Exhibit 99.3
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, F: 91 80 2852 0362 |
Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in crore, except per equity share data)
Particulars | Quarter ended June 30, | Quarter ended March 31, | Quarter ended June 30, | Year ended March 31, |
2023 | 2023 | 2022 | 2023 | |
Audited | Audited | Audited | Audited | |
Revenue from operations | 37,933 | 37,441 | 34,470 | 146,767 |
Other income, net | 561 | 671 | 676 | 2,701 |
Total Income | 38,494 | 38,112 | 35,146 | 149,468 |
Expenses | ||||
Employee benefit expenses | 20,781 | 20,311 | 18,337 | 78,359 |
Cost of technical sub-contractors | 3,124 | 3,116 | 3,909 | 14,062 |
Travel expenses | 462 | 426 | 376 | 1,525 |
Cost of software packages and others | 2,720 | 2,886 | 2,420 | 10,902 |
Communication expenses | 182 | 171 | 170 | 713 |
Consultancy and professional charges | 346 | 387 | 456 | 1,684 |
Depreciation and amortisation expenses | 1,173 | 1,121 | 950 | 4,225 |
Finance cost | 90 | 82 | 56 | 284 |
Other expenses | 1,254 | 1,146 | 938 | 4,392 |
Total expenses | 30,132 | 29,646 | 27,612 | 116,146 |
Profit before tax | 8,362 | 8,466 | 7,534 | 33,322 |
Tax expense: | ||||
Current tax | 2,307 | 2,260 | 2,350 | 9,287 |
Deferred tax | 110 | 72 | (178) | (73) |
Profit for the period | 5,945 | 6,134 | 5,362 | 24,108 |
Other comprehensive income | ||||
Items that will not be reclassified subsequently to profit or loss | ||||
Remeasurement of the net defined benefit liability/asset, net | 87 | 25 | (86) | 8 |
Equity instruments through other comprehensive income, net | 1 | (15) | 3 | (7) |
Items that will be reclassified subsequently to profit or loss | ||||
Fair value changes on derivatives designated as cash flow hedges, net | 6 | 36 | 26 | (7) |
Exchange differences on translation of foreign operations | 15 | 61 | 53 | 776 |
Fair value changes on investments, net | 75 | 42 | (372) | (256) |
Total other comprehensive income/(loss), net of tax | 184 | 149 | (376) | 514 |
Total comprehensive income for the period | 6,129 | 6,283 | 4,986 | 24,622 |
Profit attributable to: | ||||
Owners of the company | 5,945 | 6,128 | 5,360 | 24,095 |
Non-controlling interests | - | 6 | 2 | 13 |
5,945 | 6,134 | 5,362 | 24,108 | |
Total comprehensive income attributable to: | ||||
Owners of the company | 6,132 | 6,276 | 4,986 | 24,598 |
Non-controlling interests | (3) | 7 | - | 24 |
6,129 | 6,283 | 4,986 | 24,622 | |
Paid up share capital (par value![]() | 2,070 | 2,069 | 2,098 | 2,069 |
Other equity *# | 73,338 | 73,338 | 73,252 | 73,338 |
Earnings per equity share (par value![]() | ||||
Basic (![]() | 14.37 | 14.79 | 12.78 | 57.63 |
Diluted (![]() | 14.35 | 14.77 | 12.76 | 57.54 |
* | Balances for the quarter ended June 30, 2023 and June 30, 2022 represent balances as per the audited Balance Sheet for the year ended March 31, 2023 and March 31, 2022, respectively as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 |
** | EPS is not annualized for the quarter ended June 30, 2023, quarter ended March 31, 2023 and quarter ended June 30, 2022 |
# | Excludes non-controlling interest |
1. Notes pertaining to the current quarter
a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2023 have been taken on record by the Board of Directors at its meeting held on July 20, 2023. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion thereon. The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
b) Board Change
Based on the recommendation of the Nomination and Remuneration Committee, the Board considered the appointment of Helene Auriol Potier (DIN - 10166891), as an Additional & Independent Director effective May 26, 2023 for a period of 3 (three) years and the same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 28, 2023.
c) Update on employee stock grants
The Board, on July 20, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved the grant of 23,780 one time RSUs to three eligible employees under the 2015 plan w.e.f August 1, 2023. These RSUs will vest equally over a period of four years.
d) Proposed transaction
Infosys Limited will acquire Danske IT and Support Services India Private Limited (“DIT”) which is Danske Bank’s IT center in India for an estimated consideration of DKK 13.6 million (approximately16 crore) subject to customary closing adjustments and conditions.
2. Information on dividends for the quarter ended June 30, 2023
For financial year 2023, the Board recommended a final dividend of17.50/- (par value of
5/- each) per equity share. The same was approved by the shareholders in the Annual General Meeting (AGM) of the Company held on June 28, 2023 and paid on July 3, 2023.
(in)
Particulars | Quarter ended June 30, | Quarter ended March 31, | Quarter ended June 30, | Year ended March 31, |
2023 | 2023 | 2022 | 2023 | |
Dividend per share (par value![]() | ||||
Interim dividend | - | - | - | 16.50 |
Final dividend | - | 17.50 | - | 17.50 |
3. Segment reporting (Consolidated - Audited)
(in crore)
Particulars | Quarter ended June 30, | Quarter ended March 31, | Quarter ended June 30, | Year ended March 31, |
2023 | 2023 | 2022 | 2023 | |
Revenue by business segment | ||||
Financial Services (1) | 10,661 | 10,818 | 10,562 | 43,763 |
Retail (2) | 5,513 | 5,537 | 5,004 | 21,204 |
Communication (3) | 4,441 | 4,411 | 4,464 | 18,086 |
Energy, Utilities, Resources and Services | 4,889 | 4,825 | 4,259 | 18,539 |
Manufacturing | 5,350 | 5,078 | 4,172 | 19,035 |
Hi-Tech | 3,056 | 2,989 | 2,812 | 11,867 |
Life Sciences (4) | 2,749 | 2,681 | 2,257 | 10,085 |
All other segments (5) | 1,274 | 1,102 | 940 | 4,188 |
Total | 37,933 | 37,441 | 34,470 | 146,767 |
Less: Inter-segment revenue | - | - | - | - |
Net revenue from operations | 37,933 | 37,441 | 34,470 | 146,767 |
Segment profit before tax, depreciation and non-controlling interests: | ||||
Financial Services (1) | 2,545 | 2,600 | 2,754 | 10,843 |
Retail (2) | 1,629 | 1,634 | 1,538 | 6,396 |
Communication (3) | 984 | 958 | 794 | 3,759 |
Energy, Utilities , Resources and Services | 1,290 | 1,302 | 1,145 | 5,155 |
Manufacturing | 972 | 902 | 385 | 3,113 |
Hi-Tech | 802 | 750 | 672 | 2,959 |
Life Sciences (4) | 702 | 705 | 535 | 2,566 |
All other segments (5) | 140 | 147 | 41 | 339 |
Total | 9,064 | 8,998 | 7,864 | 35,130 |
Less: Other Unallocable expenditure | 1,173 | 1,121 | 950 | 4,225 |
Add: Unallocable other income | 561 | 671 | 676 | 2,701 |
Less: Finance cost | 90 | 82 | 56 | 284 |
Profit before tax and non-controlling interests | 8,362 | 8,466 | 7,534 | 33,322 |
(1) | Financial Services include enterprises in Financial Services and Insurance |
(2) | Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics |
(3) | Communication includes enterprises in Communication, Telecom OEM and Media |
(4) | Life Sciences includes enterprises in Life sciences and Health care |
(5) | All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services |
Notes on segment information
Business segments
Based on the "management approach" as required by 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 currently 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 June 30, | Quarter ended March 31, | Quarter ended June 30, | Year ended March 31, |
2023 | 2023 | 2022 | 2023 | |
Revenue from operations | 31,811 | 30,531 | 29,527 | 124,014 |
Profit before tax | 8,146 | 7,957 | 6,902 | 31,643 |
Profit for the period | 5,956 | 5,904 | 4,901 | 23,268 |
The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the Stock Exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone financial statements as stated.
By order of the Board
for Infosys Limited
Bengaluru, India July 20, 2023 | Salil Parekh Chief Executive Officer and Managing Director |
The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2023, 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 June 30, | Quarter ended March 31, | Quarter ended June 30, | Year ended March 31, |
2023 | 2023 | 2022 | 2023 | |
Audited | Audited | Audited | Audited | |
Revenues | 4,617 | 4,554 | 4,444 | 18,212 |
Cost of sales | 3,211 | 3,164 | 3,144 | 12,709 |
Gross profit | 1,406 | 1,390 | 1,300 | 5,503 |
Operating expenses | 445 | 433 | 412 | 1,678 |
Operating profit | 961 | 957 | 888 | 3,825 |
Other income, net | 68 | 82 | 87 | 335 |
Finance cost | 11 | 10 | 7 | 35 |
Profit before income taxes | 1,018 | 1,029 | 968 | 4,125 |
Income tax expense | 294 | 284 | 279 | 1,142 |
Net profit | 724 | 745 | 689 | 2,983 |
Earnings per equity share * | ||||
Basic | 0.17 | 0.18 | 0.16 | 0.71 |
Diluted | 0.17 | 0.18 | 0.16 | 0.71 |
Total assets | 16,007 | 15,312 | 15,193 | 15,312 |
Cash and cash equivalents and current investments | 2,176 | 2,322 | 2,798 | 2,322 |
* | EPS is not annualized for the quarter ended June 30, 2023, quarter ended March 31, 2023 and quarter ended June 30, 2022. |
Certain statements in this release concerning our future growth prospects, or our future financial or operating performance are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, and our corporate actions including acquisitions. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.