatility: A proportion of the pension fund is held in equities, which is expected to outperform corporate bonds in the long term but give exposure to volatility and risk in the short term. The pension fund board of insurer is responsible for the investment strategy and equity allocation is justified given the long-term investment horizon of the pension fund and the objective to provide a reasonable long term return on members’ account balances. Sensitivity of significant assumptions used for valuation of defined benefit obligation: (Dollars in millions) Impact from As of March 31, Gratuity Pension 1% point increase / decrease 0.5% point increase / decrease Discount rate 11 5 Weighted average rate of increase in compensation levels 10 1 Sensitivity to significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation of the defined benefit obligation and keeping all other actuarial assumptions constant. In practice, this is not probable, and changes in some of the assumptions may be correlated. The Group expects to contribute $ 27 million to the gratuity and $ 5 million to pension during fiscal 2024. Maturity profile of defined benefit obligation: (Dollars in millions) Gratuity Pension Within 1 year 33 7 1 - 2 year 34 7 2 - 3 year 34 7 3 - 4 year 38 7 4 - 5 year 47 8 5 - 10 years 238 39 2.14.2 Superannuation The Group contributed $ 60 million, $ 49 million and $ 35 million to the superannuation plan during fiscal 2023, 2022 and 2021, respectively, and the same has been recognized in the consolidated statement of comprehensive income under the head employee benefit expense. Superannuation contributions have been apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost as follows: (Dollars in millions) Year ended March 31, 2023 2022 2021 Cost of sales 55 44 31 Selling and marketing expenses 3 3 3 Administrative expenses 2 2 1 60 49 35 2.14.3 Provident fund Infosys has an obligation to fund any shortfall on the yield of the trust’s investments over the administered interest rates on an annual basis. These administered rates are determined annually predominantly considering the social and economic factors. The actuary has provided a valuation for provident fund liabilities on the basis of guidance issued by Actuarial Society of India. The following tables set out the funded status of the defined benefit provident fund plan of Infosys Limited and the amounts recognized in the Group's financial statements as of March 31, 2023 and March 31, 2022: (Dollars in millions) As of March 31, 2023 March 31, 2022 Change in benefit obligations Benefit obligations at the beginning 1,228 1,133 Service cost 101 88 Employee contribution 210 155 Interest expense 78 69 Actuarial (gains) / loss ( 10 ) 16 Benefits paid ( 226 ) ( 191 ) Translation differences ( 100 ) ( 42 ) Benefit obligations at the end 1,281 1,228 Change in plan assets Fair value of plan assets at the beginning 1,195 1,113 Interest income 76 68 Remeasurements- Return on plan assets excluding amounts included in interest income ( 23 ) 2 Employee contribution 210 155 Employer contribution 104 89 Benefits paid ( 226 ) ( 191 ) Translation differences ( 97 ) ( 41 ) Fair value of plan assets at the end 1,239 1,195 Accrued defined benefit plan liability ( 42 ) ( 33 ) Amount for fiscal 2023, 2022 and 2021 recognized in net profit in the statement of comprehensive income comprises the following components: (Dollars in millions) Year ended March 31, 2023 2022 2021 Service cost 101 88 57 Net interest on the net defined benefit liability / asset 2 1 2 Net provident fund cost 103 89 59 Amount for fiscal 2023, 2022 and 2021 recognized in the consolidated statement of other comprehensive income: (Dollars in millions) Year ended March 31, 2023 2022 2021 Remeasurements of the net defined benefit liability/ (asset) Actuarial (gains) / losses ( 10 ) 16 ( 4 ) (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability/(asset) 23 ( 2 ) ( 17 ) 13 14 ( 21 ) Assumptions used in determining the present value obligation of the interest rate guarantee under the Deterministic Approach: As of March 31, 2023 March 31, 2022 Government of India (GOI) bond yield (1) 7.10 % 6.50 % Expected rate of return on plan assets 8.15 % 7.70 % Remaining term to maturity of portfolio 6 years 6 years Expected guaranteed interest rate 8.15 % 8.10 % (1) In India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. The tenure has been considered taking into account the past long-term trend of employees’ average remaining service life which reflects the average estimated term of the post-employment benefit obligations. The breakup of the plan assets into various categories as of March 31, 2023 and March 31, 2022 are as follows: As of March 31, 2023 March 31, 2022 Central and State Government bonds 60 % 57 % Public sector undertakings and Private sector bonds 33 % 37 % Others 7 % 6 % The asset allocation for plan assets is determined based on investment criteria prescribed under the relevant regulations. The actuarial valuation of PF liability exposes the Group to interest rate risk. The defined benefit obligation calculated uses a discount rate based on government bonds. If bond yields fall, the defined benefit obligation will tend to increase. As of March 31, 2023, the defined benefit obligation would be affected by approximately $ 6 million and $ 12 million on account of a 0.25 % increase / decrease, respectively, in the expected rate of return on plan assets. The Group contributed $ 148 million, $ 118 million and $ 90 million to the provident fund during fiscal 2023, 2022 and 2021, respectively. The same has been recognized in the net profit in the consolidated statement of comprehensive income under the head employee benefit expense. Provident fund contributions have been apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost as follows: (Dollars in millions) Year ended March 31, 2023 2022 2021 Cost of sales 134 106 80 Selling and marketing expenses 9 8 7 Administrative expenses 5 4 3 148 118 90 The provident plans are applicable only to employees drawing a salary in Indian rupees. 2.14.4 Employee benefit costs include: (Dollars in millions) Year ended March 31, 2023 2022 2021 Salaries and bonus (1) 9,481 8,383 7,322 Defined contribution plans 78 64 48 Defined benefit plans 170 138 123 9,729 8,585 7,493 (1) Includes stock compensation expense of $ 64 million, $ 56 million and $ 45 million for fiscal 2023, 2022 and 2021, respectively. (Refer to Note 2.17) The employee benefit cost is recognized in the following line items in the consolidated statement of comprehensive income: (Dollars in millions) Year ended March 31, 2023 2022 2021 Cost of sales 8,826 7,714 6,671 Selling and marketing expenses 598 572 548 Administrative expenses 305 299 274 9,729 8,585 7,493 |
Equity
Equity | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Equity [Abstract] | |
Equity | 2.15 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. 12,172,119 and 13,725,712 shares were held by controlled trust as of March 31, 2023, and March 31, 2022, respectively. Share capital and share premium The amount received in excess of the par value has been classified as share premium. Additionally, share-based compensation recognized in the consolidated statement of comprehensive income is credited to share premium. Amounts have been utilized for bonus issue and share buyback from share premium account. The Company has only one class of shares referred to as equity shares having a par value of ₹ 5 /-. Retained earnings Retained earnings represent the amount of accumulated earnings of the Group. Other Reserves The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961. Capital Redemption Reserve In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve/retained earnings. Cash flow hedge reserve 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 net profit in the consolidated statement of comprehensive income upon the occurrence of the related forecasted transaction. 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. 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. Buyback completed in February 2023 In line with the capital allocation policy, the Board, at its meeting held on October 13, 2022, approved the buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to ₹ 9,300 crore (Maximum Buyback Size, excluding buyback tax) at a price not exceeding ₹ 1,850 per share (Maximum Buyback Price), subject to shareholders' approval by way of Postal Ballot. The shareholders approved the proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting on the postal ballot, the results of which were declared on December 3, 2022. The buyback was offered to all equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The buyback of equity shares through the stock exchange commenced on December 7, 2022 and was completed on February 13, 2023 . During this buyback period the Company had purchased and extinguished a total of 60,426,348 equity shares from the stock exchange at a volume weighted average buyback price of ₹ 1,539.06 /- per equity share comprising 1.44 % of the pre buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of ₹ 9,300 crore (excluding transaction costs and tax on buyback) ($ 1,130 million). The Company funded the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013. In accordance with section 69 of the Companies Act, 2013, as of March 31, 2023, the Company has created ‘Capital Redemption Reserve’ of $ 3 million equal to the nominal value of the shares bought back as an appropriation from general reserve and retained earnings. Buyback completed in September 2021 In line with the capital allocation policy, the Board, at its meeting held on April 14, 2021, approved the buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to ₹ 9,200 crore (Maximum Buyback Size, excluding buyback tax) at a price not exceeding ₹ 1,750 per share (Maximum Buyback Price), subject to shareholders' approval in the ensuing General Meeting. The shareholders approved the proposal of buyback of Equity Shares recommended by its Board of Directors in the Annual General meeting held on June 19, 2021. The buyback was offered to all equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The buyback of equity shares through the stock exchange commenced on June 25, 2021 and was completed on September 8, 2021 . During this buyback period, the Company had purchased and extinguished a total of 55,807,337 equity shares from the stock exchange at a volume weighted average buyback price of ₹ 1,648.53 /- per equity share comprising 1.31 % of the pre buyback paid up equity share capital of the Company. The buyback resulted in a cash outflow of ₹ 9,200 crore (excluding transaction costs and tax on buyback) ($ 1,243 million). The Company funded the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013. In accordance with section 69 of the Companies Act, 2013, as of March 31, 2022, the Company has created ‘Capital Redemption Reserve’ amounting to $ 4 million equal to the nominal value of the shares bought back as an appropriation from general reserve. 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 buyback issued shares. As of March 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. 2.15.1 Voting Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share. 2.15.2 Dividends Accounting policy 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 following table provides details of per share dividend recognized during fiscal 2023, 2022 and 2021: Fiscal 2023 Fiscal 2022 Fiscal 2021 Dividend per Equity Share ( ₹ ) Interim dividend (2) 16.50 15.00 12.00 Final dividend (3) 16.00 15.00 9.50 Dividend per Equity Share/ADS ($) (1) Interim dividend (2) 0.20 0.20 0.16 Final dividend (3) 0.21 0.20 0.13 (1) Converted at the monthly exchange rate in the month of declaration of dividend (2) Represents interim dividend for the respective fiscal year (3) Represents final dividend for the preceding fiscal year During fiscal 2023, on account of the final dividend for fiscal 2022 and interim dividend for fiscal 2023, the Company has incurred a net cash outflow of approximately $ 1,697 million ( excluding dividend paid on treasury shares). The payouts for dividend during fiscal 2022 and fiscal 2021 were $ 1,703 million and $ 1,226 million (excluding dividend paid on treasury shares), respectively. The Board of Directors in their meeting on April 13, 2023, recommended a final dividend of ₹ 17.50 /- per equity share (approximately $ 0.21 per equity share) for fiscal 2023. This payment is subject to the approval of shareholders in the Annual General Meeting of the Company expected to be held on June 28, 2023. This final dividend if approved by shareholders would result in a net cash outflow of approximately $ 881 million (excluding dividend paid on treasury shares). 2.15.3 Liquidation In the event of liquidation of the company, the holders of shares shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries. 2.15.4 Share options There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans. |
Other income, net
Other income, net | 12 Months Ended |
Mar. 31, 2023 | |
Expenses by nature [abstract] | |
Other income, net | 2.16 Other income, net 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. Functional currency and presentation currency The functional currency of Infosys, Infosys BPM, EdgeVerve, Skava, Infosys Green Forum 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 consolidated statement of comprehensive income and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate. Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction. The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the balance sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed of, in full, the relevant amount is transferred to the 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. 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. Other income consists of the following: (Dollars in millions) Year ended March 31, 2023 2022 2021 Interest income on financial assets carried at amortized cost 107 135 161 Interest income on financial assets fair valued through other comprehensive income 119 86 55 Dividend income on investments carried at fair value through profit or loss — — 1 Gain / (loss) on investments carried at fair value through profit or loss 18 24 10 Gain / (loss) on investments carried at fair value through other comprehensive income — — 11 Exchange gains / (losses) on forward and options contracts ( 80 ) 12 75 Exchange gains / (losses) on translation of other assets and liabilities 131 24 ( 47 ) Others 40 27 31 335 308 297 |
Employees' Stock Option Plans (
Employees' Stock Option Plans (ESOP) | 12 Months Ended |
Mar. 31, 2023 | |
Employee Stock Option Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Employees' Stock Option Plans (ESOP) | 2.17 Employees' Stock Option Plans (ESOP) Accounting policy The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair- value of the awards on the grant date. The estimated fair value of awards is recognized as an expense in net profit in the consolidated statement of comprehensive income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share premium. Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan): On June 22, 2019, pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 Plan shall not exceed 50,000,000 equity shares. To implement the 2019 Plan, up to 45,000,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The 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 2015 Plan): On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Stock Incentive Compensation Plan (the 2015 Plan). The maximum number of shares under the 2015 Plan shall not exceed 24,038,883 equity shares (this includes 11,223,576 equity shares which are held by the trust towards the 2011 Plan as of March 31, 2016). These instruments will generally vest over a period of 4 years . The plan numbers mentioned above would further be adjusted for 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 12,172,119 and 13,725,712 shares as of March 31, 2023, and March 31, 2022, respectively, under the 2015 Plan out of which, 200,000 and 200,000 equity shares have been earmarked for welfare activities of the employees as of March 31, 2023 and March 31, 2022, respectively. The following is the summary of grants made during fiscal 2023, 2022 and 2021 under the 2015 Plan and 2019 Plan: Fiscal 2023 Fiscal 2022 Fiscal 2021 2015 Plan RSU - Equity settled KMPs 367,479 284,543 457,151 Employees other than KMPs 1,784,975 1,305,880 2,203,460 2,152,454 1,590,423 2,660,611 RSU - Incentive units (cash settled) KMPs — — — Other employees 92,400 49,960 115,250 92,400 49,960 115,250 2019 Plan Equity settled Performance based RSU KMPs 207,893 146,962 311,808 Employees other than KMPs 3,706,764 2,703,667 1,284,600 3,914,657 2,850,629 1,596,408 Total grants 6,159,511 4,491,012 4,372,269 Refer to Note 2.20 for details on appointment and resignation of KMPs Notes on grants to KMP CEO & MD: Based on the recommendations of the Board and the approval of the shareholders at the AGM held on June 25, 2022, Salil Parekh was reappointed as the CEO and MD of the Company for a term commencing on July 1, 2022 and ending on March 31, 2027. The remuneration was approved by the shareholders at the 2022 AGM. The revised employment agreement with Mr. Parekh was effective July 1, 2022. Under the 2015 Plan: The Board, on April 13, 2022, based on the recommendations of the Nomination and Remuneration Committee, in accordance with the terms of his employment agreement till June 30 2022, approved the performance-based grant of RSUs amounting to ₹ 13 crore (approximately $ 1.70 million) for fiscal 2023 under the 2015 Plan. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. Accordingly, 84,361 performance based RSUs were granted effective May 2, 2022. Further, in line with the shareholders approval and revised employment contract which is effective July 1, 2022, the Board, on July 24, 2022, 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 ₹ 21.75 crore (approximately $ 2.75 million) for fiscal 2023 under the 2015 Plan. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. Accordingly, 140,228 performance-based RSU’s were granted effective August 1, 2022. • Approved the performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ₹ 2 crore (approximately $ 0.25 million) for fiscal 2023 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, 12,894 performance-based RSU’s were granted effective August 1, 2022. • Approved the performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ₹ 5 crore (approximately $ 0.63 million) for fiscal 2023 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, 32,236 performance-based RSU’s were granted effective August 1, 2022. For the above RSUs, the grant date in accordance with IFRS 2, Share based payment is July 1, 2022. Further, in accordance with the employee agreement which has been approved by the shareholders, the CEO is eligible to receive an annual grant of RSUs of fair value ₹ 3 crore (approximately $ 0.37 million) which will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. Accordingly, annual time-based grant of 19,341 RSUs was made effective February 1, 2023 for fiscal 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 March 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. Under the 2019 Plan: The Board, on April 13, 2022, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ₹ 10 crore (approximately $ 1.31 million) for fiscal 2023 under the 2019 Plan. These RSUs will vest in line with the employment agreement effective till June 30, 2022, based on achievement of certain performance targets. Accordingly, 64,893 performance based RSUs were granted effective May 2, 2022. Other KMP Under the 2015 Plan: During fiscal 2023, based on recommendations of Nomination and Remuneration Committee, the Board approved 66,872 time based RSUs and 11,547 performance based RSUs to other KMP under the 2015 plan. Time based RSUs will vest over four years and performance based RSUs will vest over one to three years based on certain performance targets. Under the 2019 Plan: During fiscal 2023, based on recommendations of Nomination and Remuneration Committee, the Board approved performance based grants of 143,000 RSUs to other KMPs under the 2019 plan. These RSUs will vest over three years based on achievement of certain performance targets. Break-up of employee stock compensation expense: (Dollars in millions) Year ended March 31, 2023 2022 2021 Granted to: KMP # 6 9 10 Employees other than KMP 58 47 35 Total 64 56 45 Cash settled stock compensation expense included in the above 1 3 11 # Includes reversal of employee stock compensation expense on account of resignation/retirement of key managerial personnel. Share based payment arrangements that were modified during the year ended March 31, 2021: During the year ended March 31, 2021, the company issued ADS settled RSU and stock option awards as replacement for outstanding stock appreciation rights awards. The replacement was pursuant to SEBI Circular 'Framework for issue of Depository Receipts - Clarifications' dated December 18, 2020, which allows Non-resident Indians to hold depository receipts. The awards were granted after necessary approvals from the NARC. All other terms and conditions of the replaced awards remain the same as the original award. The replacement awards were accounted as a modification and the fair value on the date of modification of $ 12 million is recognized as equity with a corresponding adjustment to financial liability. The activity in the 2015 Plan and 2019 Plan for equity-settled share based payment transaction during fiscal 2023 is set out below: Year ended March 31, 2023 Shares arising Weighted average 2015 Plan: RSUs Outstanding at the beginning 6,232,975 0.06 Granted 2,152,454 0.06 Exercised 2,105,904 0.06 Forfeited and expired 871,507 0.06 Outstanding at the end 5,408,018 0.06 Exercisable at the end 787,976 0.06 2015 Plan: Stock Options Outstanding at the beginning 700,844 7.35 Granted — — Exercised 566,814 7.40 Forfeited and expired — — Outstanding at the end 134,030 6.44 Exercisable at the end 134,030 6.44 2019 Plan: RSUs Outstanding at the beginning 4,958,938 0.07 Granted 3,914,657 0.06 Exercised 1,128,626 0.06 Forfeited and expired 522,931 0.06 Outstanding at the end 7,222,038 0.06 Exercisable at the end 1,352,150 0.06 The activity in the 2015 Plan and 2019 Plan for equity-settled share based payment transaction during fiscal 2022 is set out below: Year ended March 31, 2022 Shares arising Weighted average 2015 Plan: RSUs Outstanding at the beginning 8,047,240 0.06 Granted 1,590,423 0.07 Exercised 2,569,983 0.05 Forfeited and expired 834,705 0.06 Outstanding at the end 6,232,975 0.06 Exercisable at the end 653,775 0.06 2015 Plan: Stock Options Outstanding at the beginning 1,049,456 7.32 Granted — — Exercised 348,612 7.02 Forfeited and expired — — Outstanding at the end 700,844 7.35 Exercisable at the end 700,844 7.35 2019 Plan: RSUs Outstanding at the beginning 3,050,573 0.07 Granted 2,850,629 0.07 Exercised 755,557 0.07 Forfeited and expired 186,707 0.07 Outstanding at the end 4,958,938 0.07 Exercisable at the end 692,638 0.07 The activity in the 2015 Plan and 2019 Plan for equity-settled share based payment transaction during fiscal 2021 is set out below: Year ended March 31, 2021 Shares arising Weighted average 2015 Plan: RSUs Outstanding at the beginning 8,780,898 0.05 Granted 2,660,611 0.07 Exercised 3,783,462 0.05 Modification to equity settled awards 871,900 — Forfeited and expired 482,707 0.06 Outstanding at the end 8,047,240 0.06 Exercisable at the end 151,685 0.05 2015 Plan: Stock Options Outstanding at the beginning 1,100,330 7.13 Granted — — Exercised 239,272 7.21 Modification to equity settled awards 203,026 — Forfeited and expired 14,628 7.63 Outstanding at the end 1,049,456 7.32 Exercisable at the end 1,002,130 7.33 2019 Plan: RSUs Outstanding at the beginning 2,091,293 0.07 Granted 1,596,408 0.07 Exercised 370,170 0.07 Forfeited and expired 266,958 0.07 Outstanding at the end 3,050,573 0.07 Exercisable at the end 233,050 0.07 During fiscal 2023, 2022 and 2021, the weighted average share price of options exercised under the 2015 Plan on the date of exercise was $ 18.83 , $ 22.71 and $ 14.92 , respectively. During fiscal 2023, 2022 and 2021, the weighted average share price of options exercised under the 2019 Plan on the date of exercise was $ 18.75 , $ 20.89 and $ 15.90 , respectively. The following table summarizes information about equity settled RSUs and stock options outstanding as of March 31, 2023: 2019 Plan - Options outstanding 2015 Plan - Options outstanding Range of exercise prices per share ($) No. of shares Weighted Weighted No. of shares Weighted Weighted American Depositary Share (ADS) and Indian Equity Shares (IES) 0 - 0.06 (RSUs) 7,222,038 1.33 0.06 5,408,018 1.49 0.06 5 - 8 (Stock Options) — — — 134,030 1.77 6.44 The following table summarizes information about equity settled RSUs and stock options outstanding as of March 31, 2022: 2019 Plan - Options outstanding 2015 Plan - Options outstanding Range of exercise prices per share ($) No. of shares Weighted Weighted No. of shares Weighted Weighted American Depositary Share (ADS) and Indian Equity Shares (IES) 0 - 0.07 (RSUs) 4,958,938 1.43 0.07 6,232,975 1.47 0.06 6 - 8 (Stock Options) — — — 700,844 0.65 7.35 As of March 31, 2023 and March 31, 2022, 224,924 and 265,561 cash settled options were outstanding, respectively. The carrying value of liability towards cash settled share-based payments was $ 1 million and $ 2 million as of March 31, 2023 and March 31, 2022, respectively. The fair value of the awards is 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 companies 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: For options granted in Fiscal 2023- Fiscal 2023- Weighted average share price ( ₹ ) / ($- ADS) 1,525 18.08 Exercise price ( ₹ )/ ($- ADS) 5.00 0.07 Expected volatility (%) 23 - 32 27 - 34 Expected life of the option (years) 1 - 4 1 - 4 Expected dividends (%) 2 - 3 2 - 3 Risk-free interest rate (%) 5 - 7 2 - 5 Weighted average fair value as on grant date ( ₹ ) / ($- ADS) 1,210 13.69 For options granted in Fiscal 2022- Fiscal 2022- Weighted average share price ( ₹ ) / ($- ADS) 1,791 24.45 Exercise price ( ₹ )/ ($- ADS) 5.00 0.07 Expected volatility (%) 20 - 35 25 - 36 Expected life of the option (years) 1 - 4 1 - 4 Expected dividends (%) 2 - 3 2 - 3 Risk-free interest rate (%) 4 - 6 1 - 3 Weighted average fair value as on grant date ( ₹ ) / ($- ADS) 1,548 20.82 For options granted in Fiscal 2021- Fiscal 2021- Weighted average share price ( ₹ ) / ($- ADS) 1,253 18.46 Exercise price ( ₹ )/ ($- ADS) 5.00 0.07 Expected volatility (%) 30 - 35 30 - 36 Expected life of the option (years) 1 - 4 1 - 4 Expected dividends (%) 2 - 3 2 - 3 Risk-free interest rate (%) 4 - 5 0.1 - 0.3 Weighted average fair value as on grant date ( ₹ ) / ($- ADS) 1,124 16.19 The expected life of the RSU/stock option 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | 2.18 Income taxes Accounting policy Income tax expense comprises current and deferred income tax. Income tax expense is recognized in the net profit in the consolidated statement of comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future. The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity. Income tax expense in the consolidated statement of comprehensive income comprises: (Dollars in millions) Year ended March 31, 2023 2022 2021 Current taxes Domestic taxes 830 785 716 Foreign taxes 323 263 185 1,153 1,048 901 Deferred taxes Domestic taxes 54 48 85 Foreign taxes ( 65 ) ( 28 ) ( 13 ) ( 11 ) 20 72 Income tax expense 1,142 1,068 973 Income tax expense for fiscal 2023, 2022 and 2021 includes reversals (net of provisions) of $ 13 million, $ 36 million and $ 47 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. A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before income taxes is summarized below: (Dollars in millions) Year ended March 31, 2023 2022 2021 Profit before income taxes 4,125 4,036 3,596 Enacted tax rates in India 34.94 % 34.94 % 34.94 % Computed expected tax expense 1,442 1,410 1,256 Tax effect due to non-taxable income for Indian tax purposes ( 362 ) ( 395 ) ( 346 ) Overseas taxes 132 132 95 Tax provision (reversals) ( 13 ) ( 36 ) ( 47 ) Effect of differential tax rates ( 41 ) ( 26 ) ( 17 ) Effect of exempt non-operating income ( 6 ) ( 7 ) ( 5 ) Effect of unrecognized deferred tax assets 14 10 1 Effect of non-deductible expenses 19 22 20 Impact of change in tax rate — ( 13 ) — Others ( 43 ) ( 29 ) 16 Income tax expense 1,142 1,068 973 The applicable Indian corporate statutory tax rate for fiscal 2023, 2022 and 2021 is 34.94 % each. The foreign tax expense is due to income taxes payable overseas, principally in the United States. In India, the company has benefited from certain income tax incentives that the Government of India had provided for export of services from the SEZ units registered under the SEZ Act. As per section 10AA of the Income Tax Act, SEZ unit who began to provide services on or after April 1, 2005, are eligible for an income tax deduction of 100 % of profits or gains derived from the export of services for the first five years beginning with the assessment year relevant to the previous year in which the SEZ unit begins to provide services and 50 % of such profits or gains for a further five years. Up to 50 % of such profits or gains is also available for a further five years subject to creation of a Special Economic Zone Re-investment Reserve out of the profit of the eligible SEZ units and utilization of such reserve by the Company for acquiring new plant and machinery for the purpose of its business as per the provisions of the Income Tax Act, 1961 (Refer to Other Reserves under Note 2.15 Equity). As a result of these tax incentives, a portion of the Company’s pre-tax income has not been subject to tax in recent years. These tax incentives resulted in a decrease in our income tax expense of $ 362 million, $ 395 million and $ 346 million for fiscal 2023, 2022 and 2021, respectively, compared to the tax amounts that we estimate we would have been required to pay if these incentives had not been available. The per share effect of these tax incentives computed based on both basic and diluted weighted average number of equity shares for fiscal 2023, 2022 and 2021 was $ 0.09 , $ 0.09 and $ 0.08 , respectively. Deferred income tax for fiscal 2023, 2022 and 2021 substantially relates to origination and reversal of temporary differences. Infosys is subject to a 15 % Branch Profit Tax (BPT) in the U.S. to the extent its U.S. branch's net profit during the year is greater than the increase in the net assets of the U.S. branch during the year, computed in accordance with the Internal Revenue Code. As of March 31, 2023, Infosys' U.S. branch net assets amounted to approximately $ 846 million. As of March 31, 2023, the Company has a deferred tax liability for branch profit tax of $ 18 million (net of credits), as the Company estimates that these branch profits are expected to be distributed in the foreseeable future. Deferred income tax liabilities have not been recognized on temporary differences amounting to $ 1,332 million and $ 1,269 million as of March 31, 2023 and March 31, 2022, respectively, associated with investments in subsidiaries and branches as the Company is able to control the timing of reversal of the temporary difference and it is probable that the temporary differences will not reverse in the foreseeable future. The Group majorly intends to repatriate earnings from subsidiaries and branches only to the extent these can be distributed in a tax-free manner. Deferred income tax assets have not been recognized on accumulated losses of $ 538 million and $ 592 million as of March 31, 2023 and March 31, 2022, respectively, as it is probable that future taxable profit will be not available against which the unused tax losses can be utilized in the foreseeable future. The following table provides details of expiration of unused tax losses for fiscal 2023: (Dollars in millions) Year 2024 15 2025 17 2026 18 2027 10 2028 60 Thereafter 418 Total 538 The following table provides details of expiration of unused tax losses for fiscal 2022: (Dollars in millions) Year 2023 27 2024 20 2025 17 2026 20 2027 7 Thereafter 501 Total 592 The following table provides the details of income tax assets and income tax liabilities as of March 31, 2023, and March 31, 2022: (Dollars in millions) As of March 31, 2023 March 31, 2022 Income tax assets 786 812 Current income tax liabilities ( 412 ) ( 344 ) Net current income tax assets / (liabilities) at the end 374 468 The gross movement in the current income tax assets / (liabilities) for fiscal 2023, 2022 and 2021 is as follows: (Dollars in millions) Year ended March 31, 2023 2022 2021 Net current income tax assets / (liabilities) at the beginning 468 501 515 Translation differences ( 32 ) ( 18 ) 17 Income tax paid 1,088 1,020 863 Current income tax expense ( 1,153 ) ( 1,048 ) ( 901 ) Income tax on other comprehensive income ( 2 ) 2 1 Income tax benefit arising on exercise of stock options 6 10 6 Tax impact on buyback expenses 1 1 — Additions through business combination ( 2 ) — — Net current income tax assets / (liabilities) at the end 374 468 501 The movement in gross deferred income tax assets / liabilities (before set off) for fiscal 2023 is as follows: (Dollars in millions) Carrying Changes Addition through business combination Changes Translation Carrying Deferred income tax assets / (liabilities) Property, plant and equipment 21 2 — — ( 2 ) 21 Lease liabilities 24 6 — — ( 3 ) 27 Accrued compensation to employees 7 2 — — ( 1 ) 8 Trade receivables 28 6 — — ( 2 ) 32 Compensated absences 70 6 — — ( 6 ) 70 Post sales client support 17 14 — — ( 1 ) 30 Credits related to branch profits 89 ( 2 ) — — — 87 Derivative financial instruments ( 3 ) 3 — — — — Intangibles 6 1 — — — 7 Intangibles arising on business combinations ( 41 ) 9 ( 10 ) — — ( 42 ) Branch profit tax ( 110 ) 5 — — — ( 105 ) SEZ reinvestment reserve ( 112 ) ( 62 ) — — 10 ( 164 ) Others 11 21 — — — 32 Total Deferred income tax assets / (liabilities) 7 11 ( 10 ) — ( 5 ) 3 The movement in gross deferred income tax assets / liabilities (before set off) for fiscal 2022 is as follows: (Dollars in millions) Carrying Changes Changes Translation Carrying Deferred income tax assets / (liabilities) Property, plant and equipment 35 ( 13 ) — ( 1 ) 21 Lease liabilities 23 2 — ( 1 ) 24 Accrued compensation to employees 6 2 — ( 1 ) 7 Trade receivables 30 ( 1 ) — ( 1 ) 28 Compensated absences 68 4 — ( 2 ) 70 Post sales client support 16 1 — — 17 Credits related to branch profits 48 42 — ( 1 ) 89 Derivative financial instruments ( 8 ) 4 — 1 ( 3 ) Intangibles 4 2 — — 6 Intangibles arising on business combinations ( 50 ) 8 — 1 ( 41 ) Branch profit tax ( 68 ) ( 42 ) — — ( 110 ) SEZ reinvestment reserve ( 84 ) ( 32 ) — 4 ( 112 ) Others 10 3 ( 2 ) — 11 Total Deferred income tax assets / (liabilities) 30 ( 20 ) ( 2 ) ( 1 ) 7 The movement in gross deferred income tax assets / liabilities (before set off) for fiscal 2021 is as follows: (Dollars in millions) Carrying Changes Addition Changes Translation Carrying Deferred income tax assets / (liabilities) Property, plant and equipment 32 2 — — 1 35 Lease liabilities 18 4 — — 1 23 Accrued compensation to employees 7 ( 1 ) — — — 6 Trade receivables 26 3 — — 1 30 Compensated absences 57 9 — — 2 68 Post sales client support 15 1 — — – 16 Credits related to branch profits 50 ( 1 ) — — ( 1 ) 48 Derivative financial instruments 21 ( 28 ) — ( 1 ) — ( 8 ) Intangibles 3 1 — — — 4 Intangibles arising on business combinations ( 56 ) 10 ( 3 ) — ( 1 ) ( 50 ) Branch profit tax ( 73 ) 5 — — — ( 68 ) SEZ reinvestment reserve ( 11 ) ( 72 ) — — ( 1 ) ( 84 ) Others 14 ( 5 ) — — 1 10 Total Deferred income tax assets / (liabilities) 103 ( 72 ) ( 3 ) ( 1 ) 3 30 The deferred income tax assets and liabilities is as follows: (Dollars in millions) As of March 31, 2023 March 31, 2022 Deferred income tax assets after set off 152 160 Deferred income tax liabilities after set off ( 149 ) ( 153 ) In assessing the realizability of deferred income tax assets, the management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. The Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the management believes that the Group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. 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 of March 31, 2023, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $ 494 million (₹ 4,062 crore). As of March 31, 2022, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $ 528 million (₹ 4,001 crore). The amount paid to statutory authorities against the tax claims amounted to $ 794 million (₹ 6,528 crore) and $ 791 million (₹ 5,996 crore) as of March 31, 2023 and March 31, 2022, 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. The management including the Company’s tax advisors expect that the Company’s 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. |
Reconciliation of Basic And Dil
Reconciliation of Basic And Diluted Shares Used In Computing Earnings Per Equity Share | 12 Months Ended |
Mar. 31, 2023 | |
Earnings per share [abstract] | |
Reconciliation of Basic and Diluted Shares Used in Computing Earnings Per Equity Share | 2.19 Reconciliation of basic and diluted shares used in computing earnings per equity share Accounting policy Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e., the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented. 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. The following is a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share: Year ended March 31, 2023 2022 2021 Basic earnings per equity share - weighted average number of equity shares outstanding (1) 4,180,897,857 4,209,546,724 4,242,416,665 Effect of dilutive common equivalent shares - share options outstanding 6,833,213 8,978,410 8,315,802 Diluted earnings per equity share - weighted average number of equity shares and common equivalent shares outstanding 4,187,731,070 4,218,525,134 4,250,732,467 (1) excludes treasury shares For fiscal 2023, 2022 and 2021, there were 9,960 , nil and nil , respectively, options to purchase equity shares, which had an anti-dilutive effect. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Transactions | 2.20 Related party transactions List of subsidiaries: Holding as of Country March 31, 2023 March 31, 2022 Infosys Technologies (China) Co. Limited (Infosys China) (1) China 100.00 % 100.00 % Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) (1) Mexico 100.00 % 100.00 % Infosys Technologies (Sweden) AB (Infosys Sweden) (1) Sweden 100.00 % 100.00 % Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) (1) China 100.00 % 100.00 % Infosys Nova Holdings LLC. (Infosys Nova) (1) U.S. 100.00 % 100.00 % EdgeVerve Systems Limited (EdgeVerve) (1) India 100.00 % 100.00 % Infosys Austria GmbH (1) Austria 100.00 % 100.00 % Skava Systems Private Limited (Skava Systems) (1)(26) India 100.00 % 100.00 % Infosys Chile SpA (1) Chile 100.00 % 100.00 % Infosys Arabia Limited (2)(26) Saudi Arabia 70.00 % 70.00 % Infosys Consulting Ltda. (1) Brazil 100.00 % 100.00 % Infosys Luxembourg S.a.r.l (1) Luxembourg 100.00 % 100.00 % Infosys Americas Inc. (Infosys Americas) (1)(26) U.S. 100.00 % 100.00 % Infosys Public Services, Inc. USA (Infosys Public Services) (1) U.S. 100.00 % 100.00 % Infosys Canada Public Services Inc (19)(35) Canada — — Infosys BPM Limited (1)(43) India 100.00 % 100.00 % Infosys (Czech Republic) Limited s.r.o. (3) Czech Republic 100.00 % 100.00 % Infosys Poland Sp z.o.o (3) Poland 100.00 % 100.00 % Infosys McCamish Systems LLC (3) U.S. 100.00 % 100.00 % Portland Group Pty Ltd (3) Australia 100.00 % 100.00 % Infosys BPO Americas LLC . (3) U.S. 100.00 % 100.00 % Infosys Consulting Holding AG (Infosys Lodestone) (1) Switzerland 100.00 % 100.00 % Infosys Management Consulting Pty Limited (4) Australia 100.00 % 100.00 % Infosys Consulting AG (4) Switzerland 100.00 % 100.00 % Infosys Consulting GmbH (4) Germany 100.00 % 100.00 % Infosys Consulting S.R.L. (1) Romania 100.00 % 100.00 % Infosys Consulting SAS (4) France 100.00 % 100.00 % Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) (4)(34) Czech Republic — — Infosys Consulting (Shanghai) Co., Ltd. (4)(30) China — — Infy Consulting Company Ltd (4) U.K. 100.00 % 100.00 % Infy Consulting B.V. (4) The Netherlands 100.00 % 100.00 % Infosys Consulting S.R.L. (45) Argentina 100.00 % 100.00 % Infosys Consulting (Belgium) NV (4) Belgium 100.00 % 100.00 % Panaya Inc. (Panaya) (1) U.S. 100.00 % 100.00 % Panaya Ltd. (6) Israel 100.00 % 100.00 % Infosys Financial Services GmbH. (formerly Panaya GmbH) (54) Germany 100.00 % 100.00 % Brilliant Basics Holdings Limited (Brilliant Basics) (1)(26) U.K. 100.00 % 100.00 % Brilliant Basics Limited (7)(26) U.K. 100.00 % 100.00 % Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (1) Singapore 100.00 % 100.00 % Infosys Middle East FZ LLC (8) Dubai 100.00 % 100.00 % Fluido Oy (8) Finland 100.00 % 100.00 % Fluido Sweden AB (Extero) (11) Sweden 100.00 % 100.00 % Fluido Norway A/S (11) Norway 100.00 % 100.00 % Fluido Denmark A/S (11) Denmark 100.00 % 100.00 % Fluido Slovakia s.r.o (11) Slovakia 100.00 % 100.00 % Infosys Compaz Pte. Ltd (9) Singapore 60.00 % 60.00 % Infosys South Africa (Pty) Ltd (8) South Africa 100.00 % 100.00 % WongDoody Holding Company Inc. (WongDoody) (1)(36) U.S. — — WDW Communications, Inc (10)(37) U.S. — — WongDoody, Inc (10)(38) U.S. 100.00 % 100.00 % HIPUS Co., Ltd (9) Japan 81.00 % 81.00 % Stater N.V. (9) The Netherlands 75.00 % 75.00 % Stater Nederland B.V. (12) The Netherlands 75.00 % 75.00 % Stater XXL B.V. (12) The Netherlands 75.00 % 75.00 % HypoCasso B.V. (12) The Netherlands 75.00 % 75.00 % Stater Participations B.V. (12) The Netherlands 75.00 % 75.00 % Stater Belgium N.V./S.A. (13) Belgium 75.00 % 75.00 % Stater Gmbh (12)(28) Germany 75.00 % 75.00 % Outbox systems Inc. dba Simplus (US) (15) U.S. 100.00 % 100.00 % Simplus North America Inc. (16)(27) Canada — — Simplus ANZ Pty Ltd. (16) Australia 100.00 % 100.00 % Simplus Australia Pty Ltd (17) Australia 100.00 % 100.00 % Sqware Peg Digital Pty Ltd (18)(31) Australia — — Simplus Philippines, Inc. (16) Philippines 100.00 % 100.00 % Simplus Europe, Ltd. (16)(29) U.K. — — Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd) (11) U.K. 100.00 % 100.00 % Infosys Fluido Ireland, Ltd.(formerly Simplus Ireland, Ltd) (20) Ireland 100.00 % 100.00 % Infosys Limited Bulgaria EOOD (1) Bulgaria 100.00 % 100.00 % Kaleidoscope Animations, Inc. (15) U.S. 100.00 % 100.00 % Kaleidoscope Prototyping LLC (22) U.S. 100.00 % 100.00 % GuideVision s.r.o. (14) Czech Republic 100.00 % 100.00 % GuideVision Deutschland GmbH (21) Germany 100.00 % 100.00 % GuideVision Suomi Oy (21) Finland 100.00 % 100.00 % GuideVision Magyarország Kft (21) Hungary 100.00 % 100.00 % GuideVision Polska Sp. z.o.o (21) Poland 100.00 % 100.00 % GuideVision UK Ltd (21)(26) U.K. 100.00 % 100.00 % Blue Acorn iCi Inc (formerly Beringer Commerce Inc) (15) U.S. 100.00 % 100.00 % Beringer Capital Digital Group Inc (15)(41) U.S. — — Mediotype LLC (23)(41) U.S. — — Beringer Commerce Holdings LLC (23)(41) U.S. — — SureSource LLC (24) (39) U.S. — — Blue Acorn LLC (24) (39) U.S. — — Simply Commerce LLC (24)(39) U.S. — — iCiDIGITAL LLC (25)(40) U.S. — — Infosys BPM UK Limited (3) U.K. 100.00 % — Infosys Turkey Bilgi Teknolojileri Limited Sirketi (1) Turkey 100.00 % 100.00 % Infosys Germany Holding Gmbh (1) Germany 100.00 % 100.00 % Infosys Automotive and Mobility GmbH & Co. KG (1) Germany 100.00 % 100.00 % Infosys Green Forum (1)(32) India 100.00 % 100.00 % Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) (33) Malaysia 100.00 % 100.00 % Infosys Business Solutions LLC (1)(42) Qatar 100.00 % — Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (44) Germany 100.00 % — oddity GmbH (46) Germany 100.00 % — oddity (Shanghai) Co., Ltd. (47) China 100.00 % — oddity Limited (Taipei) (47) Taiwan 100.00 % — oddity space GmbH (46) Germany 100.00 % — oddity jungle GmbH (46) Germany 100.00 % — oddity code GmbH (46) Germany 100.00 % — oddity code d.o.o (48) Serbia 100.00 % — oddity waves GmbH (46) Germany 100.00 % — oddity group services GmbH (46) Germany 100.00 % — Infosys Public Services Canada Inc. (19)(5) Canada 100.00 % — BASE life science AG (50) Switzerland 100.00 % — BASE life science GmbH (50) Germany 100.00 % — BASE life science A/S (49) Denmark 100.00 % — BASE life science S.A.S (50) France 100.00 % — BASE life science Ltd. (50) U.K. 100.00 % — BASE life science S.r.l. (50) Italy 100.00 % — Innovisor Inc. (50) U.S. 100.00 % — BASE life science Inc. (50) U.S. 100.00 % — BASE life science S.L. (50)(51) Spain 100.00 % — Panaya Germany GmbH (6)(52) Germany 100.00 % — Infosys Norway (8)(53) Norway 100.00 % — (1) Wholly-owned subsidiary of Infosys Limited (2) Majority owned and controlled subsidiary of Infosys Limited (3) Wholly-owned subsidiary of Infosys BPM Limited (4) Wholly-owned subsidiary of Infosys Consulting Holding AG (5) Incorporated on July 8, 2022 (6) Wholly-owned subsidiary of Panaya Inc . (7) Wholly-owned subsidiary of Brilliant Basics Holding Limited. (8) Wholly-owned subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd) (9) Majority owned and controlled subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (10) Wholly-owned subsidiary of WongDoody Holding Company Inc. (WongDoody) (11) Wholly-owned subsidiary of Fluido Oy (12) Wholly-owned subsidiary of Stater N.V (13) Majority owned and controlled subsidiary of Stater Participations B.V. (14) Wholly-owned subsidiary of Infy Consulting Company Limited (15) Wholly-owned subsidiary of Infosys Nova Holdings LLC (16) Wholly-owned subsidiary of Outbox Systems Inc. (17) Wholly-owned subsidiary of Simplus ANZ Pty Ltd (18) Wholly-owned subsidiary of Simplus Australia Pty Ltd (19) Wholly-owned subsidiary of Infosys Public Services, Inc. (20) Wholly-owned subsidiary of Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd) (21) Wholly-owned subsidiary of GuideVision s.r.o. (22) Wholly-owned subsidiary of Kaleidoscope Animations, Inc. (23) Wholly-owned subsidiary of Blue Acorn iCi Inc (24) Wholly-owned subsidiary of Beringer Commerce Holdings LLC (25) Wholly-owned subsidiary of Beringer Capital Digital Group Inc. (26) Under liquidation (27) Liquidated effective April 27,2021 (28) Incorporated on August 4, 2021 (29) Liquidated effective July 20, 2021 (30) Liquidated effective September 1, 2021 (31) Liquidated effective September 2, 2021 (32) Incorporated on August 31, 2021 (33) On December 14, 2021, Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited acquired 100 % of voting interests in Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) (34) Liquidated effective December 16, 2021 (35) Liquidated effective November 23, 2021 (36) Wholly-owned subsidiary of Infosys Limited, merged with WongDoody Inc, effective December 31, 2021 (37) Wholly-owned subsidiary of WongDoody Holding Company Inc. (WongDoody), merged with WongDoody Inc, effective December 31, 2021 (38) Wholly-owned subsidiary of Infosys Limited, effective December 31, 2021 (39) Merged with Beringer Commerce Holdings LLC, effective January 1, 2022 (40) Merged with Beringer Capital Digital Group Inc, effective January 1, 2022 (41) Merged with Blue Acorn iCi Inc, effective January 1, 2022 (42) Incorporated on February 20, 2022 (43) On March 17, 2022, Infosys Limited acquired non-controlling interest of 0.01 % of the voting interests in Infosys BPM Limited. (44) On March 22, 2022 , Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited acquired 100 % of voting interests in Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”) ). (45) Infosys Consulting S.R.L. (Argentina) (formerly a Wholly-owned subsidiary of Infosys Consulting Holding AG) became the majority owned and controlled subsidiary of Infosys Limited with effect from April 1, 2022 (46) On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (a wholly owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.)) acquired 100 % of voting interests in oddity space GmbH, oddity jungle GmbH, oddity waves GmbH, oddity group services GmbH, oddity code GmbH and oddity GmbH. (47) Wholly-owned subsidiary of oddity GmbH (48) Wholly-owned subsidiary of oddity code GmbH. (49) On September 1, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (a Wholly-owned subsidiary of Infosys Limited) acquired 100 % of voting interests in BASE life science A/S. (50) Wholly-owned subsidiary of BASE life science A/S (51) Incorporated on September 6, 2022 (52) Incorporated effective December 15, 2022 (53) Incorporated effective February 7, 2023 . (54) Infosys Financial Services GmbH. (formerly Panaya GmbH) became a wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.) with effect from February 23, 2023. List of other related parties: Particulars Country Nature of relationship Infosys Limited Employees’ Gratuity Fund Trust India Post-employment benefit plan of Infosys Infosys Limited Employees’ Provident Fund Trust India Post-employment benefit plan of Infosys Infosys Limited Employees’ Superannuation Fund Trust India Post-employment benefit plan of Infosys Infosys BPM Limited Employees’ Superannuation Fund Trust India Post-employment benefit plan of Infosys BPM Infosys BPM Limited Employees’ Gratuity Fund Trust India Post-employment benefit plan of Infosys BPM EdgeVerve Systems Limited Employees’ Gratuity Fund Trust India Post-employment benefit plan of EdgeVerve EdgeVerve Systems Limited Employees’ Superannuation Fund Trust India Post-employment benefit plan of EdgeVerve Infosys Employees’ Welfare Trust India Controlled Trust Infosys Employee Benefits Trust India Controlled Trust Infosys Science Foundation India Controlled Trust Infosys Expanded Stock Ownership Trust India Controlled Trust Infosys Foundation (1)(2) India Trust jointly controlled by KMPs (1) Effective January 1, 2022 (2) During Fiscal 2023, the Group contributed $ 44 million towards CSR. Refer to Note 2.14 for information on transactions relating to the post-employment benefit plans mentioned above. List of Key Managerial Personnel (KMP) Whole-time directors Salil Parekh, Chief Executive Officer and Managing Director U.B. Pravin Rao, Chief Operating Officer (retired as a Chief Operating Officer and Whole-time director effective December 12, 2021) Non-whole-time directors Nandan M. Nilekani D. Sundaram (appointed as lead independent director effective March 23, 2023) Kiran Mazumdar-Shaw (retired as lead independent director effective March 22, 2023) Michael Gibbs Govind Iyer (appointed as an independent director effective January 12, 2023) D.N. Prahlad (resigned effective April 20, 2020) Uri Levine (retired effective April 19, 2023) Bobby Parikh (appointed effective July 15, 2020) Dr. Punita Kumar-Sinha (retired effective January 13, 2021) Chitra Nayak (appointed effective March 25, 2021) Helene Auriol Potier (appointed as an independent director effective May 26, 2023) Executive Officers Nilanjan Roy, Chief Financial Officer Inderpreet Sawhney, Group General Counsel and Chief Compliance Officer Shaji Mathew (appointed as Group Head - Human Resources effective March 22, 2023) Krishnamurthy Shankar (retired as Group Head - Human Resources and Infosys Leadership Institute effective March 21, 2023) Mohit Joshi (resigned as President effective March 11, 2023 and was on leave till June 9, 2023 which was his last date with the Company) Ravi Kumar S (resigned as President effective October 11, 2022) Transactions with Key Managerial Personnel (KMP) The table below describes the related party transactions with key management personnel which comprises directors and executive officers under IAS 24: (Dollars in millions) Year ended March 31, 2023 2022 2021 Salaries and other employee benefits to whole-time directors and executive officers (1)(2) 14 18 19 Commission and other benefits to non-executive / independent directors 2 2 1 Total 16 20 20 (1) Includes employee stock compensation expense of $ 6 million, $ 9 million and $ 10 million for fiscal 2023, 2022 and 2021, respectively, towards key managerial personnel (Refer to Note 2.17). Stock compensation expense for fiscal 2023 includes reversal of expense on account of resignation / retirement of KMP. (2) Does not include post-employment benefit and other long term benefits based on actuarial valuation as this is done for the Company as a whole. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment Reporting | 2.21 Segment reporting IFRS 8 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 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 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. 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 2.11 Revenue from operations. 2.21.1 Business segments (Dollars in millions) Year ended March 31, 2023 Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) All Other Segments (5) Total Revenues 5,434 2,632 2,246 2,300 2,357 1,472 1,251 520 18,212 Identifiable operating expenses 3,103 1,352 1,380 1,231 1,551 864 724 348 10,553 Allocated expenses 985 487 401 430 426 242 209 130 3,310 Segment profit 1,346 793 465 639 380 366 318 42 4,349 Unallocable expenses 524 Operating profit 3,825 Other income, net (Refer to Note 2.16) 335 Finance cost (Refer to Note 2.8) 35 Profit before Income taxes 4,125 Income tax expense 1,142 Net profit 2,983 Depreciation and amortization 524 Non-cash expenses other than depreciation and amortization — (Dollars in millions) Year ended March 31, 2022 Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) All Other Segments (5) Total Revenues 5,218 2,379 2,035 1,942 1,787 1,346 1,142 462 16,311 Identifiable operating expenses 2,967 1,158 1,231 1,029 1,133 798 649 316 9,281 Allocated expenses 867 399 353 347 332 213 174 124 2,809 Segment profit 1,384 822 451 566 322 335 319 22 4,221 Unallocable expenses 466 Operating profit 3,755 Other income, net (Refer to Note 2.16) 308 Finance cost (Refer to Note 2.8) 27 Profit before Income taxes 4,036 Income tax expense 1,068 Net profit 2,968 Depreciation and amortization 466 Non-cash expenses other than depreciation and amortization — (Dollars in millions) Year ended March 31, 2021 Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) All Other Segments (5) Total Revenues 4,399 1,991 1,703 1,692 1,275 1,155 927 419 13,561 Identifiable operating expenses 2,378 937 991 877 674 648 475 259 7,239 Allocated expenses 813 363 335 335 255 176 161 118 2,556 Segment profit 1,208 691 377 480 346 331 291 42 3,766 Unallocable expenses 441 Operating profit 3,325 Other income, net (Refer to Note 2.16) 297 Finance cost (Refer to Note 2.8) 26 Profit before Income taxes 3,596 Income tax expense 973 Net profit 2,623 Depreciation and amortization 441 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 Public Services & other enterprises in Public Services 2.21.2 Significant clients No client individually accounted for more than 10% of the revenues for fiscal 2023, 2022 and 2021. |
Litigation
Litigation | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Litigation [Abstract] | |
Litigation | 2.22 Litigation 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. |
Overview (Policies)
Overview (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Consolidated Statements of Cash Flows | Consolidated Statem ents of Cash Flows Accounting policy Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents. |
Basis of preparation of financial statements | 1.2 Basis of preparation of financial statements These consolidated financial statements have been prepared in compliance with International Financial Reporting Standards (“IFRS”) as issued by the 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. 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. |
Basis of consolidation | 1.3 Basis of consolidation Infosys consolidates entities which it owns or controls. The consolidated financial statements comprise the financial statements of the Company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases. The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded. Refer to Note 2.20 for the list of subsidiaries and controlled trusts of the Company. |
Use of estimates and judgments | 1.4 Use of estimates and judgments The preparation of the financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the 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 consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated financial statements. |
Critical accounting estimates and judgements | 1.5 Critical accounting estimates and judgements a. Revenue recognition The Group’s contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to the contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement. Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from a fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and 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 2.18). 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 2.9 and 2.10). 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 the 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 (“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 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). |
Recent accounting pronouncements | 1.6 Recent accounting pronouncements 1.6.1 Standards issued but not yet effective New and revised IFRS Standards in issue but not yet effective: Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors : Definition of Accounting Estimates Amendments to IAS 1, Presentation of Financial Statements : Disclosure of Accounting Policies Amendments to IAS12, Income taxes : Deferred Tax related to Assets and Liabilities arising from a Single Transaction Amendments to IFRS 16, Leases : Lease liability in a Sale and Leaseback Amendments to IAS 8 On February 12, 2021, IASB has issued amendments to IAS 8 Accounting Policies, Changes in Accounting estimates and Errors which introduced a definition of ‘accounting estimates’ and included amendments to IAS 8 to help entities distinguish changes in accounting policies from changes in accounting estimates. The effective date for adoption of this amendment is the annual periods beginning on or after January 1, 2023, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements. Amendments to IAS 1 On February 12, 2021, IASB has issued amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements which requires the entities to disclose their material accounting policies rather than their significant accounting policies. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2023, although early adoption is permitted. The Group has early adopted this amendment and the impact of the amendment is insignificant in the Group’s consolidated financial statements. Amendments to IAS 12 On May 7, 2021, IASB has issued amendment to IAS 12 Income Taxes which narrowed the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal and offsetting temporary differences. The effective date for adoption of this amendment is annual periods beginning on or after January 1, 2023, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements. Amendments to IFRS 16 On September 22, 2022, IASB has issued amendments to IFRS 16 Leases, which added requirements explaining the subsequent measurement for a sale and leaseback transaction. These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. The effective date for the adoption of this amendment is annual reporting periods beginning on or after January 1, 2024, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements. |
Accounting policy on financial instruments | Accounting policy 2.3.1 Initial recognition The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities which are not at fair value through profit or loss are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date. 2.3.2 Subsequent measurement a. Non-derivative financial instruments (i) Financial assets carried at amortized cost A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. (ii) Financial assets at fair value through other 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 at fair value through profit or loss (FVTPL) A financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss. (iv) Financial liabilities Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration 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, 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 IFRS 9, Financial Instruments. Any derivative that is either not designated a 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 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 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 the net profit in the consolidated statement of comprehensive income. |
Derecognition of financial instruments | 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. |
Fair value of financial instruments | 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. |
Impairment | 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 revenue 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 expected credit losses (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. |
Provisions and other contingencies | 2.6 Provisions and other contingencies Accounting policy a. Provisions A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability. b. 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. c. 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. |
Property, plant and equipment | 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: Buildings 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 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 depreciation) had no impairment loss been recognized for the asset in prior years. |
Goodwill and intangible assets | 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 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. 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 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 labour, overhead costs that are directly attributable to preparing 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. |
Business combinations | Accounting Policy: Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations. The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the consolidated statement of comprehensive income. The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests’ proportionate share of the acquiree’s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity of subsidiaries. Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed. The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized. |
Operating profit | Operating profit for the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses. |
Employee benefits | 2.14 Employee benefits Accounting policy 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 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 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. 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 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 are recognized in net profits 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. |
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. |
Dividends | 2.15.2 Dividends Accounting policy 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. |
Other income, net | 2.16 Other income, net 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. |
Functional currency and presentation currency | Functional currency and presentation currency The functional currency of Infosys, Infosys BPM, EdgeVerve, Skava, Infosys Green Forum 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 consolidated statement of comprehensive income and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate. Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction. The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the balance sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed of, in full, the relevant amount is transferred to the 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. |
Government grants | 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. |
Employees' Stock Option Plans (ESOP) | Accounting policy The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair- value of the awards on the grant date. The estimated fair value of awards is recognized as an expense in net profit in the consolidated statement of comprehensive income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share premium. |
Income taxes | 2.18 Income taxes Accounting policy Income tax expense comprises current and deferred income tax. Income tax expense is recognized in the net profit in the consolidated statement of comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future. The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity. |
Earnings per equity share | Accounting policy Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e., the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented. The 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. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalent | Cash and cash equivalents consist of the following: (Dollars in millions) As of March 31, 2023 March 31, 2022 Cash and bank deposits 1,220 1,840 Deposits with financial institutions 261 465 1,481 2,305 |
Investments - (Tables)
Investments - (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Abstract] | |
Schedule of Carrying Value of Investments | The carrying value of investments are as follows: (Dollars in millions) As of March 31, 2023 March 31, 2022 Current investments Amortized cost: Quoted debt securities Cost 18 29 Fair value through profit and loss: Liquid mutual funds Fair value 119 266 Fair Value through Other comprehensive income: Quoted debt securities Fair value 179 133 Certificates of deposit Fair value 435 452 Commercial Paper Fair value 90 — 841 880 Non-Current investments Amortized cost: Quoted debt securities Cost 215 251 Fair value through Other comprehensive income: Quoted debt securities Fair value 1,221 1,501 Unquoted equity and preference securities Fair value 24 26 Fair value through profit and loss: Target maturity fund units Fair value 49 — Unquoted Preference securities Fair value — 3 Unquoted Compulsorily convertible debentures Fair value — 1 Others Fair value 21 19 1,530 1,801 Total Investments 2,371 2,681 Investment carried at amortized cost 233 280 Investments carried at fair value through other comprehensive income 1,949 2,112 Investments carried at fair value through profit and loss 189 289 Note: Uncalled capital commitments outstanding as of March 31, 2023 and March 31, 2022, was $ 11 million and $ 4 million, respectively. |
Schedule of Amounts Recorded in Other Comprehensive Income | Details of amounts recorded in other comprehensive income: (Dollars in millions) Net gain / (loss) on Year ended March 31, 2023 Gross Tax Net Quoted debt securities ( 31 ) 1 ( 30 ) Unquoted equity and preference securities ( 3 ) — ( 3 ) (Dollars in millions) Net gain / (loss) on Year ended March 31, 2022 Gross Tax Net Quoted debt securities ( 9 ) 3 ( 6 ) Unquoted equity and preference securities 15 ( 3 ) 12 (Dollars in millions) Net gain / (loss) on Year ended March 31, 2021 Gross Tax Net Quoted debt securities ( 17 ) 3 ( 14 ) Unquoted equity and preference securities 19 ( 3 ) 16 |
Schedule of Method of Fair Valuation | Method of fair valuation: (Dollars in millions) Fair value As of March 31 Class of investment Method 2023 2022 Liquid mutual funds- carried at Fair value through profit or loss Quoted price 119 266 Target maturity fund units- carried at Fair value through profit or loss Quoted price 49 — Quoted debt securities- carried at amortized cost Quoted price and market 261 323 Quoted debt securities- carried at Fair value through other comprehensive income Quoted price and market 1,400 1,634 Commercial Paper- carried at Fair value through other comprehensive income Market observable inputs 90 — Certificate of deposits- carried at Fair value through other comprehensive income Market observable inputs 435 452 Unquoted equity and preference securities- carried at fair value through other comprehensive income Discounted cash flows method, 24 26 Unquoted equity and preference securities- carried at fair value through profit or loss Discounted cash flows method, — 3 Unquoted compulsorily convertible debentures- carried at fair value through profit or loss Discounted cash flows method — 1 Others - carried at fair value through profit or loss Discounted cash flows method, 21 19 2,399 2,724 Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of Financial Instruments and Fair Value Measurements Explanatory | The carrying value and fair value of financial instruments by categories as of March 31, 2023 were as follows: (Dollars in millions) Financial assets/ liabilities Financial assets/liabilities Amortised cost Designated upon Mandatory Equity instruments Mandatory Total Total fair value Assets: Cash and cash equivalents (Refer to Note 2.1) 1,481 — — — — 1,481 1,481 Investments (Refer to Note 2.2) Liquid mutual funds — — 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 2.12) (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 1,010 — — — — 1,010 1,010 Derivative financial instruments — — 8 — 2 10 10 Financial liability under option arrangements (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 on contracts where the right to consideration is dependent on completion of contractual milestones The carrying value and fair value of financial instruments by categories as of March 31, 2022, were as follows: (Dollars in millions) Financial assets/ liabilities Financial assets/liabilities Amortised cost Designated upon Mandatory Equity instruments Mandatory Total Total fair value Assets: Cash and cash equivalents (Refer to Note 2.1) 2,305 — — — — 2,305 2,305 Investments (Refer to Note 2.2) Liquid mutual funds — — 266 — — 266 266 Quoted debt securities 280 — — — 1,634 1,914 1,957 (1) Certificate of deposit — — — — 452 452 452 Unquoted equity and preference securities — — 3 26 — 29 29 Unquoted Compulsorily convertible debentures — — 1 — — 1 1 Unquoted investments others — — 19 — — 19 19 Trade receivables 2,995 — — — — 2,995 2,995 Unbilled revenues (Refer to Note 2.12) (3) 838 — — — — 838 838 Prepayments and other assets (Refer to Note 2.4) 526 — — — — 526 514 (2) Derivative financial instruments — — 16 — 3 19 19 Total 6,944 — 305 26 2,089 9,364 9,395 Liabilities: Trade payables 545 — — — — 545 545 Lease liabilities 722 — — — — 722 722 Derivative financial instruments — — 8 — — 8 8 Financial liability under option arrangements (Refer to Note 2.5) — — 86 — — 86 86 Other liabilities including contingent consideration (Refer to Note 2.5) 1,989 — 16 — — 2,005 2,005 Total 3,256 — 110 — — 3,366 3,366 (1) On account of fair value changes including interest accrued (2) Excludes interest accrued on quoted debt securities carried at amortized cost of $ 12 million (3) Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones |
Schedule of Fair Value Hierarchy of Assets and Liabilities Measured At Fair Value On a Recurring Basis | The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 is as follows : (Dollars in millions) As of Fair value measurement at end of 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 Investment 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)* 73 — — 73 Liability towards contingent consideration (Refer to Note 2.5)* 12 — — 12 * Discount rate ranges from 10 % to 15 % The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 is as follows : (Dollars in millions) As of Fair value measurement at end of Level 1 Level 2 Level 3 Assets Investments (Refer to note 2.2) Investments in liquid mutual fund units 266 266 — — Investments in quoted debt securities 1,957 1,721 236 — Investments in certificates of deposit 452 — 452 — Investments in unquoted equity and preference securities 29 — — 29 Investments in unquoted compulsorily convertible debentures 1 — — 1 Investment in unquoted investments others 19 — — 19 Others Derivative financial instruments- gain on outstanding foreign exchange forward and option contracts 19 — 19 — Liabilities Derivative financial instruments- loss on outstanding foreign exchange forward and option contracts 8 — 8 — Financial liability under option arrangements (Refer to Note 2.5)* 86 — — 86 Liability towards contingent consideration (Refer to Note 2.5)* 16 — — 16 * Discount rate ranges from 8 % to 14.5 % |
Summary of Income from Financial Assets or Liabilities | Income from financial assets (Dollars in millions) Year ended March 31, 2023 2022 2021 Interest income on financial assets carried at amortized cost 107 135 161 Interest income on financial assets fair valued through other comprehensive income 119 86 55 Dividend income on investments carried at fair value through profit or loss — — 1 Gain / (loss) on investments carried at fair value through profit or loss 18 24 10 Gain / (loss) on investments carried at fair value through other comprehensive income — — 11 244 245 238 |
Schedule of Analysis of Foreign Currency Risk From Monetary Assets and Liabilities | The following table analyzes foreign currency risk from financial assets and liabilities as of March 31, 2023: (Dollars in millions) U.S. dollars Euro United Kingdom Australian dollars Other currencies Total Net financial assets 2,528 908 221 220 317 4,194 Net financial liabilities ( 1,478 ) ( 454 ) ( 90 ) ( 116 ) ( 269 ) ( 2,407 ) Total 1,050 454 131 104 48 1,787 The following table analyzes foreign currency risk from financial assets and liabilities as of March 31, 2022: (Dollars in millions) U.S. dollars Euro United Kingdom Australian dollars Other currencies Total Net financial assets 2,404 657 199 178 279 3,717 Net financial liabilities ( 1,214 ) ( 417 ) ( 88 ) ( 129 ) ( 238 ) ( 2,086 ) Total 1,190 240 111 49 41 1,631 |
Summary of Outstanding Foreign Forward and Options Contract | The following table gives details in respect of outstanding foreign exchange forward and options contracts: As of March 31, 2023 March 31, 2022 In Million In $ Million In Million In $ Million Derivatives designated as cash flow hedges Forward contracts In Euro — — 8 9 Option Contracts In Australian dollars 140 94 185 139 In Euro 325 354 280 311 In United Kingdom Pound Sterling 55 68 32 42 Other derivatives Forward contracts In Australian dollars 10 6 — — In Brazilian Real — — 6 1 In Canadian dollars — — 34 27 In Chinese Yuan 41 6 38 6 In Czech Koruna 364 16 296 14 In Euro 316 344 297 330 In New Zealand dollars 30 19 20 14 In Norwegian Krone 100 10 80 9 In Singapore dollars 204 151 252 180 In Swiss Franc 1 1 15 17 In U.S. Dollars 1,670 1,670 1,166 1,166 In United Kingdom Pound Sterling 86 107 65 86 In South African rand 85 5 45 3 Option contracts In Australian dollars 30 20 — — In Euro 160 174 81 90 In United Kingdom Pound Sterling 15 19 — — In U.S. Dollars 300 300 677 677 3,364 3,121 |
Summary of Derivative Financial Instruments into Relevant Maturity Groupings | The table below analyzes the derivative financial instruments into relevant maturity groupings based on the remaining period as of the balance sheet date: (Dollars in millions) As of March 31, 2023 March 31, 2022 Not later than one month 1,601 823 Later than one month and not later than three months 1,358 1,642 Later than three months and not later than one year 405 656 3,364 3,121 |
Summary of Reconciliation of Cash Flow Hedge Reserve | The following table provides the reconciliation of cash flow hedge reserve: (Dollars in millions) Year ended Year ended Gain / (Loss) Balance at the beginning of the period 1 2 Gain / (Loss) recognized in other comprehensive income during the period 12 14 Amount reclassified to profit or loss during the period ( 13 ) ( 15 ) Tax impact on above — — Balance at the end of the period — 1 |
Summary of Quantitative Information About Offsetting of Derivative Financial Assets And Derivative Financial Liabilities | The following table provides quantitative information about offsetting of derivative financial assets and derivative financial liabilities: (Dollars in millions) As of March 31, 2023 March 31, 2022 Derivative Derivative Derivative Derivative Gross amount of recognized financial asset/liability 15 ( 13 ) 24 ( 13 ) Amount set off ( 3 ) 3 ( 5 ) 5 Net amount presented in balance sheet 12 ( 10 ) 19 ( 8 ) |
Summary of Percentage of Revenues | The following table gives details in respect of percentage of revenues generated from top five customers and top ten customers: (In %) Year ended March 31, 2023 2022 2021 Revenue from top five customers 12.7 11.4 11.0 Revenue from top ten customers 20.2 19.3 18.1 The table below presents disaggregated revenues from contracts with customers by geography and offerings for each of our business segments. The Group believes 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. Year ended March 31, 2023 (Dollars in millions) Particulars Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) Others (5) Total Revenues by Geography* North America 3,488 1,825 1,354 1,234 938 1,378 910 135 11,262 Europe 915 663 477 868 1,348 34 320 45 4,670 India 237 9 20 26 11 52 3 120 478 Rest of the world 794 135 395 172 60 8 18 220 1,802 Total 5,434 2,632 2,246 2,300 2,357 1,472 1,251 520 18,212 Revenue by offerings Digital 2,980 1,733 1,485 1,442 1,685 945 793 255 11,318 Core 2,454 899 761 858 672 527 458 265 6,894 Total 5,434 2,632 2,246 2,300 2,357 1,472 1,251 520 18,212 Year ended March 31, 2022 (Dollars in millions) Particulars Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) Others (5) Total Revenues by Geography* North America 3,274 1,608 1,136 996 845 1,253 828 126 10,066 Europe 905 639 483 773 884 30 295 30 4,039 India 259 12 42 21 9 55 4 78 480 Rest of the world 780 120 374 152 49 8 15 228 1,726 Total 5,218 2,379 2,035 1,942 1,787 1,346 1,142 462 16,311 Revenue by offerings Digital 2,735 1,456 1,247 1,128 1,103 780 660 194 9,303 Core 2,483 923 788 814 684 566 482 268 7,008 Total 5,218 2,379 2,035 1,942 1,787 1,346 1,142 462 16,311 Year ended March 31, 2021 (Dollars in millions) Particulars Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) Others (5) Total Revenues by Geography* North America 2,636 1,313 916 935 692 1,086 638 104 8,320 Europe 865 562 390 605 535 22 272 29 3,280 India 212 8 31 5 7 40 2 87 392 Rest of the world 686 108 366 147 41 7 15 199 1,569 Total 4,399 1,991 1,703 1,692 1,275 1,155 927 419 13,561 Revenue by offerings Digital 2,100 1,040 874 821 617 562 408 155 6,577 Core 2,299 951 829 871 658 593 519 264 6,984 Total 4,399 1,991 1,703 1,692 1,275 1,155 927 419 13,561 (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 Public Services & other enterprises in Public Services * Geographical revenues are based on the domicile of customer |
Summary of Trade Receivables Ageing Schedule | Trade receivables ageing schedule for fiscal 2023 is as follows: (Dollars in millions) Outstanding for following periods from due date of payment Not Due Less than 6 months 6 months to 1 year 1-2 years 2-3 years More than 3 years Total Trade receivables 2,241 914 7 1 9 5 3,177 Less: Allowance for credit loss 83 Total Trade receivables 3,094 Trade receivables ageing schedule for fiscal 2022 is as follows: (Dollars in millions) Outstanding for following periods from due date of payment Not Due Less than 6 months 6 months to 1 year 1-2 years 2-3 years More than 3 years Total Trade receivables 2,295 734 31 10 9 4 3,083 Less: Allowance for credit loss 88 Total Trade receivables 2,995 |
Summary of Movement In Credit Allowance On Customer Balance | (Dollars in millions) Year ended March 31, 2023 2022 2021 Balance at the beginning 113 103 93 Translation differences ( 3 ) ( 1 ) 2 Impairment loss recognized / (reversed), net 28 19 25 Amounts written off ( 21 ) ( 8 ) ( 17 ) Balance at the end 117 113 103 |
Summary of Credit Receivable | The Group’s credit period generally ranges from 30-75 days. (Dollars in millions) As of March 31, 2023 March 31, 2022 Trade receivables 3,094 2,995 Unbilled revenues 2,037 1,650 |
Summary of Contractual Maturities of Significant Financial Liabilities | The table below provides details regarding the contractual maturities of significant financial liabilities as of March 31, 2023: (Dollars in millions) Less than 1 year 1-2 years 2-4 years 4-7 years Total Trade payables 470 — — — 470 Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) 82 — — — 82 Other financial liabilities (excluding liabilities towards contingent consideration) on an undiscounted basis (Refer to Note 2.5) 1,875 186 53 2 2,116 Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) 12 — — — 12 The table below provides details regarding the contractual maturities of significant financial liabilities as of March 31, 2022: (Dollars in millions) Less than 1 year 1-2 years 2-4 years 4-7 years Total Trade payables 545 — — — 545 Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) — 12 11 68 91 Other financial liabilities (excluding liabilities towards contingent consideration) on an undiscounted basis (Refer to Note 2.5) 1,787 144 60 1 1,992 Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) 9 3 5 — 17 |
Prepayments and Other Assets (T
Prepayments and Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Prepayments And Other Assets [Abstract] | |
Schedule of Prepayment and Other Assets | Prepayments and other assets consist of the following: (Dollars in millions) As of March 31, 2023 March 31, 2022 Current Rental deposits 4 8 Security deposits 1 1 Loans to employees 35 33 Prepaid expenses (1) 334 263 Interest accrued and not due 59 48 Withholding taxes and others (1) 398 256 Advance payments to vendors for supply of goods (1) 25 25 Deposit with corporation 286 287 Deferred contract cost (1) Cost of obtaining a contract # 104 113 Cost of fulfillment 21 12 Net investment in sublease of right of use asset (Refer to Note 2.8) 6 6 Other non-financial assets (1) 32 43 Other financial assets 31 38 Total Current prepayment and other assets 1,336 1,133 Non-current Loans to employees 5 5 Security deposits 6 6 Deposit with corporation 12 4 Defined benefit plan assets (Refer to Note 2.14) (1) 4 3 Prepaid expenses (1) 41 13 Deferred contract cost (1) Cost of obtaining a contract # 23 78 Cost of fulfillment 79 41 Withholding taxes and others (1) 83 89 Net investment in sublease of right of use asset (Refer to Note 2.8) 37 43 Rental deposits 29 24 Other financial assets 113 23 Total Non-current prepayment and other assets 432 329 Total prepayment and other assets 1,768 1,462 Financial assets in prepayments and other assets 624 526 (1) Non-financial assets # 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 of March 31, 2023, the financial liability pertaining to such arrangements amounts to $ 89 million. During fiscal 2023, $ 14 million was settled directly by the third party to the customer on behalf of the Group and accordingly considered as non-cash transaction (Refer to note 2.5). |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Other Liabilities [Abstract] | |
Schedule of Other Liabilities | Other liabilities comprise the following: (Dollars in millions) As of March 31, 2023 March 31, 2022 Current Accrued compensation to employees (1) 508 536 Accrued defined benefit liability (Refer to Note 2.14) (3) — 1 Accrued expenses (1) 949 986 Withholding taxes and others (3) 442 374 Retention money (1) 2 2 Liabilities of controlled trusts (1) 26 28 Deferred income- government grants (3) 4 1 Liability towards contingent consideration (2) 12 9 Capital creditors (1) 82 57 Financial liability under option arrangements (Refer to Note 2.10) (2)(4) 73 — Other financial liabilities (1)# 305 176 Total Current other liabilities 2,403 2,170 Non-current Liability towards contingent consideration (Refer to Note 2.10) (2) — 7 Accrued compensation to employees (1) 1 1 Accrued expenses (1) 198 125 Accrued defined benefit liability (Refer to Note 2.14) (3) 54 49 Deferred income - government grants (3) 5 8 Deferred income (3) 1 1 Financial liability under option arrangements (Refer to Note 2.10) (2)(4) — 86 Other non-financial liabilities (3) 1 1 Other financial liabilities (1) # 41 78 Total Non-current other liabilities 301 356 Total other liabilities 2,704 2,526 (1) Financial liability carried at amortized cost 2,112 1,989 (2) Financial liability carried at fair value through profit or loss 85 102 Financial liability under option arrangements on undiscounted basis (Refer to Note 2.5) 82 91 Financial liability towards contingent consideration on undiscounted basis (Refer to Note 2.10) 12 17 (3) Non-financial liabilities (4) Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries |
Provisions and Other Continge_2
Provisions and Other Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of other provisions [abstract] | |
Schedule of Provisions For Post Sales Client Support and Other Provisions | Provision for post sales client support and other provisions : (Dollars in millions) As of March 31, 2023 March 31, 2022 Post sales client support and other provisions 159 129 159 129 |
Summary of Movement in the Provision for Post Sales Client Support | The movement in the provision for post sales client support is as follows: (Dollars in millions) Year ended March 31, 2023 Balance at the beginning 123 Translation differences ( 6 ) Impact on adoption of amendment to IAS 37 2 Provision recognized / (reversed) 57 Provision utilized ( 17 ) Balance at the end 159 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Estimated Useful Lives of Assets | The estimated useful lives of assets are as follows: Buildings 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 Includes solar plant with a useful life of 25 years . |
Schedule of Changes in Carrying Value of Property, Plant and Equipment | Following are the changes in the carrying value of property, plant and equipment for fiscal 2023: (Dollars in millions) Land Buildings Plant and Computer Furniture Vehicles Total Gross carrying value as of April 1, 2022 188 1,481 653 1,125 423 6 3,876 Additions - Business Combination (Refer to Note 2.10) — — 1 1 — — 2 Additions — 42 57 187 62 — 348 Deletions* — — ( 32 ) ( 191 ) ( 45 ) — ( 268 ) Translation difference ( 14 ) ( 116 ) ( 54 ) ( 85 ) ( 31 ) — ( 300 ) Gross carrying value as of March 31, 2023 174 1,407 625 1,037 409 6 3,658 Accumulated depreciation as of April 1, 2022 — ( 541 ) ( 484 ) ( 796 ) ( 324 ) ( 5 ) ( 2,150 ) Depreciation — ( 54 ) ( 58 ) ( 164 ) ( 44 ) — ( 320 ) Accumulated depreciation on deletions* — — 32 190 44 — 266 Translation difference — 43 42 61 24 — 170 Accumulated depreciation as of March 31, 2023 — ( 552 ) ( 468 ) ( 709 ) ( 300 ) ( 5 ) ( 2,034 ) Capital work-in-progress as of March 31, 2023 55 Carrying value as of March 31, 2023 174 855 157 328 109 1 1,679 Capital work-in-progress as of April 1, 2022 67 Carrying value as of April 1, 2022 188 940 169 329 99 1 1,793 * During fiscal 2023, certain assets which were not in use having gross book value of $ 234 million (net book value: Nil), were retired Following are the changes in the carrying value of property, plant and equipment for fiscal 2022: (Dollars in millions) Land Buildings Plant and Computer Furniture Vehicles Total Gross carrying value as of April 1, 2021 191 1,445 679 1,045 416 6 3,782 Additions 4 81 47 206 26 — 364 Deletions* — — ( 50 ) ( 90 ) ( 7 ) — ( 147 ) Translation difference ( 7 ) ( 45 ) ( 23 ) ( 36 ) ( 12 ) — ( 123 ) Gross carrying value as of March 31, 2022 188 1,481 653 1,125 423 6 3,876 Accumulated depreciation as of April 1, 2021 — ( 503 ) ( 492 ) ( 771 ) ( 294 ) ( 4 ) ( 2,064 ) Depreciation — ( 56 ) ( 57 ) ( 141 ) ( 45 ) ( 1 ) ( 300 ) Accumulated depreciation on deletions* — — 47 90 6 — 143 Translation difference — 18 18 26 9 — 71 Accumulated depreciation as of March 31, 2022 — ( 541 ) ( 484 ) ( 796 ) ( 324 ) ( 5 ) ( 2,150 ) Capital work-in-progress as of March 31, 2022 67 Carrying value as of March 31, 2022 188 940 169 329 99 1 1,793 Capital work-in-progress as of April 1, 2021 145 Carrying value as of April 1, 2021 191 942 187 274 122 2 1,863 * During fiscal 2022, certain assets which were not in use having gross book value of $ 43 million (net book value: Nil), were retired Following are the changes in the carrying value of property, plant and equipment for fiscal 2021: (Dollars in millions) Land Buildings Plant and Computer Furniture Vehicles Total Gross carrying value as of April 1, 2020 174 1,324 621 882 381 6 3,388 Additions 11 70 39 156 26 — 302 Additions- Business Combinations (Refer to Note 2.10) — — — 1 — — 1 Deletions — — ( 4 ) ( 29 ) ( 6 ) — ( 39 ) Translation difference 6 51 23 35 15 — 130 Gross carrying value as of March 31, 2021 191 1,445 679 1,045 416 6 3,782 Accumulated depreciation as of April 1, 2020 — ( 434 ) ( 418 ) ( 646 ) ( 243 ) ( 4 ) ( 1,745 ) Depreciation — ( 52 ) ( 63 ) ( 129 ) ( 47 ) ( 1 ) ( 292 ) Accumulated depreciation on deletions — — 4 27 6 — 37 Translation difference — ( 17 ) ( 15 ) ( 23 ) ( 10 ) 1 ( 64 ) Accumulated depreciation as of March 31, 2021 — ( 503 ) ( 492 ) ( 771 ) ( 294 ) ( 4 ) ( 2,064 ) Capital work-in-progress as of March 31, 2021 145 Carrying value as of March 31, 2021 191 942 187 274 122 2 1,863 Capital work-in-progress as of April 1, 2020 167 Carrying value as of April 1, 2020 174 890 203 236 138 2 1,810 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
Schedule of Changes in Carrying Value of Right of Use Assets | Following are the changes in the carrying value of right of use assets for the year ended March 31, 2023: (Dollars in millions) Category of ROU asset Land Buildings Vehicles Computers Total Balance as of April 1, 2022 83 489 2 62 636 Additions* — 107 1 328 436 Deletions — ( 5 ) — ( 46 ) ( 51 ) Depreciation ( 1 ) ( 84 ) ( 1 ) ( 61 ) ( 147 ) Translation difference ( 6 ) ( 33 ) — 2 ( 37 ) Balance as of March 31, 2023 76 474 2 285 837 * Net of adjustments on account of modifications and lease incentives Following are the changes in the carrying value of right of use assets for the year ended March 31, 2022: (Dollars in millions) Category of ROU asset Land Buildings Vehicles Computers Total Balance as of April 1, 2021 86 545 3 22 656 Additions* — 60 — 63 123 Deletions — ( 11 ) — ( 6 ) ( 17 ) Depreciation ( 1 ) ( 88 ) ( 1 ) ( 15 ) ( 105 ) Translation difference ( 2 ) ( 17 ) — ( 2 ) ( 21 ) Balance as of March 31, 2022 83 489 2 62 636 * Net of adjustments on account of modifications and lease incentives Following are the changes in the carrying value of right of use assets for the year ended March 31, 2021: (Dollars in millions) Category of ROU asset Land Buildings Vehicles Computers Total Balance as of April 1, 2020 83 461 2 5 551 Additions* 1 168 1 19 189 Deletions — ( 20 ) — — ( 20 ) Depreciation ( 1 ) ( 80 ) ( 1 ) ( 4 ) ( 86 ) Translation difference 3 16 1 2 22 Balance as of March 31, 2021 86 545 3 22 656 * Net of adjustments on account of modifications and lease incentives |
Schedule of the Break-up of Current and Non-current Lease Liabilities | The following is the break-up of current and non-current lease liabilities: (Dollars in millions) As of March 31, 2023 March 31, 2022 Current lease liabilities 151 115 Non-current lease liabilities 859 607 Total 1,010 722 |
Schedule of Movement in Lease Liabilities | The following is the movement in lease liabilities: (Dollars in millions) Year ended March 31, 2023 2022 2021 Balance at the beginning 722 728 612 Additions 434 125 204 Finance cost accrued during the period 30 24 24 Deletions ( 6 ) ( 18 ) ( 23 ) Payment of lease liabilities ( 152 ) ( 128 ) ( 111 ) Translation difference ( 18 ) ( 9 ) 22 Balance at the end 1,010 722 728 |
Schedule of Contractual Maturities of Lease Liabilities | The table below provides details regarding the contractual maturities of lease liabilities on an undiscounted basis: (Dollars in millions) As of March 31, 2023 March 31, 2022 Less than one year 219 131 One to five years 663 430 More than five years 241 262 Total 1,123 823 |
Schedule of Movement in Net Investment in Sublease ROU Asset | The following is the movement in the net-investment in sublease of ROU asset: (Dollars in millions) Year ended March 31, 2023 2022 2021 Balance at the beginning 49 53 58 Additions 1 1 — Interest income accrued during the period 2 2 2 Lease receipts ( 8 ) ( 7 ) ( 7 ) Balance at the end 44 49 53 |
Schedule of Contractual Maturities of Net Investment in Sublease ROU Asset | The table below provides details regarding the contractual maturities of net investment in sublease of ROU asset on an undiscounted basis: (Dollars in millions) As of March 31, 2023 March 31, 2022 Less than one year 8 7 One to five years 32 31 More than five years 8 17 Total 48 55 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Intangible assets and goodwill [abstract] | |
Summary of Changes In Carrying Amount of Goodwill | Following is a summary of changes in the carrying amount of goodwill: (Dollars in millions) As of March 31, 2023 March 31, 2022 Carrying value at the beginning 817 832 Goodwill on acquisitions during the year (Refer to Note 2.10) 79 — Translation differences ( 14 ) ( 15 ) Carrying value at the end 882 817 |
Summary of Allocation of Goodwill to Operating Segments | The following table presents the allocation of goodwill to operating segments as of March 31, 2023 and March 31, 2022: (Dollars in millions) As of Segments March 31, 2023 March 31, 2022 Financial services 178 180 Retail 113 108 Communication 81 82 Energy, utilities, Resources and Services 140 141 Manufacturing 70 66 Life Sciences 115 54 697 631 Operating segments without significant goodwill 68 69 Total 765 700 |
Summary of Key Assumptions Used for the Calculations | The key assumptions used for the calculations are as follows: (in %) As of March 31, 2023 March 31, 2022 Long term growth rate 8 - 10 8 - 10 Operating margins 19 - 21 19 - 21 Discount rate 13 12 |
Summary of Changes In Carrying Amount of Acquired Intangible Assets | Following are the changes in the carrying value of acquired intangible assets for fiscal 2023: (Dollars in millions) Customer Software Marketing Others* Total Gross carrying value as of April 1, 2022 274 121 40 90 525 Additions during the period — 8 — — 8 Acquisition through business combination (Refer note no. 2.10) 34 — 3 4 41 Translation differences ( 1 ) ( 2 ) ( 1 ) — ( 4 ) Gross carrying value as of March 31, 2023 307 127 42 94 570 Accumulated amortization as of April 1, 2022 ( 169 ) ( 75 ) ( 19 ) ( 37 ) ( 300 ) Amortization expense ( 29 ) ( 10 ) ( 6 ) ( 15 ) ( 60 ) Translation differences 2 — 1 — 3 Accumulated amortization as of March 31, 2023 ( 196 ) ( 85 ) ( 24 ) ( 52 ) ( 357 ) Carrying value as of March 31, 2023 111 42 18 42 213 Carrying value as of April 1, 2022 105 46 21 53 225 Estimated Useful Life (in years) 1 - 15 3 - 10 3 - 10 3 - 7 Estimated Remaining Useful Life (in years) 1 - 11 1 - 6 1 - 7 1 - 5 * Majorly includes intangibles related to vendor relationships Following are the changes in the carrying value of acquired intangible assets for fiscal 2022: (Dollars in millions) Customer Software Marketing Others* Total Gross carrying value as of April 1, 2021 282 112 40 91 525 Additions during the period — 11 — — 11 Translation differences ( 8 ) ( 2 ) — ( 1 ) ( 11 ) Gross carrying value as of March 31, 2022 274 121 40 90 525 Accumulated amortization as of April 1, 2021 ( 139 ) ( 67 ) ( 14 ) ( 22 ) ( 242 ) Amortization expense ( 32 ) ( 9 ) ( 5 ) ( 16 ) ( 62 ) Translation differences 2 1 — 1 4 Accumulated amortization as of March 31, 2022 ( 169 ) ( 75 ) ( 19 ) ( 37 ) ( 300 ) Carrying value as of March 31, 2022 105 46 21 53 225 Carrying value as of April 1, 2021 143 45 26 69 283 Estimated Useful Life (in years) 1 - 15 3 - 10 3 - 10 3 - 7 Estimated Remaining Useful Life (in years) 1 - 12 1 - 7 1 - 8 1 - 6 * Majorly includes intangibles related to vendor relationships Following are the changes in the carrying value of acquired intangible assets for fiscal 2021: (Dollars in millions) Customer Software Marketing Others* Total Gross carrying value as of April 1, 2020 248 92 32 54 426 Additions during the period — 14 — — 14 Acquisition through business combination (Refer to Note 2.10) 24 4 8 36 72 Translation differences 10 2 — 1 13 Gross carrying value as of March 31, 2021 282 112 40 91 525 Accumulated amortization as of April 1, 2020 ( 100 ) ( 59 ) ( 9 ) ( 7 ) ( 175 ) Amortization expense ( 37 ) ( 7 ) ( 5 ) ( 14 ) ( 63 ) Translation differences ( 2 ) ( 1 ) — ( 1 ) ( 4 ) Accumulated amortization as of March 31, 2021 ( 139 ) ( 67 ) ( 14 ) ( 22 ) ( 242 ) Carrying value as of March 31, 2021 143 45 26 69 283 Carrying value as of April 1, 2020 148 33 23 47 251 Estimated Useful Life (in years) 1 - 15 3 - 10 3 - 10 3 - 7 Estimated Remaining Useful Life (in years) 1 - 13 1 - 8 1 - 9 1 - 7 |
Business combinations (Tables)
Business combinations (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Business Combinations [Line Items] | |
Summary of Purchase Price Allocation | The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the dates of acquisition as follows: (Dollars in millions) Component Acquiree's Fair value Purchase price Net assets (1) 12 — 12 Intangible assets Customer contracts and relationships — 34 34 Vendor relationships — 4 4 Brand — 3 3 Deferred tax liabilities on intangible assets — ( 10 ) ( 10 ) 12 31 43 Goodwill 79 Total purchase price 122 (1) Includes cash and cash equivalents acquired of $ 3 million The purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the dates of acquisition as follows: (Dollars in millions) Component Acquiree's Fair value Purchase price Net assets (1) 18 — 18 Intangible Assets Vendor Relationships — 36 36 Customer Contracts and Relationships — 24 24 Brand — 8 8 Software — 4 4 Deferred tax liabilities on intangible assets — ( 3 ) ( 3 ) 18 69 87 Goodwill 102 Total purchase price 189 (1) Includes cash and cash equivalents acquired of $ 11 million |
Revenue from Operations (Tables
Revenue from Operations (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Revenue [abstract] | |
Summary of Revenue | Revenues for fiscal 2023, 2022 and 2021 are as follows: (Dollars in millions) Year ended March 31, 2023 2022 2021 Revenue from software services 17,072 15,225 12,604 Revenue from products and platforms 1,140 1,086 957 Total Revenue from Operations 18,212 16,311 13,561 |
Summary of Percentage of Revenues | The following table gives details in respect of percentage of revenues generated from top five customers and top ten customers: (In %) Year ended March 31, 2023 2022 2021 Revenue from top five customers 12.7 11.4 11.0 Revenue from top ten customers 20.2 19.3 18.1 The table below presents disaggregated revenues from contracts with customers by geography and offerings for each of our business segments. The Group believes 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. Year ended March 31, 2023 (Dollars in millions) Particulars Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) Others (5) Total Revenues by Geography* North America 3,488 1,825 1,354 1,234 938 1,378 910 135 11,262 Europe 915 663 477 868 1,348 34 320 45 4,670 India 237 9 20 26 11 52 3 120 478 Rest of the world 794 135 395 172 60 8 18 220 1,802 Total 5,434 2,632 2,246 2,300 2,357 1,472 1,251 520 18,212 Revenue by offerings Digital 2,980 1,733 1,485 1,442 1,685 945 793 255 11,318 Core 2,454 899 761 858 672 527 458 265 6,894 Total 5,434 2,632 2,246 2,300 2,357 1,472 1,251 520 18,212 Year ended March 31, 2022 (Dollars in millions) Particulars Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) Others (5) Total Revenues by Geography* North America 3,274 1,608 1,136 996 845 1,253 828 126 10,066 Europe 905 639 483 773 884 30 295 30 4,039 India 259 12 42 21 9 55 4 78 480 Rest of the world 780 120 374 152 49 8 15 228 1,726 Total 5,218 2,379 2,035 1,942 1,787 1,346 1,142 462 16,311 Revenue by offerings Digital 2,735 1,456 1,247 1,128 1,103 780 660 194 9,303 Core 2,483 923 788 814 684 566 482 268 7,008 Total 5,218 2,379 2,035 1,942 1,787 1,346 1,142 462 16,311 Year ended March 31, 2021 (Dollars in millions) Particulars Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) Others (5) Total Revenues by Geography* North America 2,636 1,313 916 935 692 1,086 638 104 8,320 Europe 865 562 390 605 535 22 272 29 3,280 India 212 8 31 5 7 40 2 87 392 Rest of the world 686 108 366 147 41 7 15 199 1,569 Total 4,399 1,991 1,703 1,692 1,275 1,155 927 419 13,561 Revenue by offerings Digital 2,100 1,040 874 821 617 562 408 155 6,577 Core 2,299 951 829 871 658 593 519 264 6,984 Total 4,399 1,991 1,703 1,692 1,275 1,155 927 419 13,561 (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 Public Services & other enterprises in Public Services * Geographical revenues are based on the domicile of customer |
Summary of Unbilled Revenue | (Dollars in millions) As of March 31, 2023 March 31, 2022 Unbilled financial asset (1) 1,157 838 Unbilled non-financial asset (2) 880 812 2,037 1,650 (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. |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Expenses by nature [abstract] | |
Disclosure of Detailed Information About Expenses by Nature Explanatory | (Dollars in millions) Year ended March 31, 2023 2022 2021 Employee benefit costs 9,729 8,585 7,493 Depreciation and amortization charges (Refer to Notes 2.7, 2.8 and 2.9) 524 466 441 Travelling costs 190 110 75 Cost of technical sub-contractors 1,751 1,690 957 Cost of software packages for own use 240 190 165 Third party items bought for service delivery to clients 1,110 721 406 Consultancy and professional charges 210 253 171 Communication costs 89 82 86 Repairs and maintenance 169 163 190 Rates and Taxes 37 35 35 Provision for post-sales client support 15 10 5 Power and fuel 22 18 19 Commission to non-whole time directors 2 2 1 Branding and marketing expenses 112 74 48 Impairment loss recognized / (reversed) under expected credit loss model 35 23 25 Insurance charges 22 22 18 Contribution towards Corporate Social Responsibility 58 57 59 Short-term leases (Refer to Note 2.8) 12 8 11 Others 60 47 31 Total cost of sales, selling and marketing expenses and administrative expenses 14,387 12,556 10,236 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of defined benefit plans [abstract] | |
Summary of Defined Benefit Plans Amount Recognized in Group's Financial Statements | (Dollars in millions) Gratuity Pension As of As of March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Change in benefit obligations Benefit obligations at the beginning 227 222 122 111 Transfer — — 2 7 Service cost 34 29 5 5 Interest expense 13 12 1 — Remeasurements - Actuarial losses / (gains) ( 9 ) 11 ( 17 ) ( 2 ) Past service cost - plan amendments — — — 2 Employee contribution — — 3 4 Benefits paid ( 33 ) ( 39 ) ( 6 ) ( 5 ) Translation differences ( 16 ) ( 8 ) 2 — Benefit obligations at the end 216 227 112 122 Change in plan assets Fair value of plan assets at the beginning 226 220 111 94 Transfer — — 2 7 Interest Income 13 13 1 — Remeasurements – Returns on plan assets excluding amounts included in interest income 4 3 ( 11 ) 7 Employer contribution 22 36 5 5 Employee contribution — — 3 4 Benefits paid ( 32 ) ( 38 ) ( 6 ) ( 5 ) Translation differences ( 19 ) ( 8 ) 1 ( 1 ) Fair value of plan assets at the end 214 226 106 111 Funded status ( 2 ) ( 1 ) ( 6 ) ( 11 ) Prepaid defined benefit plan asset 3 3 1 1 Accrued defined benefit plan liability ( 5 ) ( 4 ) ( 7 ) ( 12 ) The following tables set out the funded status of the defined benefit provident fund plan of Infosys Limited and the amounts recognized in the Group's financial statements as of March 31, 2023 and March 31, 2022: (Dollars in millions) As of March 31, 2023 March 31, 2022 Change in benefit obligations Benefit obligations at the beginning 1,228 1,133 Service cost 101 88 Employee contribution 210 155 Interest expense 78 69 Actuarial (gains) / loss ( 10 ) 16 Benefits paid ( 226 ) ( 191 ) Translation differences ( 100 ) ( 42 ) Benefit obligations at the end 1,281 1,228 Change in plan assets Fair value of plan assets at the beginning 1,195 1,113 Interest income 76 68 Remeasurements- Return on plan assets excluding amounts included in interest income ( 23 ) 2 Employee contribution 210 155 Employer contribution 104 89 Benefits paid ( 226 ) ( 191 ) Translation differences ( 97 ) ( 41 ) Fair value of plan assets at the end 1,239 1,195 Accrued defined benefit plan liability ( 42 ) ( 33 ) |
Summary of Defined Benefit Plan | Amount for fiscal 2023, 2022 and 2021 recognized in net profit in the statement of comprehensive income comprises the following components: (Dollars in millions) Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 Service cost 34 29 28 5 5 5 Net interest on the net defined benefit liability / asset — ( 1 ) ( 1 ) — — — Plan amendments — — — — 2 — Net cost 34 28 27 5 7 5 Amount for fiscal 2023, 2022 and 2021 recognized in statement of other comprehensive income: (Dollars in millions) Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 Re-measurements of the net defined benefit liability / (asset) Actuarial (gains) / losses ( 9 ) 11 4 ( 17 ) ( 2 ) 4 (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability / (asset) ( 4 ) ( 3 ) ( 2 ) 11 ( 7 ) ( 4 ) Total ( 13 ) 8 2 ( 6 ) ( 9 ) — Breakup of actuarial (gains) / losses for fiscal 2023, 2022 and 2021 is as follows: (Dollars in millions) Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 (Gain) / loss from change in demographic assumptions — — — — — — (Gain) / loss from change in financial assumptions ( 8 ) ( 6 ) 2 ( 18 ) ( 3 ) 4 (Gain) / loss from change in experience adjustments ( 1 ) 17 2 1 1 — ( 9 ) 11 4 ( 17 ) ( 2 ) 4 The gratuity and pension cost recognized in the statement of comprehensive income apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost is as follows: (Dollars in millions) Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 Cost of sales 31 25 24 5 6 5 Selling and marketing expenses 2 2 2 — 1 — Administrative expenses 1 1 1 — — — 34 28 27 5 7 5 Superannuation contributions have been apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost as follows: (Dollars in millions) Year ended March 31, 2023 2022 2021 Cost of sales 55 44 31 Selling and marketing expenses 3 3 3 Administrative expenses 2 2 1 60 49 35 Amount for fiscal 2023, 2022 and 2021 recognized in net profit in the statement of comprehensive income comprises the following components: (Dollars in millions) Year ended March 31, 2023 2022 2021 Service cost 101 88 57 Net interest on the net defined benefit liability / asset 2 1 2 Net provident fund cost 103 89 59 Amount for fiscal 2023, 2022 and 2021 recognized in the consolidated statement of other comprehensive income: (Dollars in millions) Year ended March 31, 2023 2022 2021 Remeasurements of the net defined benefit liability/ (asset) Actuarial (gains) / losses ( 10 ) 16 ( 4 ) (Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability/(asset) 23 ( 2 ) ( 17 ) 13 14 ( 21 ) Provident fund contributions have been apportioned between cost of sales, selling and marketing expenses and administrative expenses on the basis of direct employee cost as follows: (Dollars in millions) Year ended March 31, 2023 2022 2021 Cost of sales 134 106 80 Selling and marketing expenses 9 8 7 Administrative expenses 5 4 3 148 118 90 Employee benefit costs include: (Dollars in millions) Year ended March 31, 2023 2022 2021 Salaries and bonus (1) 9,481 8,383 7,322 Defined contribution plans 78 64 48 Defined benefit plans 170 138 123 9,729 8,585 7,493 (1) Includes stock compensation expense of $ 64 million, $ 56 million and $ 45 million for fiscal 2023, 2022 and 2021, respectively. (Refer to Note 2.17) The employee benefit cost is recognized in the following line items in the consolidated statement of comprehensive income: (Dollars in millions) Year ended March 31, 2023 2022 2021 Cost of sales 8,826 7,714 6,671 Selling and marketing expenses 598 572 548 Administrative expenses 305 299 274 9,729 8,585 7,493 |
Summary of Weighted-Average Assumptions | The weighted-average assumptions used to determine benefit obligations as of March 31, 2023 and March 31, 2022 are set out below: Gratuity Pension As of As of March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022 Discount rate 7.1 % 6.5 % 1.8 % - 3.8 % 0.4 % - 1.7 % Weighted average rate of increase in compensation levels 6 % 6 % 1 % - 3 % 1 % - 3 % Weighted average duration of defined benefit obligation 5.9 years 5.9 years 12 years 14 years The weighted-average assumptions used to determine net periodic benefit cost for fiscal 2023, 2022 and 2021 are set out below: Gratuity Pension Year ended March 31, Year ended March 31, 2023 2022 2021 2023 2022 2021 Discount rate for the year 6.5 % 6.1 % 6.2 % 0.4 % - 1.7 % 0.1 % - 0.9 % 0.5 % - 1.7 % Weighted average rate of increase in compensation levels 6 % 6 % 6 % 1 % - 3 % 1 % - 3 % 1 % - 3 % Discount rate For domestic defined benefit plan in India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. For most of our overseas defined benefit plan, given that the market for high quality corporate bonds is not developed, the Government bond rate adjusted for corporate spreads is used. Weighted average rate of increase in compensation levels The average rate of increase in compensation levels is determined by the Company, considering factors such as, the Company’s past compensation revision trends, inflation in respective markets and management’s estimate of future salary increases. Attrition rate Attrition rate considered is the management’s estimate based on the past long-term trend of employee turnover in the Company. The tenure has been considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of post-employment benefit obligation. Assumptions used in determining the present value obligation of the interest rate guarantee under the Deterministic Approach: As of March 31, 2023 March 31, 2022 Government of India (GOI) bond yield (1) 7.10 % 6.50 % Expected rate of return on plan assets 8.15 % 7.70 % Remaining term to maturity of portfolio 6 years 6 years Expected guaranteed interest rate 8.15 % 8.10 % (1) In India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. The tenure has been considered taking into account the past long-term trend of employees’ average remaining service life which reflects the average estimated term of the post-employment benefit obligations. |
Summary of Sensitivity of Significant Assumptions Used for Valuation of Defined Benefit Obligation | These defined benefit plans expose the Group to actuarial risk which are set out below: Interest rate risk: The present value of the defined benefit plan liability is generally calculated using a discount rate determined by reference to government bond yields and in certain overseas jurisdictions, it is calculated in reference to government bond yield adjusted for a corporate spread. If bond yields fall, the defined benefit obligation will tend to increase. Life expectancy and investment risk: The pension fund offers the choice between a lifelong pension and a cash lump sum upon retirement. The pension fund has defined rates for converting the lump sum to a pension and there is the risk that the members live longer than implied by these conversion rates and that the pension assets don’t achieve the investment return implied by these conversion rates. Asset volatility: A proportion of the pension fund is held in equities, which is expected to outperform corporate bonds in the long term but give exposure to volatility and risk in the short term. The pension fund board of insurer is responsible for the investment strategy and equity allocation is justified given the long-term investment horizon of the pension fund and the objective to provide a reasonable long term return on members’ account balances. Sensitivity of significant assumptions used for valuation of defined benefit obligation: (Dollars in millions) Impact from As of March 31, Gratuity Pension 1% point increase / decrease 0.5% point increase / decrease Discount rate 11 5 Weighted average rate of increase in compensation levels 10 1 |
Summary of Maturity Profile of Defined Benefit Obligation | Maturity profile of defined benefit obligation: (Dollars in millions) Gratuity Pension Within 1 year 33 7 1 - 2 year 34 7 2 - 3 year 34 7 3 - 4 year 38 7 4 - 5 year 47 8 5 - 10 years 238 39 |
Summary of Various Categories of Plan Assets | The table below sets out the details of major plan assets into various categories: Particulars Pension As of March 31, 2023 March 31, 2022 Equity 34 % 34 % Bonds 32 % 32 % Real Estate/Property 26 % 26 % Cash and Cash Equivalents 1 % 1 % Other 7 % 7 % The breakup of the plan assets into various categories as of March 31, 2023 and March 31, 2022 are as follows: As of March 31, 2023 March 31, 2022 Central and State Government bonds 60 % 57 % Public sector undertakings and Private sector bonds 33 % 37 % Others 7 % 6 % |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Equity [Abstract] | |
Summary of Dividend Payout | The following table provides details of per share dividend recognized during fiscal 2023, 2022 and 2021: Fiscal 2023 Fiscal 2022 Fiscal 2021 Dividend per Equity Share ( ₹ ) Interim dividend (2) 16.50 15.00 12.00 Final dividend (3) 16.00 15.00 9.50 Dividend per Equity Share/ADS ($) (1) Interim dividend (2) 0.20 0.20 0.16 Final dividend (3) 0.21 0.20 0.13 (1) Converted at the monthly exchange rate in the month of declaration of dividend (2) Represents interim dividend for the respective fiscal year (3) Represents final dividend for the preceding fiscal year |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Expenses by nature [abstract] | |
Summary of Other Income | Other income consists of the following: (Dollars in millions) Year ended March 31, 2023 2022 2021 Interest income on financial assets carried at amortized cost 107 135 161 Interest income on financial assets fair valued through other comprehensive income 119 86 55 Dividend income on investments carried at fair value through profit or loss — — 1 Gain / (loss) on investments carried at fair value through profit or loss 18 24 10 Gain / (loss) on investments carried at fair value through other comprehensive income — — 11 Exchange gains / (losses) on forward and options contracts ( 80 ) 12 75 Exchange gains / (losses) on translation of other assets and liabilities 131 24 ( 47 ) Others 40 27 31 335 308 297 |
Employees' Stock Option Plans_2
Employees' Stock Option Plans (ESOP) (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Share Option Grant | The following is the summary of grants made during fiscal 2023, 2022 and 2021 under the 2015 Plan and 2019 Plan: Fiscal 2023 Fiscal 2022 Fiscal 2021 2015 Plan RSU - Equity settled KMPs 367,479 284,543 457,151 Employees other than KMPs 1,784,975 1,305,880 2,203,460 2,152,454 1,590,423 2,660,611 RSU - Incentive units (cash settled) KMPs — — — Other employees 92,400 49,960 115,250 92,400 49,960 115,250 2019 Plan Equity settled Performance based RSU KMPs 207,893 146,962 311,808 Employees other than KMPs 3,706,764 2,703,667 1,284,600 3,914,657 2,850,629 1,596,408 Total grants 6,159,511 4,491,012 4,372,269 Refer to Note 2.20 for details on appointment and resignation of KMPs |
Schedule of Break-up of Employee Stock Compensation Expense | Break-up of employee stock compensation expense: (Dollars in millions) Year ended March 31, 2023 2022 2021 Granted to: KMP # 6 9 10 Employees other than KMP 58 47 35 Total 64 56 45 Cash settled stock compensation expense included in the above 1 3 11 # Includes reversal of employee stock compensation expense on account of resignation/retirement of key managerial personnel. |
Restricted Stock Units (RSUs) | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Fair Value estimated on Date of Grant | The fair value of each equity settled award is estimated on the date of grant using the following assumptions: For options granted in Fiscal 2023- Fiscal 2023- Weighted average share price ( ₹ ) / ($- ADS) 1,525 18.08 Exercise price ( ₹ )/ ($- ADS) 5.00 0.07 Expected volatility (%) 23 - 32 27 - 34 Expected life of the option (years) 1 - 4 1 - 4 Expected dividends (%) 2 - 3 2 - 3 Risk-free interest rate (%) 5 - 7 2 - 5 Weighted average fair value as on grant date ( ₹ ) / ($- ADS) 1,210 13.69 For options granted in Fiscal 2022- Fiscal 2022- Weighted average share price ( ₹ ) / ($- ADS) 1,791 24.45 Exercise price ( ₹ )/ ($- ADS) 5.00 0.07 Expected volatility (%) 20 - 35 25 - 36 Expected life of the option (years) 1 - 4 1 - 4 Expected dividends (%) 2 - 3 2 - 3 Risk-free interest rate (%) 4 - 6 1 - 3 Weighted average fair value as on grant date ( ₹ ) / ($- ADS) 1,548 20.82 For options granted in Fiscal 2021- Fiscal 2021- Weighted average share price ( ₹ ) / ($- ADS) 1,253 18.46 Exercise price ( ₹ )/ ($- ADS) 5.00 0.07 Expected volatility (%) 30 - 35 30 - 36 Expected life of the option (years) 1 - 4 1 - 4 Expected dividends (%) 2 - 3 2 - 3 Risk-free interest rate (%) 4 - 5 0.1 - 0.3 Weighted average fair value as on grant date ( ₹ ) / ($- ADS) 1,124 16.19 |
2015 Stock Incentive Compensation Plan | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Equity Settled Share Based Payment Transaction | The activity in the 2015 Plan and 2019 Plan for equity-settled share based payment transaction during fiscal 2023 is set out below: Year ended March 31, 2023 Shares arising Weighted average 2015 Plan: RSUs Outstanding at the beginning 6,232,975 0.06 Granted 2,152,454 0.06 Exercised 2,105,904 0.06 Forfeited and expired 871,507 0.06 Outstanding at the end 5,408,018 0.06 Exercisable at the end 787,976 0.06 2015 Plan: Stock Options Outstanding at the beginning 700,844 7.35 Granted — — Exercised 566,814 7.40 Forfeited and expired — — Outstanding at the end 134,030 6.44 Exercisable at the end 134,030 6.44 2019 Plan: RSUs Outstanding at the beginning 4,958,938 0.07 Granted 3,914,657 0.06 Exercised 1,128,626 0.06 Forfeited and expired 522,931 0.06 Outstanding at the end 7,222,038 0.06 Exercisable at the end 1,352,150 0.06 The activity in the 2015 Plan and 2019 Plan for equity-settled share based payment transaction during fiscal 2022 is set out below: Year ended March 31, 2022 Shares arising Weighted average 2015 Plan: RSUs Outstanding at the beginning 8,047,240 0.06 Granted 1,590,423 0.07 Exercised 2,569,983 0.05 Forfeited and expired 834,705 0.06 Outstanding at the end 6,232,975 0.06 Exercisable at the end 653,775 0.06 2015 Plan: Stock Options Outstanding at the beginning 1,049,456 7.32 Granted — — Exercised 348,612 7.02 Forfeited and expired — — Outstanding at the end 700,844 7.35 Exercisable at the end 700,844 7.35 2019 Plan: RSUs Outstanding at the beginning 3,050,573 0.07 Granted 2,850,629 0.07 Exercised 755,557 0.07 Forfeited and expired 186,707 0.07 Outstanding at the end 4,958,938 0.07 Exercisable at the end 692,638 0.07 The activity in the 2015 Plan and 2019 Plan for equity-settled share based payment transaction during fiscal 2021 is set out below: Year ended March 31, 2021 Shares arising Weighted average 2015 Plan: RSUs Outstanding at the beginning 8,780,898 0.05 Granted 2,660,611 0.07 Exercised 3,783,462 0.05 Modification to equity settled awards 871,900 — Forfeited and expired 482,707 0.06 Outstanding at the end 8,047,240 0.06 Exercisable at the end 151,685 0.05 2015 Plan: Stock Options Outstanding at the beginning 1,100,330 7.13 Granted — — Exercised 239,272 7.21 Modification to equity settled awards 203,026 — Forfeited and expired 14,628 7.63 Outstanding at the end 1,049,456 7.32 Exercisable at the end 1,002,130 7.33 2019 Plan: RSUs Outstanding at the beginning 2,091,293 0.07 Granted 1,596,408 0.07 Exercised 370,170 0.07 Forfeited and expired 266,958 0.07 Outstanding at the end 3,050,573 0.07 Exercisable at the end 233,050 0.07 |
Schedule of Equity Settled RSUs and Stock Options Outstanding | The following table summarizes information about equity settled RSUs and stock options outstanding as of March 31, 2023: 2019 Plan - Options outstanding 2015 Plan - Options outstanding Range of exercise prices per share ($) No. of shares Weighted Weighted No. of shares Weighted Weighted American Depositary Share (ADS) and Indian Equity Shares (IES) 0 - 0.06 (RSUs) 7,222,038 1.33 0.06 5,408,018 1.49 0.06 5 - 8 (Stock Options) — — — 134,030 1.77 6.44 The following table summarizes information about equity settled RSUs and stock options outstanding as of March 31, 2022: 2019 Plan - Options outstanding 2015 Plan - Options outstanding Range of exercise prices per share ($) No. of shares Weighted Weighted No. of shares Weighted Weighted American Depositary Share (ADS) and Indian Equity Shares (IES) 0 - 0.07 (RSUs) 4,958,938 1.43 0.07 6,232,975 1.47 0.06 6 - 8 (Stock Options) — — — 700,844 0.65 7.35 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Major components of tax expense (income) [abstract] | |
Schedule of Income Tax Expense | Income tax expense in the consolidated statement of comprehensive income comprises: (Dollars in millions) Year ended March 31, 2023 2022 2021 Current taxes Domestic taxes 830 785 716 Foreign taxes 323 263 185 1,153 1,048 901 Deferred taxes Domestic taxes 54 48 85 Foreign taxes ( 65 ) ( 28 ) ( 13 ) ( 11 ) 20 72 Income tax expense 1,142 1,068 973 |
Summary of Reconciliation of Income Tax Provision to Amount Computed by Applying Statutory Income Tax Rate to Income Before Income Taxes | A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before income taxes is summarized below: (Dollars in millions) Year ended March 31, 2023 2022 2021 Profit before income taxes 4,125 4,036 3,596 Enacted tax rates in India 34.94 % 34.94 % 34.94 % Computed expected tax expense 1,442 1,410 1,256 Tax effect due to non-taxable income for Indian tax purposes ( 362 ) ( 395 ) ( 346 ) Overseas taxes 132 132 95 Tax provision (reversals) ( 13 ) ( 36 ) ( 47 ) Effect of differential tax rates ( 41 ) ( 26 ) ( 17 ) Effect of exempt non-operating income ( 6 ) ( 7 ) ( 5 ) Effect of unrecognized deferred tax assets 14 10 1 Effect of non-deductible expenses 19 22 20 Impact of change in tax rate — ( 13 ) — Others ( 43 ) ( 29 ) 16 Income tax expense 1,142 1,068 973 |
Summary of Expiration of Unused Tax Losses | The following table provides details of expiration of unused tax losses for fiscal 2023: (Dollars in millions) Year 2024 15 2025 17 2026 18 2027 10 2028 60 Thereafter 418 Total 538 The following table provides details of expiration of unused tax losses for fiscal 2022: (Dollars in millions) Year 2023 27 2024 20 2025 17 2026 20 2027 7 Thereafter 501 Total 592 |
Summary of Income Tax Assets and Income Tax Liabilities | The following table provides the details of income tax assets and income tax liabilities as of March 31, 2023, and March 31, 2022: (Dollars in millions) As of March 31, 2023 March 31, 2022 Income tax assets 786 812 Current income tax liabilities ( 412 ) ( 344 ) Net current income tax assets / (liabilities) at the end 374 468 The gross movement in the current income tax assets / (liabilities) for fiscal 2023, 2022 and 2021 is as follows: (Dollars in millions) Year ended March 31, 2023 2022 2021 Net current income tax assets / (liabilities) at the beginning 468 501 515 Translation differences ( 32 ) ( 18 ) 17 Income tax paid 1,088 1,020 863 Current income tax expense ( 1,153 ) ( 1,048 ) ( 901 ) Income tax on other comprehensive income ( 2 ) 2 1 Income tax benefit arising on exercise of stock options 6 10 6 Tax impact on buyback expenses 1 1 — Additions through business combination ( 2 ) — — Net current income tax assets / (liabilities) at the end 374 468 501 |
Summary of Movement in Gross Deferred Income Tax Assets / Liabilities | The movement in gross deferred income tax assets / liabilities (before set off) for fiscal 2023 is as follows: (Dollars in millions) Carrying Changes Addition through business combination Changes Translation Carrying Deferred income tax assets / (liabilities) Property, plant and equipment 21 2 — — ( 2 ) 21 Lease liabilities 24 6 — — ( 3 ) 27 Accrued compensation to employees 7 2 — — ( 1 ) 8 Trade receivables 28 6 — — ( 2 ) 32 Compensated absences 70 6 — — ( 6 ) 70 Post sales client support 17 14 — — ( 1 ) 30 Credits related to branch profits 89 ( 2 ) — — — 87 Derivative financial instruments ( 3 ) 3 — — — — Intangibles 6 1 — — — 7 Intangibles arising on business combinations ( 41 ) 9 ( 10 ) — — ( 42 ) Branch profit tax ( 110 ) 5 — — — ( 105 ) SEZ reinvestment reserve ( 112 ) ( 62 ) — — 10 ( 164 ) Others 11 21 — — — 32 Total Deferred income tax assets / (liabilities) 7 11 ( 10 ) — ( 5 ) 3 The movement in gross deferred income tax assets / liabilities (before set off) for fiscal 2022 is as follows: (Dollars in millions) Carrying Changes Changes Translation Carrying Deferred income tax assets / (liabilities) Property, plant and equipment 35 ( 13 ) — ( 1 ) 21 Lease liabilities 23 2 — ( 1 ) 24 Accrued compensation to employees 6 2 — ( 1 ) 7 Trade receivables 30 ( 1 ) — ( 1 ) 28 Compensated absences 68 4 — ( 2 ) 70 Post sales client support 16 1 — — 17 Credits related to branch profits 48 42 — ( 1 ) 89 Derivative financial instruments ( 8 ) 4 — 1 ( 3 ) Intangibles 4 2 — — 6 Intangibles arising on business combinations ( 50 ) 8 — 1 ( 41 ) Branch profit tax ( 68 ) ( 42 ) — — ( 110 ) SEZ reinvestment reserve ( 84 ) ( 32 ) — 4 ( 112 ) Others 10 3 ( 2 ) — 11 Total Deferred income tax assets / (liabilities) 30 ( 20 ) ( 2 ) ( 1 ) 7 The movement in gross deferred income tax assets / liabilities (before set off) for fiscal 2021 is as follows: (Dollars in millions) Carrying Changes Addition Changes Translation Carrying Deferred income tax assets / (liabilities) Property, plant and equipment 32 2 — — 1 35 Lease liabilities 18 4 — — 1 23 Accrued compensation to employees 7 ( 1 ) — — — 6 Trade receivables 26 3 — — 1 30 Compensated absences 57 9 — — 2 68 Post sales client support 15 1 — — – 16 Credits related to branch profits 50 ( 1 ) — — ( 1 ) 48 Derivative financial instruments 21 ( 28 ) — ( 1 ) — ( 8 ) Intangibles 3 1 — — — 4 Intangibles arising on business combinations ( 56 ) 10 ( 3 ) — ( 1 ) ( 50 ) Branch profit tax ( 73 ) 5 — — — ( 68 ) SEZ reinvestment reserve ( 11 ) ( 72 ) — — ( 1 ) ( 84 ) Others 14 ( 5 ) — — 1 10 Total Deferred income tax assets / (liabilities) 103 ( 72 ) ( 3 ) ( 1 ) 3 30 The deferred income tax assets and liabilities is as follows: (Dollars in millions) As of March 31, 2023 March 31, 2022 Deferred income tax assets after set off 152 160 Deferred income tax liabilities after set off ( 149 ) ( 153 ) |
Reconciliation of Basic And D_2
Reconciliation of Basic And Diluted Shares Used In Computing Earnings Per Equity Share (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Earnings per share [abstract] | |
Table of Equity Shares Used in Computation of Basic and Diluted Earnings Per Equity Share | The following is a reconciliation of the equity shares used in the computation of basic and diluted earnings per equity share: Year ended March 31, 2023 2022 2021 Basic earnings per equity share - weighted average number of equity shares outstanding (1) 4,180,897,857 4,209,546,724 4,242,416,665 Effect of dilutive common equivalent shares - share options outstanding 6,833,213 8,978,410 8,315,802 Diluted earnings per equity share - weighted average number of equity shares and common equivalent shares outstanding 4,187,731,070 4,218,525,134 4,250,732,467 (1) excludes treasury shares |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Summary of Related Party Transactions | List of subsidiaries: Holding as of Country March 31, 2023 March 31, 2022 Infosys Technologies (China) Co. Limited (Infosys China) (1) China 100.00 % 100.00 % Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) (1) Mexico 100.00 % 100.00 % Infosys Technologies (Sweden) AB (Infosys Sweden) (1) Sweden 100.00 % 100.00 % Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) (1) China 100.00 % 100.00 % Infosys Nova Holdings LLC. (Infosys Nova) (1) U.S. 100.00 % 100.00 % EdgeVerve Systems Limited (EdgeVerve) (1) India 100.00 % 100.00 % Infosys Austria GmbH (1) Austria 100.00 % 100.00 % Skava Systems Private Limited (Skava Systems) (1)(26) India 100.00 % 100.00 % Infosys Chile SpA (1) Chile 100.00 % 100.00 % Infosys Arabia Limited (2)(26) Saudi Arabia 70.00 % 70.00 % Infosys Consulting Ltda. (1) Brazil 100.00 % 100.00 % Infosys Luxembourg S.a.r.l (1) Luxembourg 100.00 % 100.00 % Infosys Americas Inc. (Infosys Americas) (1)(26) U.S. 100.00 % 100.00 % Infosys Public Services, Inc. USA (Infosys Public Services) (1) U.S. 100.00 % 100.00 % Infosys Canada Public Services Inc (19)(35) Canada — — Infosys BPM Limited (1)(43) India 100.00 % 100.00 % Infosys (Czech Republic) Limited s.r.o. (3) Czech Republic 100.00 % 100.00 % Infosys Poland Sp z.o.o (3) Poland 100.00 % 100.00 % Infosys McCamish Systems LLC (3) U.S. 100.00 % 100.00 % Portland Group Pty Ltd (3) Australia 100.00 % 100.00 % Infosys BPO Americas LLC . (3) U.S. 100.00 % 100.00 % Infosys Consulting Holding AG (Infosys Lodestone) (1) Switzerland 100.00 % 100.00 % Infosys Management Consulting Pty Limited (4) Australia 100.00 % 100.00 % Infosys Consulting AG (4) Switzerland 100.00 % 100.00 % Infosys Consulting GmbH (4) Germany 100.00 % 100.00 % Infosys Consulting S.R.L. (1) Romania 100.00 % 100.00 % Infosys Consulting SAS (4) France 100.00 % 100.00 % Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) (4)(34) Czech Republic — — Infosys Consulting (Shanghai) Co., Ltd. (4)(30) China — — Infy Consulting Company Ltd (4) U.K. 100.00 % 100.00 % Infy Consulting B.V. (4) The Netherlands 100.00 % 100.00 % Infosys Consulting S.R.L. (45) Argentina 100.00 % 100.00 % Infosys Consulting (Belgium) NV (4) Belgium 100.00 % 100.00 % Panaya Inc. (Panaya) (1) U.S. 100.00 % 100.00 % Panaya Ltd. (6) Israel 100.00 % 100.00 % Infosys Financial Services GmbH. (formerly Panaya GmbH) (54) Germany 100.00 % 100.00 % Brilliant Basics Holdings Limited (Brilliant Basics) (1)(26) U.K. 100.00 % 100.00 % Brilliant Basics Limited (7)(26) U.K. 100.00 % 100.00 % Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (1) Singapore 100.00 % 100.00 % Infosys Middle East FZ LLC (8) Dubai 100.00 % 100.00 % Fluido Oy (8) Finland 100.00 % 100.00 % Fluido Sweden AB (Extero) (11) Sweden 100.00 % 100.00 % Fluido Norway A/S (11) Norway 100.00 % 100.00 % Fluido Denmark A/S (11) Denmark 100.00 % 100.00 % Fluido Slovakia s.r.o (11) Slovakia 100.00 % 100.00 % Infosys Compaz Pte. Ltd (9) Singapore 60.00 % 60.00 % Infosys South Africa (Pty) Ltd (8) South Africa 100.00 % 100.00 % WongDoody Holding Company Inc. (WongDoody) (1)(36) U.S. — — WDW Communications, Inc (10)(37) U.S. — — WongDoody, Inc (10)(38) U.S. 100.00 % 100.00 % HIPUS Co., Ltd (9) Japan 81.00 % 81.00 % Stater N.V. (9) The Netherlands 75.00 % 75.00 % Stater Nederland B.V. (12) The Netherlands 75.00 % 75.00 % Stater XXL B.V. (12) The Netherlands 75.00 % 75.00 % HypoCasso B.V. (12) The Netherlands 75.00 % 75.00 % Stater Participations B.V. (12) The Netherlands 75.00 % 75.00 % Stater Belgium N.V./S.A. (13) Belgium 75.00 % 75.00 % Stater Gmbh (12)(28) Germany 75.00 % 75.00 % Outbox systems Inc. dba Simplus (US) (15) U.S. 100.00 % 100.00 % Simplus North America Inc. (16)(27) Canada — — Simplus ANZ Pty Ltd. (16) Australia 100.00 % 100.00 % Simplus Australia Pty Ltd (17) Australia 100.00 % 100.00 % Sqware Peg Digital Pty Ltd (18)(31) Australia — — Simplus Philippines, Inc. (16) Philippines 100.00 % 100.00 % Simplus Europe, Ltd. (16)(29) U.K. — — Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd) (11) U.K. 100.00 % 100.00 % Infosys Fluido Ireland, Ltd.(formerly Simplus Ireland, Ltd) (20) Ireland 100.00 % 100.00 % Infosys Limited Bulgaria EOOD (1) Bulgaria 100.00 % 100.00 % Kaleidoscope Animations, Inc. (15) U.S. 100.00 % 100.00 % Kaleidoscope Prototyping LLC (22) U.S. 100.00 % 100.00 % GuideVision s.r.o. (14) Czech Republic 100.00 % 100.00 % GuideVision Deutschland GmbH (21) Germany 100.00 % 100.00 % GuideVision Suomi Oy (21) Finland 100.00 % 100.00 % GuideVision Magyarország Kft (21) Hungary 100.00 % 100.00 % GuideVision Polska Sp. z.o.o (21) Poland 100.00 % 100.00 % GuideVision UK Ltd (21)(26) U.K. 100.00 % 100.00 % Blue Acorn iCi Inc (formerly Beringer Commerce Inc) (15) U.S. 100.00 % 100.00 % Beringer Capital Digital Group Inc (15)(41) U.S. — — Mediotype LLC (23)(41) U.S. — — Beringer Commerce Holdings LLC (23)(41) U.S. — — SureSource LLC (24) (39) U.S. — — Blue Acorn LLC (24) (39) U.S. — — Simply Commerce LLC (24)(39) U.S. — — iCiDIGITAL LLC (25)(40) U.S. — — Infosys BPM UK Limited (3) U.K. 100.00 % — Infosys Turkey Bilgi Teknolojileri Limited Sirketi (1) Turkey 100.00 % 100.00 % Infosys Germany Holding Gmbh (1) Germany 100.00 % 100.00 % Infosys Automotive and Mobility GmbH & Co. KG (1) Germany 100.00 % 100.00 % Infosys Green Forum (1)(32) India 100.00 % 100.00 % Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) (33) Malaysia 100.00 % 100.00 % Infosys Business Solutions LLC (1)(42) Qatar 100.00 % — Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (44) Germany 100.00 % — oddity GmbH (46) Germany 100.00 % — oddity (Shanghai) Co., Ltd. (47) China 100.00 % — oddity Limited (Taipei) (47) Taiwan 100.00 % — oddity space GmbH (46) Germany 100.00 % — oddity jungle GmbH (46) Germany 100.00 % — oddity code GmbH (46) Germany 100.00 % — oddity code d.o.o (48) Serbia 100.00 % — oddity waves GmbH (46) Germany 100.00 % — oddity group services GmbH (46) Germany 100.00 % — Infosys Public Services Canada Inc. (19)(5) Canada 100.00 % — BASE life science AG (50) Switzerland 100.00 % — BASE life science GmbH (50) Germany 100.00 % — BASE life science A/S (49) Denmark 100.00 % — BASE life science S.A.S (50) France 100.00 % — BASE life science Ltd. (50) U.K. 100.00 % — BASE life science S.r.l. (50) Italy 100.00 % — Innovisor Inc. (50) U.S. 100.00 % — BASE life science Inc. (50) U.S. 100.00 % — BASE life science S.L. (50)(51) Spain 100.00 % — Panaya Germany GmbH (6)(52) Germany 100.00 % — Infosys Norway (8)(53) Norway 100.00 % — (1) Wholly-owned subsidiary of Infosys Limited (2) Majority owned and controlled subsidiary of Infosys Limited (3) Wholly-owned subsidiary of Infosys BPM Limited (4) Wholly-owned subsidiary of Infosys Consulting Holding AG (5) Incorporated on July 8, 2022 (6) Wholly-owned subsidiary of Panaya Inc . (7) Wholly-owned subsidiary of Brilliant Basics Holding Limited. (8) Wholly-owned subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd) (9) Majority owned and controlled subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (10) Wholly-owned subsidiary of WongDoody Holding Company Inc. (WongDoody) (11) Wholly-owned subsidiary of Fluido Oy (12) Wholly-owned subsidiary of Stater N.V (13) Majority owned and controlled subsidiary of Stater Participations B.V. (14) Wholly-owned subsidiary of Infy Consulting Company Limited (15) Wholly-owned subsidiary of Infosys Nova Holdings LLC (16) Wholly-owned subsidiary of Outbox Systems Inc. (17) Wholly-owned subsidiary of Simplus ANZ Pty Ltd (18) Wholly-owned subsidiary of Simplus Australia Pty Ltd (19) Wholly-owned subsidiary of Infosys Public Services, Inc. (20) Wholly-owned subsidiary of Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd) (21) Wholly-owned subsidiary of GuideVision s.r.o. (22) Wholly-owned subsidiary of Kaleidoscope Animations, Inc. (23) Wholly-owned subsidiary of Blue Acorn iCi Inc (24) Wholly-owned subsidiary of Beringer Commerce Holdings LLC (25) Wholly-owned subsidiary of Beringer Capital Digital Group Inc. (26) Under liquidation (27) Liquidated effective April 27,2021 (28) Incorporated on August 4, 2021 (29) Liquidated effective July 20, 2021 (30) Liquidated effective September 1, 2021 (31) Liquidated effective September 2, 2021 (32) Incorporated on August 31, 2021 (33) On December 14, 2021, Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited acquired 100 % of voting interests in Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) (34) Liquidated effective December 16, 2021 (35) Liquidated effective November 23, 2021 (36) Wholly-owned subsidiary of Infosys Limited, merged with WongDoody Inc, effective December 31, 2021 (37) Wholly-owned subsidiary of WongDoody Holding Company Inc. (WongDoody), merged with WongDoody Inc, effective December 31, 2021 (38) Wholly-owned subsidiary of Infosys Limited, effective December 31, 2021 (39) Merged with Beringer Commerce Holdings LLC, effective January 1, 2022 (40) Merged with Beringer Capital Digital Group Inc, effective January 1, 2022 (41) Merged with Blue Acorn iCi Inc, effective January 1, 2022 (42) Incorporated on February 20, 2022 (43) On March 17, 2022, Infosys Limited acquired non-controlling interest of 0.01 % of the voting interests in Infosys BPM Limited. (44) On March 22, 2022 , Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited acquired 100 % of voting interests in Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”) ). (45) Infosys Consulting S.R.L. (Argentina) (formerly a Wholly-owned subsidiary of Infosys Consulting Holding AG) became the majority owned and controlled subsidiary of Infosys Limited with effect from April 1, 2022 (46) On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (a wholly owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.)) acquired 100 % of voting interests in oddity space GmbH, oddity jungle GmbH, oddity waves GmbH, oddity group services GmbH, oddity code GmbH and oddity GmbH. (47) Wholly-owned subsidiary of oddity GmbH (48) Wholly-owned subsidiary of oddity code GmbH. (49) On September 1, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (a Wholly-owned subsidiary of Infosys Limited) acquired 100 % of voting interests in BASE life science A/S. (50) Wholly-owned subsidiary of BASE life science A/S (51) Incorporated on September 6, 2022 (52) Incorporated effective December 15, 2022 (53) Incorporated effective February 7, 2023 . (54) Infosys Financial Services GmbH. (formerly Panaya GmbH) became a wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.) with effect from February 23, 2023. List of other related parties: Particulars Country Nature of relationship Infosys Limited Employees’ Gratuity Fund Trust India Post-employment benefit plan of Infosys Infosys Limited Employees’ Provident Fund Trust India Post-employment benefit plan of Infosys Infosys Limited Employees’ Superannuation Fund Trust India Post-employment benefit plan of Infosys Infosys BPM Limited Employees’ Superannuation Fund Trust India Post-employment benefit plan of Infosys BPM Infosys BPM Limited Employees’ Gratuity Fund Trust India Post-employment benefit plan of Infosys BPM EdgeVerve Systems Limited Employees’ Gratuity Fund Trust India Post-employment benefit plan of EdgeVerve EdgeVerve Systems Limited Employees’ Superannuation Fund Trust India Post-employment benefit plan of EdgeVerve Infosys Employees’ Welfare Trust India Controlled Trust Infosys Employee Benefits Trust India Controlled Trust Infosys Science Foundation India Controlled Trust Infosys Expanded Stock Ownership Trust India Controlled Trust Infosys Foundation (1)(2) India Trust jointly controlled by KMPs (1) Effective January 1, 2022 (2) During Fiscal 2023, the Group contributed $ 44 million towards CSR. |
Summary of Related Party Transactions | Transactions with Key Managerial Personnel (KMP) The table below describes the related party transactions with key management personnel which comprises directors and executive officers under IAS 24: (Dollars in millions) Year ended March 31, 2023 2022 2021 Salaries and other employee benefits to whole-time directors and executive officers (1)(2) 14 18 19 Commission and other benefits to non-executive / independent directors 2 2 1 Total 16 20 20 (1) Includes employee stock compensation expense of $ 6 million, $ 9 million and $ 10 million for fiscal 2023, 2022 and 2021, respectively, towards key managerial personnel (Refer to Note 2.17). Stock compensation expense for fiscal 2023 includes reversal of expense on account of resignation / retirement of KMP. (2) Does not include post-employment benefit and other long term benefits based on actuarial valuation as this is done for the Company as a whole. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Schedule of Segmented Information | 2.21.1 Business segments (Dollars in millions) Year ended March 31, 2023 Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) All Other Segments (5) Total Revenues 5,434 2,632 2,246 2,300 2,357 1,472 1,251 520 18,212 Identifiable operating expenses 3,103 1,352 1,380 1,231 1,551 864 724 348 10,553 Allocated expenses 985 487 401 430 426 242 209 130 3,310 Segment profit 1,346 793 465 639 380 366 318 42 4,349 Unallocable expenses 524 Operating profit 3,825 Other income, net (Refer to Note 2.16) 335 Finance cost (Refer to Note 2.8) 35 Profit before Income taxes 4,125 Income tax expense 1,142 Net profit 2,983 Depreciation and amortization 524 Non-cash expenses other than depreciation and amortization — (Dollars in millions) Year ended March 31, 2022 Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) All Other Segments (5) Total Revenues 5,218 2,379 2,035 1,942 1,787 1,346 1,142 462 16,311 Identifiable operating expenses 2,967 1,158 1,231 1,029 1,133 798 649 316 9,281 Allocated expenses 867 399 353 347 332 213 174 124 2,809 Segment profit 1,384 822 451 566 322 335 319 22 4,221 Unallocable expenses 466 Operating profit 3,755 Other income, net (Refer to Note 2.16) 308 Finance cost (Refer to Note 2.8) 27 Profit before Income taxes 4,036 Income tax expense 1,068 Net profit 2,968 Depreciation and amortization 466 Non-cash expenses other than depreciation and amortization — (Dollars in millions) Year ended March 31, 2021 Financial Services (1) Retail (2) Communication (3) Energy, Manufacturing Hi Tech Life (4) All Other Segments (5) Total Revenues 4,399 1,991 1,703 1,692 1,275 1,155 927 419 13,561 Identifiable operating expenses 2,378 937 991 877 674 648 475 259 7,239 Allocated expenses 813 363 335 335 255 176 161 118 2,556 Segment profit 1,208 691 377 480 346 331 291 42 3,766 Unallocable expenses 441 Operating profit 3,325 Other income, net (Refer to Note 2.16) 297 Finance cost (Refer to Note 2.8) 26 Profit before Income taxes 3,596 Income tax expense 973 Net profit 2,623 Depreciation and amortization 441 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 Public Services & other enterprises in Public Services |
Overview - Additional Informati
Overview - Additional Information (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Overview [Abstract] | |
Name of reporting entity | Infosys Limited |
Description of nature of entity's operations and principal activities | 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. |
Domicile of entity | India |
Address of entity's registered office | Bengaluru, Karnataka, India |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalent (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Cash and bank deposits | $ 1,220 | $ 1,840 | ||
Deposits with financial institutions | 261 | 465 | ||
Cash and cash equivalents | $ 1,481 | $ 2,305 | $ 3,380 | $ 2,465 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Cash and cash equivalents [abstract] | |||
Restricted cash and bank balances | $ 44 | $ 62 | $ 69 |
Investments - Schedule of Carry
Investments - Schedule of Carrying Value of Investments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Current | $ 841 | $ 880 |
Carrying value of investments, Non-Current | 1,530 | 1,801 |
Total Investments | 2,371 | 2,681 |
Amortized Cost | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Total Investments | 233 | 280 |
Fair Value Through Profit or Loss | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Total Investments | 189 | 289 |
Fair Value Through Other Comprehensive Income | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Total Investments | 1,949 | 2,112 |
Cost | Quoted Debt Securities | Amortized Cost | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Current | 18 | 29 |
Carrying value of investments, Non-Current | 215 | 251 |
Fair Value | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Total Investments | 2,399 | 2,724 |
Fair Value | Quoted Debt Securities | Amortized Cost | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Total Investments | 261 | 323 |
Fair Value | Quoted Debt Securities | Fair Value Through Other Comprehensive Income | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Current | 179 | 133 |
Carrying value of investments, Non-Current | 1,221 | 1,501 |
Total Investments | 1,400 | 1,634 |
Fair Value | Liquid Mutual Funds | Fair Value Through Profit or Loss | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Current | 119 | 266 |
Total Investments | 119 | 266 |
Fair Value | Commercial Paper | Fair Value Through Other Comprehensive Income | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Current | 90 | |
Total Investments | 90 | |
Fair Value | Certificates of Deposit | Fair Value Through Other Comprehensive Income | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Current | 435 | 452 |
Total Investments | 435 | 452 |
Fair Value | Unquoted Equity and Preference Securities | Fair Value Through Profit or Loss | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Total Investments | 3 | |
Fair Value | Unquoted Equity and Preference Securities | Fair Value Through Other Comprehensive Income | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Non-Current | 24 | 26 |
Total Investments | 24 | 26 |
Fair Value | Unquoted Compulsorily Convertible Debentures | Fair Value Through Profit or Loss | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Non-Current | 1 | |
Total Investments | 1 | |
Fair Value | Unquoted Preference Securities | Fair Value Through Profit or Loss | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Non-Current | 3 | |
Fair Value | Target Maturity Fund Units | Fair Value Through Profit or Loss | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Non-Current | 49 | |
Total Investments | 49 | |
Fair Value | Others | Fair Value Through Profit or Loss | ||
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Line Items] | ||
Carrying value of investments, Non-Current | 21 | 19 |
Total Investments | $ 21 | $ 19 |
Investments - Schedule of Car_2
Investments - Schedule of Carrying Value of Investments (Parentheticals) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Investments Other Than Investments Accounted For Using Equity Method [Abstract] | ||
Uncalled capital commitments outstanding | $ 11 | $ 4 |
Investments - Schedule of Amoun
Investments - Schedule of Amounts Recorded in Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | ||
Disclosure Of Analysis Of Other Comprehensive Income By Item [Line Items] | ||||
Other comprehensive income, Gross | $ 11 | |||
Other comprehensive income, Net | [1] | $ (30) | $ (6) | (14) |
Quoted Debt Securities | ||||
Disclosure Of Analysis Of Other Comprehensive Income By Item [Line Items] | ||||
Other comprehensive income, Gross | (31) | (9) | (17) | |
Other comprehensive income, Tax | 1 | 3 | 3 | |
Other comprehensive income, Net | (30) | (6) | (14) | |
Unquoted Equity and Preference Securities | ||||
Disclosure Of Analysis Of Other Comprehensive Income By Item [Line Items] | ||||
Other comprehensive income, Gross | (3) | 15 | 19 | |
Other comprehensive income, Tax | (3) | (3) | ||
Other comprehensive income, Net | $ (3) | $ 12 | $ 16 | |
[1] net of taxes |
Investments - Schedule of Metho
Investments - Schedule of Method of Fair Valuation (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 2,371 | $ 2,681 |
Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | 2,399 | 2,724 |
Fair Value Through Profit or Loss | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | 189 | 289 |
Amortized Cost | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | 233 | 280 |
Fair Value Through Other Comprehensive Income | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 1,949 | 2,112 |
Liquid Mutual Funds | Fair Value Through Profit or Loss | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Quoted price | |
Liquid Mutual Funds | Fair Value Through Profit or Loss | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 119 | 266 |
Target Maturity Fund Units | Fair Value Through Profit or Loss | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Quoted price | |
Target Maturity Fund Units | Fair Value Through Profit or Loss | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 49 | |
Quoted Debt Securities | Amortized Cost | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Quoted price and marketobservable inputs | |
Quoted Debt Securities | Amortized Cost | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 261 | 323 |
Quoted Debt Securities | Fair Value Through Other Comprehensive Income | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Quoted price and marketobservable inputs | |
Quoted Debt Securities | Fair Value Through Other Comprehensive Income | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 1,400 | 1,634 |
Commercial Paper | Fair Value Through Other Comprehensive Income | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Market observable inputs | |
Commercial Paper | Fair Value Through Other Comprehensive Income | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 90 | |
Certificates of Deposit | Fair Value Through Other Comprehensive Income | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Market observable inputs | |
Certificates of Deposit | Fair Value Through Other Comprehensive Income | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 435 | 452 |
Unquoted Equity and Preference Securities | Fair Value Through Profit or Loss | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Discounted cash flows method,Market multiples method,Option pricing model | |
Unquoted Equity and Preference Securities | Fair Value Through Profit or Loss | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | 3 | |
Unquoted Equity and Preference Securities | Fair Value Through Other Comprehensive Income | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Discounted cash flows method,Market multiples method,Option pricing model | |
Unquoted Equity and Preference Securities | Fair Value Through Other Comprehensive Income | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 24 | 26 |
Unquoted Compulsorily Convertible Debentures | Fair Value Through Profit or Loss | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Discounted cash flows method | |
Unquoted Compulsorily Convertible Debentures | Fair Value Through Profit or Loss | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | 1 | |
Others | Fair Value Through Profit or Loss | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Method | Discounted cash flows method,Market multiples method,Option pricing model | |
Others | Fair Value Through Profit or Loss | Fair Value | ||
Disclosure Of Fair Value Measurement Of Assets [Line Items] | ||
Fair value | $ 21 | $ 19 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Carrying Value and Fair Value of Financial Instruments by Categories (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | ||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets amortised cost | $ 6,589 | $ 6,944 | ||
Financial assets at fair value through profit or loss mandatory | 197 | 305 | ||
Financial assets at fair value through OCI equity instruments designated upon initial recognition | 24 | 26 | ||
Financial assets at fair value through OCI mandatory | 1,929 | 2,089 | ||
Financial assets total carrying value | 8,739 | 9,364 | ||
Financial assets total fair value | 8,757 | 9,395 | ||
Financial liabilities amortised cost | 3,592 | 3,256 | ||
Financial liabilities at fair value through profit or loss mandatory | 93 | 110 | ||
Financial liabilities at fair value through OCI mandatory | 2 | |||
Financial liabilities total carrying value | 3,687 | 3,366 | ||
Financial liabilities total fair value | 3,687 | 3,366 | ||
Trade Payables | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial liabilities amortised cost | 470 | 545 | ||
Financial liabilities total carrying value | 470 | 545 | ||
Financial liabilities total fair value | 470 | 545 | ||
Lease liabilities | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial liabilities amortised cost | 1,010 | 722 | ||
Financial liabilities total carrying value | 1,010 | 722 | ||
Financial liabilities total fair value | 1,010 | 722 | ||
Derivative Financial Instruments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial liabilities at fair value through profit or loss mandatory | 8 | 8 | ||
Financial liabilities at fair value through OCI mandatory | 2 | |||
Financial liabilities total carrying value | 10 | 8 | ||
Financial liabilities total fair value | 10 | 8 | ||
Financial Liability Under Option Arrangements | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets total fair value | 73 | |||
Financial liabilities at fair value through profit or loss mandatory | 73 | 86 | ||
Financial liabilities total carrying value | 73 | 86 | ||
Financial liabilities total fair value | 73 | 86 | ||
Other Liabilities Including Contingent Consideration | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial liabilities amortised cost | 2,112 | 1,989 | ||
Financial liabilities total carrying value | 2,124 | 2,005 | ||
Financial liabilities total fair value | 2,124 | 2,005 | ||
Contingent Consideration | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial liabilities at fair value through profit or loss mandatory | 12 | 16 | ||
Financial liabilities total fair value | 12 | 16 | ||
Cash and Cash Equivalents | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets amortised cost | 1,481 | 2,305 | ||
Financial assets total carrying value | 1,481 | 2,305 | ||
Financial assets total fair value | 1,481 | 2,305 | ||
Liquid Mutual Funds | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets total fair value | 119 | 266 | ||
Liquid Mutual Funds | Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets at fair value through profit or loss mandatory | 119 | 266 | ||
Financial assets total carrying value | 119 | 266 | ||
Financial assets total fair value | 119 | 266 | ||
Quoted Debt Securities | Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets amortised cost | 233 | 280 | ||
Financial assets at fair value through OCI mandatory | 1,400 | 1,634 | ||
Financial assets total carrying value | 1,633 | 1,914 | ||
Financial assets total fair value | 1,661 | [1] | 1,957 | [2] |
Target Maturity Fund Units | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets total fair value | 49 | |||
Target Maturity Fund Units | Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets at fair value through profit or loss mandatory | 49 | |||
Financial assets total carrying value | 49 | |||
Financial assets total fair value | 49 | |||
Certificates of Deposit | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets total fair value | 435 | 452 | ||
Certificates of Deposit | Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets at fair value through OCI mandatory | 435 | 452 | ||
Financial assets total carrying value | 435 | 452 | ||
Financial assets total fair value | 435 | 452 | ||
Commercial Paper | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets total fair value | 90 | |||
Commercial Paper | Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets at fair value through OCI mandatory | 90 | |||
Financial assets total carrying value | 90 | |||
Financial assets total fair value | 90 | |||
Unquoted Compulsorily Convertible Debentures | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets total fair value | 1 | |||
Unquoted Compulsorily Convertible Debentures | Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets at fair value through profit or loss mandatory | 1 | |||
Financial assets total carrying value | 1 | |||
Financial assets total fair value | 1 | |||
Unquoted Equity and Preference Securities | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets total fair value | 24 | 29 | ||
Unquoted Equity and Preference Securities | Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets at fair value through profit or loss mandatory | 3 | |||
Financial assets at fair value through OCI equity instruments designated upon initial recognition | 24 | 26 | ||
Financial assets total carrying value | 24 | 29 | ||
Financial assets total fair value | 24 | 29 | ||
Unquoted Investments Others | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets total fair value | 21 | 19 | ||
Unquoted Investments Others | Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets at fair value through profit or loss mandatory | 21 | 19 | ||
Financial assets total carrying value | 21 | 19 | ||
Financial assets total fair value | 21 | 19 | ||
Trade Receivables | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets amortised cost | 3,094 | 2,995 | ||
Financial assets total carrying value | 3,094 | 2,995 | ||
Financial assets total fair value | 3,094 | 2,995 | ||
Unbilled Revenue | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets amortised cost | 1,157 | [3] | 838 | [4] |
Financial assets total carrying value | 1,157 | [3] | 838 | [4] |
Financial assets total fair value | 1,157 | [3] | 838 | [4] |
Prepayments and Other Assets | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets amortised cost | 624 | 526 | ||
Financial assets total carrying value | 624 | 526 | ||
Financial assets total fair value | 614 | [5] | 514 | [6] |
Derivative Financial Instruments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets at fair value through profit or loss mandatory | 16 | |||
Financial assets at fair value through OCI mandatory | 4 | 3 | ||
Financial assets total carrying value | 12 | 19 | ||
Financial assets total fair value | 12 | $ 19 | ||
Derivative Financial Instruments | Investments | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Financial assets at fair value through profit or loss mandatory | $ 8 | |||
[1] On account of fair value changes including interest accrued On account of fair value changes including interest accrued Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones Excludes interest accrued on quoted debt securities carried at amortized cost of $ 10 million Excludes interest accrued on quoted debt securities carried at amortized cost of $ 12 million |
Financial Instruments - Sched_2
Financial Instruments - Schedule of Carrying Value and Fair Value of Financial Instruments by Categories (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Interest accrued on quoted debt securities carried at amortized cost | $ 10 | $ 12 |
Financial Instruments - Sched_3
Financial Instruments - Schedule of Fair Value Hierarchy of Assets and Liabilities Measured At Fair Value On a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | ||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | $ 8,757 | $ 9,395 | ||
Financial liabilities | 3,687 | 3,366 | ||
Financial Liability Under Option Arrangements | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 73 | |||
Financial liabilities | 73 | 86 | ||
Other Liabilities Including Contingent Consideration | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial liabilities | 12 | 16 | ||
Liquid Mutual Funds | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 119 | 266 | ||
Liquid Mutual Funds | Investments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 119 | 266 | ||
Target Maturity Fund Units | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 49 | |||
Target Maturity Fund Units | Investments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 49 | |||
Quoted Debt Securities | Investments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 1,661 | [1] | 1,957 | [2] |
Certificates of Deposit | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 435 | 452 | ||
Certificates of Deposit | Investments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 435 | 452 | ||
commercial paper | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 90 | |||
commercial paper | Investments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 90 | |||
Unquoted Compulsorily Convertible Debentures | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 1 | |||
Unquoted Compulsorily Convertible Debentures | Investments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 1 | |||
Unquoted Investments Others | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 21 | 19 | ||
Unquoted Investments Others | Investments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 21 | 19 | ||
Unquoted Equity and Preference Securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 24 | 29 | ||
Unquoted Equity and Preference Securities | Investments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 24 | 29 | ||
Derivative Financial Instruments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial liabilities | 10 | 8 | ||
Derivative Financial Instruments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 12 | 19 | ||
Level 1 | Liquid Mutual Funds | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 119 | 266 | ||
Level 1 | Target Maturity Fund Units | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 49 | |||
Level 1 | Quoted Debt Securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 1,302 | 1,721 | ||
Level 2 | Quoted Debt Securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 359 | 236 | ||
Level 2 | Certificates of Deposit | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 435 | 452 | ||
Level 2 | commercial paper | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 90 | |||
Level 2 | Derivative Financial Instruments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 8 | |||
Financial liabilities | 10 | |||
Level 2 | Derivative Financial Instruments | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 12 | 19 | ||
Level 3 | Financial Liability Under Option Arrangements | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial liabilities | 73 | 86 | ||
Level 3 | Other Liabilities Including Contingent Consideration | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial liabilities | 12 | 16 | ||
Level 3 | Unquoted Compulsorily Convertible Debentures | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 1 | |||
Level 3 | Unquoted Investments Others | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | 21 | 19 | ||
Level 3 | Unquoted Equity and Preference Securities | ||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] | ||||
Financial assets | $ 24 | $ 29 | ||
[1] On account of fair value changes including interest accrued On account of fair value changes including interest accrued |
Financial Instruments - Sched_4
Financial Instruments - Schedule of Fair Value Hierarchy of Assets and Liabilities Measured At Fair Value On a Recurring Basis (Parenthetical) (Details) - Discount Rate, Measurement Input | Mar. 31, 2023 | Mar. 31, 2022 |
Bottom of Range | ||
Disclosure Of Fair Value Measurement Of Liabilities Towards Contingent Consideration | ||
Contingent consideration discount rate | 10% | 8% |
Top of Range | ||
Disclosure Of Fair Value Measurement Of Liabilities Towards Contingent Consideration | ||
Contingent consideration discount rate | 15% | 14.50% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Financial Instruments [Line Items] | ||||
Description of reasons for transfers out of level 1 in to level 2 of fair value hierarchy assets | During fiscal 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. | During fiscal 2022, quoted debt securities of $76 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 $127 million were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs. | ||
Percentage point change in unobservable inputs used in fair valuation of Level 3 assets and liabilities that does not have significant impact | 1% | 1% | ||
Exchange rate differences, percentage effect on incremental operating margins | 0.44% | 0.46% | 0.47% | |
Derivative maturity description | 12 months | 12 months | ||
Impairment loss under expected credit loss on customer balances | $ 28,000,000 | $ 19,000,000 | $ 25,000,000 | |
Days Sales Outstanding- DSO | 62 days | 67 days | ||
Outstanding bank borrowings | $ 0 | |||
Working capital | 3,857,000,000 | $ 4,432,000,000 | ||
Cash and cash equivalents | 1,481,000,000 | 2,305,000,000 | 3,380,000,000 | $ 2,465,000,000 |
Current investments | 841,000,000 | 880,000,000 | ||
Outstanding employee benefit obligations | 302,000,000 | 300,000,000 | ||
Liquidity risk on account of outstanding employee benefit obligations | 0 | 0 | ||
Derivatives Not Designated As Cash Flow Hedges | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Net gain (loss) recognized on derivative financial instruments | (69,000,000) | 22,000,000 | $ 84,000,000 | |
Trade Receivables | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Maximum exposure to credit risk | 3,094,000,000 | 2,995,000,000 | ||
Unbilled Revenue | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Maximum exposure to credit risk | 2,037,000,000 | 1,650,000,000 | ||
Quoted Debt Securities | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Debt securities, transferred from Level 1 to Level 2 of fair value hierarchy | 196,000,000 | 127,000,000 | ||
Debt securities, transferred from Level 2 to Level 1 of fair value hierarchy | $ 47,000,000 | $ 76,000,000 |
Financial Instruments - Summary
Financial Instruments - Summary of Income from Financial Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income, expense, gains or losses of financial instruments [abstract] | |||
Interest income on financial assets carried at amortized cost | $ 107 | $ 135 | $ 161 |
Interest income on financial assets fair valued through other comprehensive income | 119 | 86 | 55 |
Dividend income on investments carried at fair value through profit or loss | 1 | ||
Gain / (loss) on investments carried at fair value through profit or loss | 18 | 24 | 10 |
Gain / (loss) on investments carried at fair value through other comprehensive income | 11 | ||
Income from financial assets | $ 244 | $ 245 | $ 238 |
Financial Instruments - Sched_5
Financial Instruments - Schedule of Analysis of Foreign Currency Risk From Monetary Assets and Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Financial Instruments [Line Items] | ||
Net financial assets | $ 8,739 | $ 9,364 |
Net financial liabilities | (3,687) | (3,366) |
Foreign Currency Risk | ||
Disclosure Of Financial Instruments [Line Items] | ||
Net financial assets | 4,194 | 3,717 |
Net financial liabilities | (2,407) | (2,086) |
Total | 1,787 | 1,631 |
Foreign Currency Risk | U.S. Dollars | ||
Disclosure Of Financial Instruments [Line Items] | ||
Net financial assets | 2,528 | 2,404 |
Net financial liabilities | (1,478) | (1,214) |
Total | 1,050 | 1,190 |
Foreign Currency Risk | Euro | ||
Disclosure Of Financial Instruments [Line Items] | ||
Net financial assets | 908 | 657 |
Net financial liabilities | (454) | (417) |
Total | 454 | 240 |
Foreign Currency Risk | United Kingdom Pound Sterling | ||
Disclosure Of Financial Instruments [Line Items] | ||
Net financial assets | 221 | 199 |
Net financial liabilities | (90) | (88) |
Total | 131 | 111 |
Foreign Currency Risk | Australian Dollars | ||
Disclosure Of Financial Instruments [Line Items] | ||
Net financial assets | 220 | 178 |
Net financial liabilities | (116) | (129) |
Total | 104 | 49 |
Foreign Currency Risk | Other Currencies | ||
Disclosure Of Financial Instruments [Line Items] | ||
Net financial assets | 317 | 279 |
Net financial liabilities | (269) | (238) |
Total | $ 48 | $ 41 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Outstanding Foreign Forward and Options Contract (Details) € in Millions, ¥ in Millions, £ in Millions, kr in Millions, SFr in Millions, R$ in Millions, R in Millions, Kč in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions | Mar. 31, 2023 EUR (€) | Mar. 31, 2023 USD ($) | Mar. 31, 2023 AUD ($) | Mar. 31, 2023 GBP (£) | Mar. 31, 2023 CNY (¥) | Mar. 31, 2023 CZK (Kč) | Mar. 31, 2023 NZD ($) | Mar. 31, 2023 NOK (kr) | Mar. 31, 2023 SGD ($) | Mar. 31, 2023 CHF (SFr) | Mar. 31, 2023 ZAR (R) | Mar. 31, 2022 EUR (€) | Mar. 31, 2022 USD ($) | Mar. 31, 2022 AUD ($) | Mar. 31, 2022 GBP (£) | Mar. 31, 2022 BRL (R$) | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 CNY (¥) | Mar. 31, 2022 CZK (Kč) | Mar. 31, 2022 NZD ($) | Mar. 31, 2022 NOK (kr) | Mar. 31, 2022 SGD ($) | Mar. 31, 2022 CHF (SFr) | Mar. 31, 2022 ZAR (R) |
Derivative Financial Instruments | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | $ 3,364 | $ 3,121 | ||||||||||||||||||||||
Derivatives Designated As Cash Flow Hedges | Forward contracts | Euro | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | € 8 | 9 | ||||||||||||||||||||||
Derivatives Designated As Cash Flow Hedges | Option contracts | Euro | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | € 325 | 354 | 280 | 311 | ||||||||||||||||||||
Derivatives Designated As Cash Flow Hedges | Option contracts | Australian Dollars | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 94 | $ 140 | 139 | $ 185 | ||||||||||||||||||||
Derivatives Designated As Cash Flow Hedges | Option contracts | United Kingdom Pound Sterling | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 68 | £ 55 | 42 | £ 32 | ||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | Euro | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 316 | 344 | 297 | 330 | ||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | Australian Dollars | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 6 | 10 | ||||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | United Kingdom Pound Sterling | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 107 | 86 | 86 | £ 65 | ||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | Brazil, Brazil Real | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 1 | R$ 6 | ||||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | U.S. Dollars | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 1,670 | 1,166 | ||||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | China, Yuan Renminbi | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 6 | ¥ 41 | 6 | ¥ 38 | ||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | Czech Koruna | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 16 | Kč 364 | 14 | Kč 296 | ||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | Singapore dollars | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 151 | $ 204 | 180 | $ 252 | ||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | New Zealand dollars | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 19 | $ 30 | 14 | $ 20 | ||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | Norwegian Krone | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 10 | kr 100 | 9 | kr 80 | ||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | Canadian dollars | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 27 | $ 34 | ||||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | Swiss Franc | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 1 | SFr 1 | 17 | SFr 15 | ||||||||||||||||||||
Derivative Financial Instruments | Forward contracts | South African Rand | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 5 | R 85 | 3 | R 45 | ||||||||||||||||||||
Derivative Financial Instruments | Option contracts | Euro | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | € 160 | 174 | € 81 | 90 | ||||||||||||||||||||
Derivative Financial Instruments | Option contracts | Australian Dollars | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 20 | $ 30 | ||||||||||||||||||||||
Derivative Financial Instruments | Option contracts | United Kingdom Pound Sterling | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | 19 | £ 15 | ||||||||||||||||||||||
Derivative Financial Instruments | Option contracts | U.S. Dollars | ||||||||||||||||||||||||
Disclosure Of Financial Instruments [Line Items] | ||||||||||||||||||||||||
Nominal value | $ 300 | $ 677 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Derivative Financial Instruments into Relevant Maturity Groupings (Details) - Derivative Financial Instruments - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Financial Instruments [Line Items] | ||
Nominal value | $ 3,364 | $ 3,121 |
Exchange Forward And Option Contracts | ||
Disclosure Of Financial Instruments [Line Items] | ||
Nominal value | 3,364 | 3,121 |
Exchange Forward And Option Contracts | Not later than one month [member] | ||
Disclosure Of Financial Instruments [Line Items] | ||
Nominal value | 1,601 | 823 |
Exchange Forward And Option Contracts | Later than one month and not later than three months [member] | ||
Disclosure Of Financial Instruments [Line Items] | ||
Nominal value | 1,358 | 1,642 |
Exchange Forward And Option Contracts | Later than three months and not later than one year [member] | ||
Disclosure Of Financial Instruments [Line Items] | ||
Nominal value | $ 405 | $ 656 |
Financial Instruments - Summa_4
Financial Instruments - Summary of Reconciliation of Cash Flow Hedge Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Balance at the beginning of the period | $ 1 | $ 2 |
Gain / (Loss) recognized in other comprehensive income during the period | 12 | 14 |
Amount reclassified to profit or loss during the period | $ (13) | (15) |
Balance at the end of the period | $ 1 |
Financial Instruments - Summa_5
Financial Instruments - Summary of Quantitative Information About Offsetting of Derivative Financial Assets And Derivative Financial Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of detailed information about financial instruments [abstract] | ||
Gross amount of recognized financial asset | $ 15 | $ 24 |
Amount set off | (3) | (5) |
Net amount presented in balance sheet | 12 | 19 |
Gross amount of recognized financial liability | (13) | (13) |
Amount set off | 3 | 5 |
Net amount presented in balance sheet | $ (10) | $ (8) |
Financial Instruments - Summa_6
Financial Instruments - Summary of Percentage of Revenues (Details) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Revenue from top five customers | 12.70% | 11.40% | 11% |
Revenue from top ten customers | 20.20% | 19.30% | 18.10% |
Financial Instruments - Summa_7
Financial Instruments - Summary of Trade Receivables Ageing Schedule (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure Of Financial Instruments [Line Items] | ||||
Less: Allowance for credit loss | $ 117 | $ 113 | $ 103 | $ 93 |
Total Trade receivables | 3,094 | 2,995 | ||
Trade Receivables | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Less: Allowance for credit loss | 83 | 88 | ||
Gross Carrying Value | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Total Trade receivables | 3,177 | 3,083 | ||
Not Due | Gross Carrying Value | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Total Trade receivables | 2,241 | 2,295 | ||
Less Than 6 Months | Gross Carrying Value | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Total Trade receivables | 914 | 734 | ||
6 Months to 1 Year | Gross Carrying Value | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Total Trade receivables | 7 | 31 | ||
1-2 Years | Gross Carrying Value | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Total Trade receivables | 1 | 10 | ||
2 - 3 Year | Gross Carrying Value | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Total Trade receivables | 9 | 9 | ||
More Than 3 Years | Gross Carrying Value | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Total Trade receivables | $ 5 | $ 4 |
Financial Instruments - Summa_8
Financial Instruments - Summary of Movement In Credit Allowance On Customer Balance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |||
Balance at the beginning | $ 113 | $ 103 | $ 93 |
Translation differences | (3) | (1) | 2 |
Impairment loss recognized / (reversed), net | 28 | 19 | 25 |
Amounts written off | (21) | (8) | (17) |
Balance at the end | $ 117 | $ 113 | $ 103 |
Financial Instruments - Summa_9
Financial Instruments - Summary of Credit Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of detailed information about financial instruments [abstract] | ||
Trade receivables | $ 3,094 | $ 2,995 |
Unbilled revenues | $ 2,037 | $ 1,650 |
Financial Instruments - Summ_10
Financial Instruments - Summary of Contractual Maturities of Significant Financial Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Financial Instruments [Line Items] | ||
Trade payables | $ 470 | $ 545 |
Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) | 82 | 91 |
Other financial liabilities (excluding liabilities towards contingent consideration) on an undiscounted basis (Refer to Note 2.5) | 2,116 | 1,992 |
Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) | 12 | 17 |
Less Than 1 Year | ||
Disclosure Of Financial Instruments [Line Items] | ||
Trade payables | 470 | 545 |
Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) | 82 | |
Other financial liabilities (excluding liabilities towards contingent consideration) on an undiscounted basis (Refer to Note 2.5) | 1,875 | 1,787 |
Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) | 12 | 9 |
1-2 Years | ||
Disclosure Of Financial Instruments [Line Items] | ||
Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) | 12 | |
Other financial liabilities (excluding liabilities towards contingent consideration) on an undiscounted basis (Refer to Note 2.5) | 186 | 144 |
Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) | 3 | |
2-4 Years | ||
Disclosure Of Financial Instruments [Line Items] | ||
Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) | 11 | |
Other financial liabilities (excluding liabilities towards contingent consideration) on an undiscounted basis (Refer to Note 2.5) | 53 | 60 |
Liability towards contingent consideration on an undiscounted basis (Refer to Note 2.5) | 5 | |
4-7 Years | ||
Disclosure Of Financial Instruments [Line Items] | ||
Financial liability under option arrangements on an undiscounted basis (Refer to Note 2.5) | 68 | |
Other financial liabilities (excluding liabilities towards contingent consideration) on an undiscounted basis (Refer to Note 2.5) | $ 2 | $ 1 |
Prepayments and Other Assets -
Prepayments and Other Assets - Schedule of Prepayment and Other Assets (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Current assets | ||
Rental deposits | $ 4 | $ 8 |
Security deposits | 1 | 1 |
Loans to employees | 35 | 33 |
Prepaid expenses | 334 | 263 |
Interest accrued and not due | 59 | 48 |
Withholding taxes and others | 398 | 256 |
Advance payments to vendors for supply of goods | 25 | 25 |
Deposit with corporation | 286 | 287 |
Deferred contract cost | ||
Cost of obtaining a contract | 104 | 113 |
Cost of fulfillment | 21 | 12 |
Net investment in sublease of right of use asset | 6 | 6 |
Other non financial assets | 32 | 43 |
Other financial assets | 31 | 38 |
Total Current prepayment and other assets | 1,336 | 1,133 |
Non-current assets | ||
Loans to employees | 5 | 5 |
Security deposits | 6 | 6 |
Deposit with corporation | 12 | 4 |
Defined benefit plan assets | 4 | 3 |
Prepaid expenses | 41 | 13 |
Deferred contract cost | ||
Cost of obtaining a contract | 23 | 78 |
Cost of fulfillment | 79 | 41 |
Withholding taxes and others | 83 | 89 |
Net investment in sublease of right of use asset | 37 | 43 |
Rental deposits | 29 | 24 |
Other financial assets | 113 | 23 |
Total Non- current prepayment and other assets | 432 | 329 |
Total prepayment and other assets | 1,768 | 1,462 |
Financial assets in prepayments and other assets | $ 624 | $ 526 |
Prepayments and Other Assets _2
Prepayments and Other Assets - Schedule of Prepayment and Other Assets (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Disclosure Of Prepayments And Other Assets [Abstract] | |
Third party financial liability | $ 89 |
Third party financial liability settled | $ 14 |
Other Liabilities - Schedule of
Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | |
Current | |||
Accrued compensation to employees | $ 508 | $ 536 | |
Accrued defined benefit liability | [1] | 1 | |
Accrued expenses | 949 | 986 | |
Withholding taxes and others | [1] | 442 | 374 |
Retention money | 2 | 2 | |
Liabilities of controlled trusts | 26 | 28 | |
Deferred income- government grants | [1] | 4 | 1 |
Liability towards contingent consideration | 12 | 9 | |
Capital creditors | 82 | 57 | |
Financial liability under option arrangements | [2] | 73 | |
Other financial liabilities# | 305 | 176 | |
Total Current other liabilities | 2,403 | 2,170 | |
Non-current | |||
Liability towards contingent consideration | 7 | ||
Accrued compensation to employees | 1 | 1 | |
Accrued expenses | 198 | 125 | |
Accrued defined benefit liability | [1] | 54 | 49 |
Deferred income - government grants | [1] | 5 | 8 |
Deferred income | [1] | 1 | 1 |
Financial liability under option arrangements | [2] | 86 | |
Other non-financial liabilities | [1] | 1 | 1 |
Other financial liabilities | 41 | 78 | |
Total Non-current other liabilities | 301 | 356 | |
Total other liabilities | 2,704 | 2,526 | |
Financial liability carried at amortized cost | 2,112 | 1,989 | |
Financial liability carried at fair value through profit or loss | 85 | 102 | |
Financial liability under option arrangements on undiscounted basis | 82 | 91 | |
Financial liability towards contingent consideration on undiscounted basis | $ 12 | $ 17 | |
[1] Non-financial liabilities Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Disclosure Of Other Liabilities [Abstract] | |
Third party financial liability | $ 89 |
Third party financial liability settled | $ 14 |
Provisions and Other Continge_3
Provisions and Other Contingencies - Schedule of Provisions For Post Sales Client Support and Other Provisions (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of other provisions [abstract] | ||
Post sales client support and other provisions | $ 159 | $ 129 |
Provisions and Other Continge_4
Provisions and Other Contingencies - Additional Information (Details) ₨ in Millions, $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) | |
Contingent Liabilities - Other Than Income Tax Contingent Liability | ||||
Disclosure Of Other Provisions [Line Items] | ||||
Claims (excluding demands from Income tax authorities) | ₨ 7,000 | $ 85 | ₨ 6,400 | $ 84 |
Provision for Post Sales Client Support and Other Provisions | ||||
Disclosure Of Other Provisions [Line Items] | ||||
Description of expected period to be utilized | 1 year |
Provisions and Other Continge_5
Provisions and Other Contingencies - Summary of Movement in the Provision for Post Sales Client Support (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Disclosure of other provisions [abstract] | |
Balance at the beginning | $ 123 |
Translation differences | (6) |
Impact on adoption of amendment to IAS 37 | 2 |
Provision recognized / (reversed) | 57 |
Provision utilized | (17) |
Balance at the end | $ 159 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Estimated Useful Lives of Assets (Detail) | 12 Months Ended | |
Mar. 31, 2023 | ||
Buildings | Bottom of Range | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful lives (in years) | 22 years | |
Buildings | Top of Range | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful lives (in years) | 25 years | |
Plant and Machinery | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful lives (in years) | 5 years | [1] |
Computer Equipment | Bottom of Range | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful lives (in years) | 3 years | |
Computer Equipment | Top of Range | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful lives (in years) | 5 years | |
Furniture and Fixtures | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful lives (in years) | 5 years | |
Vehicles | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful lives (in years) | 5 years | |
Leasehold Improvements | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Useful lives (in years) | Lower of useful life of the asset or lease term | |
[1] Includes solar plant with a useful life of 25 years |
Property, Plant and Equipment_2
Property, Plant and Equipment - Schedule of Estimated Useful Lives of Assets (Paranthetical) (Detail) | 12 Months Ended |
Mar. 31, 2023 | |
Solar Plant | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful lives (in years) | 25 years |
Property, Plant and Equipment_3
Property, Plant and Equipment - Schedule of Changes in Carrying Value of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | $ 1,793 | $ 1,863 | $ 1,810 | |
Capital work-in-progress | 55 | 67 | 145 | $ 167 |
Property, plant and equipment, Ending balance | 1,679 | 1,793 | 1,863 | |
Gross Carrying Value | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 3,876 | 3,782 | 3,388 | |
Additions | 348 | 364 | 302 | |
Deletions* | (268) | (147) | (39) | |
Additions- Business Combinations (Refer to Note 2.10) | 2 | 1 | ||
Translation difference | (300) | (123) | 130 | |
Property, plant and equipment, Ending balance | 3,658 | 3,876 | 3,782 | |
Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | (2,150) | (2,064) | (1,745) | |
Deletions* | 266 | 143 | 37 | |
Depreciation | (320) | (300) | (292) | |
Translation difference | 170 | 71 | (64) | |
Property, plant and equipment, Ending balance | (2,034) | (2,150) | (2,064) | |
Land | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 188 | 191 | 174 | |
Property, plant and equipment, Ending balance | 174 | 188 | 191 | |
Land | Gross Carrying Value | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 188 | 191 | 174 | |
Additions | 4 | 11 | ||
Translation difference | (14) | (7) | 6 | |
Property, plant and equipment, Ending balance | 174 | 188 | 191 | |
Buildings | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 940 | 942 | 890 | |
Property, plant and equipment, Ending balance | 855 | 940 | 942 | |
Buildings | Gross Carrying Value | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 1,481 | 1,445 | 1,324 | |
Additions | 42 | 81 | 70 | |
Translation difference | (116) | (45) | 51 | |
Property, plant and equipment, Ending balance | 1,407 | 1,481 | 1,445 | |
Buildings | Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | (541) | (503) | (434) | |
Depreciation | (54) | (56) | (52) | |
Translation difference | 43 | 18 | (17) | |
Property, plant and equipment, Ending balance | (552) | (541) | (503) | |
Plant and Machinery | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 169 | 187 | 203 | |
Property, plant and equipment, Ending balance | 157 | 169 | 187 | |
Plant and Machinery | Gross Carrying Value | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 653 | 679 | 621 | |
Additions | 57 | 47 | 39 | |
Deletions* | (32) | (50) | (4) | |
Additions- Business Combinations (Refer to Note 2.10) | 1 | |||
Translation difference | (54) | (23) | 23 | |
Property, plant and equipment, Ending balance | 625 | 653 | 679 | |
Plant and Machinery | Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | (484) | (492) | (418) | |
Deletions* | 32 | 47 | 4 | |
Depreciation | (58) | (57) | (63) | |
Translation difference | 42 | 18 | (15) | |
Property, plant and equipment, Ending balance | (468) | (484) | (492) | |
Computer Equipment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 329 | 274 | 236 | |
Property, plant and equipment, Ending balance | 328 | 329 | 274 | |
Computer Equipment | Gross Carrying Value | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 1,125 | 1,045 | 882 | |
Additions | 187 | 206 | 156 | |
Deletions* | (191) | (90) | (29) | |
Additions- Business Combinations (Refer to Note 2.10) | 1 | 1 | ||
Translation difference | (85) | (36) | 35 | |
Property, plant and equipment, Ending balance | 1,037 | 1,125 | 1,045 | |
Computer Equipment | Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | (796) | (771) | (646) | |
Deletions* | 190 | 90 | 27 | |
Depreciation | (164) | (141) | (129) | |
Translation difference | 61 | 26 | (23) | |
Property, plant and equipment, Ending balance | (709) | (796) | (771) | |
Furniture and Fixtures | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 99 | 122 | 138 | |
Property, plant and equipment, Ending balance | 109 | 99 | 122 | |
Furniture and Fixtures | Gross Carrying Value | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 423 | 416 | 381 | |
Additions | 62 | 26 | 26 | |
Deletions* | (45) | (7) | (6) | |
Translation difference | (31) | (12) | 15 | |
Property, plant and equipment, Ending balance | 409 | 423 | 416 | |
Furniture and Fixtures | Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | (324) | (294) | (243) | |
Deletions* | 44 | 6 | 6 | |
Depreciation | (44) | (45) | (47) | |
Translation difference | 24 | 9 | (10) | |
Property, plant and equipment, Ending balance | (300) | (324) | (294) | |
Vehicles | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 1 | 2 | 2 | |
Property, plant and equipment, Ending balance | 1 | 1 | 2 | |
Vehicles | Gross Carrying Value | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | 6 | 6 | 6 | |
Property, plant and equipment, Ending balance | 6 | 6 | 6 | |
Vehicles | Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Property, plant and equipment, Beginning balance | (5) | (4) | (4) | |
Depreciation | (1) | (1) | ||
Translation difference | 1 | |||
Property, plant and equipment, Ending balance | $ (5) | $ (5) | $ (4) |
Property, Plant and Equipment_4
Property, Plant and Equipment - Schedule of Changes in Carrying Value of Property, Plant and Equipment (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Gross book value of assets retired | $ 234 | $ 43 |
Property, Plant and Equipment_5
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Contractual commitments for capital expenditure | $ 117 | $ 164 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Leases [Line Items] | |||
Rental expense recorded for short-term leases | $ 12 | $ 8 | $ 11 |
Information about exposure arising from leases not yet commenced to which lessee is committed | Leases not yet commenced to which Group is committed is $21 million for a lease term ranging from 3 years to 10 years. | ||
Leases not yet commenced | $ 21 | ||
Top of Range | |||
Disclosure Of Leases [Line Items] | |||
Lease term | 10 years | ||
Bottom of Range | |||
Disclosure Of Leases [Line Items] | |||
Lease term | 3 years |
Leases - Schedule of Changes in
Leases - Schedule of Changes in Carrying Value of Right of Use Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||||||
Beginning balance | $ 636 | $ 656 | $ 551 | ||||
Additions | 436 | [1] | 123 | [2] | 189 | [3] | |
Deletions | (51) | (17) | (20) | ||||
Depreciation | (147) | (105) | (86) | ||||
Translation difference | (37) | (21) | 22 | ||||
Ending balance | 837 | 636 | 656 | ||||
Land | |||||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||||||
Beginning balance | 83 | 86 | 83 | ||||
Additions | [2],[3] | 1 | |||||
Depreciation | (1) | (1) | (1) | ||||
Translation difference | (6) | (2) | 3 | ||||
Ending balance | 76 | 83 | 86 | ||||
Buildings | |||||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||||||
Beginning balance | 489 | 545 | 461 | ||||
Additions | 107 | [1] | 60 | [2] | 168 | [3] | |
Deletions | (5) | (11) | (20) | ||||
Depreciation | (84) | (88) | (80) | ||||
Translation difference | (33) | (17) | 16 | ||||
Ending balance | 474 | 489 | 545 | ||||
Vehicles | |||||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||||||
Beginning balance | 2 | 3 | 2 | ||||
Additions | 1 | [1] | 1 | [3] | |||
Depreciation | (1) | (1) | (1) | ||||
Translation difference | 1 | ||||||
Ending balance | 2 | 2 | 3 | ||||
Computer Equipment | |||||||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |||||||
Beginning balance | 62 | 22 | 5 | ||||
Additions | 328 | [1] | 63 | [2] | 19 | [3] | |
Deletions | (46) | (6) | |||||
Depreciation | (61) | (15) | (4) | ||||
Translation difference | 2 | (2) | 2 | ||||
Ending balance | $ 285 | $ 62 | $ 22 | ||||
[1] Net of adjustments on account of modifications and lease incentives Net of adjustments on account of modifications and lease incentives Net of adjustments on account of modifications and lease incentives |
Leases - Schedule of the Break-
Leases - Schedule of the Break-up of Current and Non-current Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure Of Break Up Of Current And Non Current Lease Liabilities [Abstract] | ||||
Current lease liabilities | $ 151 | $ 115 | ||
Non-current lease liabilities | 859 | 607 | ||
Total | $ 1,010 | $ 722 | $ 728 | $ 612 |
Leases - Schedule of Movement i
Leases - Schedule of Movement in Lease Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Movement In Lease Liabilities [Abstract] | |||
Balance at the beginning | $ 722 | $ 728 | $ 612 |
Additions | 434 | 125 | 204 |
Finance cost accrued during the period | 30 | 24 | 24 |
Deletions | (6) | (18) | (23) |
Payment of lease liabilities | (152) | (128) | (111) |
Translation difference | (18) | (9) | 22 |
Balance at the end | $ 1,010 | $ 722 | $ 728 |
Leases - Schedule of Contractua
Leases - Schedule of Contractual Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Contractual Maturities Of Lease Liabilities [Line Items] | ||
Total | $ 1,123 | $ 823 |
Less Than 1 Year | ||
Disclosure Of Contractual Maturities Of Lease Liabilities [Line Items] | ||
Total | 219 | 131 |
One to five years | ||
Disclosure Of Contractual Maturities Of Lease Liabilities [Line Items] | ||
Total | 663 | 430 |
More than five years | ||
Disclosure Of Contractual Maturities Of Lease Liabilities [Line Items] | ||
Total | $ 241 | $ 262 |
Leases - Schedule of Movement_2
Leases - Schedule of Movement in Net Investment in Sublease ROU Asset (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Movement In Net Investment In Sub Lease Of R O U Asset [Abstract] | |||
Balance at the beginning | $ 49 | $ 53 | $ 58 |
Additions | 1 | 1 | |
Interest income accrued during the period | 2 | 2 | 2 |
Lease receipts | (8) | (7) | (7) |
Balance at the end | $ 44 | $ 49 | $ 53 |
Leases - Schedule of Contract_2
Leases - Schedule of Contractual Maturities of Net Investment in Sublease ROU Asset (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Contractual Maturities Of Net Investment In Sublease ROU Asset [Line Items] | ||
Maturities of net investment in sublease of ROU asset | $ 48 | $ 55 |
Less than one year | ||
Disclosure Of Contractual Maturities Of Net Investment In Sublease ROU Asset [Line Items] | ||
Maturities of net investment in sublease of ROU asset | 8 | 7 |
One to five years | ||
Disclosure Of Contractual Maturities Of Net Investment In Sublease ROU Asset [Line Items] | ||
Maturities of net investment in sublease of ROU asset | 32 | 31 |
More than five years | ||
Disclosure Of Contractual Maturities Of Net Investment In Sublease ROU Asset [Line Items] | ||
Maturities of net investment in sublease of ROU asset | $ 8 | $ 17 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets - Summary of Changes In Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Intangible assets and goodwill [abstract] | ||
Carrying value at the beginning | $ 817 | $ 832 |
Goodwill on acquisition | 79 | |
Translation differences | (14) | (15) |
Carrying value at the end | $ 882 | $ 817 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets - Summary of Allocation of Goodwill to Operating Segments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |||
Goodwill allocated to operating segments | $ 882 | $ 817 | $ 832 |
Goodwill allocated to operating segments | 765 | 700 | |
Operating Segments With Significant Goodwill | |||
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |||
Goodwill allocated to operating segments | 697 | 631 | |
Financial Services | |||
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |||
Goodwill allocated to operating segments | 178 | 180 | |
Retail | |||
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |||
Goodwill allocated to operating segments | 113 | 108 | |
Communication | |||
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |||
Goodwill allocated to operating segments | 81 | 82 | |
Energy, Utilities, Resources and Services | |||
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |||
Goodwill allocated to operating segments | 140 | 141 | |
Manufacturing | |||
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |||
Goodwill allocated to operating segments | 70 | 66 | |
Life Sciences | |||
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |||
Goodwill allocated to operating segments | 115 | 54 | |
Operating Segments Without Significant Goodwill | |||
Disclosure Of Information For Individual Asset Or Cashgenerating Unit With Significant Amount Of Goodwill Or Intangible Assets With Indefinite Useful Lives [Line Items] | |||
Goodwill allocated to operating segments | $ 68 | $ 69 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Intangible Assets [Line Items] | |||
Research and development expense | $ 129 | $ 124 | $ 127 |
Panaya | |||
Disclosure Of Intangible Assets [Line Items] | |||
Goodwill pertaining to subsidiaries | $ 117 | $ 117 |
Goodwill And Intangible Asset_5
Goodwill And Intangible Assets - Summary of Key Assumptions Used (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Key Assumptions Used [Line Items] | ||
Discount rate | 13% | 12% |
Bottom of Range | ||
Disclosure Of Key Assumptions Used [Line Items] | ||
Long term growth rate | 8% | 8% |
Operating margins | 19% | 19% |
Top of Range | ||
Disclosure Of Key Assumptions Used [Line Items] | ||
Long term growth rate | 10% | 10% |
Operating margins | 21% | 21% |
Goodwill And Intangible Asset_6
Goodwill And Intangible Assets - Summary of Changes In Carrying Amount of Acquired Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | $ 225 | $ 283 | $ 251 |
Intangible assets gross, Ending balance | 213 | 225 | 283 |
Gross Carrying Value | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | 525 | 525 | 426 |
Additions during the period | 8 | 11 | 14 |
Acquisition through business combination (Refer to Note 2.10) | 41 | 72 | |
Translation differences | (4) | (11) | 13 |
Intangible assets gross, Ending balance | 570 | 525 | 525 |
Accumulated Depreciation | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | (300) | (242) | (175) |
Amortization expense | (60) | (62) | (63) |
Translation differences | 3 | 4 | (4) |
Intangible assets gross, Ending balance | (357) | (300) | (242) |
Customer related | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | 105 | 143 | 148 |
Intangible assets gross, Ending balance | $ 111 | $ 105 | $ 143 |
Customer related | Bottom of Range | |||
Disclosure Of Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 1 year | 1 year | 1 year |
Estimated Remaining Useful Life (in years) | 1 year | 1 year | 1 year |
Customer related | Top of Range | |||
Disclosure Of Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 15 years | 15 years | 15 years |
Estimated Remaining Useful Life (in years) | 11 years | 12 years | 13 years |
Customer related | Gross Carrying Value | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | $ 274 | $ 282 | $ 248 |
Acquisition through business combination (Refer to Note 2.10) | 34 | 24 | |
Translation differences | (1) | (8) | 10 |
Intangible assets gross, Ending balance | 307 | 274 | 282 |
Customer related | Accumulated Depreciation | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | (169) | (139) | (100) |
Amortization expense | (29) | (32) | (37) |
Translation differences | 2 | 2 | (2) |
Intangible assets gross, Ending balance | (196) | (169) | (139) |
Software related | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | 46 | 45 | 33 |
Intangible assets gross, Ending balance | $ 42 | $ 46 | $ 45 |
Software related | Bottom of Range | |||
Disclosure Of Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 3 years | 3 years | 3 years |
Estimated Remaining Useful Life (in years) | 1 year | 1 year | 1 year |
Software related | Top of Range | |||
Disclosure Of Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 10 years | 10 years | 10 years |
Estimated Remaining Useful Life (in years) | 6 years | 7 years | 8 years |
Software related | Gross Carrying Value | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | $ 121 | $ 112 | $ 92 |
Additions during the period | 8 | 11 | 14 |
Acquisition through business combination (Refer to Note 2.10) | 4 | ||
Translation differences | (2) | (2) | 2 |
Intangible assets gross, Ending balance | 127 | 121 | 112 |
Software related | Accumulated Depreciation | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | (75) | (67) | (59) |
Amortization expense | (10) | (9) | (7) |
Translation differences | 1 | (1) | |
Intangible assets gross, Ending balance | (85) | (75) | (67) |
Marketing Related | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | 21 | 26 | 23 |
Intangible assets gross, Ending balance | $ 18 | $ 21 | $ 26 |
Marketing Related | Bottom of Range | |||
Disclosure Of Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 3 years | 3 years | 3 years |
Estimated Remaining Useful Life (in years) | 1 year | 1 year | 1 year |
Marketing Related | Top of Range | |||
Disclosure Of Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 10 years | 10 years | 10 years |
Estimated Remaining Useful Life (in years) | 7 years | 8 years | 9 years |
Marketing Related | Gross Carrying Value | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | $ 40 | $ 40 | $ 32 |
Acquisition through business combination (Refer to Note 2.10) | 3 | 8 | |
Translation differences | (1) | ||
Intangible assets gross, Ending balance | 42 | 40 | 40 |
Marketing Related | Accumulated Depreciation | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | (19) | (14) | (9) |
Amortization expense | (6) | (5) | (5) |
Translation differences | 1 | ||
Intangible assets gross, Ending balance | (24) | (19) | (14) |
Others | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | 53 | 69 | 47 |
Intangible assets gross, Ending balance | $ 42 | $ 53 | $ 69 |
Others | Bottom of Range | |||
Disclosure Of Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 3 years | 3 years | 3 years |
Estimated Remaining Useful Life (in years) | 1 year | 1 year | 1 year |
Others | Top of Range | |||
Disclosure Of Intangible Assets [Line Items] | |||
Estimated Useful Life (in years) | 7 years | 7 years | 7 years |
Estimated Remaining Useful Life (in years) | 5 years | 6 years | 7 years |
Others | Gross Carrying Value | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | $ 90 | $ 91 | $ 54 |
Acquisition through business combination (Refer to Note 2.10) | 4 | 36 | |
Translation differences | (1) | 1 | |
Intangible assets gross, Ending balance | 94 | 90 | 91 |
Others | Accumulated Depreciation | |||
Disclosure Of Intangible Assets [Line Items] | |||
Intangible assets gross, Beginning balance | (37) | (22) | (7) |
Amortization expense | (15) | (16) | (14) |
Translation differences | 1 | (1) | |
Intangible assets gross, Ending balance | $ (52) | $ (37) | $ (22) |
Business Combinations - Additio
Business Combinations - Additional Information (Details) | 12 Months Ended | |
Mar. 31, 2023 USD ($) Acquisition | Mar. 31, 2021 USD ($) Acquisition | |
Disclosure Of Business Combinations [Line Items] | ||
Estimated fair value on acquisition | $ 122,000,000 | $ 189,000,000 |
Number of business combinations completed | Acquisition | 2 | 3 |
Goodwill, not tax deductible | $ 70,000,000 | |
Cash consideration | $ 116,000,000 | 176,000,000 |
Contingent consideration on acquisition | 6,000,000 | 13,000,000 |
Contingent consideration | $ 0 | |
Key input used in determining fair value of contingent consideration discount rate | 12.50% | |
Contingent consideration undiscounted value | $ 7,000,000 | |
Trade receivables acquired | 14,000,000 | 15,000,000 |
Transaction cost related to the acquisition | $ 1,000,000 | $ 2,000,000 |
Term for shareholder and employee retention bonus payable to employees | 3 years | |
oddity | ||
Disclosure Of Business Combinations [Line Items] | ||
Percentage of voting interests | 100% | |
BASE life science A/S | ||
Disclosure Of Business Combinations [Line Items] | ||
Percentage of voting interests | 100% | |
GuideVision s.r.o. | ||
Disclosure Of Business Combinations [Line Items] | ||
Percentage of voting interests | 100% | |
Kaleidoscope Animations, Inc | ||
Disclosure Of Business Combinations [Line Items] | ||
Percentage of voting interests | 100% | |
Blue Acorn iCi Inc | ||
Disclosure Of Business Combinations [Line Items] | ||
Percentage of voting interests | 100% | |
Bottom of Range | ||
Disclosure Of Business Combinations [Line Items] | ||
Key input used in determining fair value of contingent consideration discount rate | 12% | |
Term for retention payouts payable to employees | 1 year | |
Top of Range | ||
Disclosure Of Business Combinations [Line Items] | ||
Key input used in determining fair value of contingent consideration discount rate | 13.50% | |
Term for retention payouts payable to employees | 2 years |
Business Combinations - Summary
Business Combinations - Summary of Purchase Price Allocation (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2021 |
Disclosure Of Business Combinations [Line Items] | ||
Net assets | $ 12 | $ 18 |
Intangible Assets - Customer Contracts and Relationships | 34 | 24 |
Intangible Assets - Vendor Relationships | 4 | 36 |
Intangible Assets - Brand | 3 | 8 |
Intangible Assets - Software | 4 | |
Deferred tax liabilities on intangible assets | (10) | (3) |
Total assets acquired | 43 | 87 |
Goodwill | 79 | 102 |
Total purchase price | 122 | 189 |
Acquiree Carrying Amount | ||
Disclosure Of Business Combinations [Line Items] | ||
Net assets | 12 | 18 |
Total assets acquired | 12 | 18 |
Fair Value Adjustments | ||
Disclosure Of Business Combinations [Line Items] | ||
Intangible Assets - Customer Contracts and Relationships | 34 | 24 |
Intangible Assets - Vendor Relationships | 4 | 36 |
Intangible Assets - Brand | 3 | 8 |
Intangible Assets - Software | 4 | |
Deferred tax liabilities on intangible assets | (10) | (3) |
Total assets acquired | $ 31 | $ 69 |
Business Combinations - Summa_2
Business Combinations - Summary of Purchase Price Allocation (Parenthetical) (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2021 |
Disclosure Of Business Combinations [Line Items] | ||
Cash and cash equivalents acquired | $ 3 | $ 11 |
Revenue from Operations - Summa
Revenue from Operations - Summary of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Revenue Arising From Exchanges Of Goods Or Services [Line Items] | |||
Revenues | $ 18,212 | $ 16,311 | $ 13,561 |
Software Services | |||
Disclosure Of Revenue Arising From Exchanges Of Goods Or Services [Line Items] | |||
Revenues | 17,072 | 15,225 | 12,604 |
Products and Platforms | |||
Disclosure Of Revenue Arising From Exchanges Of Goods Or Services [Line Items] | |||
Revenues | $ 1,140 | $ 1,086 | $ 957 |
Revenue from Operations - Sum_2
Revenue from Operations - Summary of Disaggregated Revenues From Contracts with Customers (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | $ 18,212 | $ 16,311 | $ 13,561 |
Digital | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 11,318 | 9,303 | 6,577 |
Core | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 6,894 | 7,008 | 6,984 |
Operating Segments | Financial Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 5,434 | 5,218 | 4,399 |
Operating Segments | Retail | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 2,632 | 2,379 | 1,991 |
Operating Segments | Communication | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 2,246 | 2,035 | 1,703 |
Operating Segments | Energy, Utilities, Resources and Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 2,300 | 1,942 | 1,692 |
Operating Segments | Manufacturing | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 2,357 | 1,787 | 1,275 |
Operating Segments | Hi Tech | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,472 | 1,346 | 1,155 |
Operating Segments | Life Science | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,251 | 1,142 | 927 |
Operating Segments | Others | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 520 | 462 | 419 |
Operating Segments | Digital | Financial Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 2,980 | 2,735 | 2,100 |
Operating Segments | Digital | Retail | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,733 | 1,456 | 1,040 |
Operating Segments | Digital | Communication | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,485 | 1,247 | 874 |
Operating Segments | Digital | Energy, Utilities, Resources and Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,442 | 1,128 | 821 |
Operating Segments | Digital | Manufacturing | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,685 | 1,103 | 617 |
Operating Segments | Digital | Hi Tech | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 945 | 780 | 562 |
Operating Segments | Digital | Life Science | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 793 | 660 | 408 |
Operating Segments | Digital | Others | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 255 | 194 | 155 |
Operating Segments | Core | Financial Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 2,454 | 2,483 | 2,299 |
Operating Segments | Core | Retail | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 899 | 923 | 951 |
Operating Segments | Core | Communication | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 761 | 788 | 829 |
Operating Segments | Core | Energy, Utilities, Resources and Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 858 | 814 | 871 |
Operating Segments | Core | Manufacturing | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 672 | 684 | 658 |
Operating Segments | Core | Hi Tech | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 527 | 566 | 593 |
Operating Segments | Core | Life Science | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 458 | 482 | 519 |
Operating Segments | Core | Others | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 265 | 268 | 264 |
North America | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 11,262 | 10,066 | 8,320 |
North America | Operating Segments | Financial Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 3,488 | 3,274 | 2,636 |
North America | Operating Segments | Retail | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,825 | 1,608 | 1,313 |
North America | Operating Segments | Communication | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,354 | 1,136 | 916 |
North America | Operating Segments | Energy, Utilities, Resources and Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,234 | 996 | 935 |
North America | Operating Segments | Manufacturing | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 938 | 845 | 692 |
North America | Operating Segments | Hi Tech | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,378 | 1,253 | 1,086 |
North America | Operating Segments | Life Science | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 910 | 828 | 638 |
North America | Operating Segments | Others | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 135 | 126 | 104 |
Europe | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 4,670 | 4,039 | 3,280 |
Europe | Operating Segments | Financial Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 915 | 905 | 865 |
Europe | Operating Segments | Retail | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 663 | 639 | 562 |
Europe | Operating Segments | Communication | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 477 | 483 | 390 |
Europe | Operating Segments | Energy, Utilities, Resources and Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 868 | 773 | 605 |
Europe | Operating Segments | Manufacturing | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,348 | 884 | 535 |
Europe | Operating Segments | Hi Tech | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 34 | 30 | 22 |
Europe | Operating Segments | Life Science | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 320 | 295 | 272 |
Europe | Operating Segments | Others | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 45 | 30 | 29 |
INDIA | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 478 | 480 | 392 |
INDIA | Operating Segments | Financial Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 237 | 259 | 212 |
INDIA | Operating Segments | Retail | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 9 | 12 | 8 |
INDIA | Operating Segments | Communication | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 20 | 42 | 31 |
INDIA | Operating Segments | Energy, Utilities, Resources and Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 26 | 21 | 5 |
INDIA | Operating Segments | Manufacturing | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 11 | 9 | 7 |
INDIA | Operating Segments | Hi Tech | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 52 | 55 | 40 |
INDIA | Operating Segments | Life Science | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 3 | 4 | 2 |
INDIA | Operating Segments | Others | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 120 | 78 | 87 |
Rest of the World | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 1,802 | 1,726 | 1,569 |
Rest of the World | Operating Segments | Financial Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 794 | 780 | 686 |
Rest of the World | Operating Segments | Retail | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 135 | 120 | 108 |
Rest of the World | Operating Segments | Communication | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 395 | 374 | 366 |
Rest of the World | Operating Segments | Energy, Utilities, Resources and Services | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 172 | 152 | 147 |
Rest of the World | Operating Segments | Manufacturing | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 60 | 49 | 41 |
Rest of the World | Operating Segments | Hi Tech | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 8 | 8 | 7 |
Rest of the World | Operating Segments | Life Science | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | 18 | 15 | 15 |
Rest of the World | Operating Segments | Others | |||
Disclosure Of Disaggregated Revenues from Contracts with Customers by Geography, Offerings and Contract Type [Line Items] | |||
Revenues | $ 220 | $ 228 | $ 199 |
Revenue from Operations - Addit
Revenue from Operations - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue [abstract] | |||
Percentage of revenue from fixed price contracts | 52% | 53% | 53% |
Revenue recognized from unearned revenue at the beginning of period | $ 669 | $ 476 | $ 336 |
Contract assets | $ 739 | 543 | $ 515 |
Explanation of whether practical expedient is applied for disclosure of transaction price allocated to remaining performance obligations | Applying the practical expedient as given in IFRS 15, the Group has not disclosed the remaining performance obligation related disclosures for contracts where the revenue recognized corresponds directly with the value to the customer of the entity's performance completed to date, typically those contracts where invoicing is on time & material basis and unit of work based contracts. | ||
Aggregate value of performance obligations | $ 9,841 | $ 9,797 | |
Percentage of revenue to be recognized within one year | 57% | ||
Performance obligations, description | The aggregate value of performance obligations that are completely or partially unsatisfied as of March 31, 2023, other than those meeting the exclusion criteria mentioned above, is $9,841 million. Out of this, the Group expects to recognize revenue of around 57% within the next one year and the remaining thereafter. The aggregate value of performance obligations that were completely or partially unsatisfied as of March 31, 2022 was $9,797 million The contracts can generally be terminated by the customers and typically includes an enforceable termination penalty payable by them. Generally, customers have not terminated contracts without cause. |
Unbilled Revenue - Summary of U
Unbilled Revenue - Summary of Unbilled Revenue (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue [abstract] | |||
Unbilled financial asset | [1] | $ 1,157 | $ 838 |
Unbilled non financial asset | [2] | 880 | 812 |
Unbilled Revenue | $ 2,037 | $ 1,650 | |
[1] Right to consideration is unconditional and is due only after a passage of time. Right to consideration is dependent on completion of contractual milestones. |
Expenses by Nature - Schedule o
Expenses by Nature - Schedule of Expense by Nature (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Expenses by nature [abstract] | |||
Employee benefit costs | $ 9,729 | $ 8,585 | $ 7,493 |
Depreciation and amortization charges | 524 | 466 | 441 |
Travelling costs | 190 | 110 | 75 |
Cost of technical sub-contractors | 1,751 | 1,690 | 957 |
Cost of software packages for own use | 240 | 190 | 165 |
Third party items bought for service delivery to clients | 1,110 | 721 | 406 |
Consultancy and professional charges | 210 | 253 | 171 |
Communication costs | 89 | 82 | 86 |
Repairs and maintenance | 169 | 163 | 190 |
Rates and Taxes | 37 | 35 | 35 |
Provision for post-sales client support | 15 | 10 | 5 |
Power and fuel | 22 | 18 | 19 |
Commission to non-whole time directors | 2 | 2 | 1 |
Branding and marketing expenses | 112 | 74 | 48 |
Impairment loss recognized / (reversed) under expected credit loss model | 35 | 23 | 25 |
Insurance charges | 22 | 22 | 18 |
Contribution towards Corporate Social Responsibility | 58 | 57 | 59 |
Short-term leases (Refer to Note 2.8) | 12 | 8 | 11 |
Others | 60 | 47 | 31 |
Total cost of sales, selling and marketing expenses and administrative expenses | $ 14,387 | $ 12,556 | $ 10,236 |
Employee Benefits - Summary of
Employee Benefits - Summary of Defined Benefit Plans Amount Recognized in Group's Financial Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Gratuity | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Remeasurements - Actuarial losses / (gains) | $ 13 | $ (8) | $ (2) |
Funded status | (2) | (1) | |
Prepaid defined benefit plan asset | 3 | 3 | |
Accrued defined benefit plan liability | (5) | (4) | |
Gratuity | Defined Benefit Obligations | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Benefit obligations at the beginning | 227 | 222 | |
Service cost | 34 | 29 | |
Interest expense | 13 | 12 | |
Remeasurements - Actuarial losses / (gains) | (9) | 11 | |
Benefits paid | (33) | (39) | |
Translation differences | (16) | (8) | |
Benefit obligations at the end | 216 | 227 | 222 |
Gratuity | Plan Assets | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Fair value of plan assets at the beginning | 226 | 220 | |
Interest Income | 13 | 13 | |
Remeasurements – Returns on plan assets excluding amounts included in interest income | 4 | 3 | |
Employer contribution | 22 | 36 | |
Benefits paid | 32 | 38 | |
Translation differences | (19) | (8) | |
Fair value of plan assets at the end | 214 | 226 | 220 |
Pension | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Remeasurements - Actuarial losses / (gains) | 6 | 9 | |
Funded status | (6) | (11) | |
Prepaid defined benefit plan asset | 1 | 1 | |
Accrued defined benefit plan liability | (7) | (12) | |
Pension | Defined Benefit Obligations | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Benefit obligations at the beginning | 122 | 111 | |
Transfer | 2 | 7 | |
Service cost | 5 | 5 | |
Interest expense | 1 | ||
Remeasurements - Actuarial losses / (gains) | (17) | (2) | |
Past service cost - plan amendments | 2 | ||
Employee contribution | 3 | 4 | |
Benefits paid | (6) | (5) | |
Translation differences | 2 | ||
Benefit obligations at the end | 112 | 122 | 111 |
Pension | Plan Assets | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Transfer | 2 | 7 | |
Employee contribution | 3 | 4 | |
Fair value of plan assets at the beginning | 111 | 94 | |
Interest Income | 1 | ||
Remeasurements – Returns on plan assets excluding amounts included in interest income | (11) | 7 | |
Employer contribution | 5 | 5 | |
Benefits paid | 6 | 5 | |
Translation differences | 1 | (1) | |
Fair value of plan assets at the end | 106 | 111 | 94 |
Provident Fund | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Service cost | 101 | 88 | 57 |
Interest expense | 2 | 1 | 2 |
Remeasurements - Actuarial losses / (gains) | (13) | (14) | 21 |
Accrued defined benefit plan liability | 42 | 33 | |
Provident Fund | Defined Benefit Obligations | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Benefit obligations at the beginning | 1,228 | 1,133 | |
Service cost | 101 | 88 | |
Interest expense | 78 | 69 | |
Remeasurements - Actuarial losses / (gains) | 10 | (16) | |
Employee contribution | 210 | 155 | |
Benefits paid | (226) | (191) | |
Translation differences | 100 | 42 | |
Benefit obligations at the end | 1,281 | 1,228 | 1,133 |
Provident Fund | Plan Assets | |||
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Employee contribution | 210 | 155 | |
Fair value of plan assets at the beginning | 1,195 | 1,113 | |
Interest Income | 76 | 68 | |
Remeasurements – Returns on plan assets excluding amounts included in interest income | (23) | 2 | |
Employer contribution | 104 | 89 | |
Benefits paid | 226 | 191 | |
Translation differences | (97) | (41) | |
Fair value of plan assets at the end | $ 1,239 | $ 1,195 | $ 1,113 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Net Gratuity Cost Recognized in Net Profit in Statement of Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Gratuity | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Service cost | $ 34 | $ 29 | $ 28 |
Net interest on the net defined benefit liability / asset | (1) | (1) | |
Net cost | 34 | 28 | 27 |
Pension | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Service cost | 5 | 5 | 5 |
Plan amendments | 2 | ||
Net cost | $ 5 | $ 7 | $ 5 |
Employee Benefits - Re-measurem
Employee Benefits - Re-measurements Of Net Defined Benefit Liability - Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Gratuity | |||
Re-measurements of the net defined benefit liability / (asset) | |||
Actuarial (gains) / losses | $ (9) | $ 11 | $ 4 |
(Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability / (asset) | (4) | (3) | (2) |
(Gain) / loss from change in financial assumptions | (8) | (6) | 2 |
(Gain) / loss from change in experience adjustments | (1) | 17 | 2 |
Total | (13) | 8 | 2 |
Pension | |||
Re-measurements of the net defined benefit liability / (asset) | |||
Actuarial (gains) / losses | (17) | (2) | 4 |
(Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability / (asset) | 11 | (7) | (4) |
(Gain) / loss from change in financial assumptions | (18) | (3) | 4 |
(Gain) / loss from change in experience adjustments | 1 | 1 | |
Total | (6) | (9) | |
Provident Fund | |||
Re-measurements of the net defined benefit liability / (asset) | |||
Actuarial (gains) / losses | (10) | 16 | (4) |
(Return) / loss on plan assets excluding amounts included in the net interest on the net defined benefit liability / (asset) | 23 | (2) | (17) |
Total | $ 13 | $ 14 | $ (21) |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Cost Recognized in Net Profit in Statement of Comprehensive Income Apportioned (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Cost | $ 9,729 | $ 8,585 | $ 7,493 |
Gratuity | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 34 | 28 | 27 |
Gratuity | Cost of Sales | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 31 | 25 | 24 |
Gratuity | Sales and Marketing Expenses | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 2 | 2 | 2 |
Gratuity | Administrative Expenses | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 1 | 1 | 1 |
Pension | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 5 | 7 | 5 |
Pension | Cost of Sales | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 5 | 6 | 5 |
Pension | Sales and Marketing Expenses | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 1 | ||
Superannuation | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 60 | 49 | 35 |
Superannuation | Cost of Sales | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 55 | 44 | 31 |
Superannuation | Sales and Marketing Expenses | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 3 | 3 | 3 |
Superannuation | Administrative Expenses | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 2 | 2 | 1 |
Provident Fund | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 148 | 118 | 90 |
Provident Fund | Cost of Sales | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 134 | 106 | 80 |
Provident Fund | Sales and Marketing Expenses | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 9 | 8 | 7 |
Provident Fund | Administrative Expenses | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 5 | 4 | 3 |
Employee Benefit Cost | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined benefit plans | 170 | 138 | 123 |
Defined benefit plans | 78 | 64 | 48 |
Cost | 9,729 | 8,585 | 7,493 |
Employee Benefit Cost | Cost of Sales | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Cost | 8,826 | 7,714 | 6,671 |
Employee Benefit Cost | Sales and Marketing Expenses | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Cost | 598 | 572 | 548 |
Employee Benefit Cost | Administrative Expenses | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Cost | $ 305 | $ 299 | $ 274 |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Weighted-Average Assumptions (Details) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Gratuity | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Weighted average duration of defined benefit obligation | 5 years 10 months 24 days | 5 years 10 months 24 days | |
Pension | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Weighted average duration of defined benefit obligation | 12 years | 14 years | |
Provident Fund | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 7.10% | 6.50% | |
Weighted average duration of defined benefit obligation | 6 years | 6 years | |
Expected rate of return on plan assets | 8.15% | 7.70% | |
Expected guaranteed interest rate | 8.15% | 8.10% | |
Benefit Obligations | Gratuity | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 7.10% | 6.50% | |
Benefit Obligations | Gratuity | Weighted Average | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Weighted average rate of increase in compensation levels | 6% | 6% | |
Benefit Obligations | Pension | Bottom of Range | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 1.80% | 0.40% | |
Weighted average rate of increase in compensation levels | 1% | 1% | |
Benefit Obligations | Pension | Top of Range | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 3.80% | 1.70% | |
Weighted average rate of increase in compensation levels | 3% | 3% | |
Net Periodic Benefit Cost | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | For domestic defined benefit plan in India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered as the discount rate. For most of our overseas defined benefit plan, given that the market for high quality corporate bonds is not developed, the Government bond rate adjusted for corporate spreads is used. | ||
Attrition rate | Attrition rate considered is the management’s estimate based on the past long-term trend of employee turnover in the Company. The tenure has been considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of post-employment benefit obligation. | ||
Net Periodic Benefit Cost | Weighted Average | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Weighted average rate of increase in compensation levels | The average rate of increase in compensation levels is determined by the Company, considering factors such as, the Company’s past compensation revision trends, inflation in respective markets and management’s estimate of future salary increases. | ||
Net Periodic Benefit Cost | Gratuity | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 6.50% | 6.10% | 6.20% |
Net Periodic Benefit Cost | Gratuity | Weighted Average | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Weighted average rate of increase in compensation levels | 6% | 6% | 6% |
Net Periodic Benefit Cost | Pension | Bottom of Range | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 0.40% | 0.10% | 0.50% |
Weighted average rate of increase in compensation levels | 1% | 1% | 1% |
Net Periodic Benefit Cost | Pension | Top of Range | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Discount rate | 1.70% | 0.90% | 1.70% |
Weighted average rate of increase in compensation levels | 3% | 3% | 3% |
Employee Benefits - Additional
Employee Benefits - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Sensitivity analysis | Sensitivity to significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation of the defined benefit obligation and keeping all other actuarial assumptions constant. In practice, this is not probable, and changes in some of the assumptions may be correlated. | ||
Gratuity | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Actual return | $ 17 | $ 16 | $ 15 |
Expected contribution to pension | 27 | ||
Net defined benefit obligation | 5 | 4 | |
Amount contributed under benefit plan | 34 | 28 | 27 |
Pension | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Actual return | (10) | 7 | 4 |
Expected contribution to pension | 5 | ||
Net defined benefit obligation | 7 | 12 | |
Amount contributed under benefit plan | 5 | 7 | 5 |
Superannuation | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Defined contribution plans | 60 | 49 | 35 |
Provident Fund | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Net defined benefit obligation | (42) | (33) | |
Amount contributed under benefit plan | 148 | $ 118 | $ 90 |
Impact of defined benefit obligation from 0.25% increase in expected rate of returns on plan assets | 6 | ||
Impact of defined benefit obligation from 0.25% decrease in expected rate of returns on plan assets | $ 12 | ||
Percentage of increase/decrease in expected rate of returns on plan assets that impact defined benefit obligation by $12 million and $15 million | 0.25% |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Details of Major Plan Assets into Various Categories (Details) - Benefit Obligations - Pension | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of fair value of plan assets [line items] | ||
Equity | 34% | 34% |
Bonds | 32% | 32% |
Real Estate/Property | 26% | 26% |
Cash and Cash Equivalents | 1% | 1% |
Other | 7% | 7% |
Employee Benefits - Summary o_6
Employee Benefits - Summary of Defined Benefit Plans Expose the Group to Actuarial Risk (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Actuarial assumptions analysis | Sensitivity to significant actuarial assumptions is computed by varying one actuarial assumption used for the valuation of the defined benefit obligation and keeping all other actuarial assumptions constant. In practice, this is not probable, and changes in some of the assumptions may be correlated. |
Discount Rate | Benefit Obligations | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Actuarial assumptions analysis | The present value of the defined benefit plan liability is generally calculated using a discount rate determined by reference to government bond yields and in certain overseas jurisdictions, it is calculated in reference to government bond yield adjusted for a corporate spread. If bond yields fall, the defined benefit obligation will tend to increase. |
Life Expectancy and Investment Risk | Benefit Obligations | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Actuarial assumptions analysis | The pension fund offers the choice between a lifelong pension and a cash lump sum upon retirement. The pension fund has defined rates for converting the lump sum to a pension and there is the risk that the members live longer than implied by these conversion rates and that the pension assets don’t achieve the investment return implied by these conversion rates. |
Actuarial Assumption Of Asset Volatility Member | Benefit Obligations | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Actuarial assumptions analysis | A proportion of the pension fund is held in equities, which is expected to outperform corporate bonds in the long term but give exposure to volatility and risk in the short term. The pension fund board of insurer is responsible for the investment strategy and equity allocation is justified given the long-term investment horizon of the pension fund and the objective to provide a reasonable long term return on members’ account balances. |
Employee Benefits - Summary o_7
Employee Benefits - Summary of Sensitivity of Significant Assumptions Used for Valuation of Defined Benefit Obligation (Details) - Benefit Obligations $ in Millions | Mar. 31, 2023 USD ($) |
Pension, 0.5% point increase / decrease | Discount Rate | |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | |
Impact from percentage point increase / decrease | $ 5 |
Pension, 0.5% point increase / decrease | Increase in Compensation Levels | Weighted Average | |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | |
Impact from percentage point increase / decrease | 1 |
Gratuity, 1% point increase / decrease | Discount Rate | |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | |
Impact from percentage point increase / decrease | 11 |
Gratuity, 1% point increase / decrease | Increase in Compensation Levels | Weighted Average | |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions [Line Items] | |
Impact from percentage point increase / decrease | $ 10 |
Employee Benefits - Summary o_8
Employee Benefits - Summary of Maturity Profile of Defined Benefit Obligation (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Less Than 1 Year | Gratuity | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | $ 33 |
Less Than 1 Year | Pension | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 7 |
1-2 Years | Gratuity | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 34 |
1-2 Years | Pension | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 7 |
2 - 3 Year | Gratuity | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 34 |
2 - 3 Year | Pension | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 7 |
3 - 4 Year | Gratuity | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 38 |
3 - 4 Year | Pension | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 7 |
4 - 5 Year | Gratuity | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 47 |
4 - 5 Year | Pension | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 8 |
5 - 10 Years | Gratuity | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | 238 |
5 - 10 Years | Pension | |
Disclosure Of Defined Benefit Plans [Line Items] | |
Gross amount of benefit obligation at period end | $ 39 |
Employee Benefits - Summary o_9
Employee Benefits - Summary of Net Provident Fund Cost Recognized in Net Profit in Statement of Comprehensive Income (Details) - Provident Fund - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Net Defined Benefit Liability Asset [Line Items] | |||
Service cost | $ 101 | $ 88 | $ 57 |
Net interest on the net defined benefit liability / asset | 2 | 1 | 2 |
Net provident fund cost | $ 103 | $ 89 | $ 59 |
Employee Benefits - Summary _10
Employee Benefits - Summary of Various Categories of Plan Assets (Details) - Provident Fund | Mar. 31, 2023 | Mar. 31, 2022 |
Central and State Government Bonds | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Asset allocation for plan assets | 60% | 57% |
Public Sector Undertakings and Private Sector Bonds | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Asset allocation for plan assets | 33% | 37% |
Others | ||
Disclosure Of Defined Benefit Plans [Line Items] | ||
Asset allocation for plan assets | 7% | 6% |
Employee Benefits - Employee Be
Employee Benefits - Employee Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Defined Benefit Plans [Line Items] | |||
Employee benefit cost | $ 9,729 | $ 8,585 | $ 7,493 |
Employee Benefit Cost | |||
Disclosure Of Defined Benefit Plans [Line Items] | |||
Salaries and bonus | 9,481 | 8,383 | 7,322 |
Defined contribution plans | 78 | 64 | 48 |
Defined benefit plans | 170 | 138 | 123 |
Employee benefit cost | $ 9,729 | $ 8,585 | $ 7,493 |
Employee Benefits - Employee _2
Employee Benefits - Employee Benefit Costs (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of defined benefit plans [abstract] | |||
Stock compensation expense | $ 64 | $ 56 | $ 45 |
Equity - Additional Information
Equity - Additional Information (Details) | 12 Months Ended | |||||||||||||
Jun. 28, 2023 USD ($) | Apr. 13, 2023 ₨ / shares | Apr. 13, 2023 $ / shares | Oct. 13, 2022 INR (₨) ₨ / shares | Apr. 14, 2021 INR (₨) ₨ / shares | Mar. 31, 2023 INR (₨) Class ₨ / shares shares | Mar. 31, 2023 USD ($) Class shares | Mar. 31, 2022 INR (₨) ₨ / shares shares | Mar. 31, 2022 USD ($) shares | Mar. 31, 2021 USD ($) shares | Mar. 31, 2020 | Mar. 31, 2023 USD ($) Vote $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Apr. 01, 2020 shares | |
Disclosure Of Equity [Line Items] | ||||||||||||||
Treasury shares | shares | 15,514,732 | 12,172,119 | 13,725,712 | 18,239,356 | ||||||||||
Par value per share | (per share) | ₨ 5 | ₨ 5 | $ 0.16 | $ 0.16 | ||||||||||
Number of classes of shares referred to as equity shares | Class | 1 | 1 | ||||||||||||
Dividends and share buy back period | 5 years | |||||||||||||
Maximum share value available for buy back | ₨ | ₨ 93,000,000,000 | ₨ 92,000,000,000 | ||||||||||||
Maximum buyback price per share | ₨ / shares | ₨ 1,850 | ₨ 1,750 | ||||||||||||
Buyback of shares | $ 1,398,000,000 | $ 1,503,000,000 | ||||||||||||
Capital redemption reserve | $ 24,000,000 | $ 21,000,000 | ||||||||||||
Number of votes per equity share | Vote | 1 | |||||||||||||
Dividends paid | 1,697,000,000 | 1,703,000,000 | $ 1,226,000,000 | |||||||||||
Expected dividend outflow | $ 1,697,000,000 | $ 1,703,000,000 | $ 1,226,000,000 | |||||||||||
Voting, dividend or liquidation rights description | There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans. | There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans. | ||||||||||||
Nonadjusting Events After Reporting Period | ||||||||||||||
Disclosure Of Equity [Line Items] | ||||||||||||||
Final dividend proposed | (per share) | ₨ 17.50 | $ 0.21 | ||||||||||||
Expected dividend outflow | $ 881,000,000 | |||||||||||||
Buyback Program Completed in February 2023 | ||||||||||||||
Disclosure Of Equity [Line Items] | ||||||||||||||
Buyback of shares commencement date | Dec. 07, 2022 | Dec. 07, 2022 | ||||||||||||
Buyback of shares actual completion date | Feb. 13, 2023 | Feb. 13, 2023 | ||||||||||||
Equity shares repurchased | shares | 60,426,348 | 60,426,348 | ||||||||||||
Average buy back price | ₨ / shares | ₨ 1,539.06 | |||||||||||||
Percentage of buyback paid-up equity share capital | 1.44% | 1.44% | ||||||||||||
Buyback of shares | ₨ 93,000,000,000 | $ 1,130,000,000 | ||||||||||||
Capital redemption reserve | $ 3,000,000 | |||||||||||||
Buyback Program Completed in September 2021 | ||||||||||||||
Disclosure Of Equity [Line Items] | ||||||||||||||
Buyback of shares commencement date | Jun. 25, 2021 | Jun. 25, 2021 | ||||||||||||
Buyback of shares actual completion date | Sep. 08, 2021 | Sep. 08, 2021 | ||||||||||||
Equity shares repurchased | shares | 55,807,337 | 55,807,337 | ||||||||||||
Average buy back price | ₨ / shares | ₨ 1,648.53 | |||||||||||||
Percentage of buyback paid-up equity share capital | 1.31% | 1.31% | ||||||||||||
Buyback of shares | ₨ 92,000,000,000 | $ 1,243,000,000 | ||||||||||||
Capital redemption reserve | $ 4,000,000 | |||||||||||||
Top of Range | ||||||||||||||
Disclosure Of Equity [Line Items] | ||||||||||||||
Percentage of free cash flow as dividend payout | 85% |
Equity - Summary of Dividend Pa
Equity - Summary of Dividend Payout (Details) | 12 Months Ended | |||||
Mar. 31, 2023 ₨ / shares | Mar. 31, 2023 $ / shares | Mar. 31, 2022 ₨ / shares | Mar. 31, 2022 $ / shares | Mar. 31, 2021 ₨ / shares | Mar. 31, 2021 $ / shares | |
Dividend per Equity Share | ||||||
Disclosure Of Equity [Line Items] | ||||||
Interim dividend | ₨ / shares | ₨ 16.50 | ₨ 15 | ₨ 12 | |||
Final dividend | ₨ / shares | ₨ 16 | ₨ 15 | ₨ 9.50 | |||
Equity A D S | ||||||
Disclosure Of Equity [Line Items] | ||||||
Interim dividend | $ / shares | $ 0.20 | $ 0.20 | $ 0.16 | |||
Final dividend | $ / shares | $ 0.21 | $ 0.20 | $ 0.13 |
Other income net - Summary of O
Other income net - Summary of Other Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue [abstract] | |||
Interest income on financial assets carried at amortized cost | $ 107 | $ 135 | $ 161 |
Interest income on financial assets fair valued through other comprehensive income | 119 | 86 | 55 |
Dividend income on investments carried at fair value through profit or loss | 1 | ||
Gain / (loss) on investments carried at fair value through profit or loss | 18 | 24 | 10 |
Gain / (loss) on investments carried at fair value through other comprehensive income | 11 | ||
Exchange gains / (losses) on forward and options contracts | (80) | 12 | 75 |
Exchange gains / (losses) on translation of other assets and liabilities | 131 | 24 | (47) |
Others | 40 | 27 | 31 |
Other income | $ 335 | $ 308 | $ 297 |
Employees' Stock Option Plans_3
Employees' Stock Option Plans (ESOP) - Additional Information (Details) $ / shares in Units, ₨ in Thousands, $ in Thousands | 12 Months Ended | ||||||||||||||||
Feb. 01, 2023 shares | Aug. 01, 2022 shares | Jul. 24, 2022 INR (₨) | Jul. 24, 2022 USD ($) | Jul. 01, 2022 INR (₨) Installment | Jul. 01, 2022 USD ($) Installment | May 02, 2022 shares | Apr. 13, 2022 INR (₨) | Apr. 13, 2022 USD ($) | May 02, 2021 shares | Jun. 22, 2019 shares | Mar. 31, 2016 shares | Mar. 31, 2023 INR (₨) shares | Mar. 31, 2023 USD ($) shares $ / shares | Mar. 31, 2022 USD ($) shares $ / shares | Mar. 31, 2021 USD ($) shares $ / shares | Apr. 01, 2020 shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Number of shares authorized | 4,800,000,000 | 4,800,000,000 | |||||||||||||||
Number of shares outstanding | 4,136,387,925 | 4,193,012,929 | |||||||||||||||
Treasury shares | 12,172,119 | 13,725,712 | 15,514,732 | 18,239,356 | |||||||||||||
Total granted | 6,159,511 | 6,159,511 | 4,491,012 | 4,372,269 | |||||||||||||
Fair value on the date of modification recognized as financial liability | $ | $ 12,000 | ||||||||||||||||
Carrying value of liability towards cash settled share based payments | $ | $ 1,000 | $ 2,000 | |||||||||||||||
2015 Stock Incentive Compensation Plan | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Instruments average vesting period | 4 years | ||||||||||||||||
Treasury shares | 12,172,119 | 13,725,712 | |||||||||||||||
Number of shares earmarked for welfare activities of the employees | 200,000 | 200,000 | |||||||||||||||
Weighted average exercise price, Exercised | $ / shares | $ 18.83 | $ 22.71 | $ 14.92 | ||||||||||||||
2015 Stock Incentive Compensation Plan | Annual Grant Performance Based Restricted Stock Units (RSUs) | Chief Executive Officer and Managing Director | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Vesting period | These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. | These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. | |||||||||||||||
Fair value of instruments annual grant performance based RSU | ₨ 130,000 | $ 1,700 | |||||||||||||||
Total granted | 84,361 | ||||||||||||||||
2015 Stock Incentive Compensation Plan | Annual Grant Performance Based Restricted Stock Units (RSUs) | Other KMPs | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Vesting period | performance based RSUs will vest over one to three years based on certain performance targets. | performance based RSUs will vest over one to three years based on certain performance targets. | |||||||||||||||
Total granted | 11,547 | 11,547 | |||||||||||||||
2015 Stock Incentive Compensation Plan | Annual Performance Equity Grant | Chief Executive Officer and Managing Director | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Fair value of instruments annual grant performance based RSU | ₨ 217,500 | $ 2,750 | |||||||||||||||
Total granted | 140,228 | ||||||||||||||||
2015 Stock Incentive Compensation Plan | Annual Performance Equity ESG Grant | Chief Executive Officer and Managing Director | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Fair value of instruments annual grant performance based RSU | 20,000 | 250 | |||||||||||||||
Total granted | 12,894 | ||||||||||||||||
2015 Stock Incentive Compensation Plan | Annual Performance Equity TSR Grant | Chief Executive Officer and Managing Director | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Fair value of instruments annual grant performance based RSU | ₨ 50,000 | $ 630 | |||||||||||||||
Total granted | 32,236 | ||||||||||||||||
2015 Stock Incentive Compensation Plan | Time Based Restricted Stock Units (RSUs) | Chief Executive Officer and Managing Director | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Vesting period | will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. | will vest overtime in three equal annual installments upon the completion of each year of service from the respective grant date. | |||||||||||||||
Total granted | 19,341 | ||||||||||||||||
Fair value of instruments eligibility annual equity grants | ₨ 30,000 | $ 370 | |||||||||||||||
Number of annual installments | Installment | 3 | 3 | |||||||||||||||
2015 Stock Incentive Compensation Plan | Time Based Restricted Stock Units (RSUs) | Other KMPs | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Vesting period | Time based RSUs will vest over four years | Time based RSUs will vest over four years | |||||||||||||||
Vesting period | 4 years | 4 years | |||||||||||||||
Total granted | 66,872 | 66,872 | |||||||||||||||
2015 Stock Incentive Compensation Plan | Restricted Stock Units and Employee Stock Option Plan | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Vesting period | will generally vest over a period of 4 years | ||||||||||||||||
2015 Stock Incentive Compensation Plan | Top of Range | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Number of shares authorized | 24,038,883 | ||||||||||||||||
2015 Stock Incentive Compensation Plan | Top of Range | Annual Grant Performance Based Restricted Stock Units (RSUs) | Other KMPs | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Vesting period | 3 years | 3 years | |||||||||||||||
2015 Stock Incentive Compensation Plan | Bottom of Range | Annual Grant Performance Based Restricted Stock Units (RSUs) | Other KMPs | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Vesting period | 1 year | 1 year | |||||||||||||||
2011 Restricted Stock Units Plan | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Number of shares outstanding | 11,223,576 | ||||||||||||||||
Incentive Units Cash Settled | Annual Grant of Restricted Stock Units (RSUs) | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
cash settled options outstanding (net of forfeitures) | 224,924 | 265,561 | |||||||||||||||
Two Thousand Nineteen Stock Ownership Program [Member] | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Shares issued by secondary acquisition of shares | 45,000,000 | ||||||||||||||||
Weighted average exercise price, Exercised | $ / shares | $ 18.75 | $ 20.89 | $ 15.90 | ||||||||||||||
Two Thousand Nineteen Stock Ownership Program [Member] | Annual Grant Performance Based Restricted Stock Units (RSUs) | Chief Executive Officer and Managing Director | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Total granted | 64,893 | ||||||||||||||||
Fair value of instruments eligibility for one time equity grants | ₨ 100,000 | $ 1,310 | |||||||||||||||
Two Thousand Nineteen Stock Ownership Program [Member] | Annual Grant Performance Based Restricted Stock Units (RSUs) | Other KMPs | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Vesting period | will vest over three years | will vest over three years | |||||||||||||||
Total granted | 143,000 | 143,000 | |||||||||||||||
Two Thousand Nineteen Stock Ownership Program [Member] | Top of Range | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Number of shares authorized | 50,000,000 | ||||||||||||||||
Vesting period | 3 years | ||||||||||||||||
Two Thousand Nineteen Stock Ownership Program [Member] | Bottom of Range | |||||||||||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||||||||||
Vesting period | 1 Year |
Employees' Stock Option Plans_4
Employees' Stock Option Plans (ESOP) - Summary of Stock Option Grant (Details) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Total grants | 6,159,511 | 4,491,012 | 4,372,269 |
2015 Stock Incentive Compensation Plan | RSU | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Total grants | 2,152,454 | 1,590,423 | 2,660,611 |
2015 Stock Incentive Compensation Plan | Incentive Units Cash Settled | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Total grants | 92,400 | 49,960 | 115,250 |
2015 Stock Incentive Compensation Plan | KMPs | RSU | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Total grants | 367,479 | 284,543 | 457,151 |
2015 Stock Incentive Compensation Plan | Employees Other Than KMPs | RSU | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Total grants | 1,784,975 | 1,305,880 | 2,203,460 |
2015 Stock Incentive Compensation Plan | Other Employees | Incentive Units Cash Settled | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Total grants | 92,400 | 49,960 | 115,250 |
2019 Stock Ownership Program | Equity Settled Performance Based RSU | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Total grants | 3,914,657 | 2,850,629 | 1,596,408 |
2019 Stock Ownership Program | KMPs | Equity Settled Performance Based RSU | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Total grants | 207,893 | 146,962 | 311,808 |
2019 Stock Ownership Program | Employees Other Than KMPs | Equity Settled Performance Based RSU | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Total grants | 3,706,764 | 2,703,667 | 1,284,600 |
Employees' Stock Option Plans_5
Employees' Stock Option Plans (ESOP) - Schedule of Break-up of Employee Stock Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Employee stock compensation expense | $ 64 | $ 56 | $ 45 |
Employee stock compensation expense | 1 | 3 | 11 |
KMP | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Employee stock compensation expense | 6 | 9 | 10 |
Employees Other Than KMP | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Employee stock compensation expense | $ 58 | $ 47 | $ 35 |
Employees' Stock Option Plans_6
Employees' Stock Option Plans (ESOP) - Schedule of Equity Settled Share Based Payment Transaction (Details) | 12 Months Ended | ||
Mar. 31, 2023 shares $ / shares | Mar. 31, 2022 shares $ / shares | Mar. 31, 2021 shares $ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Shares arising out of options, Granted | 6,159,511 | 4,491,012 | 4,372,269 |
2015 Plan: RSUs | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Shares arising out of options outstanding, Beginning balance | 6,232,975 | 8,047,240 | 8,780,898 |
Shares arising out of options, Granted | 2,152,454 | 1,590,423 | 2,660,611 |
Shares arising out of options, Exercised | 2,105,904 | 2,569,983 | 3,783,462 |
Shares arising out of options, Modification to equity settled awards | 871,900 | ||
Shares arising out of options, Forfeited and expired | 871,507 | 834,705 | 482,707 |
Shares arising out of options, Ending balance | 5,408,018 | 6,232,975 | 8,047,240 |
Shares arising out of options, Exercisable at the end | 787,976 | 653,775 | 151,685 |
Weighted average exercise price outstanding, Beginning balance | $ / shares | $ 0.06 | $ 0.06 | $ 0.05 |
Weighted average exercise price, Granted | $ / shares | 0.06 | 0.07 | 0.07 |
Weighted average exercise price, Exercised | $ / shares | 0.06 | 0.05 | 0.05 |
Weighted average exercise price, Forfeited and expired | $ / shares | 0.06 | 0.06 | 0.06 |
Weighted average exercise price outstanding, Ending balance | $ / shares | 0.06 | 0.06 | 0.06 |
Weighted average exercise price, Exercisable at the end | $ / shares | $ 0.06 | $ 0.06 | $ 0.05 |
Shares issued on exercise of employee stock options (Refer to note 2.17), Shares | 2,105,904 | 2,569,983 | 3,783,462 |
2015 Plan: Stock Options | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Shares arising out of options outstanding, Beginning balance | 700,844 | 1,049,456 | 1,100,330 |
Shares arising out of options, Exercised | 566,814 | 348,612 | 239,272 |
Shares arising out of options, Modification to equity settled awards | 203,026 | ||
Shares arising out of options, Forfeited and expired | 14,628 | ||
Shares arising out of options, Ending balance | 134,030 | 700,844 | 1,049,456 |
Shares arising out of options, Exercisable at the end | 134,030 | 700,844 | 1,002,130 |
Weighted average exercise price outstanding, Beginning balance | $ / shares | $ 7.35 | $ 7.32 | $ 7.13 |
Weighted average exercise price, Exercised | $ / shares | 7.40 | 7.02 | 7.21 |
Weighted average exercise price, Forfeited and expired | $ / shares | 7.63 | ||
Weighted average exercise price outstanding, Ending balance | $ / shares | 6.44 | 7.35 | 7.32 |
Weighted average exercise price, Exercisable at the end | $ / shares | $ 6.44 | $ 7.35 | $ 7.33 |
Shares issued on exercise of employee stock options (Refer to note 2.17), Shares | 566,814 | 348,612 | 239,272 |
2019 Plan: RSU | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Shares arising out of options outstanding, Beginning balance | 4,958,938 | 3,050,573 | 2,091,293 |
Shares arising out of options, Granted | 3,914,657 | 2,850,629 | 1,596,408 |
Shares arising out of options, Exercised | 1,128,626 | 755,557 | 370,170 |
Shares arising out of options, Forfeited and expired | 522,931 | 186,707 | 266,958 |
Shares arising out of options, Ending balance | 7,222,038 | 4,958,938 | 3,050,573 |
Shares arising out of options, Exercisable at the end | 1,352,150 | 692,638 | 233,050 |
Weighted average exercise price outstanding, Beginning balance | $ / shares | $ 0.07 | $ 0.07 | $ 0.07 |
Weighted average exercise price, Granted | $ / shares | 0.06 | 0.07 | 0.07 |
Weighted average exercise price, Exercised | $ / shares | 0.06 | 0.07 | 0.07 |
Weighted average exercise price, Forfeited and expired | $ / shares | 0.06 | 0.07 | 0.07 |
Weighted average exercise price outstanding, Ending balance | $ / shares | 0.06 | 0.07 | 0.07 |
Weighted average exercise price, Exercisable at the end | $ / shares | $ 0.06 | $ 0.07 | $ 0.07 |
Shares issued on exercise of employee stock options (Refer to note 2.17), Shares | 1,128,626 | 755,557 | 370,170 |
Employees' Stock Option Plans_7
Employees' Stock Option Plans (ESOP) - Schedule of Equity Settled RSUs and Stock Options Outstanding (Details) | 12 Months Ended | |
Mar. 31, 2023 USD ($) shares $ / shares | Mar. 31, 2022 USD ($) shares $ / shares | |
Bottom of Range | 2019 Stock Ownership Program | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | $ 6 | |
Top of Range | 2019 Stock Ownership Program | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | $ 8 | |
0 - 0.06 (RSUs) | 2019 Stock Ownership Program | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options outstanding, No. of shares arising out of options | shares | 7,222,038 | |
Options outstanding, Weighted average remaining contractual life | 1 year 3 months 29 days | |
Options outstanding, Weighted average exercise price | $ / shares | $ 0.06 | |
0 - 0.06 (RSUs) | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options outstanding, No. of shares arising out of options | shares | 5,408,018 | |
Options outstanding, Weighted average remaining contractual life | 1 year 5 months 26 days | |
Options outstanding, Weighted average exercise price | $ / shares | $ 0.06 | |
0 - 0.06 (RSUs) | Bottom of Range | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | $ 0 | |
0 - 0.06 (RSUs) | Top of Range | 2019 Stock Ownership Program | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | 0.06 | |
0 - 0.06 (RSUs) | Top of Range | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | $ 0.06 | |
5 - 8 (Stock Options) | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options outstanding, No. of shares arising out of options | shares | 134,030 | |
Options outstanding, Weighted average remaining contractual life | 1 year 9 months 7 days | |
Options outstanding, Weighted average exercise price | $ / shares | $ 6.44 | |
5 - 8 (Stock Options) | Bottom of Range | 2019 Stock Ownership Program | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | $ 5 | |
5 - 8 (Stock Options) | Bottom of Range | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | 5 | |
5 - 8 (Stock Options) | Top of Range | 2019 Stock Ownership Program | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | 8 | |
5 - 8 (Stock Options) | Top of Range | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | 8 | |
0 - 0.07 (RSUs) | 2019 Stock Ownership Program | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options outstanding, No. of shares arising out of options | shares | 4,958,938 | |
Options outstanding, Weighted average remaining contractual life | 1 year 5 months 4 days | |
Options outstanding, Weighted average exercise price | $ / shares | $ 0.07 | |
0 - 0.07 (RSUs) | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options outstanding, No. of shares arising out of options | shares | 6,232,975 | |
Options outstanding, Weighted average remaining contractual life | 1 year 5 months 19 days | |
Options outstanding, Weighted average exercise price | $ / shares | $ 0.06 | |
0 - 0.07 (RSUs) | Bottom of Range | 2019 Stock Ownership Program | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | $ 0 | $ 0 |
0 - 0.07 (RSUs) | Bottom of Range | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | 0 | |
0 - 0.07 (RSUs) | Top of Range | 2019 Stock Ownership Program | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | 0.07 | |
0 - 0.07 (RSUs) | Top of Range | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | $ 0.07 | |
6 - 8 (Stock Options) | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options outstanding, No. of shares arising out of options | shares | 700,844 | |
Options outstanding, Weighted average remaining contractual life | 7 months 24 days | |
Options outstanding, Weighted average exercise price | $ / shares | $ 7.35 | |
6 - 8 (Stock Options) | Bottom of Range | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | $ 6 | |
6 - 8 (Stock Options) | Top of Range | 2015 Stock Incentive Compensation Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Range of exercise price per share | $ 8 |
Employees' Stock Option Plans_8
Employees' Stock Option Plans (ESOP) - Summary of Fair Value estimated on Date of Grant (Details) - Black-Scholes-Merton Model - Restricted Stock Units (RSU) Grant Date | 12 Months Ended | ||||||||
Mar. 31, 2023 INR (₨) yr ₨ / shares | Mar. 31, 2023 INR (₨) yr $ / shares | Mar. 31, 2022 INR (₨) yr ₨ / shares | Mar. 31, 2022 INR (₨) yr $ / shares | Mar. 31, 2021 INR (₨) yr ₨ / shares | Mar. 31, 2021 INR (₨) yr $ / shares | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | |
Indian Equity Shares | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Weighted average share price | ₨ / shares | ₨ 1,525 | ₨ 1,791 | ₨ 1,253 | ||||||
Exercise price | ₨ / shares | ₨ 5 | ₨ 5 | ₨ 5 | ||||||
Weighted average fair value as on grant date | ₨ | ₨ 1,210 | ₨ 1,210 | ₨ 1,548 | ₨ 1,548 | ₨ 1,124 | ₨ 1,124 | |||
Indian Equity Shares | Bottom of Range | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Expected volatility | 23% | 23% | 20% | 20% | 30% | 30% | |||
Expected life of the option (years) | 1 | 1 | 1 | 1 | 1 | 1 | |||
Expected dividends | 2% | 2% | 2% | 2% | 2% | 2% | |||
Risk-free interest rate | 5% | 5% | 4% | 4% | 4% | 4% | |||
Indian Equity Shares | Top of Range | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Expected volatility | 32% | 32% | 35% | 35% | 35% | 35% | |||
Expected life of the option (years) | 4 | 4 | 4 | 4 | 4 | 4 | |||
Expected dividends | 3% | 3% | 3% | 3% | 3% | 3% | |||
Risk-free interest rate | 7% | 7% | 6% | 6% | 5% | 5% | |||
ADS | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Weighted average share price | $ / shares | ₨ 18.08 | ₨ 24.45 | ₨ 18.46 | ||||||
Exercise price | $ / shares | ₨ 0.07 | ₨ 0.07 | ₨ 0.07 | ||||||
Weighted average fair value as on grant date | $ | $ 13.69 | $ 20.82 | $ 16.19 | ||||||
ADS | Bottom of Range | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Expected volatility | 27% | 27% | 25% | 25% | 30% | 30% | |||
Expected life of the option (years) | 1 | 1 | 1 | 1 | 1 | 1 | |||
Expected dividends | 2% | 2% | 2% | 2% | 2% | 2% | |||
Risk-free interest rate | 2% | 2% | 1% | 1% | 0.10% | 0.10% | |||
ADS | Top of Range | |||||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||||
Expected volatility | 34% | 34% | 36% | 36% | 36% | 36% | |||
Expected life of the option (years) | 4 | 4 | 4 | 4 | 4 | 4 | |||
Expected dividends | 3% | 3% | 3% | 3% | 3% | 3% | |||
Risk-free interest rate | 5% | 5% | 3% | 3% | 0.30% | 0.30% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes [Line Items] | |||
Current taxes | $ 1,153 | $ 1,048 | $ 901 |
Deferred taxes | (11) | 20 | 72 |
Income tax expense | 1,142 | 1,068 | 973 |
Domestic Countries | |||
Income Taxes [Line Items] | |||
Current taxes | 830 | 785 | 716 |
Deferred taxes | 54 | 48 | 85 |
Foreign Countries | |||
Income Taxes [Line Items] | |||
Current taxes | 323 | 263 | 185 |
Deferred taxes | $ (65) | $ (28) | $ (13) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ / shares in Units, ₨ in Millions, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2023 INR (₨) | Mar. 31, 2023 USD ($) $ / shares | Mar. 31, 2022 INR (₨) | Mar. 31, 2022 USD ($) $ / shares | Mar. 31, 2021 USD ($) $ / shares | |
Income Taxes [Line Items] | |||||
Income tax expense, reversal | $ 13 | $ 36 | $ 47 | ||
Corporate statutory tax rate | 34.94% | 34.94% | 34.94% | 34.94% | 34.94% |
Tax effect due to non-taxable income for Indian tax purposes | $ 362 | $ 395 | $ 346 | ||
Per share effect of tax incentives on both basic and diluted weighted average number of equity shares | $ / shares | $ 0.09 | $ 0.09 | $ 0.08 | ||
Deferred income tax liabilities not recognized amount of temporary differences | $ 1,332 | $ 1,269 | |||
Deferred income tax assets, not recognized on accumulated losses | 538 | 592 | |||
Group | Income Tax Authorities | |||||
Income Taxes [Line Items] | |||||
Income tax claims not acknowledged as debt | ₨ 40,620 | 494 | ₨ 40,010 | 528 | |
Amount paid to statutory authorities | ₨ 65,280 | $ 794 | ₨ 59,960 | $ 791 | |
UNITED STATES | |||||
Income Taxes [Line Items] | |||||
Branch profit tax | 15% | 15% | |||
Approximate branch net assets | $ 846 | ||||
Deferred tax liability on branch profit tax, net of tax credits | $ 18 | ||||
First Five Year | |||||
Income Taxes [Line Items] | |||||
Percentage of tax reduction | 100% | 100% | |||
Second Five Year | Top of Range | |||||
Income Taxes [Line Items] | |||||
Percentage of tax reduction | 50% | 50% | |||
Third Five Year | Top of Range | |||||
Income Taxes [Line Items] | |||||
Percentage of tax reduction | 50% | 50% |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Income Tax Provision to Amount Computed by Applying Statutory Income Tax Rate to Income Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Profit before income taxes | $ 4,125 | $ 4,036 | $ 3,596 |
Enacted tax rates in India | 34.94% | 34.94% | 34.94% |
Computed expected tax expense | $ 1,442 | $ 1,410 | $ 1,256 |
Tax effect due to non-taxable income for Indian tax purposes | (362) | (395) | (346) |
Overseas taxes | 132 | 132 | 95 |
Tax provision (reversals) | (13) | (36) | (47) |
Effect of differential overseas tax rates | (41) | (26) | (17) |
Effect of exempt non-operating income | (6) | (7) | (5) |
Effect of unrecognized deferred tax assets | 14 | 10 | 1 |
Effect of non-deductible expenses | 19 | 22 | 20 |
Impact of change in tax rate | (13) | ||
Others | (43) | (29) | 16 |
Income tax expense | $ 1,142 | $ 1,068 | $ 973 |
Income Taxes - Summary of Expir
Income Taxes - Summary of Expiration of Unused Tax Losses (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred income tax assets, not recognized on accumulated losses | $ 538 | $ 592 |
Less Than 1 Year | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred income tax assets, not recognized on accumulated losses | 15 | 27 |
1-2 Years | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred income tax assets, not recognized on accumulated losses | 17 | 20 |
2 - 3 Year | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred income tax assets, not recognized on accumulated losses | 18 | 17 |
3 - 4 Year | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred income tax assets, not recognized on accumulated losses | 10 | 20 |
4 - 5 Year | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred income tax assets, not recognized on accumulated losses | 60 | 7 |
Due after five years | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred income tax assets, not recognized on accumulated losses | $ 418 | $ 501 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Assets and Income Tax Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Major components of tax expense (income) [abstract] | ||||
Income tax assets | $ 786 | $ 812 | ||
Current income tax liabilities | (412) | (344) | ||
Net current income tax assets / (liabilities) at the end | $ 374 | $ 468 | $ 501 | $ 515 |
Income Taxes - Summary Gross Mo
Income Taxes - Summary Gross Movement in Current Income Tax Assets / (Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Current tax expense (income) and adjustments for current tax of prior periods [abstract] | |||
Net current income tax assets / (liabilities) at the beginning | $ 468 | $ 501 | $ 515 |
Translation differences | (32) | (18) | 17 |
Income tax paid | 1,088 | 1,020 | 863 |
Current income tax expense | (1,153) | (1,048) | (901) |
Income tax on other comprehensive income | (2) | 2 | 1 |
Income tax benefit arising on exercise of stock options | 6 | 10 | 6 |
Tax impact on buyback expenses | 1 | 1 | |
Additions through business combination | (2) | ||
Net current income tax assets / (liabilities) at the end | $ 374 | $ 468 | $ 501 |
Income Taxes - Summary of Movem
Income Taxes - Summary of Movement in Gross Deferred Income Tax Assets / Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes [Line Items] | |||
Carrying value, beginning balance | $ 7 | $ 30 | $ 103 |
Changes through profit and loss | 11 | (20) | (72) |
Addition through business combination | (10) | (3) | |
Changes through OCI | (2) | (1) | |
Translation difference | (5) | (1) | 3 |
Carrying value, ending balance | 3 | 7 | 30 |
Property, plant and equipment [member] | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | 21 | 35 | 32 |
Changes through profit and loss | 2 | (13) | 2 |
Translation difference | (2) | (1) | 1 |
Carrying value, ending balance | 21 | 21 | 35 |
Lease liabilities | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | 24 | 23 | 18 |
Changes through profit and loss | 6 | 2 | 4 |
Translation difference | (3) | (1) | 1 |
Carrying value, ending balance | 27 | 24 | 23 |
Accrued compensation to employees | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | 7 | 6 | 7 |
Changes through profit and loss | 2 | 2 | (1) |
Translation difference | (1) | (1) | |
Carrying value, ending balance | 8 | 7 | 6 |
Trade Receivables | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | 28 | 30 | 26 |
Changes through profit and loss | 6 | (1) | 3 |
Translation difference | (2) | (1) | 1 |
Carrying value, ending balance | 32 | 28 | 30 |
Compensated absences | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | 70 | 68 | 57 |
Changes through profit and loss | 6 | 4 | 9 |
Translation difference | (6) | (2) | 2 |
Carrying value, ending balance | 70 | 70 | 68 |
Post sales client support | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | 17 | 16 | 15 |
Changes through profit and loss | 14 | 1 | 1 |
Translation difference | (1) | ||
Carrying value, ending balance | 30 | 17 | 16 |
Derivative Financial Instruments | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | (3) | (8) | 21 |
Changes through profit and loss | 3 | 4 | (28) |
Changes through OCI | (1) | ||
Translation difference | 1 | ||
Carrying value, ending balance | (3) | (8) | |
Credits related to branch profits | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | 89 | 48 | 50 |
Changes through profit and loss | (2) | 42 | (1) |
Translation difference | (1) | (1) | |
Carrying value, ending balance | 87 | 89 | 48 |
Intangibles arising on business combinations | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | (41) | (50) | (56) |
Changes through profit and loss | 9 | 8 | 10 |
Addition through business combination | (10) | (3) | |
Translation difference | 1 | (1) | |
Carrying value, ending balance | (42) | (41) | (50) |
SEZ reinvestment reserve | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | (112) | (84) | (11) |
Changes through profit and loss | (62) | (32) | (72) |
Translation difference | 10 | 4 | (1) |
Carrying value, ending balance | (164) | (112) | (84) |
Branch profit tax | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | (110) | (68) | (73) |
Changes through profit and loss | 5 | (42) | 5 |
Carrying value, ending balance | (105) | (110) | (68) |
Others | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | 11 | 10 | 14 |
Changes through profit and loss | 21 | 3 | (5) |
Changes through OCI | (2) | ||
Translation difference | 1 | ||
Carrying value, ending balance | 32 | 11 | 10 |
Intangible assets | |||
Income Taxes [Line Items] | |||
Carrying value, beginning balance | 6 | 4 | 3 |
Changes through profit and loss | 1 | 2 | 1 |
Carrying value, ending balance | $ 7 | $ 6 | $ 4 |
Income Taxes - Summary of Tax E
Income Taxes - Summary of Tax Effects of Significant Temporary Differences Resulted in Deferred Income Tax Assets and Liability (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Mar. 31, 2022 |
Major components of tax expense (income) [abstract] | ||
Deferred income tax assets after set off | $ 152 | $ 160 |
Deferred income tax liabilities after set off | $ (149) | $ (153) |
Reconciliation of Basic and D_3
Reconciliation of Basic and Diluted Shares Used in Computing Earnings Per Equity Share - Table of Equity Shares Used in Computation of Basic and Diluted Earnings Per Equity Share (Details) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract] | |||
Basic earnings per equity share - weighted average number of equity shares outstanding (1) | 4,180,897,857 | 4,209,546,724 | 4,242,416,665 |
Effect of dilutive common equivalent shares - share options outstanding | 6,833,213 | 8,978,410 | 8,315,802 |
Diluted earnings per equity share - weighted average number of equity shares and common equivalent shares outstanding | 4,187,731,070 | 4,218,525,134 | 4,250,732,467 |
Reconciliation of Basic and D_4
Reconciliation of Basic and Diluted Shares Used in Computing Earnings Per Equity Share - Additional Information (Details) - shares | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract] | |||
Number of options with anti-dilutive effect | 9,960 | 0 | 0 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Details) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Infosys Technologies (China) Co. Limited (Infosys China) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Technologies (China) Co. Limited (Infosys China) | |
Country | China | |
Holding as of | 100% | 100% |
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) | |
Country | Mexico | |
Holding as of | 100% | 100% |
Infosys Technologies (Sweden) AB. (Infosys Sweden) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Technologies (Sweden) AB (Infosys Sweden) | |
Country | Sweden | |
Holding as of | 100% | 100% |
Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) | |
Country | China | |
Holding as of | 100% | 100% |
Infosys Nova Holdings LLC (Infosys Nova) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Nova Holdings LLC. (Infosys Nova) | |
Country | U.S. | |
Holding as of | 100% | 100% |
EdgeVerve Systems Limited (EdgeVerve) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | EdgeVerve Systems Limited (EdgeVerve) | |
Country | India | |
Holding as of | 100% | 100% |
Infosys Austria GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Austria GmbH | |
Country | Austria | |
Holding as of | 100% | 100% |
Skava Systems Pvt Ltd Skava Systems | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Skava Systems Private Limited (Skava Systems) | |
Country | India | |
Holding as of | 100% | 100% |
Infosys Chile SpA | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Chile SpA | |
Country | Chile | |
Holding as of | 100% | 100% |
Infosys Arabia Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Arabia Limited | |
Country | Saudi Arabia | |
Holding as of | 70% | 70% |
Infosys Consulting Ltda | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting Ltda. | |
Country | Brazil | |
Holding as of | 100% | 100% |
Infosys Luxembourg S.a.r.l | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Luxembourg S.a.r.l | |
Country | Luxembourg | |
Holding as of | 100% | 100% |
Infosys Americas Inc., (Infosys Americas) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Americas Inc. (Infosys Americas) | |
Country | U.S. | |
Holding as of | 100% | 100% |
Infosys Public Services, Inc. USA (Infosys Public Services) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Public Services, Inc. USA (Infosys Public Services) | |
Country | U.S. | |
Holding as of | 100% | 100% |
Infosys Canada Public Services Inc | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Canada Public Services Inc | |
Country | Canada | |
Infosys BPM Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys BPM Limited | |
Country | India | |
Holding as of | 100% | 100% |
Infosys (Czech Republic) Limited s.r.o. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys (Czech Republic) Limited s.r.o. | |
Country | Czech Republic | |
Holding as of | 100% | 100% |
Infosys Poland, Sp z.o.o | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Poland Sp z.o.o | |
Country | Poland | |
Holding as of | 100% | 100% |
Infosys McCamish Systems LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys McCamish Systems LLC | |
Country | U.S. | |
Holding as of | 100% | 100% |
Portland Group Pty Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Portland Group Pty Ltd | |
Country | Australia | |
Holding as of | 100% | 100% |
Infosys BPO Americas LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys BPO Americas LLC | |
Country | U.S. | |
Holding as of | 100% | 100% |
Infosys Consulting Holding AG (Infosys Lodestone) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting Holding AG (Infosys Lodestone) | |
Country | Switzerland | |
Holding as of | 100% | 100% |
Infosys Management Consulting Pty Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Management Consulting Pty Limited | |
Country | Australia | |
Holding as of | 100% | 100% |
Infosys Consulting AG | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting AG | |
Country | Switzerland | |
Holding as of | 100% | 100% |
Infosys Consulting GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting GmbH | |
Country | Germany | |
Holding as of | 100% | 100% |
Infosys Consulting S.R.L. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting S.R.L. | |
Country | Romania | |
Holding as of | 100% | 100% |
Infosys Consulting SAS | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting SAS | |
Country | France | |
Holding as of | 100% | 100% |
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) | |
Country | Czech Republic | |
Infosys Consulting (Shanghai) Co., Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting (Shanghai) Co., Ltd. | |
Country | China | |
Infy Consulting Company Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infy Consulting Company Ltd | |
Country | U.K. | |
Holding as of | 100% | 100% |
Infy Consulting B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infy Consulting B.V. | |
Country | The Netherlands | |
Holding as of | 100% | 100% |
Infosys Consulting S.R.L. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting S.R.L. | |
Country | Argentina | |
Holding as of | 100% | 100% |
Infosys Consulting (Belgium) NV | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Consulting (Belgium) NV | |
Country | Belgium | |
Holding as of | 100% | 100% |
Panaya Inc (Panaya) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Panaya Inc. (Panaya) | |
Country | U.S. | |
Holding as of | 100% | 100% |
Panaya Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Panaya Ltd. | |
Country | Israel | |
Holding as of | 100% | 100% |
Infosys Financial Services GmbH. (formerly Panaya GmbH) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Financial Services GmbH. (formerly Panaya GmbH) | |
Country | Germany | |
Holding as of | 100% | 100% |
Brilliant Basics Holdings Limited (Brilliant Basics) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Brilliant Basics Holdings Limited (Brilliant Basics) | |
Country | U.K. | |
Holding as of | 100% | 100% |
Brilliant Basics Limited | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Brilliant Basics Limited | |
Country | U.K. | |
Holding as of | 100% | 100% |
Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) | |
Country | Singapore | |
Holding as of | 100% | 100% |
Infosys Middle East FZ LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Middle East FZ LLC | |
Country | Dubai | |
Holding as of | 100% | 100% |
Fluido Oy | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Fluido Oy | |
Country | Finland | |
Holding as of | 100% | 100% |
Fluido Sweden AB (Extero) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Fluido Sweden AB (Extero) | |
Country | Sweden | |
Holding as of | 100% | 100% |
Fluido Norway A/S | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Fluido Norway A/S | |
Country | Norway | |
Holding as of | 100% | 100% |
Fluido Denmark A/S | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Fluido Denmark A/S | |
Country | Denmark | |
Holding as of | 100% | 100% |
Fluido Slovakia s.r.o | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Fluido Slovakia s.r.o | |
Country | Slovakia | |
Holding as of | 100% | 100% |
HIPUS Co., Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | HIPUS Co., Ltd | |
Country | Japan | |
Holding as of | 81% | 81% |
Infosys Compaz Pte. Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Compaz Pte. Ltd | |
Country | Singapore | |
Holding as of | 60% | 60% |
Infosys South Africa (Pty) Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys South Africa (Pty) Ltd | |
Country | South Africa | |
Holding as of | 100% | 100% |
WongDoody Holding Company Inc. (WongDoody) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | WongDoody Holding Company Inc. (WongDoody) | |
Country | U.S. | |
WDW Communications, Inc | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | WDW Communications, Inc | |
Country | U.S. | |
Wong Doody, Inc | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | WongDoody, Inc | |
Country | U.S. | |
Holding as of | 100% | 100% |
Stater N.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Stater N.V. | |
Country | The Netherlands | |
Holding as of | 75% | 75% |
Stater Nederland B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Stater Nederland B.V. | |
Country | The Netherlands | |
Holding as of | 75% | 75% |
Stater XXL B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Stater XXL B.V. | |
Country | The Netherlands | |
Holding as of | 75% | 75% |
HypoCasso B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | HypoCasso B.V. | |
Country | The Netherlands | |
Holding as of | 75% | 75% |
Stater Participations B.V. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Stater Participations B.V. | |
Country | The Netherlands | |
Holding as of | 75% | 75% |
Stater Gmbh | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Stater Gmbh | |
Country | Germany | |
Holding as of | 75% | 75% |
Stater Belgium N.V./S.A. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Stater Belgium N.V./S.A. | |
Country | Belgium | |
Holding as of | 75% | 75% |
Outbox systems Inc. dba Simplus (US) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Outbox systems Inc. dba Simplus (US) | |
Country | U.S. | |
Holding as of | 100% | 100% |
Simplus North America Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Simplus North America Inc. | |
Country | Canada | |
Simplus ANZ Pty Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Simplus ANZ Pty Ltd. | |
Country | Australia | |
Holding as of | 100% | 100% |
Simplus Australia Pty Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Simplus Australia Pty Ltd | |
Country | Australia | |
Holding as of | 100% | 100% |
Sqware Peg Digital Pty Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Sqware Peg Digital Pty Ltd | |
Country | Australia | |
Simplus Philippines, Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Simplus Philippines, Inc. | |
Country | Philippines | |
Holding as of | 100% | 100% |
Simplus Europe, Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Simplus Europe, Ltd. | |
Country | U.K. | |
Infosys Fluido U.K., Ltd. (formerly Simplus U.K, Ltd) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd) | |
Country | U.K. | |
Holding as of | 100% | 100% |
Infosys Fluido Ireland, Ltd. (formerly Simplus Ireland, Ltd) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Fluido Ireland, Ltd.(formerly Simplus Ireland, Ltd) | |
Country | Ireland | |
Holding as of | 100% | 100% |
Infosys Limited Bulgaria EOOD | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Limited Bulgaria EOOD | |
Country | Bulgaria | |
Holding as of | 100% | 100% |
Kaleidoscope Animations, Inc | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Kaleidoscope Animations, Inc. | |
Country | U.S. | |
Holding as of | 100% | 100% |
Kaleidoscope Prototyping LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Kaleidoscope Prototyping LLC | |
Country | U.S. | |
Holding as of | 100% | 100% |
GuideVision s.r.o. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | GuideVision s.r.o. | |
Country | Czech Republic | |
Holding as of | 100% | 100% |
GuideVision Deutschland GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | GuideVision Deutschland GmbH | |
Country | Germany | |
Holding as of | 100% | 100% |
GuideVision Magyarorszag Kft | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | GuideVision Magyarország Kft | |
Country | Hungary | |
Holding as of | 100% | 100% |
GuideVision Suomi Oy | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | GuideVision Suomi Oy | |
Country | Finland | |
Holding as of | 100% | 100% |
GuideVision Polska SP.Z.O.O | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | GuideVision Polska Sp. z.o.o | |
Country | Poland | |
Holding as of | 100% | 100% |
Blue Acorn iCi Inc (formerly Beringer Commerce Inc) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Blue Acorn iCi Inc (formerly Beringer Commerce Inc) | |
Country | U.S. | |
Holding as of | 100% | 100% |
Guide Vision UK Ltd | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | GuideVision UK Ltd | |
Country | U.K. | |
Holding as of | 100% | 100% |
Beringer Capital Digital Group Inc | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Beringer Capital Digital Group Inc | |
Country | U.S. | |
Mediotype LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Mediotype LLC | |
Country | U.S. | |
Beringer Commerce Holdings LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Beringer Commerce Holdings LLC | |
Country | U.S. | |
SureSource LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | SureSource LLC | |
Country | U.S. | |
Blue Acorn LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Blue Acorn LLC | |
Country | U.S. | |
Simply Commerce LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Simply Commerce LLC | |
Country | U.S. | |
iCiDIGITAL LLC. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | iCiDIGITAL LLC | |
Country | U.S. | |
Infosys BPM UK Limited. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys BPM UK Limited | |
Country | U.K. | |
Holding as of | 100% | |
Infosys Turkey Bilgi Teknolojikeri Limited Sirketi | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Turkey Bilgi Teknolojileri Limited Sirketi | |
Country | Turkey | |
Holding as of | 100% | 100% |
Infosys Automotive and Mobility GmbH & Co. KG | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Automotive and Mobility GmbH & Co. KG | |
Country | Germany | |
Holding as of | 100% | 100% |
Infosys Germany Holding GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Germany Holding Gmbh | |
Country | Germany | |
Holding as of | 100% | 100% |
Infosys Green Forum | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Green Forum | |
Country | India | |
Holding as of | 100% | 100% |
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) | |
Country | Malaysia | |
Holding as of | 100% | 100% |
Infosys Business Solutions LLC | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Business Solutions LLC | |
Country | Qatar | |
Holding as of | 100% | |
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) | |
Country | Germany | |
Holding as of | 100% | |
oddity GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | oddity GmbH | |
Country | Germany | |
Holding as of | 100% | |
oddity (Shanghai) Co., Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | oddity (Shanghai) Co., Ltd. | |
Country | China | |
Holding as of | 100% | |
oddity Limited (Taipei) | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | oddity Limited (Taipei) | |
Country | Taiwan | |
Holding as of | 100% | |
oddity space GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | oddity space GmbH | |
Country | Germany | |
Holding as of | 100% | |
oddity jungle GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | oddity jungle GmbH | |
Country | Germany | |
Holding as of | 100% | |
oddity code GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | oddity code GmbH | |
Country | Germany | |
Holding as of | 100% | |
oddity code d.o.o | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | oddity code d.o.o | |
Country | Serbia | |
Holding as of | 100% | |
oddity waves GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | oddity waves GmbH | |
Country | Germany | |
Holding as of | 100% | |
oddity group services GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | oddity group services GmbH | |
Country | Germany | |
Holding as of | 100% | |
Infosys Public Services Canada Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Public Services Canada Inc. | |
Country | Canada | |
Holding as of | 100% | |
BASE life science AG | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | BASE life science AG | |
Country | Switzerland | |
Holding as of | 100% | |
BASE life science GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | BASE life science GmbH | |
Country | Germany | |
Holding as of | 100% | |
BASE life science A/S | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | BASE life science A/S | |
Country | Denmark | |
Holding as of | 100% | |
BASE life science S.A.S | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | BASE life science S.A.S | |
Country | France | |
Holding as of | 100% | |
BASE life science Ltd. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | BASE life science Ltd. | |
Country | U.K. | |
Holding as of | 100% | |
BASE life science S.r.l. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | BASE life science S.r.l. | |
Country | Italy | |
Holding as of | 100% | |
Innovisor Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Innovisor Inc. | |
Country | U.S. | |
Holding as of | 100% | |
BASE life science Inc. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | BASE life science Inc. | |
Country | U.S. | |
Holding as of | 100% | |
BASE life science S.L. | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | BASE life science S.L. | |
Country | Spain | |
Holding as of | 100% | |
Panaya Germany GmbH | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Panaya Germany GmbH | |
Country | Germany | |
Holding as of | 100% | |
Infosys Norway | ||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||
Particulars | Infosys Norway | |
Country | Norway | |
Holding as of | 100% |
Related Party Transactions - _2
Related Party Transactions - Schedule of Related Party Transactions (Parenthetical) (Details) | 12 Months Ended | |||
Mar. 22, 2022 | Mar. 17, 2022 | Dec. 14, 2021 | Mar. 31, 2023 | |
Infosys Public Services Canada Inc. | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Incorporation effective date | Jul. 08, 2022 | |||
W D W Communications Inc [Member] | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Merger effective date | Dec. 31, 2021 | |||
Simplus North America Inc. | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Liquidation effective date | Apr. 27, 2021 | |||
BASE life science A/S | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 100% | |||
Stater Gmbh | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Incorporation effective date | Aug. 04, 2021 | |||
Simplus Europe, Ltd. | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Liquidation effective date | Jul. 20, 2021 | |||
Infosys Consulting (Shanghai) Co., Ltd. | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Liquidation effective date | Sep. 01, 2021 | |||
Sqware Peg Digital Pty Ltd | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Liquidation effective date | Sep. 02, 2021 | |||
Infosys Green Forum | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Incorporation effective date | Aug. 31, 2021 | |||
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 100% | |||
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Liquidation effective date | Dec. 16, 2021 | |||
Infosys Canada Public Services Inc | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Liquidation effective date | Nov. 23, 2021 | |||
Wong Doody, Inc | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Merger effective date | Dec. 31, 2021 | |||
WongDoody Holding Company Inc. (WongDoody) | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Merger effective date | Dec. 31, 2021 | |||
BASE life science S L [Member] | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Incorporation effective date | Sep. 06, 2022 | |||
Beringer Commerce Holdings LLC | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Merger effective date | Jan. 01, 2022 | |||
Beringer Capital Digital Group Inc | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Merger effective date | Jan. 01, 2022 | |||
Blue Acorn iCi Inc | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Merger effective date | Jan. 01, 2022 | |||
Infosys Business Solutions LLC | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Incorporation effective date | Feb. 20, 2022 | |||
Infosys BPM Limited | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 0.01% | |||
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”) | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 100% | |||
Incorporation effective date | Mar. 22, 2022 | |||
oddity jungle GmbH | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 100% | |||
oddity waves GmbH | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 100% | |||
oddity group services GmbH | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 100% | |||
oddity code GmbH | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 100% | |||
oddity GmbH | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 100% | |||
oddity space GmbH | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Voting interest in subsidiary | 100% | |||
Panaya Germany GmbH [Member] | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Incorporation effective date | Dec. 15, 2022 | |||
Infosys Norway [Member] | ||||
Disclosure Of Significant Investments In Subsidiaries [Line Items] | ||||
Incorporation effective date | Feb. 07, 2023 |
Related Party Transactions - _3
Related Party Transactions - Schedule of List of Other Related Parties (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Infosys Limited Employees' Gratuity Fund Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys Limited Employees’ Gratuity Fund Trust |
Country | India |
Nature of relationship | Post-employment benefit plan of Infosys |
Infosys Limited Employees' Provident Fund Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys Limited Employees’ Provident Fund Trust |
Country | India |
Nature of relationship | Post-employment benefit plan of Infosys |
Infosys Limited Employees' Superannuation Fund Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys Limited Employees’ Superannuation Fund Trust |
Country | India |
Nature of relationship | Post-employment benefit plan of Infosys |
Infosys BPM Limited Employees' Superannuation Fund Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys BPM Limited Employees’ Superannuation Fund Trust |
Country | India |
Nature of relationship | Post-employment benefit plan of Infosys BPM |
Infosys BPM Limited Employees' Gratuity Fund Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys BPM Limited Employees’ Gratuity Fund Trust |
Country | India |
Nature of relationship | Post-employment benefit plan of Infosys BPM |
EdgeVerve Systems Limited Employees' Gratuity Fund Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | EdgeVerve Systems Limited Employees’ Gratuity Fund Trust |
Country | India |
Nature of relationship | Post-employment benefit plan of EdgeVerve |
EdgeVerve Systems Limited Employees' Superannuation Fund Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | EdgeVerve Systems Limited Employees’ Superannuation Fund Trust |
Country | India |
Nature of relationship | Post-employment benefit plan of EdgeVerve |
Infosys Employees' Welfare Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys Employees’ Welfare Trust |
Country | India |
Nature of relationship | Controlled Trust |
Infosys Employee Benefits Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys Employee Benefits Trust |
Country | India |
Nature of relationship | Controlled Trust |
Infosys Science Foundation | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys Science Foundation |
Country | India |
Nature of relationship | Controlled Trust |
Infosys Expanded Stock Ownership Trust | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys Expanded Stock Ownership Trust |
Country | India |
Nature of relationship | Controlled Trust |
Infosys Foundation | |
Disclosure Of Transactions Between Related Parties [Line Items] | |
Name of other related parties | Infosys Foundation |
Country | India |
Nature of relationship | Trust jointly controlled by KMPs |
Related Party Transactions - _4
Related Party Transactions - Schedule of List of Other Related Parties (Parenthetical) (Details) $ in Millions | 12 Months Ended |
Mar. 31, 2023 USD ($) | |
Infosys Foundation | |
Disclosure of transactions between related parties [line items] | |
CSR contribution | $ 44 |
Related Party Transactions - _5
Related Party Transactions - Schedule of Related Party Transactions with Key Management Personnel (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Key Management Personnel Stock Compensation Expense [Abstract] | |||
Salaries and other employee benefits to whole-time directors and executive officers | $ 14 | $ 18 | $ 19 |
Commission and other benefits to non-executive / independent directors | 2 | 2 | 1 |
Total compensation | $ 16 | $ 20 | $ 20 |
Related Party Transactions - _6
Related Party Transactions - Schedule of Related Party Transactions with Key Management Personnel (Parenthetical) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Whole Time Directors And Executive Officers | |||
Disclosure Of Key Management Personnel Stock Compensation Expense [Line Items] | |||
Employee stock compensation expense towards KMP | $ 6 | $ 9 | $ 10 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segmented Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of Operating Segments [Line Items] | |||
Revenues | $ 18,212 | $ 16,311 | $ 13,561 |
Identifiable operating expenses | 10,553 | 9,281 | 7,239 |
Allocated expenses | 3,310 | 2,809 | 2,556 |
Segment profit | 4,349 | 4,221 | 3,766 |
Unallocable expenses | 524 | 466 | 441 |
Operating profit | 3,825 | 3,755 | 3,325 |
Other income, net | 335 | 308 | 297 |
Finance cost | 35 | 27 | 26 |
Profit before income taxes | 4,125 | 4,036 | 3,596 |
Income tax expense | 1,142 | 1,068 | 973 |
Net profit | 2,983 | 2,968 | 2,623 |
Depreciation and amortization | 524 | 466 | 441 |
Operating Segments | Financial Services | |||
Disclosure of Operating Segments [Line Items] | |||
Revenues | 5,434 | 5,218 | 4,399 |
Identifiable operating expenses | 3,103 | 2,967 | 2,378 |
Allocated expenses | 985 | 867 | 813 |
Segment profit | 1,346 | 1,384 | 1,208 |
Operating Segments | Retail | |||
Disclosure of Operating Segments [Line Items] | |||
Revenues | 2,632 | 2,379 | 1,991 |
Identifiable operating expenses | 1,352 | 1,158 | 937 |
Allocated expenses | 487 | 399 | 363 |
Segment profit | 793 | 822 | 691 |
Operating Segments | Communication | |||
Disclosure of Operating Segments [Line Items] | |||
Revenues | 2,246 | 2,035 | 1,703 |
Identifiable operating expenses | 1,380 | 1,231 | 991 |
Allocated expenses | 401 | 353 | 335 |
Segment profit | 465 | 451 | 377 |
Operating Segments | Energy, Utilities, Resources and Services | |||
Disclosure of Operating Segments [Line Items] | |||
Revenues | 2,300 | 1,942 | 1,692 |
Identifiable operating expenses | 1,231 | 1,029 | 877 |
Allocated expenses | 430 | 347 | 335 |
Segment profit | 639 | 566 | 480 |
Operating Segments | Manufacturing | |||
Disclosure of Operating Segments [Line Items] | |||
Revenues | 2,357 | 1,787 | 1,275 |
Identifiable operating expenses | 1,551 | 1,133 | 674 |
Allocated expenses | 426 | 332 | 255 |
Segment profit | 380 | 322 | 346 |
Operating Segments | Hi-Tech | |||
Disclosure of Operating Segments [Line Items] | |||
Revenues | 1,472 | 1,346 | 1,155 |
Identifiable operating expenses | 864 | 798 | 648 |
Allocated expenses | 242 | 213 | 176 |
Segment profit | 366 | 335 | 331 |
Operating Segments | Life Science | |||
Disclosure of Operating Segments [Line Items] | |||
Revenues | 1,251 | 1,142 | 927 |
Identifiable operating expenses | 724 | 649 | 475 |
Allocated expenses | 209 | 174 | 161 |
Segment profit | 318 | 319 | 291 |
Operating Segments | Others | |||
Disclosure of Operating Segments [Line Items] | |||
Revenues | 520 | 462 | 419 |
Identifiable operating expenses | 348 | 316 | 259 |
Allocated expenses | 130 | 124 | 118 |
Segment profit | $ 42 | $ 22 | $ 42 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) - Customer | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Information About Major Customers [Abstract] | |||
Number of client individually accounted for more than 10% of revenue | 0 | 0 | 0 |