Exhibit 99.2
Form of Release to Stock Exchanges
 | 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, |
Audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2018 prepared in compliance with the Indian Accounting Standards (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, | |
| 2018 | 2017 | 2017 | 2018 | 2017 | |
| Audited | Audited | Audited | Audited | Audited | |
| Revenue from operations | 18,083 | 17,794 | 17,120 | 70,522 | 68,484 |
| Other income, net(Refer Note b and c) | 534 | 962 | 746 | 3,193 | 3,080 |
| Total Income | 18,617 | 18,756 | 17,866 | 73,715 | 71,564 |
| Expenses | |||||
| Employee benefit expenses | 10,054 | 9,869 | 9,309 | 38,893 | 37,659 |
| Cost of technical sub-contractors | 1,107 | 1,041 | 1,000 | 4,297 | 3,833 |
| Travel expenses | 492 | 496 | 474 | 1,995 | 2,235 |
| Cost of software packages and others | 466 | 472 | 478 | 1,870 | 1,597 |
| Communication expenses | 113 | 120 | 149 | 489 | 549 |
| Consultancy and professional charges | 282 | 238 | 229 | 1,043 | 763 |
| Depreciation and amortisation expenses | 458 | 498 | 446 | 1,863 | 1,703 |
| Other expenses | 639 | 741 | 823 | 2,924 | 3,244 |
| Total expenses | 13,611 | 13,475 | 12,908 | 53,374 | 51,583 |
| Profit before non-controlling interest / share in net profit / (loss) of associate | 5,006 | 5,281 | 4,958 | 20,341 | 19,981 |
| Share in net profit/(loss) of associate, including impairment of associate(Refer Note d) | – | – | (25) | (71) | (30) |
| Profit before tax | 5,006 | 5,281 | 4,933 | 20,270 | 19,951 |
| Tax expense:(Refer Note a) | |||||
| Current tax | 1,466 | 144 | 1,249 | 4,581 | 5,653 |
| Deferred tax | (150) | 8 | 81 | (340) | (55) |
| Profit for the period(Refer Note a) | 3,690 | 5,129 | 3,603 | 16,029 | 14,353 |
| Other comprehensive income | |||||
| Items that will not be reclassified subsequently to profit or loss | |||||
| Remeasurement of the net defined benefit liability/asset | 34 | 18 | 20 | 55 | (45) |
| Equity instruments through other comprehensive income, net | 9 | (2) | (5) | 7 | (5) |
| Items that will be reclassified subsequently to profit or loss | |||||
| Fair value changes on derivatives designated as cash flow hedges, net | 2 | 5 | 11 | (39) | 39 |
| Exchange differences on translation of foreign operations | 200 | (86) | (197) | 321 | (257) |
| Fair value changes on investments, net | (15) | (25) | (10) | (1) | (10) |
| Total other comprehensive income/(loss), net of tax | 230 | (90) | (181) | 343 | (278) |
| Total comprehensive income for the period | 3,920 | 5,039 | 3,422 | 16,372 | 14,075 |
| Paid up share capital (par value5/- each, fully paid) | 1,088 | 1,088 | 1,144 | 1,088 | 1,144 |
| Other equity | 63,835 | 67,838 | 67,838 | 63,835 | 67,838 |
| Earnings per equity share (par value5/- each)(Refer Note e) | |||||
| Basic ()(Refer Note a) | 16.98 | 22.55 | 15.77 | 71.07 | 62.80 |
| Diluted () | 16.97 | 22.53 | 15.76 | 71.00 | 62.77 |
Note
| a) | During the quarter ended December 31, 2017, on account of the conclusion of an Advance Pricing Agreement (“APA”) with the U.S. Internal Revenue Service (“IRS”), the Company has, in accordance with the APA, reversed income tax expense provision of $225 million (1,432 crore) which pertains to previous periods which are no longer required. Consequently, profit for the quarter ended December 31, 2017 and the year ended March 31, 2018 has increased and therefore has led to an increase in Basic earnings per equity share by6.29 ($0.10) for quarter ended December 31, 2017 and5.88 ($0.09) for the year ended March 31, 2018. |
| b) | In the quarter ended March 2018, on conclusion of a strategic review of the portfolio businesses, the Company initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava (together referred to as "Skava”) and Panaya (collectively referred to as the “disposal group”). The Company anticipates completion of the sale by March 2019 and accordingly, assets amounting to2,060 crore and liabilities amounting to324 crore in respect of the disposal group have been reclassified as “held for sale". On reclassification, the disposal group has been measured at the lower of carrying amount and fair value less cost to sell and consequently, an impairment loss of118 crore in respect of Panaya has been recognized in the consolidated profit and loss for the quarter and year ended March 31, 2018. |
| The disposal group does not constitute a separate major component of the company and therefore has not been classified as discontinued operations. | |
| c) | Other income includes200 crore towards interest on income tax refund for the quarter ended December 31, 2017 and262 crore for the year ended March 31, 2018. |
| d) | During the year ended March 31,2018 the Company has written down the entire carrying value of the investment in its associate DWA Nova LLC amounting to71 crore. The write-down in the carrying value of investment in associate DWA Nova LLC during the quarter and year ended March 31, 2017 was18 crore. |
| e) | EPS is not annualized for the quarter ended March 31, 2018, December 31, 2017 and March 31, 2017. |
Notes:
| 1. | The audited interim consolidated financial statements for the quarter and year ended March 31, 2018 have been taken on record by the Board of Directors at its meeting held on April 13, 2018.The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unqualified audit opinion. Amounts for the quarter and year ended March 31, 2017 were audited by previous auditors - B S R & Co LLP. The information for the year ended March 31, 2018 presented above is extracted from the audited consolidated financial statements and the information for the quarter ended March 31, 2018 are extracted from the audited interim consolidated financial statements. These financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter. |
| 2. | The Board appointed Kiran Mazumdar- Shaw, Independent Director as the Lead Independent Director of the Board. |
| 3. | On April 13, 2018, the Company entered into a definitive agreement to acquire Wongdoody Holding Company Inc., a US-based creative and consumer insights agency for a total consideration of up to $75 million ( approximately489 crore) including contingent consideration and retention payouts, subject to regulatory approvals and fulfillment of closing conditions |
| 4. | Information on dividends for the quarter and year ended March 31, 2018 |
| An interim dividend of13/- (par value of5/- each) per equity share was declared on October 24, 2017 and the same was paid on November 4, 2017. The interim dividend declared in the previous year was11/- per equity share. For financial year 2018, the Board recommended a final dividend of20.50/- per equity share and a special dividend of10/- per equity share. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company, to be held on June 23, 2018. The book closure date for the purpose of the Annual General Meeting and payment of final dividend is June 16, 2018. The final dividend declared in the previous year was14.75/- per equity share. |
(in)
| Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
| 2018 | 2017 | 2017 | 2018 | 2017 | |
| Dividend per share (par value5/- each) | |||||
| Interim dividend | – | – | – | 13.00 | 11.00 |
| Final dividend | 20.50 | – | 14.75 | 20.50 | 14.75 |
| Special dividend | 10.00 | – | – | 10.00 | – |
5. Consolidated statement of assets and liabilities
(in crore)
| Particulars | As at | |
| March 31, 2018 | March 31, 2017 | |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 10,116 | 9,751 |
| Capital work-in-progress | 1,606 | 1,365 |
| Goodwill(Refer Note b above) | 2,211 | 3,652 |
| Other Intangible assets | 247 | 776 |
| Investment in associate | – | 71 |
| Financial assets: | ||
| Investments | 5,756 | 6,382 |
| Loans | 36 | 29 |
| Other financial assets | 284 | 309 |
| Deferred tax assets (net) | 1,282 | 540 |
| Income tax assets (net) | 6,070 | 5,716 |
| Other non-current assets | 2,265 | 1,059 |
| Total non-current assets | 29,873 | 29,650 |
| Current assets | ||
| Financial assets | ||
| Investments | 6,407 | 9,970 |
| Trade receivables | 13,142 | 12,322 |
| Cash and cash equivalents | 19,818 | 22,625 |
| Loans | 239 | 272 |
| Other financial assets | 6,684 | 5,980 |
| Other current assets | 1,667 | 2,536 |
| 47,957 | 53,705 | |
| Assets held for sale(Refer Note b above) | 2,060 | – |
| Total current assets | 50,017 | 53,705 |
| Total assets | 79,890 | 83,355 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 1,088 | 1,144 |
| Other equity | 63,835 | 67,838 |
| Total equity attributable to equity holders of the Company | 64,923 | 68,982 |
| Non-controlling interests | 1 | – |
| Total equity | 64,924 | 68,982 |
| Liabilities | ||
| Non-current liabilities | ||
| Financial liabilities | ||
| Other financial liabilities | 61 | 70 |
| Deferred tax liabilities (net) | 541 | 207 |
| Other non-current liabilities | 259 | 83 |
| Total non-current liabilities | 861 | 360 |
| Current liabilities | ||
| Financial liabilities | ||
| Trade payables | 694 | 367 |
| Others financial liabilities | 6,946 | 6,349 |
| Provisions | 492 | 405 |
| Income tax liabilities (net) | 2,043 | 3,885 |
| Other current liabilities | 3,606 | 3,007 |
| 13,781 | 14,013 | |
| Liabilities directly associated with assets held for sale( Refer Note b above) | 324 | – |
| Total current liabilities | 14,105 | 14,013 |
| Total equity and liabilities | 79,890 | 83,355 |
The disclosure is an extract of the audited Consolidated Balance Sheet as at March 31, 2018 and March 31, 2017 prepared in compliance with the Indian Accounting Standards (Ind-AS).
6. Segment reporting (Consolidated - Audited)
(in crore)
| Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
| 2018 | 2017 | 2017 | 2018 | 2017 | |
| Revenue by business segment | – | ||||
| Financial Services (FS) | 4,683 | 4,643 | 4,655 | 18,638 | 18,555 |
| Manufacturing (MFG) | 1,965 | 1,955 | 1,918 | 7,699 | 7,507 |
| Energy & utilities, Communication and Services (ECS) | 4,437 | 4,241 | 3,963 | 16,757 | 15,430 |
| Retail, Consumer packaged goods and Logistics (RCL) | 2,830 | 2,837 | 2,710 | 11,104 | 11,225 |
| Life Sciences, Healthcare and Insurance (HILIFE) | 2,425 | 2,375 | 2,148 | 9,271 | 8,437 |
| Hi-Tech | 1,302 | 1,256 | 1,211 | 5,047 | 5,122 |
| All other segments | 441 | 487 | 515 | 2,006 | 2,208 |
| Total | 18,083 | 17,794 | 17,120 | 70,522 | 68,484 |
| Less: Inter-segment revenue | – | – | – | – | – |
| Net revenue from operations | 18,083 | 17,794 | 17,120 | 70,522 | 68,484 |
| Segment profit before tax, depreciation and non-controlling interests: | – | ||||
| Financial Services (FS) | 1,321 | 1,254 | 1,328 | 5,207 | 5,209 |
| Manufacturing (MFG) | 445 | 498 | 472 | 1,819 | 1,848 |
| Energy & utilities, Communication and Services (ECS) | 1,219 | 1,145 | 1,120 | 4,550 | 4,431 |
| Retail, Consumer packaged goods and Logistics (RCL) | 842 | 834 | 784 | 3,249 | 3,249 |
| Life Sciences, Healthcare and Insurance (HILIFE) | 678 | 689 | 596 | 2,575 | 2,308 |
| Hi-Tech | 332 | 304 | 291 | 1,224 | 1,277 |
| All other segments | 91 | 94 | 70 | 389 | 292 |
| Total | 4,928 | 4,818 | 4,661 | 19,013 | 18,614 |
| Less: Unallocable expenditure | 456 | 499 | 449 | 1,865 | 1,713 |
| Add: Unallocable other income (Refer Note b above) | 534 | 962 | 746 | 3,193 | 3,080 |
| Add: Share in net profit/(loss) of associate, including impairment of associate | – | – | (25) | (71) | (30) |
| Profit before tax and non-controlling interests | 5,006 | 5,281 | 4,933 | 20,270 | 19,951 |
Notes on segment information
Business segments
Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.
Segmental capital employed
Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
7. 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, | |
| 2018 | 2017 | 2017 | 2018 | 2017 | |
| Revenue from operations | 15,984 | 15,631 | 14,920 | 61,941 | 59,289 |
| Profit before tax(Refer Note i below) | 4,390 | 5,922 | 4,783 | 19,908 | 18,938 |
| Profit for the period(Refer Note i below) | 3,157 | 6,004 | 3,562 | 16,155 | 13,818 |
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 finacial statements for the year ended March 31, 2018 and the information for the quarter ended March 31, 2018 are extracted from the audited interim condensed financial statements.
i) In the quarter ended March 2018, on conclusion of a strategic review of the portfolio businesses, the Company initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava (together referred to as "Skava”) and Panaya . The Company anticipates completion of the sale by March 2019 and accordingly, investments amounting to 1,525 crore in respect of these subsidiaries have been reclassified as “held for sale". On reclassification, these investments has been measured at the lower of carrying amount and fair value less cost to sell and consequently, an impairment loss of589 crore in respect of Panaya has been recognized in the standalone profit and loss for the quarter and year ended March 31, 2018.
By order of the Board
for Infosys Limited
| Bengaluru, India April 13, 2018 | Salil Parekh Chief Executive Officer and Managing Director |
The Board has also taken on record the unaudited consolidated results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2018, 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, | |
| 2018 | 2017 | 2017 | 2018 | 2017 | |
| Revenues | 2,805 | 2,755 | 2,569 | 10,939 | 10,208 |
| Cost of sales | 1,793 | 1,773 | 1,614 | 7,001 | 6,446 |
| Gross profit | 1,012 | 982 | 955 | 3,938 | 3,762 |
| Operating expenses | 319 | 313 | 321 | 1,279 | 1,242 |
| Operating profit | 693 | 669 | 634 | 2,659 | 2,520 |
| Other income, net ( Refer Note a below) | 82 | 149 | 112 | 495 | 459 |
| Share in net profit/(loss) of associate, including impairment | – | – | (4) | (11) | (5) |
| Profit before income tax | 775 | 818 | 742 | 3,143 | 2,974 |
| Income tax expense | 204 | 22 | 199 | 657 | 834 |
| Net profit | 571 | 796 | 543 | 2,486 | 2,140 |
| Earnings per equity share * | |||||
| Basic | 0.26 | 0.35 | 0.24 | 1.10 | 0.94 |
| Diluted | 0.26 | 0.35 | 0.24 | 1.10 | 0.94 |
| Total assets | 12,255 | 11,889 | 12,854 | 12,255 | 12,854 |
| Cash and cash equivalents including current investments | 4,023 | 3,615 | 5,027 | 4,023 | 5,027 |
* EPS is not annualized for the quarter ended March 31, 2018, quarter ended December 31, 2017 and quarter ended March 31, 2017.
a) In the quarter ended March 2018, on conclusion of a strategic review of the portfolio businesses, the Company initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava (together referred to as "Skava”) and Panaya (collectively referred to as the “disposal group”). The Company anticipates completion of the sale by March 2019 and accordingly, assets amounting to $316 million and liabilities amounting to $50 million in respect of the disposal group have been reclassified as “held for sale". On reclassification, the disposal group has been measured at the lower of carrying amount and fair value less cost to sell and consequently, an impairment loss of $18 million in respect of Panaya has been recognized in the consolidated profit and loss for the quarter and year ended March 31, 2018.
The disposal group does not constitute a separate major component of the company and therefore has not been classified as discontinued operations.
Certain statements in this release, including those concerning our future growth prospects are forward-looking statements regarding those concerning the amount and timing of future dividends and other potential future payments to shareholders, and the intent to identify potential buyers for Skava and Panaya and the anticipated timing to complete such sales, are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited those relating 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, capital allocation policy and the ability and timing to identify buyers for Skava and Panaya and to successfully complete such sales. Additional risks that could cause actual results to differ materially 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, 2017. These filings are available at www.sec.gov. Please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this release. 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.