UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the Securities
Exchange Act of 1934
For the month of July 2023
Commission File Number 001-35754
Infosys Limited
(Exact name of Registrant as specified in its charter)
Not Applicable.
(Translation of Registrant's name into English)
Electronics City, Hosur Road, Bengaluru - 560 100,
Karnataka, India. +91-80-2852-0261
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F:
Form 20-F þ
Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): o
TABLE OF CONTENTS
DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL
CONDITION
Infosys Limited (“we” or “the
Company”) hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning
our public disclosures regarding our results of operations and financial condition for the quarter ended June 30, 2023.
The following information shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by
specific reference in such a filing.
On July 20, 2023, We announced our results of operations
for the quarter ended June 30, 2023. A copy of the outcome of the board meeting is attached to this Form 6-K as Exhibit 99.1.
We issued press releases announcing our results under
International Financial Reporting Standards ("IFRS"), copies of which are attached to this Form 6-K as Exhibit 99.2.
We have placed the form of release to stock exchanges
concerning our results of operations for the quarter ended June 30, 2023 under Indian Accounting Standards (Ind-AS). A copy of the release
to stock exchanges is attached to this Form 6-K as Exhibit 99.3.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Infosys Limited
|
| |
|
|
Date: July 20, 2023 |
Inderpreet Sawhney
General Counsel and Chief Compliance Officer |
INDEX TO EXHIBITS
| Exhibit No. |
Description of Document |
| 99.1 |
Outcome of the Board Meeting |
| 99.2 |
IFRS USD press release |
| 99.3 |
Form of Release to Stock Exchanges
|
Exhibit 99.1
Outcome of the Board meeting
Exhibit 99.2
IFRS USD Press Release
Solid
Q1 year on year revenue growth of 4.2% at 20.8% operating margins
Strong
large deal closures and robust deal pipeline position us well for future growth
Bengaluru,
India – July 20, 2023: Infosys (NSE, BSE, NYSE:INFY), a global leader in next-generation digital services and consulting, delivered
$4,617 million in Q1 revenues with year on year growth of 4.2% and sequential growth of 1.0% in constant currency. Large deal TCV for
the quarter was at $2.3 billion, with net new of 56.1%. Operating margin for the quarter was stable at 20.8%. ROE improved 180 bps to
32.8%. Attrition declined further to 17.3%. FY24 revenue guidance revised to 1.0%-3.5% and operating margin guidance retained at 20%-22%.
“We
had a solid Q1 with a growth of 4.2% and large deals of $2.3 billion which helps us to set a strong foundation for future growth. Our
generative AI capabilities are expanding well, with 80 active client projects. Topaz, our comprehensive AI offering, is resonating well
with clients. We see this being transformative for clients and enhancing our overall service portfolio” said Salil Parekh, CEO
and MD. “We have expanded the margin improvement program with a holistic set of actions for the short, medium and long-term,
working on five key areas, supported by our leadership team“, he added.
Guidance
for FY24:
| · | Revenue
growth of 1.0%-3.5% in constant currency |
| · | Operating
margin of 20%-22% |
| For
the quarter ended June 30, 2023 |
·
Revenues in CC terms grew by 4.2% YoY and by 1.0% QoQ
·
Reported revenues at $4,617 million, growth of 3.9% YoY
·
Operating margin at 20.8%, growth of 0.8% YoY and decline of 0.2% QoQ
·
Basic EPS at $0.17, growth of 6.6% YoY
·
FCF at $699 million, growth of 6.6% YoY; FCF conversion at 96.6% of net profit
|
“Q1
operating margins were resilient in an uncertain macro environment on the back of our continued focus on cost optimization. Company’s
rigorous operational discipline including improved productivity measures and higher utilization helped margins for the quarter”
said Nilanjan Roy, CFO. “Free Cash conversion was robust at 96.6% of net profits. Execution of strong capital allocation
policy resulted in higher payouts to investors and improved ROE to 32.8%” he added.
2. Client
wins & Testimonials
| · | Danske
Bank recently signed a strategic collaboration with Infosys to accelerate the bank’s digital transformation initiatives with speed
and scale. Frans Woelders, Chief Operating Officer, Danske Bank, said, “Our Forward ’28 strategy sets clear ambitions
for Danske Bank to be a leading bank in a digital age. This is backed by significant investments in digitalisation and technology, including
plans to further develop our customer-facing digital solutions, and modernising our technology infrastructure to enable even better customer
experiences and drive operational efficiency. We have a strong starting point, and we want to further accelerate our digital and technology
transformation. We have conducted a thorough process to find a partner that can help us achieve that. Infosys has the tools, experience,
and expertise to support us in accelerating our transformation using cloud and AI technologies. Given Infosys’ global presence and
scale, this collaboration will also give us access to wider talent pools and capabilities.” |
| · | bp
recently signed an MoU with Infosys to demonstrate their intent for Infosys to be bp’s
primary partner for end-to-end application services. Leigh-Ann Russell, EVP, Innovation
& Engineering, bp, said, “We are delighted to further develop our relationship
with Infosys to help accelerate our digital transformation and scale growth through tech-enabled
operations. Together, we look forward to delivering innovative solutions that meet the evolving
needs of our customers and drive growth for the future." |
| · | Infosys
and Aramco signed a Memorandum of Understanding (MoU) to bring new insights to HR data and analytics, scale the use of automation tools,
and enhance employee experience through artificial intelligence (AI) technologies. Faisal A. Al-Hajji, SVP Human Resources, Aramco,
said, “At Aramco, we are constantly looking to improve employee experience and make our company the best place to work. This collaboration
will allow us to explore ways to further upgrade our focus on customer-centricity and transform our digital HR offerings.” |
| · | Infosys
recently launched Infosys Topaz - an AI-first set of services, solutions and platforms using generative AI technologies. Hemanth Adapa,
Product Owner, Predictive Analytics at British Telecom, said, “As part of our continuous efforts to deliver value for our clients,
at British Telecom, we engaged with Infosys Topaz to offer AI-powered predictive analytics for various domains such as network performance,
sustainability, and security. This has been recognized and appreciated by our clients who can now amplify their mission-critical services
with never-before reliability.” |
| · | Infosys
and Walmart Commerce Technologies collaborated to deliver scalable omni-channel solutions to retailers. Sunil Kumar, Vice President
and General Manager of Walmart Commerce Technologies, said, “Infosys is a trusted partner to businesses that are navigating
their digital transformation. We are excited to have Infosys help streamline implementation of the Store Assist app and to serve as a
trusted system integration team for our customers.” |
| · | Infosys
collaborated with vidaXL as their India IT Partner to set up their business technology support in a scalable and cost-effective way. Ted
van Dongen, CIO, vidaXL, said, “vidaXL needed a partner to help them with their growth strategy, with a professional agile approach,
and a very broad range technology expertise. In Infosys, vidaXL has found a partner that proved to be dedicated in delivering this by
transitioning 8 agile development teams in less than 4 months. This collaboration establishes a mechanism to steer our corporation significantly
on every aspect of the technology stack.” |
| · | Infosys
extended its collaboration with LexisNexis to provide end-to-end information services across their range of content, enterprise, and product
applications. Jeff Reihl, Executive Vice President & Chief Technology Officer, LexisNexis, said, “Our longstanding association
with the highly experienced Infosys team has shown excellent results. We at LexisNexis aim to deliver the best content, enterprise, and
product application services in the market and we firmly believe that by leveraging Infosys for its downstream, discretionary, and strategic
programs, will be in our best interest and we are excited to further expand our relationship with Infosys.” |
| · | Infosys
and ATP collaborated to launch a digital Carbon Tracker to enable ATP players to track and mitigate their carbon emissions from travel
on Tour. Massimo Calvelli, Chief Executive Officer, ATP, said, “Tennis is on a mission to Net Zero and like many sports,
our travel footprint is our biggest challenge. ATP’s new Carbon Tracker makes it simple for players to join that journey, mitigating
their impact today and inspiring greener choices tomorrow. This is a story of addressing difficult problems through innovation, and we
would thank our partners Infosys for their collaboration and commitment to the project. The potential of this app is massive and we’re
just getting started.” |
| · | Keytrade
Bank selected Infosys Finacle as the preferred partner for the modernization of its core banking system. Thierry Ternier, CEO, Keytrade
Bank, said, “As the sponsor of the project, I am a strong believer in the program because it will strengthen the foundations
of our company and make us future-proof to tackle the challenges of a fast-moving environment. Our ultimate goal is to create value and
satisfaction for our customers and employees. I am convinced that this program will be a major enabler in reaching those strategic goals.
We have chosen Infosys Finacle as our partner for the program because of their worldwide expertise, implementation plan, and price offering.” |
| · | Infosys
Finacle helped successfully transform XacBank’s technology landscape with Finacle Digital Banking Suite enabling a robust digital
foundation for the bank to achieve its growth strategy. Tsevegjav Gumenjav, Chief Executive Officer, XacBank, said, “We are
happy at the successful completion of this much-awaited digital transformation, drawing us closer to our vision to be the preferred universal
bank in Mongolia. In this digital-first era, the Finacle platform provides us with the right platform to offer custom offerings for our
customers in Mongolia across segments, serving their financial needs in a secure manner. We look forward to scaling new heights with world-class
banking and contribute to the larger economic development of Mongolia.” |
3. Recognitions
| · | Infosys has been recognized in BrandZ's
prestigious Top 100 Most Valuable Global Brands list, ranked at #66 |
| · | Recognized as one of India's Best
Employers Among Nation Builders 2023 by the Great Place to Work™ Institute |
| · | Won
PeopleFirst HR Award under two categories, ‘Leading Practices in HR Risk Management’ and ‘Leading Practices in HR Business
Partnership’ |
| · | Recognized
as one of the ‘Most Honored’ companies, receiving multiple awards at the 2023 All-Asia Executive Team Rankings from Institutional
Investor |
| · | Won the 2023 Microsoft US Partner
of the Year Award in the Dynamics 365 Services category |
| · | Awarded
the Nasscom ER&D Spotlight Award in the ‘Concept to Engineering Leadership’ category for the Market First Innovation –
Digital transformation of B2B sales with Engineering configurator as a core |
| · | Recognized
as ServiceNow Telco Partner of the Year 2023 |
| · | Recognized
as HPE Global System Integrator of the Year 2023 and HPE System Integrator of the Year 2023 for Asia Pacific and Central Europe |
| · | Infosys
Finacle won the MEA Finance ‘Best Composable Banking Technology Solution Provider’ award at the MEA Finance Banking Technology
Summit 2023 |
| · | Infosys
BPM won the SS&C Blue Prism Partner Excellence Awards 2023 across 3 categories: ‘Client Business Impact – FSI (Global)’,
‘Client Business Impact – FSI (APAC)’, and ‘Client Business Impact – Telco (APAC)’ |
| · | Recognized
as a leader in Low-Code Application Development Services PEAK Matrix® Assessment 2023 by Everest |
| · | Recognized
as a leader in Microsoft Dynamics 365 Services PEAK Matrix® Assessment 2023 by Everest |
| · | Recognized
as a leader in Application Automation Services PEAK Matrix® Assessment 2023 by Everest |
| · | Recognized
as a leader in 5G Engineering Services PEAK Matrix® Assessment 2023 by Everest |
| · | Recognized
as a leader in Wealth and Asset Management PEAK Matrix® Assessment 2023 by Everest |
| · | Rated
as a leader in Adobe Experience Cloud Services NEAT 2023 by NelsonHall |
| · | Rated
as a leader in SAP Cloud Migration Services NEAT 2023 by NelsonHall |
| · | Rated
as a leader in Quality Engineering NEAT 2023 by NelsonHall |
| · | Positioned
as a leader in HFS Horizons: ServiceNow Services, 2023 |
| · | Positioned
as a leader in HFS Horizons: Data modernization services, 2023 |
| · | Positioned
as a leader in IDC MarketScape: Worldwide Retail Commerce Platform Service Providers 2023 Vendor Assessment |
| · | Positioned
as a leader in IDC MarketScape Worldwide Artificial Intelligence Services 2023 Vendor Assessment |
| · | Positioned
as a leader in IDC MarketScape: Asia/Pacific Oracle Application Implementation Services 2023 Vendor Assessment |
| · | Infosys
recognized as a leader in Digital Engineering Services 2023 ISG Provider Lens™ study in US and Europe |
| · | Infosys
recognized as a leader in Microsoft Cloud Ecosystem 2023 ISG Provider Lens™ study in US, UK, Singapore and Malaysia, Australia and
Germany |
| · | Infosys
rated as a leader in SAP Ecosystem ISG Provider Lens™ study in US, UK, Nordics, Germany and Brazil |
| · | Infosys
recognized as #1 Top IT Service Providers in the Nordics in Whitelane Research and PA Consulting Sourcing Study 2023 |
| · | Infosys
rated as a leader in Avasant’s Multisourcing Service Integration 2022–2023 Radarview™ |
| · | Infosys
rated as a leader in Avasant’s Financial Services Digital Services 2023–2024 Radarview™ |
| · | Infosys
rated as a leader in Avasant’s Media and Entertainment Digital Services 2023–2024 Radarview™ |
About
Infosys
Infosys
is a global leader in next-generation digital services and consulting. Over 300,000 of our
people work to amplify human potential and create the next opportunity for people, businesses
and communities. We enable clients in more than 56 countries to navigate their digital transformation.
With over four decades of experience in managing the systems and workings of global enterprises,
we expertly steer clients, as they navigate their digital transformation powered by the cloud.
We enable them with an AI-powered core, empower the business with agile digital at scale
and drive continuous improvement with always-on learning through the transfer of digital
skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being
a well-governed, environmentally sustainable organization where diverse talent thrives in
an inclusive workplace.
Visit
www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next. |
 |
Safe
Harbor
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.
Contact
| Investor
Relations |
Sandeep
Mahindroo
+91
80 3980 1018
Sandeep_Mahindroo@infosys.com |
|
| Media
Relations |
Rishi
Basu
+91
80 4156 3998
Rajarshi.Basu@infosys.com |
Harini
Babu
+1
469 996 3516
Harini_Babu@infosys.com |
Infosys
Limited and subsidiaries
Extracted
from the Condensed Consolidated Balance Sheet under IFRS as at:
(Dollars
in millions)
| |
June
30, 2023 |
March
31, 2023 |
| ASSETS |
|
|
| Current
assets |
|
|
| Cash
and cash equivalents |
1,501 |
1,481 |
| Earmarked
bank balance for dividend(3) |
885 |
- |
| Current
investments |
675 |
841 |
| Trade
receivables |
3,191 |
3,094 |
| Unbilled
revenue |
1,783 |
1,861 |
| Other
Current assets |
1,408 |
1,349 |
| Total
current assets |
9,443 |
8,626 |
| Non-current
assets |
|
|
| Property,
plant and equipment and Right-of-use assets |
2,497 |
2,516 |
| Goodwill
and other Intangible assets |
1,082 |
1,095 |
| Non-current
investments |
1,462 |
1,530 |
| Unbilled
revenue |
168 |
176 |
| Other
non-current assets |
1,355 |
1,369 |
| Total
non-current assets |
6,564 |
6,686 |
| Total
assets |
16,007 |
15,312 |
| LIABILITIES
AND EQUITY |
|
|
| Current
liabilities |
|
|
| Trade
payables |
458 |
470 |
| Unearned
revenue |
894 |
872 |
| Employee
benefit obligations |
310 |
292 |
| Other
current liabilities and provisions |
4,005 |
3,135 |
| Total
current liabilities |
5,667 |
4,769 |
| Non-current
liabilities |
|
|
| Lease
liabilities |
812 |
859 |
| Other
non-current liabilities |
407 |
460 |
| Total
non-current liabilities |
1,219 |
1,319 |
| Total
liabilities |
6,886 |
6,088 |
| Total
equity attributable to equity holders of the company |
9,069 |
9,172 |
| Non-controlling
interests |
52 |
52 |
| Total
equity |
9,121 |
9,224 |
| Total
liabilities and equity |
16,007 |
15,312 |
Extracted
from the Condensed Consolidated statement of Comprehensive Income under IFRS for:
(Dollars
in millions except per equity share data)
| |
3
months ended June 30, 2023 |
3
months ended June 30, 2022 |
| Revenues |
4,617 |
4,444 |
| Cost
of sales |
3,211 |
3,144 |
| Gross
profit |
1,406 |
1,300 |
| Operating
expenses: |
|
|
| Selling
and marketing expenses |
217 |
193 |
| Administrative
expenses |
228 |
219 |
| Total
operating expenses |
445 |
412 |
| Operating
profit |
961 |
888 |
| Other
income, net (4) |
57 |
80 |
| Profit
before income taxes |
1,018 |
968 |
| Income
tax expense |
294 |
279 |
| Net
profit (before minority interest) |
724 |
689 |
| Net
profit (after minority interest) |
724 |
689 |
| Basic
EPS ($) |
0.17 |
0.16 |
| Diluted
EPS ($) |
0.17 |
0.16 |
NOTES:
| 1. | | The
above information is extracted from the audited condensed consolidated Balance sheet and
Statement of Comprehensive Income for the quarter ended June 30, 2023, which have been taken
on record at the Board meeting held on July 20, 2023. |
| 2. | | A
Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com. |
| 3. | | Represents
bank balance earmarked for final dividend. Payment date for dividend was July 3, 2023 |
| 4. | | Other
income is net of Finance Cost. |
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 5/- each, fully paid) |
2,070 |
2,069 |
2,098 |
2,069 |
| Other equity *# |
73,338 |
73,338 |
73,252 |
73,338 |
| Earnings per equity share (par value 5/- each)** |
|
|
|
|
| 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 (approximately 16 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 of 17.50/- (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 5/- each) |
|
|
|
|
| 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.
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