Exhibit 99.6
Form of Release to Stock Exchanges
INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED
Opinion
We have audited the accompanying Statement of Consolidated Financial Results of INFOSYS LIMITED (the “Company”) and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”) for the quarter and nine months ended December 31, 2022, (the “Statement”) being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
| i. | | includes the results of the entities as given in the Annexure to this report; |
| ii. | | is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and |
| iii. | | gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the quarter and nine months ended December 31, 2022. |
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for audit of the consolidated financial results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the consolidated financial results for the quarter and nine months ended December 31, 2022 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.
Management’s Responsibilities for the Consolidated Financial Results
This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been compiled from the related audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2022. This responsibility includes the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
The respective Boards of Directors of the companies included in the Group are responsible for maintenance of the adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Company, as aforesaid.
In preparing the consolidated financial results, the respective Boards of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intends to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.
The respective Boards of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.
Auditor’s Responsibilities for Audit of the Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
| • | | Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
| • | | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls. |
| • | | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors. |
| • | | Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations. |
| • | | Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. |
| • | | Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation. |
| • | | Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the consolidated financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. |
Materiality is the magnitude of misstatements in the consolidated financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results.
We communicate with those charged with governance of the Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Place: Bengaluru Date: January 12, 2023 | For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) 
Sanjiv V. Pilgaonkar Partner (Membership No.039826) UDIN: 23039826BGXRXV3132 |
Annexure to Auditor’s Report
List of Entities:
1. Infosys Technologies (China) Co. Limited
2. Infosys Technologies S. de R. L. de C. V.
3. Infosys Technologies (Sweden) AB
4. Infosys Technologies (Shanghai) Company Limited
5. Infosys Nova Holdings LLC.
6. EdgeVerve Systems Limited
7. Infosys Austria GmbH
8. Skava Systems Private Limited (under liquidation)
9. Infosys Chile SpA
10. Infosys Arabia Limited (under liquidation)
11. Infosys Consulting Ltda.
12. Infosys Luxembourg S.a.r.l
13. Infosys Americas Inc.
14. Infosys Public Services, Inc.
15. Infosys Canada Public Services Inc. (liquidated effective November 23, 2021)
16. Infosys BPM Limited
17. Infosys (Czech Republic) Limited s.r.o.
18. Infosys Poland Sp z.o.o
19. Infosys McCamish Systems LLC
20. Portland Group Pty Ltd
21. Infosys BPO Americas LLC.
22. Infosys Consulting Holding AG
23. Infosys Management Consulting Pty Limited
24. Infosys Consulting AG
25. Infosys Consulting GmbH
26. Infosys Consulting S.R.L (Romania)
27. Infosys Consulting SAS
28. Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) (liquidated effective December 16, 2021)
29. Infosys Consulting (Shanghai) Co., Ltd. (liquidated effective September 01, 2021)
30. Infy Consulting Company Ltd.
31. Infy Consulting B.V.
32. 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
33. Infosys Consulting (Belgium) NV
34. Panaya Inc.
35. Panaya GmbH (renamed as Infosys Financial Services GmbH)
36. Panaya Ltd.
37. Brilliant Basics Holdings Limited (under liquidation)
38. Brilliant Basics Limited (under liquidation)
39. Infosys Consulting Pte. Ltd.
40. Infosys Middle East FZ LLC
41. Fluido Oy
42. Fluido Sweden AB (Extero)
43. Fluido Norway A/S
44. Fluido Denmark A/S
45. Fluido Slovakia s.r.o
46. Infosys Compaz Pte. Ltd.
47. Infosys South Africa (Pty) Ltd
48. WongDoody Holding Company Inc. (merged with WongDoody, Inc effective December 31, 2021)
49. WDW Communications, Inc. (merged with WongDoody, Inc effective December 31, 2021)
50. WongDoody, Inc (became wholly-owned subsidiary of Infosys Limited effective December 31, 2021)
51. HIPUS Co., Ltd.
52. Stater N.V.
53. Stater Nederland B.V.
54. Stater XXL B.V.
55. HypoCasso B.V.
56. Stater Participations B.V.
57. Stater Belgium N.V./S.A.
58. Outbox systems Inc. dba Simplus (US)
59. Simplus North America Inc. (liquidated effective April 27, 2021)
60. Simplus ANZ Pty Ltd.
61. Simplus Australia Pty Ltd
62. Sqware Peg Digital Pty Ltd (liquidated effective September 02, 2021)
63. Simplus Philippines, Inc.
64. Simplus Europe, Ltd. (liquidated effective July 20, 2021)
65. Infosys Fluido UK, Ltd. (formerly Simplus U.K, Ltd)
66. Infosys Fluido Ireland, Ltd. (formerly Simplus Ireland, Ltd)
67. Infosys Limited Bulgaria EOOD
68. Infosys BPM UK Limited
69. Blue Acorn LLC (merged with Beringer Commerce Holdings LLC effective January 1, 2022)
70. Beringer Commerce Inc renamed as Blue Acorn iCi Inc.
71. Beringer Capital Digital Group Inc (merged with Blue Acorn iCi Inc effective January 1, 2022)
72. Mediotype LLC (merged with Blue Acorn iCi Inc effective January 1, 2022)
73. Beringer Commerce Holdings LLC (merged with Blue Acorn iCi Inc effective January 1, 2022)
74. SureSource LLC (merged with Beringer Commerce Holdings LLC effective January 1, 2022)
75. Simply Commerce LLC (merged with Beringer Commerce Holdings LLC effective January 1, 2022)
76. iCiDIGITAL LLC (merged with Beringer Capital Digital Group Inc effective January 1, 2022)
77. Kaleidoscope Animations, Inc.
78. Kaleidoscope Prototyping LLC
79. GuideVision s.r.o
80. GuideVision Deutschland GmbH
81. GuideVision Suomi Oy
82. GuideVision Magyarorszag Kft
83. GuideVision Polska SP Z.O.O
84. Infosys Business Solutions LLC, a wholly-owned subsidiary of Infosys Limited (incorporated on February 20, 2022)
85. Infosys Germany GmbH (formerly Kristall 247. GmbH) (acquired on March 22, 2022)
86. GuideVision UK Ltd
87. Infosys Turkey Bilgi Teknolojikeri Limited Sirketi
88. Infosys Germany Holding Gmbh
89. Infosys Automotive and Mobility GmbH & Co. KG, a partnership firm
90. Stater GmbH (incorporated on August 4, 2021)
91. Infosys Green Forum (incorporated on August 31, 2021)
92. Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd. (acquired on December 14, 2021)
93. oddity space GmbH acquired by Infosys Germany GmbH on April 20, 2022
94. oddity jungle GmbH acquired by Infosys Germany GmbH on April 20, 2022
95. oddity waves GmbH acquired by Infosys Germany GmbH on April 20, 2022
96. oddity group services GmbH acquired by Infosys Germany GmbH on April 20, 2022
97. oddity code GmbH acquired by Infosys Germany GmbH on April 20, 2022
98. oddity code d.o.o. (subsidiary of oddity Code GmbH) acquired by Infosys Germany GmbH on April 20, 2022
99. oddity GmbH acquired by Infosys Germany GmbH on April 20, 2022
100. oddity (Shanghai) Co. Ltd. (subsidiary of oddity GmbH) acquired by Infosys Germany GmbH on April 20, 2022
101. oddity Limited (Taipei) (subsidiary of oddity GmbH) acquired by Infosys Germany GmbH on April 20, 2022
102. Infosys Public Services Canada Inc. (a wholly owned subsidiary of Infosys Public Services Inc.) incorporated on July 8, 2022
103. BASE life science A/S acquired by Infosys Consulting Pte. Ltd. on September 1, 2022
104. BASE life science AG (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Consulting Pte. Ltd. on September 1, 2022
105. BASE life science GmbH (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Consulting Pte. Ltd. on September 1, 2022
106. BASE life science Ltd. (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Consulting Pte. Ltd. on September 1, 2022
107. BASE life science S.A.S. (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Consulting Pte. Ltd. on September 1, 2022
108. BASE life science S.r.l. (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Consulting Pte. Ltd. on September 1, 2022
109. Innovisor Inc. (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Consulting Pte. Ltd. on September 1, 2022
110. BASE life science Inc. (a wholly owned subsidiary of BASE life science A/S) acquired by Infosys Consulting Pte. Ltd. on September 1, 2022
111. BASE life science SL. (a wholly owned subsidiary of BASE life science A/S) incorporated on September 6, 2022
112. Panaya Germany GmbH (a wholly owned subsidiary of Panaya Inc.) incorporated on December 15, 2022.
113. Infosys Employees Welfare Trust
114. Infosys Employee Benefits Trust
115. Infosys Science Foundation
116. Infosys Expanded Stock Ownership Trust
INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED
Opinion
We have audited the accompanying Statement of Standalone Financial Results of INFOSYS LIMITED (the “Company”), for the quarter and nine months ended December 31, 2022, (the “Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, the Statement:
| a. | | is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and |
| b. | | gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net profit and total comprehensive income, and other financial information of the Company for the quarter and nine months ended December 31, 2022. |
Basis for Opinion
We conducted our audit of the Statement in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter and nine months ended December 31, 2022 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.
Management’s Responsibilities for the Standalone Financial Results
This Statement, which is the responsibility of the Company’s Management and approved by the Board of Directors, has been compiled from the related audited interim condensed standalone financial statements for the quarter and nine months ended December 31, 2022. This responsibility includes the preparation and presentation of the standalone financial results for the quarter and nine months ended December 31, 2022 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and is free from material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Board of Directors is responsible for assessing the Company’s ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the financial reporting process of the Company.
Auditor’s Responsibilities for the Audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
| • | | Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
| • | | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. |
| • | | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors. |
| • | | Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations. |
| • | | Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the interim condensed standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. |
| • | | Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactions and events in a manner that achieves fair presentation. |
| • | | Obtain sufficient appropriate audit evidence regarding the standalone financial results of the Company to express an opinion on the standalone financial results. |
Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial results.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Place: Bengaluru Date: January 12, 2023 | For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018) Sanjiv V. Pilgaonkar Partner (Membership No.039826) UDIN: 23039826BGXRXX5325 |
 | 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 |
Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2022 prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in
crore, except per equity share data)
| Particulars | Quarter ended December 31, | Quarter ended September 30, | Quarter ended December 31, | Nine months ended December 31, | Year ended March 31, |
| | 2022 | 2022 | 2021 | 2022 | 2021 | 2022 |
| | Audited | Audited | Audited | Audited | Audited | Audited |
| Revenue from operations | 38,318 | 36,538 | 31,867 | 109,326 | 89,365 | 121,641 |
| Other income, net | 769 | 584 | 512 | 2,030 | 1,658 | 2,295 |
| Total Income | 39,087 | 37,122 | 32,379 | 111,356 | 91,023 | 123,936 |
| Expenses | | | | | | |
| Employee benefit expenses | 20,272 | 19,438 | 16,355 | 58,048 | 47,328 | 63,986 |
| Cost of technical sub-contractors | 3,343 | 3,694 | 3,511 | 10,946 | 9,019 | 12,606 |
| Travel expenses | 360 | 363 | 221 | 1,099 | 518 | 827 |
| Cost of software packages and others | 3,085 | 2,512 | 1,861 | 8,017 | 4,543 | 6,811 |
| Communication expenses | 183 | 189 | 147 | 542 | 441 | 611 |
| Consultancy and professional charges | 401 | 439 | 520 | 1,296 | 1,364 | 1,885 |
| Depreciation and amortisation expenses | 1,125 | 1,029 | 899 | 3,104 | 2,586 | 3,476 |
| Finance cost | 80 | 66 | 53 | 202 | 150 | 200 |
| Other expenses | 1,307 | 1,001 | 869 | 3,246 | 2,507 | 3,424 |
| Total expenses | 30,156 | 28,731 | 24,436 | 86,500 | 68,456 | 93,826 |
| Profit before tax | 8,931 | 8,391 | 7,943 | 24,856 | 22,567 | 30,110 |
| Tax expense: | | | | | | |
| Current tax | 2,195 | 2,482 | 2,063 | 7,027 | 5,986 | 7,811 |
| Deferred tax | 150 | (117) | 58 | (145) | 130 | 153 |
| Profit for the period | 6,586 | 6,026 | 5,822 | 17,974 | 16,451 | 22,146 |
| Other comprehensive income | | | | | | |
| Items that will not be reclassified subsequently to profit or loss | | | | | | |
| Remeasurement of the net defined benefit liability/asset, net | 29 | 40 | (53) | (17) | (72) | (85) |
| Equity instruments through other comprehensive income, net | 1 | 4 | – | 8 | 41 | 96 |
| Items that will be reclassified subsequently to profit or loss | | | | | | |
| Fair value changes on derivatives designated as cash flow hedges, net | (57) | (12) | (7) | (43) | 4 | (8) |
| Exchange differences on translation of foreign operations | 676 | (14) | (33) | 715 | 91 | 228 |
| Fair value changes on investments, net | 48 | 26 | (77) | (298) | 16 | (49) |
| Total other comprehensive income/(loss), net of tax | 697 | 44 | (170) | 365 | 80 | 182 |
| Total comprehensive income for the period | 7,283 | 6,070 | 5,652 | 18,339 | 16,531 | 22,328 |
| | | | | | | |
| Profit attributable to: | | | | | | |
| Owners of the company | 6,586 | 6,021 | 5,809 | 17,967 | 16,425 | 22,110 |
| Non-controlling interest | – | 5 | 13 | 7 | 26 | 36 |
| | 6,586 | 6,026 | 5,822 | 17,974 | 16,451 | 22,146 |
| Total comprehensive income attributable to: | | | | | | |
| Owners of the company | 7,268 | 6,068 | 5,640 | 18,322 | 16,506 | 22,293 |
| Non-controlling interest | 15 | 2 | 12 | 17 | 25 | 35 |
| | 7,283 | 6,070 | 5,652 | 18,339 | 16,531 | 22,328 |
| | | | | | | |
| Paid up share capital (par value5/- each, fully paid) | 2,086 | 2,099 | 2,097 | 2,086 | 2,097 | 2,098 |
| Other equity *# | 73,252 | 73,252 | 74,227 | 73,252 | 74,227 | 73,252 |
| Earnings per equity share (par value5/- each)** | | | | | | |
| Basic () | 15.72 | 14.35 | 13.86 | 42.85 | 38.96 | 52.52 |
| Diluted () | 15.70 | 14.34 | 13.83 | 42.79 | 38.88 | 52.41 |
| * | | Balances for the quarter and nine months ended December 31, 2022 and quarter ended September 30, 2022 represents balances as per the audited Balance Sheet for the year ended March 31, 2022 and balances for the quarter and nine months ended December 31, 2021 represents balances as per the audited Balance Sheet for the year ended March 31, 2021 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 |
| ** | | EPS is not annualized for the quarter and nine months ended December 31, 2022, quarter ended September 30, 2022 and quarter and nine months ended December 31, 2021. |
| # | | Excludes non-controlling interest |
1. Notes pertaining to the current quarter
a) The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2022 have been taken on record by the Board of Directors at its meeting held on January 12, 2023. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
b) Appointment of Independent Director
Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the appointment of Govind Vaidiram Iyer (DIN - 00169343), as an Additional & Independent Director effective January 12, 2023 for a period of 5 (five) years, subject to the approval of shareholders.
c) Buyback of equity shares
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. At the Maximum buyback price of1,850/- per equity share and the Maximum buyback size of9,300 crore the indicative maximum number of equity shares bought back would be 50,270,270 Equity Shares (Maximum buyback shares) comprising approximately 1.19% of the paid-up equity share capital of the Company as of September 30, 2022 and as on December 5, 2022, the date of the Public Announcement for the buyback (on a standalone basis). The buyback was offered to all eligible 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 Company will fund the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013. The buyback of equity shares through the stock exchange commenced on December 7, 2022 and is expected to be completed on or before June 6, 2023.
During the quarter ended December 31, 2022, 25,164,000 equity shares were purchased from the stock exchange which includes 3,170,000 shares which have been purchased but have not been settled and therefore not extinguished as of December 31, 2022. In accordance with section 69 of the Companies Act, 2013, during the quarter ended December 31, 2022, the Company has created ‘Capital Redemption Reserve’ of11 crore equal to the nominal value of the shares bought back as an appropriation from general reserve and retained earnings. Subsequent to the quarter ended December 31, 2022, the Company additionally purchased 6,128,000 number of shares; total number of shares purchased till date is 31,292,000 amounting to4,790 crore excluding transactions costs and buyback tax.
d) Update on employee stock grants
The Board, on January 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved :
i) The annual time-based stock incentives in the form of Restricted Stock Units (RSUs) to Salil Parekh, CEO & MD having a market value of3 crore as on the date of grant under the 2015 Stock Incentive Compensation Plan (2015 Plan) in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share.
ii) The annual time-based RSUs to a KMP having a market value of1.75 crore as on date of grant under 2015 plan, in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share.
iii) The annual performance-based grant of RSUs to a KMP having a market value of0.92 crore as on the date of grant under the 2015 plan. These RSUs will vest 12 months from the date of the grant based on the achievement of certain performance targets. The RSUs will be granted w.e.f February 1, 2023 and the number of RSU's will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share.
iv) The grant of 11,39,550 RSUs under the 2015 Plan and grant of 21,40,000 PSUs under the Expanded Stock Ownership Program 2019 (2019 Plan) to eligible employees. The grants made under the 2015 Plan would vest over a period of four years and the grants made under the 2019 Plan would vest over a period of three years subject to Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f February 1, 2023 and the exercise price will be equal to the par value of the share."
e) We have initiated the closure of our branch in Moscow and this will be completed as per local regulations.
2. Information on dividends for the quarter and nine months ended December 31, 2022
The Board of Directors (in the meeting held on October 13, 2022) declared an interim dividend of 16.50/- per equity share. The record date for the payment was October 28, 2022 and the same was paid on November 10, 2022. The interim dividend declared in the previous year was15/- per equity share
(in)
| Particulars | Quarter ended December 31, | Quarter ended September 30, | Quarter ended December 31, | Nine months ended December 31, | Year ended March 31, |
| | 2022 | 2022 | 2021 | 2022 | 2021 | 2022 |
| Dividend per share (par value ₹5/- each) | | | | | | |
| Interim dividend | – | 16.50 | – | 16.50 | 15.00 | 15.00 |
| Final dividend | – | – | – | – | – | 16.00 |
3. Segment reporting (Consolidated - Audited)
(in crore)
| Particulars | Quarter ended December 31, | Quarter ended September 30, | Quarter ended December 31, | Nine months ended December 31, | Year ended March 31, |
| | 2022 | 2022 | 2021 | 2022 | 2021 | 2022 |
| Revenue by business segment | | | | | | |
| Financial Services (1) | 11,235 | 11,148 | 10,023 | 32,945 | 28,805 | 38,902 |
| Retail (2) | 5,480 | 5,183 | 4,612 | 15,667 | 13,118 | 17,734 |
| Communication (3) | 4,710 | 4,501 | 3,979 | 13,675 | 11,050 | 15,182 |
| Energy, Utilities, Resources and Services | 4,957 | 4,498 | 3,740 | 13,714 | 10,611 | 14,484 |
| Manufacturing | 5,099 | 4,686 | 3,598 | 13,957 | 9,520 | 13,336 |
| Hi-Tech | 3,095 | 2,971 | 2,567 | 8,878 | 7,388 | 10,036 |
| Life Sciences (4) | 2,695 | 2,452 | 2,383 | 7,404 | 6,377 | 8,517 |
| All other segments (5) | 1,047 | 1,099 | 965 | 3,086 | 2,496 | 3,450 |
| Total | 38,318 | 36,538 | 31,867 | 109,326 | 89,365 | 121,641 |
| Less: Inter-segment revenue | – | – | – | – | – | – |
| Net revenue from operations | 38,318 | 36,538 | 31,867 | 109,326 | 89,365 | 121,641 |
| Segment profit before tax, depreciation and non-controlling interests: | | | | | | |
| Financial Services (1) | 2,678 | 2,811 | 2,734 | 8,243 | 7,736 | 10,314 |
| Retail (2) | 1,646 | 1,578 | 1,630 | 4,761 | 4,615 | 6,130 |
| Communication (3) | 1,042 | 965 | 963 | 2,801 | 2,486 | 3,372 |
| Energy, Utilities , Resources and Services | 1,457 | 1,251 | 1,075 | 3,853 | 3,113 | 4,225 |
| Manufacturing | 1,035 | 792 | 633 | 2,212 | 1,982 | 2,408 |
| Hi-Tech | 813 | 724 | 636 | 2,209 | 1,823 | 2,495 |
| Life Sciences (4) | 684 | 642 | 640 | 1,861 | 1,799 | 2,380 |
| All other segments (5) | 12 | 139 | 72 | 192 | 91 | 167 |
| Total | 9,367 | 8,902 | 8,383 | 26,132 | 23,645 | 31,491 |
| Less: Other Unallocable expenditure | 1,125 | 1,029 | 899 | 3,104 | 2,586 | 3,476 |
| Add: Unallocable other income | 769 | 584 | 512 | 2,030 | 1,658 | 2,295 |
| Less: Finance cost | 80 | 66 | 53 | 202 | 150 | 200 |
| Profit before tax and non-controlling interests | 8,931 | 8,391 | 7,943 | 24,856 | 22,567 | 30,110 |
| (1) | | Financial Services include enterprises in Financial Services and Insurance |
| (2) | | Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics |
| (3) | | Communication includes enterprises in Communication, Telecom OEM and Media |
| (4) | | Life Sciences includes enterprises in Life sciences and Health care |
| (5) | | All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services |
Notes on segment information
Business segments
Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.
Segmental capital employed
Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
4. Audited financial results of Infosys Limited (Standalone Information)
(in crore)
| Particulars | Quarter ended December 31, | Quarter ended September 30, | Quarter ended December 31, | Nine months ended December 31, | Year ended March 31, |
| | 2022 | 2022 | 2021 | 2022 | 2021 | 2022 |
| Revenue from operations | 32,389 | 31,567 | 27,337 | 93,483 | 76,514 | 103,940 |
| Profit before tax | 8,295 | 8,488 | 7,789 | 23,686 | 21,585 | 28,495 |
| Profit for the period | 6,210 | 6,253 | 5,870 | 17,364 | 16,056 | 21,235 |
The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the Stock Exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone condensed financial statements as stated.
| | By order of the Board |
| | for Infosys Limited |
| Bengaluru, India | Salil Parekh |
| January 12, 2023 | Chief Executive Officer and Managing Director |
The Board has also taken on record the condensed consolidated results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2022, 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 December 31, | Quarter ended September 30, | Quarter ended December 31, | Nine months ended December 31, | Year ended March 31, |
| | 2022 | 2022 | 2021 | 2022 | 2021 | 2022 |
| | Audited | Audited | Audited | Audited | Audited | Audited |
| Revenues | 4,659 | 4,555 | 4,250 | 13,657 | 12,031 | 16,311 |
| Cost of sales | 3,230 | 3,170 | 2,856 | 9,544 | 8,041 | 10,996 |
| Gross profit | 1,429 | 1,385 | 1,394 | 4,113 | 3,990 | 5,315 |
| Operating expenses | 428 | 406 | 396 | 1,245 | 1,155 | 1,560 |
| Operating profit | 1,001 | 979 | 998 | 2,868 | 2,835 | 3,755 |
| Other income, net | 94 | 73 | 68 | 254 | 223 | 308 |
| Finance cost | 10 | 8 | 7 | 25 | 20 | 27 |
| Profit before income taxes | 1,085 | 1,044 | 1,059 | 3,097 | 3,038 | 4,036 |
| Income tax expense | 285 | 295 | 283 | 859 | 823 | 1,068 |
| Net profit | 800 | 749 | 776 | 2,238 | 2,215 | 2,968 |
| Earnings per equity share * | | | | | | |
| Basic | 0.19 | 0.18 | 0.18 | 0.53 | 0.52 | 0.70 |
| Diluted | 0.19 | 0.18 | 0.18 | 0.53 | 0.52 | 0.70 |
| Total assets | 15,226 | 15,640 | 14,673 | 15,226 | 14,673 | 15,555 |
| Cash and cash equivalents and current investments | 2,456 | 3,276 | 2,703 | 2,456 | 2,703 | 3,185 |
| * | | EPS is not annualized for the quarter and nine months ended December 31, 2022, quarter ended September 30, 2022 and quarter and nine months ended December 31, 2021. |
This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States, and corporate actions including timely completion of the proposed buy-back of our equity shares. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. 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, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
| 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 |
Statement of Audited Results of Infosys Limited for the quarter and nine months ended December 31, 2022 prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in crore, except per equity share data)
| Particulars | Quarter ended
December 31, | Quarter ended September 30, | Quarter ended December 31, | Nine months ended December 31, | Year ended March 31, |
| | 2022 | 2022 | 2021 | 2022 | 2021 | 2022 |
| | Audited | Audited | Audited | Audited | Audited | Audited |
| Revenue from operations | 32,389 | 31,567 | 27,337 | 93,483 | 76,514 | 103,940 |
| Other income, net | 1,177 | 1,267 | 1,013 | 3,093 | 2,634 | 3,224 |
| Total income | 33,566 | 32,834 | 28,350 | 96,576 | 79,148 | 107,164 |
| Expenses | | | | | | |
| Employee benefit expenses | 16,395 | 15,873 | 13,275 | 47,182 | 38,199 | 51,664 |
| Cost of technical sub-contractors | 4,720 | 4,815 | 4,406 | 14,545 | 11,658 | 16,298 |
| Travel expenses | 284 | 293 | 195 | 892 | 453 | 731 |
| Cost of software packages and others | 1,728 | 1,428 | 856 | 4,339 | 2,120 | 2,985 |
| Communication expenses | 132 | 135 | 102 | 386 | 312 | 433 |
| Consultancy and professional charges | 280 | 333 | 412 | 975 | 1,087 | 1,511 |
| Depreciation and amortisation expense | 713 | 682 | 631 | 2,039 | 1,809 | 2,429 |
| Finance cost | 41 | 40 | 33 | 115 | 97 | 128 |
| Other expenses | 978 | 747 | 651 | 2,417 | 1,828 | 2,490 |
| Total expenses | 25,271 | 24,346 | 20,561 | 72,890 | 57,563 | 78,669 |
| Profit before tax | 8,295 | 8,488 | 7,789 | 23,686 | 21,585 | 28,495 |
| Tax expense: | | | | | | |
| Current tax | 1,916 | 2,312 | 1,852 | 6,261 | 5,354 | 6,960 |
| Deferred tax | 169 | (77) | 67 | 61 | 175 | 300 |
| Profit for the period | 6,210 | 6,253 | 5,870 | 17,364 | 16,056 | 21,235 |
| Other comprehensive income | | | | | | |
| Items that will not be reclassified subsequently to profit or loss | | | | | | |
| Remeasurement of the net defined benefit liability / asset, net | 28 | 40 | (52) | (28) | (74) | (98) |
| Equity instruments through other comprehensive income, net | 2 | 4 | – | 9 | 41 | 97 |
| Items that will be reclassified subsequently to profit or loss | | | | | | |
| Fair value changes on derivatives designated as cash flow hedges, net | (57) | (12) | (7) | (43) | 4 | (8) |
| Fair value changes on investments, net | 42 | 27 | (67) | (275) | 23 | (39) |
| Total other comprehensive income/ (loss), net of tax | 15 | 59 | (126) | (337) | (6) | (48) |
| Total comprehensive income for the period | 6,225 | 6,312 | 5,744 | 17,027 | 16,050 | 21,187 |
| Paid-up share capital (par value5/- each fully paid) | 2,091 | 2,104 | 2,102 | 2,091 | 2,102 | 2,103 |
| Other Equity* | 67,203 | 67,203 | 69,401 | 67,203 | 69,401 | 67,203 |
| Earnings per equity share ( par value5 /- each)** | | | | | | |
| Basic () | 14.77 | 14.86 | 13.96 | 41.28 | 37.96 | 50.27 |
| Diluted () | 14.76 | 14.85 | 13.94 | 41.24 | 37.91 | 50.21 |
| * | | Balances for the quarter and nine months ended December 31, 2022 and quarter ended September 30, 2022 represents balances as per the audited Balance Sheet for the year ended March 31, 2022 and balances for the quarter and nine months ended December 31, 2021 represents balances as per the audited Balance Sheet for the year ended March 31, 2021 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. |
| ** | | EPS is not annualized for the quarter and nine months ended December 31, 2022, quarter ended September 30, 2022 and quarter and nine months ended December 31, 2021. |
1. Notes pertaining to the current quarter
a) The audited interim condensed standalone financial statements for the quarter and nine months ended December 31, 2022 have been taken on record by the Board of Directors at its meeting held on January 12, 2023. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed standalone financial statements. These interim condensed standalone financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
b) Appointment of Independent Director
Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the appointment of Govind Vaidiram Iyer (DIN - 00169343), as an Additional & Independent Director effective January 12, 2023 for a period of 5 (five) years, subject to the approval of shareholders.
c) Buyback of equity shares
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. At the Maximum buyback price of1,850/- per equity share and the Maximum buyback size of9,300 crore the indicative maximum number of equity shares bought back would be 50,270,270 Equity Shares (Maximum buyback shares) comprising approximately 1.19% of the paid-up equity share capital of the Company as of September 30, 2022 and as on December 5, 2022, the date of the Public Announcement for the buyback (on a standalone basis). The buyback was offered to all eligible 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 Company will fund the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013. The buyback of equity shares through the stock exchange commenced on December 7, 2022 and is expected to be completed on or before June 6, 2023.
During the quarter ended December 31, 2022, 25,164,000 equity shares were purchased from the stock exchange which includes 3,170,000 shares which have been purchased but have not been settled and therefore not extinguished as of December 31, 2022. In accordance with section 69 of the Companies Act, 2013, during the quarter ended December 31, 2022, the Company has created ‘Capital Redemption Reserve’ of11 crore equal to the nominal value of the shares bought back as an appropriation from general reserve and retained earnings. Subsequent to the quarter ended December 31, 2022, the Company additionally purchased 6,128,000 number of shares; total number of shares purchased till date is 31,292,000 amounting to4,790 crore excluding transactions costs and buyback tax.
d) Update on employee stock grants
The Board, on January 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved :
i) The annual time-based stock incentives in the form of Restricted Stock Units (RSUs) to Salil Parekh, CEO & MD having a market value of3 crore as on the date of grant under the 2015 Stock Incentive Compensation Plan (2015 Plan) in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share.
ii) The annual time-based RSUs to a KMP having a market value of1.75 crore as on date of grant under 2015 plan, in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share.
iii) The annual performance-based grant of RSUs to a KMP having a market value of0.92 crore as on the date of grant under the 2015 plan. These RSUs will vest 12 months from the date of the grant based on the achievement of certain performance targets. The RSUs will be granted w.e.f February 1, 2023 and the number of RSU's will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share.
iv) The grant of 11,39,550 RSUs under the 2015 Plan and grant of 21,40,000 PSUs under the Expanded Stock Ownership Program 2019 (2019 Plan) to eligible employees. The grants made under the 2015 Plan would vest over a period of four years and the grants made under the 2019 Plan would vest over a period of three years subject to Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f February 1, 2023 and the exercise price will be equal to the par value of the share."
e) We have initiated the closure of our branch in Moscow and this will be completed as per local regulations.
2. Information on dividends for the quarter and nine months ended December 31, 2022
The Board of Directors (in the meeting held on October 13, 2022) declared an interim dividend of 16.50/- per equity share. The record date for the payment was October 28, 2022 and the same was paid on November 10, 2022. The interim dividend declared in the previous year was15/- per equity share
(in)
| Particulars | Quarter ended December 31, | Quarter ended September 30, | Quarter ended December 31, | Nine months ended December 31, | Year ended
March 31, |
| | 2022 | 2022 | 2021 | 2022 | 2021 | 2022 |
| Dividend per share (par value5/- each) | | | | | | |
| Interim dividend | – | 16.50 | – | 16.50 | 15.00 | 15.00 |
| Final dividend | – | – | – | – | – | 16.00 |
3. Segment Reporting
The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the audited interim condensed consolidated financial statements. Accordingly, the segment information is given in the audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2022.
| | By order of the Board |
| | for Infosys Limited |
| Bengaluru, India | Salil Parekh |
| January 12, 2023 | Chief Executive Officer and Managing Director |
This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States, and corporate actions including timely completion of the proposed buy-back of our equity shares. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. 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, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
| 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 |
Extract of the consolidated audited financial results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2022, prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in crore except per equity share data)
| Particulars | Quarter ended December 31, | Nine months ended December 31, | Quarter ended December 31, |
| | 2022 | 2022 | 2021 |
| Revenue from operations | 38,318 | 1,09,326 | 31,867 |
| Profit before tax | 8,931 | 24,856 | 7,943 |
| Profit for the period | 6,586 | 17,974 | 5,822 |
| Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax) | 7,283 | 18,339 | 5,652 |
| Profit attributable to: | | | |
| Owners of the Company | 6,586 | 17,967 | 5,809 |
| Non-controlling interest | – | 7 | 13 |
| | 6,586 | 17,974 | 5,822 |
| Total comprehensive income attributable to: | | | |
| Owners of the Company | 7,268 | 18,322 | 5,640 |
| Non-controlling interest | 15 | 17 | 12 |
| | 7,283 | 18,339 | 5,652 |
| Paid-up share capital (par value5 each fully paid) | 2,086 | 2,086 | 2,097 |
| Other equity *# | 73,252 | 73,252 | 74,227 |
| Earnings per equity share (par value5 each)** | | | |
| Basic () | 15.72 | 42.85 | 13.86 |
| Diluted () | 15.70 | 42.79 | 13.83 |
| * | | Balances for the quarter and nine months ended December 31, 2022 represents balances as per the audited Balance Sheet for the year ended March 31, 2022 and balances for the quarter ended December 31, 2021 represents balances as per the audited Balance Sheet for the year ended March 31, 2021 as required by the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 |
| ** | | EPS is not annualized for the quarter and nine months ended December 31, 2022 and quarter ended December 31, 2021. |
| # | | Excludes non-controlling interest |
1. Notes pertaining to the current quarter
a) The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2022 have been taken on record by the Board of Directors at its meeting held on January 12, 2023. The statutory auditors, Deloitte Haskins & Sells LLP, have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
b) Appointment of Independent Director
Based on the recommendation of the nomination and remuneration committee, the Board considered and approved the appointment of Govind Vaidiram Iyer (DIN - 00169343), as an Additional and Independent Director effective January 12, 2023 for a period of 5 (five) years, subject to the approval of shareholders.
c) Buyback of equity shares
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. At the Maximum Buyback Price of1,850 per equity share and the Maximum Buyback Size of9,300 crore, the indicative maximum number of equity shares bought back would be 50,270,270 Equity Shares (Maximum Buyback Shares) comprising approximately 1.19% of the paid-up equity share capital of the Company as of September 30, 2022 and as on December 5, 2022, the date of the Public Announcement for the buyback (on a standalone basis). The buyback was offered to all eligible 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 Company will fund the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013. The buyback of equity shares through the stock exchange commenced on December 7, 2022 and is expected to be completed on or before June 6, 2023.
During the quarter ended December 31, 2022, 25,164,000 equity shares were purchased from the stock exchange which includes 3,170,000 shares which have been purchased but have not been settled and therefore not extinguished as of December 31, 2022. In accordance with Section 69 of the Companies Act, 2013, during the quarter ended December 31, 2022, the Company has created a Capital Redemption Reserve of11 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve and retained earnings. Subsequent to the quarter ended December 31, 2022, the Company additionally purchased 6,128,000 number of shares. The total number of shares purchased till date is 31,292,000 amounting to4,790 crore excluding transactions costs and buyback tax.
d) Update on employee stock grants
The Board, on January 12, 2023, based on the recommendations of the nomination and remuneration committee, approved :
| i) | | The annual time-based stock incentives in the form of Restricted Stock Units (RSUs) to Salil Parekh, CEO & MD, having a market value of3 crore as on the date of grant under the 2015 Stock Incentive Compensation Plan (“the 2015 Plan”) in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share. |
| ii) | | The annual time-based RSUs to a Key Managerial Personnel (KMP) having a market value of1.75 crore as on the date of grant under the 2015 Plan, in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share. |
| iii) | | The annual performance-based grant of RSUs to a KMP having a market value of0.92 crore as on the date of grant under the 2015 Plan. These RSUs will vest 12 months from the date of the grant based on the achievement of certain performance targets. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share. |
| iv) | | The grant of 11,39,550 RSUs under the 2015 Plan and grant of 21,40,000 PSUs under the Expanded Stock Ownership Program 2019 (“the 2019 Plan”) to eligible employees. The grants made under the 2015 Plan would vest over a period of four years and the grants made under the 2019 Plan would vest over a period of three years subject to the Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f February 1, 2023 and the exercise price will be equal to the par value of the share. |
e) The Company has initiated the closure of the branch in Moscow and this will be completed as per local regulations.
2. Information on dividends for the quarter and nine months ended December 31, 2022
The Board of Directors (in meeting held on October 13, 2022) declared an interim dividend of16.50 per equity share. The record date for the payment was October 28, 2022, and the same was paid on November 10, 2022. The interim dividend declared in the previous year was15 per equity share
(in)
| Particulars | Quarter ended December 31, | Nine months ended December 31, | Quarter ended December 31, |
| | 2022 | 2022 | 2021 |
| Dividend per share (par value5 each) | | | |
| Interim dividend | – | 16.50 | – |
| Final dividend | – | – | – |
3. Audited financial results of Infosys Limited (Standalone information)
(in crore)
| Particulars | Quarter ended December 31, | Nine months ended December 31, | Quarter ended December 31, |
| | 2022 | 2022 | 2021 |
| Revenue from operations | 32,389 | 93,483 | 27,337 |
| Profit before tax | 8,295 | 23,686 | 7,789 |
| Profit for the period | 6,210 | 17,364 | 5,870 |
The above is an extract of the detailed format of the wuarterly audited financial results filed with the stock exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the quarterly audited financial results are available on the stock exchange websites, www.nseindia.com and www.bseindia.com, and on the Company's website, www.infosys.com.
This release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (“the Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“the Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our Capital Allocation Policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States, and corporate actions including timely completion of the proposed buyback of our equity shares. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. 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, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
| | By order of the Board |
| | for Infosys Limited |
| Bengaluru, India | Salil Parekh |
| January 12, 2023 | Chief Executive Officer and Managing Director |
