Exhibit 99.2
Form of Advertisement
![]() | Infosys Limited Regd. office: Electronics City, Hosur Road, Bengaluru – 560 100, India | CIN : L85110KA1981PLC013115 Website: www.infosys.com Email: investors@infosys.com T: 91 80 2852 0261, F: 91 80 2852 0362 |
Audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2017 prepared in compliance with the Indian Accounting Standard (Ind-AS)
(in crore, except per equity share data)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2017 | 2016 | 2016 | 2017 | 2016 | |
Audited | Audited | Audited | Audited | Audited | |
Revenue from operations | 17,120 | 17,273 | 16,550 | 68,484 | 62,441 |
Other income, net | 746 | 820 | 772 | 3,080 | 3,123 |
Total Income | 17,866 | 18,093 | 17,322 | 71,564 | 65,564 |
Expenses | |||||
Employee benefit expenses | 9,309 | 9,420 | 9,024 | 37,659 | 34,406 |
Deferred consideration pertaining to acquisition | – | – | – | – | 149 |
Cost of technical sub-contractors | 1,000 | 975 | 925 | 3,833 | 3,531 |
Travel expenses | 474 | 502 | 595 | 2,235 | 2,263 |
Cost of software packages and others | 478 | 461 | 330 | 1,597 | 1,274 |
Communication expenses | 149 | 145 | 117 | 549 | 449 |
Consultancy and professional charges | 229 | 165 | 213 | 763 | 779 |
Depreciation and amortisation expenses | 446 | 433 | 419 | 1,703 | 1,459 |
Other expenses | 823 | 838 | 707 | 3,244 | 2,511 |
Total expenses | 12,908 | 12,939 | 12,330 | 51,583 | 46,821 |
Profit before non-controlling interest / share in net profit / (loss) of associate | 4,958 | 5,154 | 4,992 | 19,981 | 18,743 |
Share in net profit/(loss) of associate and others | (25) | – | (1) | (30) | (3) |
Profit before tax | 4,933 | 5,154 | 4,991 | 19,951 | 18,740 |
Tax expense: | |||||
Current tax | 1,249 | 1,468 | 1,426 | 5,653 | 5,318 |
Deferred tax | 81 | (22) | (32) | (55) | (67) |
Profit for the period | 3,603 | 3,708 | 3,597 | 14,353 | 13,489 |
Other comprehensive income | |||||
Items that will not be reclassified subsequently to profit or loss | |||||
Remeasurement of the net defined benefit liability/asset | 20 | (8) | (3) | (45) | (12) |
Equity instruments through other comprehensive income | (5) | – | – | (5) | – |
15 | (8) | (3) | (50) | (12) | |
Items that will be reclassified subsequently to profit or loss | |||||
Fair value changes on derivatives designated as cash flow hedges, net | 11 | 26 | – | 39 | – |
Exchange differences on translation of foreign operations | (197) | (47) | 96 | (257) | 303 |
Fair value changes on investments | (10) | – | – | (10) | – |
(196) | (21) | 96 | (228) | 303 | |
Total other comprehensive income, net of tax | (181) | (29) | 93 | (278) | 291 |
Total comprehensive income for the period | 3,422 | 3,679 | 3,690 | 14,075 | 13,780 |
Paid up share capital (par value![]() | 1,144 | 1,144 | 1,144 | 1,144 | 1,144 |
Other equity | 67,838 | 60,600 | 60,600 | 67,838 | 60,600 |
Earnings per equity share (par value![]() | |||||
Basic (![]() | 15.77 | 16.22 | 15.74 | 62.80 | 59.02 |
Diluted (![]() | 15.76 | 16.22 | 15.74 | 62.77 | 59.02 |
Notes:
1. | The audited consolidated financial statements for the quarter and year ended March 31, 2017 have been taken on record by the Board of Directors at its meeting held on April 13, 2017. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited consolidated financial statements. The consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. | |
2. | The Group has adopted all the Ind-AS on April 1, 2016 with the transition date as April 1, 2015, and the adoption was carried out in accordance with Ind-AS 101-First time adoption of Indian Accounting Standards. The transition was carried out from Indian Accounting Principles generally accepted in India as prescribed under Sec 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 (IGAAP), which was the previous GAAP. | |
3. | Capital Allocation Policy | |
The Board reviewed and approved a revised Capital Allocation Policy of the Company after taking into consideration the strategic and operational cash requirements of the Company in the medium term. The key aspects of the Capital Allocation Policy are: | ||
1. | The Company’s current policy is to pay dividends of up to 50% of post-tax profits of the Financial Year. Effective from FY 2018, the Company expects to payout up to 70% of the free cash flow* of the corresponding Financial Year in such manner (including by way of dividend and/or share buyback) as may be decided by the Board from time to time, subject to applicable laws and requisite approvals, if any. | |
2. | In addition to the above, the Board has identified an amount of upto
Further announcements in this regard will be made, as appropriate, in due course. | |
* | 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 | |
** | USD/INR exchange rate as on March 31, 2017 | |
Dividend payout includes Dividend Distribution Tax | ||
This announcement contains insider information | ||
4. | The Board, at its meeting held on April 13, 2017, appointed Ravi Venkatesan, Independent Director as the Co- Chairman of the Board. Ravi Venkatesan, who has been on the Board of Infosys since April, 2011 has made valuable contribution to the development of the strategic direction of the Company during his tenure. | |
5. | Pursuant to the approval from the shareholders through postal ballot on March 31, 2016, Dr. Vishal Sikka, Managing Director and CEO is eligible to receive under the 2015 Stock Incentive Compensation Plan (2015 plan), an annual grant of RSU's of fair value $2 million which will vest over time, subject to continued service. He is also eligible for an annual grant of performance based equity and stock options of $5 million, subject to achievement of performance targets set by the Board or its committee, which will vest over time. The Board based on the recommendations of the Nominations and Remuneration Committee approved on April 13, 2017, RSUs amounting to $1.9 million and ESOP's amounting to $0.96 million representing the performance based equity and stock options for the financial year 2017. Further, the Board also approved the annual time based vesting grant for financial year 2018 of RSU's of fair value amounting to $2 million. | |
The Nomination and Remuneration Committee in its meeting held on October 14, 2016 recommended a grant of 27,250 RSUs and 43,000 ESOPs to U.B.Pravin Rao, Chief Operating Officer (COO), under the 2015 Plan and the same was approved by the shareholders through postal ballot on March 31, 2017. These RSUs and ESOPs will be granted w.e.f May 2, 2017. These RSUs and stock options would vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the RSU's 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, as approved by the shareholders.
The Nomination and Remuneration Committee of the Board of Directors of Infosys Limited at its meeting held on April 13, 2017, based on fiscal 2017 performance, approved the grant of 37,100 RSU and 73,600 stock options with effect from May 2, 2017, to few eligible and identified employees of the Company and its subsidiaries under the 2015 plan. These RSUs and stock options shall vest over a period of 4 years from the date of grant and shall be exercisable within the period as approved by the committee. 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. |
6. Information on dividends for the quarter and year ended March 31, 2017
An interim dividend of11/- per equity share was declared on October 14, 2016 and paid on October 26, 2016. The interim dividend declared in the previous year was
30/- (not adjusted for bonus issues) per equity share. The Board of Directors recommended a final dividend of
14.75/- per equity share for the financial year ended March 31, 2017. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company, to be held on June 24, 2017. The book closure date for the purpose of the Annual General Meeting and payment of final dividend is June 3, 2017. The final dividend declared in the previous year was
14.25/- per equity share.
(in)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2017 | 2016 | 2016 | 2017 | 2016 | |
Dividend per share (par value![]() | |||||
Interim dividend | – | – | – | 11.00 | 10.00 |
Final dividend | 14.75 | – | 14.25 | 14.75 | 14.25 |
7. Consolidated statement of assets and liabilities
(in crore)
Particulars | As at | |
March 31, 2017 | March 31, 2016 | |
ASSETS | ||
Non-current assets | ||
Property, plant and equipment | 9,751 | 8,637 |
Capital work-in-progress | 1,365 | 960 |
Goodwill | 3,652 | 3,764 |
Other Intangible assets | 776 | 985 |
Investment in associate | 71 | 103 |
Financial assets: | ||
Investments | 6,382 | 1,714 |
Loans | 29 | 25 |
Other financial assets | 309 | 286 |
Deferred tax assets (net) | 540 | 536 |
Income tax assets (net) | 5,716 | 5,230 |
Other non-current assets | 1,059 | 1,357 |
Total non-current assets | 29,650 | 23,597 |
Current assets | ||
Financial assets | ||
Investments | 9,970 | 75 |
Trade receivables | 12,322 | 11,330 |
Cash and cash equivalents | 22,625 | 32,697 |
Loans | 272 | 303 |
Other financial assets | 5,980 | 5,190 |
Other current assets | 2,536 | 2,158 |
Total current assets | 53,705 | 51,753 |
Total assets | 83,355 | 75,350 |
EQUITY AND LIABILITIES | ||
Equity | ||
Equity share capital | 1,144 | 1,144 |
Other equity | 67,838 | 60,600 |
Total equity attributable to equity holders of the Company | 68,982 | 61,744 |
Non-controlling interests | – | – |
Total equity | 68,982 | 61,744 |
Liabilities | ||
Non-current liabilities | ||
Financial liabilities | ||
Other financial liabilities | 70 | 69 |
Deferred tax liabilities (net) | 207 | 252 |
Other non-current liabilities | 83 | 46 |
Total non-current liabilities | 360 | 367 |
Current liabilities | ||
Financial liabilities | ||
Trade payables | 367 | 386 |
Others financial liabilities | 6,349 | 6,302 |
Other current liabilities | 3,007 | 2,629 |
Provisions | 405 | 512 |
Income tax liabilities (net) | 3,885 | 3,410 |
Total current liabilities | 14,013 | 13,239 |
Total equity and liabilities | 83,355 | 75,350 |
The disclosure is an extract of the audited Consolidated Balance Sheet as at March 31, 2017 and March 31, 2016 prepared in compliance with the Indian Accounting Standards (Ind-AS).
8. Reconciliation of the Consolidated Statement of Profit and Loss as previously reported under IGAAP to Ind-AS
(in crore)
Particulars | Note | Quarter ended March 31, 2016 | ||
IGAAP | Effects of transition to Ind- AS | Ind-AS | ||
Revenue from operations | 16,550 | – | 16,550 | |
Other income, net | 778 | (6) | 772 | |
Total Income | 17,328 | (6) | 17,322 | |
Expenses | ||||
Employee benefit expenses | 1.1 | 9,027 | (3) | 9,024 |
Cost of technical sub-contractors | 925 | – | 925 | |
Travel expenses | 595 | – | 595 | |
Cost of software packages and others | 330 | – | 330 | |
Communication expenses | 117 | – | 117 | |
Consultancy and professional charges | 213 | – | 213 | |
Depreciation and amortisation expenses | 1.3 | 355 | 64 | 419 |
Other expenses | 1.2 | 703 | 4 | 707 |
Total expenses | 12,265 | 65 | 12,330 | |
Profit before non-controlling interest / share in profit/(loss) of associate | 5,063 | (71) | 4,992 | |
Share in net profit/(loss) of associate | (1) | – | (1) | |
Profit before tax | 5,062 | (71) | 4,991 | |
Tax expense: | ||||
Current tax | 1.4 | 1,425 | 1 | 1,426 |
Deferred tax | 1.5 | (16) | (16) | (32) |
Profit for the period | 3,653 | (56) | 3,597 | |
Other comprehensive income | ||||
Items that will not be reclassified subsequently to profit or loss | ||||
Remeasurement of the net defined benefit liability / asset | 1.1 | – | (3) | (3) |
– | (3) | (3) | ||
Items that will be reclassified subsequently to profit or loss | ||||
Exchange differences on translation of foreign operations | 1.6 | 32 | 64 | 96 |
32 | 64 | 96 | ||
Total other comprehensive income, net of tax | 32 | 61 | 93 | |
Total comprehensive income for the period | 3,685 | 5 | 3,690 |
This reconciliation statement has been provided in accordance with circular CIR/CFD/FAC/62/2016 issued by SEBI dated July 05, 2016 on account of implementation of Ind-AS by listed companies.
Explanations for reconciliation of Consolidated Statement of Profit and Loss as previously reported under IGAAP to Ind-AS
(1.1) | a. | As per Ind-AS 19 Employee Benefits, actuarial gain and losses are recognized in other comprehensive income and not reclassified to profit and loss in a subsequent period. |
b. | Adjustments reflect unamortized negative past service cost arising on modification of the gratuity plan in an earlier period. Ind-AS 19 requires such gains and losses to be adjusted to retained earnings. | |
(1.2) | Adjustments reflect the impact of discounting pertaining to contingent consideration payable for business combinations. | |
(1.3) | Adjustment reflects the impact of amortization of intangible assets included within goodwill under the IGAAP, separately recognized under Ind-AS. | |
(1.4) | Tax component on actuarial gains and losses which was transferred to other comprehensive income under Ind-AS. | |
(1.5) | The reduction in deferred tax expense is on account of the reversal of deferred tax liabilities recorded on intangible assets acquired in business combination. | |
(1.6) | Under Ind-AS, exchange differences on translation of foreign operations are recorded in other comprehensive income. |
Reconciliation of equity as previously reported under IGAAP to Ind-AS
(in crore)
Particulars | Note | Balance Sheet as at March 31, 2016 | ||
IGAAP | Effects of transition to Ind-AS | Ind-AS | ||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 8,637 | – | 8,637 | |
Capital work-in-progress | 960 | – | 960 | |
Goodwill | 1.1 | 4,476 | (712) | 3,764 |
Other intangible assets | 1.1 | 67 | 918 | 985 |
Investment in associate | 103 | – | 103 | |
Financial assets | ||||
Investments | 1.2 | 1,714 | – | 1,714 |
Loans | 25 | – | 25 | |
Other financial assets | 286 | – | 286 | |
Deferred tax assets (net) | 1.3 | 533 | 3 | 536 |
Income tax assets (net) | 5,230 | – | 5,230 | |
Other non-current assets | 1,357 | – | 1,357 | |
Total non-current assets | 23,388 | 209 | 23,597 | |
Current assets | ||||
Financial assets | ||||
Investments | 1.2 | 75 | – | 75 |
Trade receivables | 11,330 | – | 11,330 | |
Cash and cash equivalents | 32,697 | – | 32,697 | |
Loans | 303 | – | 303 | |
Other financial assets | 5,190 | – | 5,190 | |
Other current assets | 2,158 | – | 2,158 | |
Total current assets | 51,753 | – | 51,753 | |
Total assets | 75,141 | 209 | 75,350 | |
EQUITY AND LIABILITIES | ||||
Equity | ||||
Equity share capital | 1,144 | – | 1,144 | |
Other equity | 1.7 | 56,682 | 3,918 | 60,600 |
Total equity attributable to equity holders of the Company | 57,826 | 3,918 | 61,744 | |
Non-controlling interests | – | – | – | |
Total equity | 57,826 | 3,918 | 61,744 | |
Non-current liabilities | ||||
Financial liabilities | ||||
Other financial liabilities | 1.4 | 80 | (11) | 69 |
Deferred tax liabilities (net) | 1.3 | – | 252 | 252 |
Other non-current liabilities | 46 | – | 46 | |
Total non-current liabilities | 126 | 241 | 367 | |
Current liabilities | ||||
Financial liabilities | ||||
Trade payables | 386 | – | 386 | |
Other financial liabilities | 1.4 | 6,309 | (7) | 6,302 |
Other current liabilities | 1.5 | 2,633 | (4) | 2,629 |
Provisions | 1.6 | 4,451 | (3,939) | 512 |
Income tax liabilities (net) | 3,410 | – | 3,410 | |
Total current liabilities | 17,189 | (3,950) | 13,239 | |
Total equity and liabilities | 75,141 | 209 | 75,350 |
This reconciliation statement has been provided in accordance with circular CIR/CFD/FAC/62/2016 issued by SEBI dated July 05, 2016 on account of implementation of Ind-AS by listed companies.
Explanations for the reconciliation of Consolidated Balance Sheet as previously reported under IGAAP to Ind-AS
(1.1) Goodwill and Intangible assets
Intangible assets and deferred tax asset/liabilities in relation to business combinations which were included within Goodwill under IGAAP, have been recognized separately under Ind-AS with corresponding adjustments to retained earnings and other comprehensive income for giving effect to amortization expenses and exchange gains and losses.
(1.2) Investments
Tax free bonds are carried at amortized cost both under Ind-AS and IGAAP. Investment in equity instruments are carried at fair value through Other Comprehensive Income in Ind-AS compared to being carried at cost under IGAAP.
(1.3) Deferred taxes
Deferred taxes in relation to business combinations have been recognized under Ind-AS.
(1.4) Other financial liabilities
Adjustments include the impact of discounting the contingent consideration payable for acquisitions under Ind-AS.
(1.5) Other current liabilities
Adjustments that reflect unamortized negative past service cost arising on modification of the gratuity plan in an earlier period. Ind-AS 19 - Employee Benefits require such gains and losses to be adjusted to retained earnings.
(1.6) Provisions
Adjustments reflect final dividend (including corporate dividend tax), declared and approved post reporting period.
(1.7) Other equity
a. | Adjustments to retained earnings and other comprehensive income have been made in accordance with Ind-AS, for the above mentioned line items. | |
b. | In addition, as per Ind-AS 19, actuarial gain and losses are recognized in other comprehensive income as compared to being recognized in the Statement of Profit and Loss under IGAAP. |
9. Audited financial results of Infosys Limited (Standalone Information)
(in crore)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2017 | 2016 | 2016 | 2017 | 2016 | |
Revenue from operations | 14,920 | 14,949 | 14,158 | 59,289 | 53,983 |
Profit before tax | 4,783 | 4,883 | 4,705 | 18,938 | 17,600 |
Profit for the period | 3,562 | 3,599 | 3,391 | 13,818 | 12,693 |
Note: The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the Stock Exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited standalone financial statements as stated.
10. Segment reporting (Consolidated - Audited)
(in crore)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2017 | 2016 | 2016 | 2017 | 2016 | |
Revenue by business segment | – | ||||
Financial Services (FS) | 4,655 | 4,663 | 4,522 | 18,555 | 17,024 |
Manufacturing (MFG) | 1,918 | 1,893 | 1,748 | 7,507 | 6,948 |
Energy & utilities, Communication and Services (ECS) | 3,963 | 3,885 | 3,635 | 15,430 | 13,547 |
Retail, Consumer packaged goods and Logistics (RCL) | 2,710 | 2,821 | 2,727 | 11,225 | 10,226 |
Life Sciences, Healthcare and Insurance (HILIFE) | 2,148 | 2,196 | 2,083 | 8,437 | 8,090 |
Hi-Tech | 1,211 | 1,250 | 1,327 | 5,122 | 4,891 |
All other segments | 515 | 565 | 508 | 2,208 | 1,715 |
Total | 17,120 | 17,273 | 16,550 | 68,484 | 62,441 |
Less: Inter-segment revenue | – | – | – | – | – |
Net revenue from operations | 17,120 | 17,273 | 16,550 | 68,484 | 62,441 |
Segment profit before tax, depreciation and non-controlling interests: | |||||
Financial Services (FS) | 1,328 | 1,320 | 1,249 | 5,209 | 4,839 |
Manufacturing (MFG) | 472 | 455 | 426 | 1,848 | 1,560 |
Energy & utilities, Communication and Services (ECS) | 1,120 | 1,123 | 1,108 | 4,431 | 4,029 |
Retail, Consumer packaged goods and Logistics (RCL) | 784 | 837 | 767 | 3,249 | 2,840 |
Life Sciences, Healthcare and Insurance (HILIFE) | 596 | 632 | 626 | 2,308 | 2,265 |
Hi-Tech | 291 | 324 | 364 | 1,277 | 1,301 |
All other segments | 70 | 78 | 105 | 292 | 259 |
Total | 4,661 | 4,769 | 4,645 | 18,614 | 17,093 |
Less: Other unallocable expenditure | 449 | 435 | 425 | 1,713 | 1,473 |
Add: Unallocable other income | 746 | 820 | 772 | 3,080 | 3,123 |
Add: Share in net profit/(loss) of associate and others | (25) | – | (1) | (30) | (3) |
Profit before tax and non-controlling interests | 4,933 | 5,154 | 4,991 | 19,951 | 18,740 |
Notes on segment information
Business segments
Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.
Segmental capital employed
Assets and liabilities used in the Company's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
By order of the Board | |
for Infosys Limited | |
Bengaluru, India | Dr. Vishal Sikka |
April 13, 2017 | Chief Executive Officer and Managing Director |
The Board has also taken on record the unaudited condensed consolidated results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2017, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:
(in US$ million, except per equity share data)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2017 | 2016 | 2016 | 2017 | 2016 | |
Revenues | 2,569 | 2,551 | 2,446 | 10,208 | 9,501 |
Cost of sales | 1,614 | 1,601 | 1,516 | 6,446 | 5,950 |
Gross profit | 955 | 950 | 930 | 3,762 | 3,551 |
Net profit | 543 | 547 | 533 | 2,140 | 2,052 |
Earnings per equity share | |||||
Basic | 0.24 | 0.24 | 0.23 | 0.94 | 0.90 |
Diluted | 0.24 | 0.24 | 0.23 | 0.94 | 0.90 |
Total assets | 12,854 | 11,870 | 11,378 | 12,854 | 11,378 |
Cash and cash equivalents including current investments | 5,027 | 4,487 | 4,946 | 5,027 | 4,946 |
Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2016. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this result is April 13, 2017, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.