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 half-year ended September 30, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in
crore, except per equity share data)
| Particulars | Quarter
ended
September 30, | Quarter
ended
June 30, | Quarter
ended
September 30, | Half-year ended September 30, | Year ended
March 31, |
| | 2024 | 2024 | 2023 | 2024 | 2023 | 2024 |
| | Audited | Audited | Audited | Audited | Audited | Audited |
| Revenue from operations | 40,986 | 39,315 | 38,994 | 80,300 | 76,927 | 153,670 |
| Other income, net | 712 | 838 | 632 | 1,551 | 1,193 | 4,711 |
| Total Income | 41,698 | 40,153 | 39,626 | 81,851 | 78,120 | 158,381 |
| Expenses | | | | | | |
| Employee benefit expenses | 21,564 | 20,934 | 20,796 | 42,498 | 41,577 | 82,620 |
| Cost of technical sub-contractors | 3,190 | 3,169 | 3,074 | 6,359 | 6,198 | 12,232 |
| Travel expenses | 458 | 478 | 439 | 936 | 901 | 1,759 |
| Cost of software packages and others | 3,949 | 3,455 | 3,387 | 7,404 | 6,106 | 13,515 |
| Communication expenses | 169 | 147 | 179 | 316 | 361 | 677 |
| Consultancy and professional charges | 451 | 445 | 387 | 895 | 734 | 1,726 |
| Depreciation and amortization expenses | 1,160 | 1,149 | 1,166 | 2,310 | 2,339 | 4,678 |
| Finance cost | 108 | 105 | 138 | 214 | 228 | 470 |
| Other expenses | 1,396 | 1,250 | 1,292 | 2,645 | 2,546 | 4,716 |
| Total expenses | 32,445 | 31,132 | 30,858 | 63,577 | 60,990 | 122,393 |
| Profit before tax | 9,253 | 9,021 | 8,768 | 18,274 | 17,130 | 35,988 |
| Tax expense: | | | | | | |
| Current tax | 3,146 | 2,998 | 2,491 | 6,144 | 4,798 | 8,390 |
| Deferred tax | (409) | (351) | 62 | (760) | 172 | 1,350 |
| Profit for the period | 6,516 | 6,374 | 6,215 | 12,890 | 12,160 | 26,248 |
| Other comprehensive income | | | | | | |
| Items that will not be reclassified subsequently to profit or loss | | | | | | |
| Remeasurement of the net defined benefit liability/asset, net | 78 | 20 | (64) | 98 | 23 | 120 |
| Equity instruments through other comprehensive income, net | (9) | 14 | 40 | 5 | 40 | 19 |
| Items that will be reclassified subsequently to profit or loss | | | | | | |
| Fair value changes on derivatives designated as cash flow hedges, net | (21) | (3) | 23 | (24) | 29 | 11 |
| Exchange differences on translation of foreign operations | 560 | (104) | 5 | 456 | 21 | 226 |
| Fair value changes on investments, net | 86 | 40 | (20) | 126 | 55 | 144 |
| Total other comprehensive income/(loss), net of tax | 694 | (33) | (16) | 661 | 168 | 520 |
| Total comprehensive income for the period | 7,210 | 6,341 | 6,199 | 13,551 | 12,328 | 26,768 |
| Profit attributable to: | | | | | | |
| Owners of the company | 6,506 | 6,368 | 6,212 | 12,874 | 12,157 | 26,233 |
| Non-controlling interests | 10 | 6 | 3 | 16 | 3 | 15 |
| | 6,516 | 6,374 | 6,215 | 12,890 | 12,160 | 26,248 |
| | | | | | | |
| Total comprehensive income attributable to: | | | | | | |
| Owners of the company | 7,190 | 6,337 | 6,196 | 13,527 | 12,328 | 26,754 |
| Non-controlling interests | 20 | 4 | 3 | 24 | – | 14 |
| | 7,210 | 6,341 | 6,199 | 13,551 | 12,328 | 26,768 |
| | | | | | | |
| Paid up share capital (par value5/- each, fully paid) | 2,072 | 2,072 | 2,070 | 2,072 | 2,070 | 2,071 |
| Other equity *# | 86,045 | 86,045 | 73,338 | 86,045 | 73,338 | 86,045 |
| Earnings per equity share (par value5/- each)** | | | | | | |
| Basic (in per share) | 15.71 | 15.38 | 15.01 | 31.09 | 29.38 | 63.39 |
| Diluted (in per share) | 15.68 | 15.35 | 14.99 | 31.02 | 29.34 | 63.29 |
| * | | Balances for the quarter and half year ended September 30, 2024 and quarter ended June 30, 2024 represent balances as per the audited Balance Sheet as at March 31, 2024 and balances for the quarter and half year ended September 30, 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 and half year ended September 30, 2024, quarter ended June 30, 2024 and quarter and half year ended September 30, 2023. |
| # | | Excludes non-controlling interest |
1. Notes pertaining to the current quarter
a) The audited interim condensed consolidated financial statements for the quarter and half year ended September 30, 2024 have been taken on record by the Board of Directors at its meeting held on October 17, 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. 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) Update on employee stock grants
The Board, on October 17, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved grant of 22,880 RSUs to six eligible employees under the 2015 Stock Incentive Compensation Plan w.e.f November 1, 2024. The RSUs would vest equally over a period of two to four years and the exercise price will be equal to the par value of the share.
c) Update on acquisition
On July 17, 2024, Infosys Germany GmBH acquired 100% voting interests in in-tech Holding GmbH, leading provider of Engineering R&D services headquartered in Germany, for a consideration of EUR 465 million (4,213 crore).
2. Information on dividends for the quarter and half year ended September 30, 2024
The Board of Directors declared an interim dividend of21/- per equity share. The record date for the payment is October 29, 2024.The interim dividend will be paid on November 8, 2024. The interim dividend declared in the previous year was18/- per equity share.
(in)
| Particulars | Quarter
ended
September 30, | Quarter
ended
June 30, | Quarter
ended
September 30, | Half-year ended September 30, | Year ended
March 31, |
| | 2024 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Dividend per share (par value5/- each) | | | | | | |
| Interim dividend | 21.00 | – | 18.00 | 21.00 | 18.00 | 18.00 |
| Final dividend | – | – | – | – | – | 20.00 |
| Special dividend | – | – | – | – | – | 8.00 |
3. Audited Consolidated Balance Sheet
(in crore)
| Particulars | As at |
| | September 30, 2024 | March 31, 2024 |
| ASSETS | | |
| Non-current assets | | |
| Property, plant and equipment | 11,780 | 12,370 |
| Right of use assets | 6,692 | 6,552 |
| Capital work-in-progress | 505 | 293 |
| Goodwill | 10,191 | 7,303 |
| Other Intangible assets | 3,254 | 1,397 |
| Financial assets | | |
| Investments | 9,962 | 11,708 |
| Loans | 25 | 34 |
| Other financial assets | 3,450 | 3,105 |
| Deferred tax assets (net) | 556 | 454 |
| Income tax assets (net) | 3,864 | 3,045 |
| Other non-current assets | 2,060 | 2,121 |
| Total non-current assets | 52,339 | 48,382 |
| Current assets | | |
| Financial assets | | |
| Investments | 7,432 | 12,915 |
| Trade receivables | 32,013 | 30,193 |
| Cash and cash equivalents | 21,799 | 14,786 |
| Loans | 255 | 248 |
| Other financial assets | 12,688 | 12,085 |
| Income tax assets (net) | 2,418 | 6,397 |
| Other current assets | 12,926 | 12,808 |
| Total current assets | 89,531 | 89,432 |
| Total Assets | 141,870 | 137,814 |
| | | |
| EQUITY AND LIABILITIES | | |
| Equity | | |
| Equity share capital | 2,072 | 2,071 |
| Other equity | 88,391 | 86,045 |
| Total equity attributable to equity holders of the Company | 90,463 | 88,116 |
| Non-controlling interests | 367 | 345 |
| Total equity | 90,830 | 88,461 |
| | | |
| Liabilities | | |
| Non-current liabilities | | |
| Financial liabilities | | |
| Lease liabilities | 6,336 | 6,400 |
| Other financial liabilities | 2,011 | 2,130 |
| Deferred tax liabilities (net) | 1,686 | 1,794 |
| Other non-current liabilities | 177 | 235 |
| Total non-current liabilities | 10,210 | 10,559 |
| | | |
| Current liabilities | | |
| Financial liabilities | | |
| Lease liabilities | 2,468 | 1,959 |
| Trade payables | 3,841 | 3,956 |
| Other financial liabilities | 17,988 | 16,959 |
| Other Current Liabilities | 10,706 | 10,539 |
| Provisions | 1,436 | 1,796 |
| Income tax liabilities (net) | 4,391 | 3,585 |
| Total current liabilities | 40,830 | 38,794 |
| Total equity and liabilities | 141,870 | 137,814 |
The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30, 2024 and March 31, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS).
4. Audited Consolidated Statement of Cash Flows
(in crore)
| Particulars | Half-year ended September 30, |
| | 2024 | 2023 |
| Cash flow from operating activities | | |
| Profit for the period | 12,890 | 12,160 |
| Adjustments to reconcile net profit to net cash provided by operating activities: | | |
| Income tax expense | 5,384 | 4,970 |
| Depreciation and amortization | 2,310 | 2,339 |
| Interest and dividend income | (1,257) | (1,006) |
| Finance cost | 214 | 228 |
| Impairment loss recognized / (reversed) under expected credit loss model | 95 | 206 |
| Exchange differences on translation of assets and liabilities, net | (298) | (1) |
| Stock compensation expense | 420 | 279 |
| Provision for post sale client support | 26 | 168 |
| Other adjustments | 876 | 732 |
| Changes in assets and liabilities | | |
| Trade receivables and unbilled revenue | (2,735) | (1,751) |
| Loans, other financial assets and other assets | (233) | (251) |
| Trade payables | (147) | (661) |
| Other financial liabilities, other liabilities and provisions | 1,078 | (768) |
| Cash generated from operations | 18,623 | 16,644 |
| Income taxes paid | (2,165) | (4,538) |
| Net cash generated by operating activities | 16,458 | 12,106 |
| Cash flows from investing activities | | |
| Expenditure on property, plant and equipment and intangibles | (968) | (1,299) |
| Deposits placed with corporation | (579) | (636) |
| Redemption of deposits placed with corporation | 357 | 439 |
| Interest and dividend received | 1,217 | 973 |
| Payment towards acquisition of business, net of cash acquired | (3,155) | - |
| Payment of contingent consideration pertaining to acquisition of business | – | (59) |
| Other receipts | 5 | 127 |
| Payments to acquire Investments | | |
| Tax free bonds and government bonds | (2) | – |
| Liquid mutual fund units | (33,517) | (33,038) |
| Certificates of deposit | (1,885) | (2,179) |
| Commercial Papers | (2,227) | (2,903) |
| Non-convertible debentures | (1,051) | (104) |
| Other Investments | (17) | (5) |
| Proceeds on sale of Investments | | |
| Liquid mutual funds | 34,012 | 31,292 |
| Certificates of deposit | 3,970 | 4,912 |
| Commercial Papers | 7,135 | 1,254 |
| Non-convertible debentures | 1,030 | 875 |
| Government securities | 200 | 299 |
| Net cash generated / (used in) from investing activities | 4,525 | (52) |
| Cash flows from financing activities: | | |
| Payment of lease liabilities | (1,190) | (920) |
| Payment of dividends | (11,592) | (7,246) |
| Loan repayment of in-tech Holding GmbH | (985) | – |
| Payment of dividend to non-controlling interest of subsidiary | (2) | (2) |
| Shares issued on exercise of employee stock options | 3 | 3 |
| Other receipts | – | 20 |
| Other payments | (265) | (334) |
| Net cash used in financing activities | (14,031) | (8,479) |
| Net increase / (decrease) in cash and cash equivalents | 6,952 | 3,575 |
| Effect of exchange rate changes on cash and cash equivalents | 61 | (35) |
| Cash and cash equivalents at the beginning of the period | 14,786 | 12,173 |
| Cash and cash equivalents at the end of the period | 21,799 | 15,713 |
| Supplementary information: | | |
| Restricted cash balance | 407 | 365 |
The disclosure is an extract of the audited Consolidated Statement of Cash flows for the half year ended September 30, 2024 and September 30, 2023 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.
5. Segment reporting (Consolidated - Audited)
(in crore)
| Particulars | Quarter
ended
September 30, | Quarter
ended
June 30, | Quarter
ended
September 30, | Half-year ended September 30, | Year ended
March 31, |
| | 2024 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Revenue by business segment | | | | | | |
| Financial Services (1) | 11,156 | 10,816 | 10,705 | 21,971 | 21,366 | 42,158 |
| Retail (2) | 5,446 | 5,428 | 5,913 | 10,873 | 11,426 | 22,504 |
| Communication (3) | 4,879 | 4,744 | 4,463 | 9,622 | 8,904 | 17,991 |
| Energy, Utilities, Resources and Services | 5,546 | 5,220 | 4,957 | 10,767 | 9,846 | 20,035 |
| Manufacturing | 6,424 | 5,778 | 5,574 | 12,201 | 10,924 | 22,298 |
| Hi-Tech | 3,266 | 3,147 | 3,053 | 6,414 | 6,109 | 12,411 |
| Life Sciences (4) | 3,004 | 2,866 | 3,050 | 5,871 | 5,799 | 11,515 |
| All other segments (5) | 1,265 | 1,316 | 1,279 | 2,581 | 2,553 | 4,758 |
| Total | 40,986 | 39,315 | 38,994 | 80,300 | 76,927 | 153,670 |
| Less: Inter-segment revenue | – | – | – | – | – | – |
| Net revenue from operations | 40,986 | 39,315 | 38,994 | 80,300 | 76,927 | 153,670 |
| Segment profit before tax, depreciation and non-controlling interests: | | | | | | |
| Financial Services (1) | 2,860 | 2,612 | 2,579 | 5,472 | 5,124 | 9,324 |
| Retail (2) | 1,768 | 1,751 | 1,674 | 3,519 | 3,303 | 6,882 |
| Communication (3) | 892 | 796 | 1,035 | 1,688 | 2,019 | 3,688 |
| Energy, Utilities , Resources and Services | 1,435 | 1,557 | 1,352 | 2,992 | 2,642 | 5,523 |
| Manufacturing | 1,297 | 1,006 | 1,033 | 2,303 | 2,005 | 4,197 |
| Hi-Tech | 794 | 814 | 788 | 1,608 | 1,590 | 3,153 |
| Life Sciences (4) | 614 | 611 | 799 | 1,226 | 1,501 | 2,898 |
| All other segments (5) | 149 | 290 | 180 | 439 | 320 | 760 |
| Total | 9,809 | 9,437 | 9,440 | 19,247 | 18,504 | 36,425 |
| Less: Other Unallocable expenditure | 1,160 | 1,149 | 1,166 | 2,310 | 2,339 | 4,678 |
| Add: Unallocable other income | 712 | 838 | 632 | 1,551 | 1,193 | 4,711 |
| Less: Finance cost | 108 | 105 | 138 | 214 | 228 | 470 |
| Profit before tax and non-controlling interests | 9,253 | 9,021 | 8,768 | 18,274 | 17,130 | 35,988 |
| (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.
6. Audited financial results of Infosys Limited (Standalone Information)
(in crore)
| Particulars | Quarter
ended
September 30, | Quarter
ended
June 30, | Quarter
ended
September 30, | Half-year ended September 30, | Year ended
March 31, |
| | 2024 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Revenue from operations | 34,257 | 33,283 | 32,629 | 67,540 | 64,440 | 128,933 |
| Profit before tax | 9,407 | 8,128 | 8,517 | 17,535 | 16,663 | 35,953 |
| Profit for the period | 6,813 | 5,768 | 6,245 | 12,581 | 12,202 | 27,234 |
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 |
| October 17, 2024 | 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 and half-year ended September 30, 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
September 30, | Quarter
ended
June 30, | Quarter
ended
September 30, | Half-year ended September 30, | Year ended
March 31, |
| | 2024 | 2024 | 2023 | 2024 | 2023 | 2024 |
| | Audited | Audited | Audited | Audited | Audited | Audited |
| Revenues | 4,894 | 4,714 | 4,718 | 9,608 | 9,334 | 18,562 |
| Cost of sales | 3,400 | 3,259 | 3,271 | 6,659 | 6,481 | 12,975 |
| Gross profit | 1,494 | 1,455 | 1,447 | 2,949 | 2,853 | 5,587 |
| Operating expenses | 461 | 461 | 447 | 923 | 892 | 1,753 |
| Operating profit | 1,033 | 994 | 1,000 | 2,026 | 1,961 | 3,834 |
| Other income, net | 85 | 101 | 77 | 186 | 145 | 568 |
| Finance cost | 13 | 13 | 17 | 26 | 28 | 56 |
| Profit before income taxes | 1,105 | 1,082 | 1,060 | 2,186 | 2,078 | 4,346 |
| Income tax expense | 327 | 318 | 309 | 644 | 603 | 1,177 |
| Net profit | 778 | 764 | 751 | 1,542 | 1,475 | 3,169 |
| Earnings per equity share * | | | | | | |
| Basic (in $ per share) | 0.19 | 0.18 | 0.18 | 0.37 | 0.36 | 0.77 |
| Diluted (in $ per share) | 0.19 | 0.18 | 0.18 | 0.37 | 0.36 | 0.76 |
| Total assets | 16,928 | 17,270 | 15,689 | 16,928 | 15,689 | 16,523 |
| Cash and cash equivalents and current investments | 3,488 | 3,022 | 2,805 | 3,488 | 2,805 | 3,321 |
| * | | EPS is not annualized for the quarter and half year ended September 30, 2024, quarter ended June 30, 2024 and quarter and half year ended September 30, 2023. |
Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident and the related 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, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and 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, our corporate actions including acquisitions, the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of pending litigation. 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, 2024. 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.
