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 and year ended March 31, 2024 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, |
| | 2024 | 2023 | 2023 | 2024 | 2023 |
| | Audited | Audited | Audited | Audited | Audited |
| Revenue from operations | 37,923 | 38,821 | 37,441 | 153,670 | 146,767 |
| Other income, net (refer note 1(f)) | 2,729 | 789 | 671 | 4,711 | 2,701 |
| Total Income | 40,652 | 39,610 | 38,112 | 158,381 | 149,468 |
| Expenses | | | | | |
| Employee benefit expenses | 20,393 | 20,651 | 20,311 | 82,620 | 78,359 |
| Cost of technical sub-contractors | 2,967 | 3,066 | 3,116 | 12,232 | 14,062 |
| Travel expenses | 471 | 387 | 426 | 1,759 | 1,525 |
| Cost of software packages and others | 3,687 | 3,722 | 2,886 | 13,515 | 10,902 |
| Communication expenses | 147 | 169 | 171 | 677 | 713 |
| Consultancy and professional charges | 489 | 504 | 387 | 1,726 | 1,684 |
| Depreciation and amortization expenses | 1,163 | 1,176 | 1,121 | 4,678 | 4,225 |
| Finance cost | 110 | 131 | 82 | 470 | 284 |
| Other expenses | 985 | 1,185 | 1,146 | 4,716 | 4,392 |
| Total expenses | 30,412 | 30,991 | 29,646 | 122,393 | 116,146 |
| Profit before tax | 10,240 | 8,619 | 8,466 | 35,988 | 33,322 |
| Tax expense: (refer note 1(e)) | | | | | |
| Current tax | 1,173 | 2,419 | 2,260 | 8,390 | 9,287 |
| Deferred tax | 1,092 | 87 | 72 | 1,350 | (73) |
| Profit for the period | 7,975 | 6,113 | 6,134 | 26,248 | 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 | 26 | 71 | 25 | 120 | 8 |
| Equity instruments through other comprehensive income, net | (12) | (9) | (15) | 19 | (7) |
| Items that will be reclassified subsequently to profit or loss | | | | | |
| Fair value changes on derivatives designated as cash flow hedges, net | 28 | (46) | 36 | 11 | (7) |
| Exchange differences on translation of foreign operations | (231) | 436 | 61 | 226 | 776 |
| Fair value changes on investments, net | 37 | 52 | 42 | 144 | (256) |
| Total other comprehensive income/(loss), net of tax | (152) | 504 | 149 | 520 | 514 |
| | | | | | |
| Total comprehensive income for the period | 7,823 | 6,617 | 6,283 | 26,768 | 24,622 |
| | | | | | |
| Profit attributable to: | | | | | |
| Owners of the company | 7,969 | 6,106 | 6,128 | 26,233 | 24,095 |
| Non-controlling interests | 6 | 7 | 6 | 15 | 13 |
| | 7,975 | 6,113 | 6,134 | 26,248 | 24,108 |
| | | | | | |
| Total comprehensive income attributable to: | | | | | |
| Owners of the company | 7,821 | 6,605 | 6,276 | 26,754 | 24,598 |
| Non-controlling interests | 2 | 12 | 7 | 14 | 24 |
| | 7,823 | 6,617 | 6,283 | 26,768 | 24,622 |
| | | | | | |
| Paid up share capital (par value5/- each, fully paid) | 2,071 | 2,070 | 2,069 | 2,071 | 2,069 |
| Other equity *# | 86,045 | 73,338 | 73,338 | 86,045 | 73,338 |
| | | | | | |
| Earnings per equity share (par value5/- each)** | | | | | |
| Basic (in per share) | 19.25 | 14.76 | 14.79 | 63.39 | 57.63 |
| Diluted (in per share) | 19.22 | 14.74 | 14.77 | 63.29 | 57.54 |
| * | | Balances for the quarter ended December 31, 2023 represent balances as per the audited Balance Sheet as at March 31, 2023 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 |
| ** | | EPS is not annualized for the quarter ended March 31, 2024, quarter ended December 31, 2023 and quarter ended March 31, 2023. |
| # | | Excludes non-controlling interest |
1. Notes
a) The audited interim consolidated financial statements for the quarter and year ended March 31, 2024 have been taken on record by the Board of Directors at its meeting held on April 18, 2024. 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) Update on McCamish Cybersecurity incident
In November 2023, Infosys McCamish Systems (McCamish), a step-down subsidiary of Infosys Limited, experienced a cybersecurity incident resulting in the non-availability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists’ assistance, substantially remediated and restored the affected applications and systems.
Loss of contracted revenues and costs incurred with respect to remediations, restoration, communication efforts, investigative processes and analysis, legal services and others amounted to $38 million (approximately316 crore) for the year ended March 31, 2024.
Actions taken by McCamish included investigative analysis conducted by a third-party cybersecurity firm to determine, among other things, whether and the extent to which company or customer data was subject to unauthorized access or exfiltration. McCamish also engaged a third-party vendor for eDiscovery in assessing the extent and nature of such data. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish’s review process is ongoing. McCamish may incur additional costs including indemnities or damages/claims, which are indeterminable at this time.
c) Proposed acquisition
On April 18, 2024, Infosys Germany GmBH a wholly owned step down subsidiary of Infosys Limited, entered into a definitive agreement to acquire 100% of the equity share capital of in-tech Holding GmbH, a leading provider of Engineering R&D services headquartered in Germany, for a consideration including earn-outs amounting up to EUR 450 million (approximately4,045 crore) excluding management incentives, and retention bonus subject to customary closing adjustments.
d) Update on Capital allocation policy
Effective from Financial Year 2025, the Company expects to continue its policy of returning approximately 85% of the Free Cash Flow cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any. Under this policy, the Company expects to progressively increase its annual Dividend Per Share (excluding special dividend if any).
Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the consolidated statement of cash flows prepared under IFRS.
Dividend and buyback include applicable taxes.
e) Update on orders received from the Indian Income tax department
During the quarter ending March 31, 2024, the Company received orders under sections 250 and 254 of the Income tax Act, 1961, from the Income Tax Authorities in India for the assessment years, 2007-08 to 2015-16, 2017-18 and 2018-19. These orders confirmed the Company's position with respect to tax treatment of certain contentious matters. As a result interest income (pre-tax) of1,933 crore (included in other income as mentioned in point (f) below) was recognised and provision for income tax aggregating525 crore was reversed with a corresponding credit to the Statement of Profit and Loss. Also, upon resolution of the disputes, an amount aggregating to1,628 crore has been reduced from contingent liabilities.
f) Other income includes interest on income tax refund of1,916 crore and2 crore for the quarter ended March 31, 2024 and March 31, 2023 respectively,1,965 crore and3 crore for the year ended March 31, 2024 and March 31, 2023 respectively, and42 crore for the quarter ended December 31, 2023.
g) Update on employee stock grants
The Board, on April 18, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved the following annual grants to Salil Parekh, CEO and MD as per his employment agreement approved by shareholders:
i) The grant of annual performance-based stock incentives (Annual Performance Equity Grant) in the form of Restricted Stock Units (RSU's) covering Company’s equity shares having a market value of34.75 crore as on the date of the grant under the 2015 Stock Incentive Compensation Plan (2015 plan) which shall vest 12 months from the date of grant subject to achievement of performance targets as determined by the Board.
ii) The grant of annual performance-based stock incentives (Annual performance equity ESG grant) in the form of RSU's covering Company’s equity shares having a market value of2 crore as on the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant subject to the Company’s achievement of certain environment, social and governance milestones as determined by the Board.
iii)The grant of annual performance-based stock incentives (Annual performance Equity TSR grant) in the form of RSU's covering Company’s equity shares having a market value of5 crore as on the date of the grant under the 2015 Plan, which shall vest after March 31, 2025 subject to the Company’s performance on cumulative relative TSR over the years and as determined by the Board.
iv) The grant of annual performance-based stock incentives (2019 Annual Performance Equity Grant) in the form of Restricted Stock Units (RSU's) covering Company’s equity shares having a market value of10 crore as on the date of the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from the date of the grant subject to the Company’s achievement of certain performance criteria as laid out in the 2019 Plan.
The above RSUs will be granted w.e.f May 2, 2024 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2024.
2. Information on dividends for the quarter and year ended March 31, 2024
For financial year 2024, the Board recommended a final dividend of20/- (par value of5/- each) per equity share and additionally a special dividend of8/- (par value of5/- each) per equity share. This payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 26, 2024. The record date for the purpose of the payment of final and special dividend is May 31, 2024. The dividend will be paid on July 1, 2024. For the financial year ended 2023, the Company declared a final dividend of17.50/- per equity share.
The Board of Directors (in the meeting held on October 12, 2023) declared an interim dividend of18/- (par value5/- each) per equity share. The record date for the payment was October 25, 2023 and the same was paid on November 6, 2023. The interim dividend declared in the previous year was16.50/- per equity share
(in)
| Particulars | Quarter
ended
March 31, | Quarter
ended
December 31, | Quarter
ended
March 31, | Year ended
March 31, |
| | 2024 | 2023 | 2023 | 2024 | 2023 |
| Dividend per share (par value5/- each) | | | | | |
| Interim dividend | – | – | – | 18.00 | 16.50 |
| Final dividend | 20.00 | – | 17.50 | 20.00 | 17.50 |
| Special dividend | 8.00 | – | – | 8.00 | – |
3. Audited Consolidated Balance Sheet
(in crore)
| Particulars | As at |
| | March 31, 2024 | March 31, 2023 |
| ASSETS | | |
| Non-current assets | | |
| Property, plant and equipment | 12,370 | 13,346 |
| Right of use assets | 6,552 | 6,882 |
| Capital work-in-progress | 293 | 288 |
| Goodwill | 7,303 | 7,248 |
| Other Intangible assets | 1,397 | 1,749 |
| Financial assets | | |
| Investments | 11,708 | 12,569 |
| Loans | 34 | 39 |
| Other financial assets | 3,105 | 2,798 |
| Deferred tax assets (net) | 454 | 1,245 |
| Income tax assets (net) | 3,045 | 6,453 |
| Other non-current assets | 2,121 | 2,318 |
| Total non-current assets | 48,382 | 54,935 |
| Current assets | | |
| Financial assets | | |
| Investments | 12,915 | 6,909 |
| Trade receivables | 30,193 | 25,424 |
| Cash and cash equivalents | 14,786 | 12,173 |
| Loans | 248 | 289 |
| Other financial assets | 12,085 | 11,604 |
| Income tax assets (net) | 6,397 | 6 |
| Other current assets | 12,808 | 14,476 |
| Total current assets | 89,432 | 70,881 |
| Total Assets | 137,814 | 125,816 |
| EQUITY AND LIABILITIES | | |
| Equity | | |
| Equity share capital | 2,071 | 2,069 |
| Other equity | 86,045 | 73,338 |
| Total equity attributable to equity holders of the Company | 88,116 | 75,407 |
| Non-controlling interests | 345 | 388 |
| Total equity | 88,461 | 75,795 |
| Liabilities | | |
| Non-current liabilities | | |
| Financial liabilities | | |
| Lease liabilities | 6,400 | 7,057 |
| Other financial liabilities | 2,130 | 2,058 |
| Deferred tax liabilities (net) | 1,794 | 1,220 |
| Other non-current liabilities | 235 | 500 |
| Total non-current liabilities | 10,559 | 10,835 |
| Current liabilities | | |
| Financial liabilities | | |
| Lease liabilities | 1,959 | 1,242 |
| Trade payables | 3,956 | 3,865 |
| Other financial liabilities | 16,959 | 18,558 |
| Other Current Liabilities | 10,539 | 10,830 |
| Provisions | 1,796 | 1,307 |
| Income tax liabilities (net) | 3,585 | 3,384 |
| Total current liabilities | 38,794 | 39,186 |
| Total equity and liabilities | 137,814 | 125,816 |
The disclosure is an extract of the audited Consolidated Balance Sheet as at March 31, 2024 and March 31, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS).
4. Audited Consolidated Statement of Cash Flows
(in crore)
| Particulars | Year ended March 31, |
| | 2024 | 2023 |
| Cash flow from operating activities | | |
| Profit for the year | 26,248 | 24,108 |
| Adjustments to reconcile net profit to net cash provided by operating activities: | | |
| Income tax expense | 9,740 | 9,214 |
| Depreciation and amortization | 4,678 | 4,225 |
| Interest and dividend income | (2,067) | (1,817) |
| Finance cost | 470 | 284 |
| Impairment loss recognized / (reversed) under expected credit loss model | 121 | 283 |
| Exchange differences on translation of assets and liabilities, net | 76 | 161 |
| Stock compensation expense | 652 | 519 |
| Provision for post sale client support | 75 | 120 |
| Interest receivable on income tax refund | (1,934) | - |
| Other adjustments | 1,464 | 508 |
| Changes in assets and liabilities | | |
| Trade receivables and unbilled revenue | (2,667) | (7,076) |
| Loans, other financial assets and other assets | (1,172) | (3,108) |
| Trade payables | 91 | (279) |
| Other financial liabilities, other liabilities and provisions | (1,334) | 4,119 |
| Cash generated from operations | 34,441 | 31,261 |
| Income taxes paid | (9,231) | (8,794) |
| Net cash generated by operating activities | 25,210 | 22,467 |
| Cash flows from investing activities | | |
| Expenditure on property, plant and equipment and intangibles | (2,201) | (2,579) |
| Deposits placed with corporation | (847) | (996) |
| Redemption of deposits placed with Corporation | 710 | 762 |
| Interest and dividend received | 1,768 | 1,525 |
| Payment towards acquisition of business, net of cash acquired | - | (910) |
| Payment of contingent consideration pertaining to acquisition of business | (101) | (60) |
| Escrow and other deposits pertaining to Buyback | - | (483) |
| Redemption of escrow and other deposits pertaining to Buyback | - | 483 |
| Other receipts | 128 | 71 |
| Payments to acquire Investments | | |
| Tax free bonds and government bonds | - | (27) |
| Liquid mutual fund units | (66,191) | (70,631) |
| Target maturity fund | - | (400) |
| Certificates of deposit | (8,509) | (10,348) |
| Commercial Paper | (10,387) | (3,003) |
| Non convertible debentures | (1,526) | (249) |
| Government securities | - | (1,569) |
| Other investments | (14) | (20) |
| Proceeds on sale of Investments | | |
| Tax free bonds and government bonds | 150 | 221 |
| Liquid mutual fund units | 64,767 | 71,851 |
| Certificates of deposit | 9,205 | 10,404 |
| Commercial Paper | 6,479 | 2,298 |
| Non-convertible debentures | 1,230 | 470 |
| Government securities | 304 | 1,882 |
| Other investments | 26 | 99 |
| Net cash used in investing activities | (5,009) | (1,209) |
| Cash flows from financing activities: | | |
| Payment of lease liabilities | (2,024) | (1,231) |
| Payment of dividends | (14,692) | (13,631) |
| Payment of dividend to non-controlling interest of subsidiary | (39) | (22) |
| Shares issued on exercise of employee stock options | 5 | 35 |
| Payment towards purchase of non-controlling interest | (18) | - |
| Other receipts | - | 132 |
| Other payments | (736) | (479) |
| Buyback of equity shares including transaction cost and tax on buyback | - | (11,499) |
| Net cash used in financing activities | (17,504) | (26,695) |
| Net increase / (decrease) in cash and cash equivalents | 2,697 | (5,437) |
| Effect of exchange rate changes on cash and cash equivalents | (84) | 138 |
| Cash and cash equivalents at the beginning of the period | 12,173 | 17,472 |
| Cash and cash equivalents at the end of the period | 14,786 | 12,173 |
| Supplementary information: | | |
| Restricted cash balance | 348 | 362 |
The disclosure is an extract of the audited Consolidated Statement of Cash flows for the year ended March 31, 2024 and March 31, 2023 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.
5. Segment reporting (Consolidated - Audited)
(in crore)
| Particulars | Quarter
ended
March 31, | Quarter
ended
December 31, | Quarter
ended
March 31, | Year ended
March 31 |
| | 2024 | 2023 | 2023 | 2024 | 2023 |
| Revenue by business segment | | | | | |
| Financial Services (1)# | 10,010 | 10,783 | 10,818 | 42,158 | 43,763 |
| Retail (2) | 5,429 | 5,649 | 5,537 | 22,504 | 21,204 |
| Communication (3) | 4,666 | 4,421 | 4,411 | 17,991 | 18,086 |
| Energy, Utilities, Resources and Services | 5,068 | 5,121 | 4,825 | 20,035 | 18,539 |
| Manufacturing | 5,589 | 5,786 | 5,078 | 22,298 | 19,035 |
| Hi-Tech | 3,316 | 2,985 | 2,989 | 12,411 | 11,867 |
| Life Sciences (4) | 2,762 | 2,954 | 2,681 | 11,515 | 10,085 |
| All other segments (5) | 1,083 | 1,122 | 1,102 | 4,758 | 4,188 |
| Total | 37,923 | 38,821 | 37,441 | 153,670 | 146,767 |
| Less: Inter-segment revenue | – | – | – | – | – |
| Net revenue from operations | 37,923 | 38,821 | 37,441 | 153,670 | 146,767 |
| Segment profit before tax, depreciation and non-controlling interests: | | | | | |
| Financial Services (1)# | 1,941 | 2,260 | 2,600 | 9,324 | 10,843 |
| Retail (2) | 1,864 | 1,715 | 1,634 | 6,882 | 6,396 |
| Communication (3) | 810 | 860 | 958 | 3,688 | 3,759 |
| Energy, Utilities , Resources and Services | 1,431 | 1,450 | 1,302 | 5,523 | 5,155 |
| Manufacturing | 1,081 | 1,110 | 902 | 4,197 | 3,113 |
| Hi-Tech | 803 | 758 | 750 | 3,153 | 2,959 |
| Life Sciences (4) | 632 | 766 | 705 | 2,898 | 2,566 |
| All other segments (5) | 222 | 218 | 147 | 760 | 339 |
| Total | 8,784 | 9,137 | 8,998 | 36,425 | 35,130 |
| Less: Other Unallocable expenditure | 1,163 | 1,176 | 1,121 | 4,678 | 4,225 |
| Add: Unallocable other income | 2,729 | 789 | 671 | 4,711 | 2,701 |
| Less: Finance cost | 110 | 131 | 82 | 470 | 284 |
| Profit before tax and non-controlling interests | 10,240 | 8,619 | 8,466 | 35,988 | 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 |
| # | | Includes impact on account of McCamish cybersecurity incident. Refer note 1.b) above. |
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 currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
6. 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, |
| | 2024 | 2023 | 2023 | 2024 | 2023 |
| Revenue from operations | 32,001 | 32,491 | 30,531 | 128,933 | 124,014 |
| Profit before tax | 10,414 | 8,876 | 7,957 | 35,953 | 31,643 |
| Profit for the period | 8,480 | 6,552 | 5,904 | 27,234 | 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 | Salil Parekh Chief Executive Officer and Managing Director |
| April 18, 2024 | |
The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2024, 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, |
| | 2024 | 2023 | 2023 | 2024 | 2023 |
| | Audited | Audited | Audited | Audited | Audited |
| Revenues | 4,564 | 4,663 | 4,554 | 18,562 | 18,212 |
| Cost of sales | 3,219 | 3,274 | 3,164 | 12,975 | 12,709 |
| Gross profit | 1,345 | 1,389 | 1,390 | 5,587 | 5,503 |
| Operating expenses | 428 | 433 | 433 | 1,753 | 1,678 |
| Operating profit | 917 | 956 | 957 | 3,834 | 3,825 |
| Other income, net | 328 | 95 | 82 | 568 | 335 |
| Finance cost | 13 | 16 | 10 | 56 | 35 |
| Profit before income taxes | 1,232 | 1,035 | 1,029 | 4,346 | 4,125 |
| Income tax expense | 273 | 301 | 284 | 1,177 | 1,142 |
| Net profit | 959 | 734 | 745 | 3,169 | 2,983 |
| Earnings per equity share * | | | | | |
| Basic | 0.23 | 0.18 | 0.18 | 0.77 | 0.71 |
| Diluted | 0.23 | 0.18 | 0.18 | 0.76 | 0.71 |
| Total assets | 16,523 | 15,606 | 15,312 | 16,523 | 15,312 |
| Cash and cash equivalents and current investments | 3,321 | 2,598 | 2,322 | 3,321 | 2,322 |
| * | | EPS is not annualized for the quarter ended March 31, 2024, quarter ended December 31, 2023 and quarter ended March 31, 2023. |
Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident review and notification process 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 ability to effectively implement a hybrid working model, macro-economic and geo-political situations, technological innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, onerous terms and conditions in customer contracts, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the findings of the ongoing review of the extent and nature of accessed or exfiltrated data in relation to the McCamish cybersecurity incident and reaction to such findings, the timing of the review and notification process, and the amount of any additional costs, including indemnities or damages / claims, resulting from the incident. 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.
