Info 0824
Info 0824
Info 0824
INFOSYS LTD
TICKER: INFO IN
CURRENCY: INR
MARKET CAP: 6,469,366.50 (M)
ENTERPRISE VALUE: 6,312,676.47 (M)
GENERATED ON: 08/24/2022
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
TABLE OF CONTENTS
Company Profile 3
Management Information 7
Capital Structure 9
Credit Profile 11
Comparables Analysis 14
Earnings Estimates 16
Shareholders 18
Analyst Ratings 20
Financial Analysis 23
Company News 26
Company Research 30
Interim Report 52
Annual Reports 71
Other Filings 179
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Company Profile
>>> Company Overview, Management & Board
>>> Market Activity Overview
>>> Key Financial Metrics & Comparables
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions.
The Group's services include application development, product co-development, and system implementation and system engineering.
Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.
Summary
Price in INR
equivalent of hold. The analyst currently has a price target of INR 1600.00 51.20 1,712.20
(4.1% above market price). 37.80 1,603.80
Revenues from IT Services - Commercial rose 22.1% YoY in the quarter
24.40 1,495.40
ending Jun 30, 2022 and now account for 68.1% of revenues vs 68.9% a
11.00 1,387.00
year before 19 2 2 0 0 1 1 2 2 3 2
S E 4 O 8 N 2 J A 6 F E 3 M 7 AP 2 M 6 J U 1 J U 4 AU
Analyst consensus price target (INR 1712.55) is 11.4% above current P 2 C T O V N 2 B2 AR R AY N 2 L 2 G
2 2 2
02 02 0 02 02 2 2
02 02 02 02 022 202
price 1 1 21 2 2 2 2 2 2 2
Volume(Millions) Price
Recent News
Barclays Adjusts Price Target on IHS to $17 From $21, Reiterates Overweight Rating MTN 17-Aug
Small Business Job Growth Slows in July; Hourly Earnings Growth Moderates Slightly PRN 2-Aug
Clarivate CEO Stead to Retire, Former IHS Markit CFO Gear to Succeed MTN 11-Jul
8000000
Market Cap 6,469,366.5
Cash Equivalents 155,280.0
6000000
Preferred Equity 0.0
Minority Interest 0.0
4000000 Total Debt 40,560.0
Enterprise Value 6,354,646.5
2000000
0
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This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Revenue % by Business Segments for 2022 Revenue % by Geographic Segments for 2022
Europe (24.8)
Energy, Utilities, Resources & Services (11.9) Others (29.1)
Historical Analyst Recommendation and 12M Target Price Firm Analyst Consensus
Price in INR
1,693.40
60.00
1,445.60
40.00
1,197.80
20.00
0.00 950.00 A U S E O N D J A F E M AP M J U J U AU SE O N D J A F E M AP M J U J U AU
G P 2 C T OV EC N 2 B2 AR R 2 AY N 2 L 2 G P2 C T OV EC N 2 B2 AR R 2 AY N 2 L 2 G
20 0 20 20 20 0 0 20 0 20 0 0 20 0 20 20 20 0 0 20 0 20 0 0 20
20 20 2 0 2 0 20 21 21 21 21 21 2 1 21 21 21 21 2 1 21 22 2 2 2 2 22 22 2 2 22 22
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Management Information
>>> Overview
>>> Key Executives
>>> Board of Directors
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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MANAGEMENT INFORMATION
Overview Key Executives
DATE OF
NAME AGE TITLE SINCE
Executives BIRTH
Number of Executives 27.0 Salil Parekh 03/31/1965 57 Managing Director/CEO 01/02/2018
Average Reported Compensation (MM) 3.2 Ravi Kumar Singisetti 03/31/1972 50 Co-President/Deputy COO 04/14/2016
Average Age 54.0 Mohit Joshi 03/31/1975 47 Co-President 12/07/2000
Average Tenure 5.1 Nilanjan Roy 03/31/1967 55 Chief Financial Officer 03/01/2019
Board Members Inderpreet Sawhney 12/31/1965 56 Chief Compliance Ofcr/Gen 07/03/2017
Number of Board Members 8.0 Cnsl
Independent Directors 7.0 Jayesh Dhavantkumar 05/18/1973 49 Exec VP/Deputy CFO 03/01/2019
Members Owning Shares 3.0 Sanghrajka
On Boards of Peers 8.0 Martha G King 03/31/1964 58 Exec VP/Chief Client Ofcr 07/14/2020
On Boards of Other Companies 6.0 Anant Raghavendra Adya 03/31/1973 49 Exec VP/Mgr:Group Practice 11/10/2008
Average Age 62.0 Engagement
Average Tenure (Years) 8.0 Binod Rangadore Hampapur 05/18/1963 59 Exec VP/Global Head:Talent 06/16/2014
Satish H C 05/22/1972 50 Exec VP/Head:Global Svcs 10/27/2016
DNA
Ashiss Kumar Dash Exec VP/ 08/24/2021
Head:Energy,Utilities,Resources
& Services
Richard Lobo 05/22/1972 50 Exec VP/Head:HR India 10/27/2016
Narsimha Rao Mannepalli 05/24/1968 54 Exec VP/Head:Global Services 05/30/2017
Shaji Mathew Exec VP/Head:Financial 02/29/2020
Services
Srikantan Moorthy "Tan" 05/15/1962 60 Exec VP/Head:US Operations 05/30/2017
Rajeev Ranjan Exec VP/Head:Manufacturing,
India & Japan Business Units
Dinesh Rao Exec VP/Head:Application 02/29/2020
Services
Koushik R N 06/13/1969 53 Exec VP/Head:Procurement 10/27/2016
Anand Swaminathan 03/31/1972 50 Exec VP/Head:Communication 02/29/2020
Jasmeet Singh Exec VP/Head:Manufacturing 02/29/2020
Krishnamurthy Shankar 03/31/1963 59 Exec VP/Head:Human 10/13/2016
Resource
Karmesh Gul Vaswani 03/31/1972 50 Exec VP/Head:CPG & Retail 10/27/2016
Sandeep Mahindroo Sr VP/Controller/Head:IR 03/31/2022
Andrew Groth 03/31/1965 57 Senior VP:Australia & New 01/13/2021
Zealand/Head:Industry
A G S Manikantha VP/Secy/Compliance Ofcr 12/01/2015
Aruna C Newton Asst VP/Head:Diversity & 03/31/2021
Inclusion
Charles Salameh 03/31/1965 57 Head:Account Expansion 09/17/2018
Board of Directors
NAME DATE OF BIRTH AGE TITLE ORGANIZATION
Nandan M Nilekani 06/02/1955 67 Co-Founder National Association of Software and Service
Cos
Chairman/Co-Founder Fundamentum Advisors LLP
Co-Founder Infosys Technologies Ltd
Member Indian Natl Congress
Co-Founder Infosys Ltd
Chairman:Digital Payments Reserve Bank of India
Chairman Infosys Ltd
Dr Kiran Mazumdar Shaw 03/23/1953 69 Chairman/Co-Founder Biocon Ltd
Chairman Biocon Biologics India Ltd
Lead Director Infosys Ltd
Damodarannair Sundaram 04/16/1953 69 Vice Chairman Tvs Capital Funds Ltd
Board Member Infosys Ltd
Bobby Kanubhai Parikh 01/01/1964 58 Co-Founder Bmr Advisors
Senior Partner BMR & Associates LLP
Board Member Infosys Ltd
Salil Parekh 03/31/1965 57 Managing Director/CEO Infosys Ltd
Board Member Infosys Ltd
Uri Levine 03/31/1965 57 Co-Founder Waze Inc
Chairman/Founder FeeX
Board Member Infosys Ltd
Michael Gibbs "Mike" 03/31/1958 64 Board Member Infosys Ltd
Chitra Nayak 12/31/1963 58 Venture Partner 1414 Ventures
Board Member Infosys Ltd
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Capital Structure
>>> Capital Structure Distribution
>>> Debt Distribution
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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CAPITAL STRUCTURE
Millions (INR)
0 2 4 6 8 10
DEBT DISTRIBUTION
Forcasts for up to 50 years. All values in INR
Debt Type: Bonds and Loans Loan Type: All
Payments: Principal Only Debt: To Maturity
AMOUNT
30000 YEAR
(MM)
2025 25,490
25000
Amount Outstanding (Mln)
20000
15000
10000
5000
0
2025
Bond
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Credit Profile
>>> Credit Ratings
>>> Credit Comparables
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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CREDIT PROFILE
Moody's
Outlook STABLE
Long Term Rating Baa1
LC Curr Issuer Rating Baa1
CRISIL
Outlook STABLE
Long Term AAA
Short Term A1+
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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CREDIT COMPARABLES
Credit Ratings
INFO IN Equity MPHL IN Equity WPRO IN Equity HCLT IN Equity MTCL IN Equity
Fitch Rating - - A- A- -
Moody's Rating Baa1 - - - -
S&P Rating A - A- A- -
Valuation Multiples
CDS / Leverage - - - - -
OAS / Leverage - - - - -
EV/EBITDA 19.8 18.9 13.3 12.3 21.7
Price to Book Ratio 8.3 - 3.3 4.4 8.3
Credit Ratios
Secured Debt/EBITDA - - - - -
Unsecured Debt/EBITDA - - - - -
Subordinated Debt/EBITDA - - - - -
Total Debt/EBITDA - - - - -
Net Debt / EBITDA -0.5 - -0.7 -0.5 -1.3
EBITDA / Tot Int Exp - 25.9 18.9 80.2 53.9
Market Metrics
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Comparables Analysis
>>> Revenue Breakdown by Industry
>>> Equity Comparables
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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COMPARABLES ANALYSIS
% Revenue by Industry Comparables Range
METRIC INFO LOW HIGH AVERAGE
P/E 29.0 15.2 44.7 26.9
EPS 1 Yr Gr 15.2 8.1 57.4 27.7
Whole Firm 16.3 (B) Rev 1 Yr Gr 21.1 8.4 32.1 18.9
ROE 30.6 17.9 42.1 24.0
Information Technology (IT) Services 11.2 (B)
0 20 40 60 80 100
EV/EBITDA
NAME MARKET CAP EV EBITDA:2023 EBITDA:2024 P/E P/E:2023 P/E:2024
T12M
INFOSYS LTD 6,469.4 (B) 6,312.7 (B) 19.8 18.2 15.8 29.0 26.6 22.8
MPHASIS LTD 417.7 (B) 406.4 (B) 18.9 15.9 13.7 29.1 24.1 20.4
WIPRO LTD 2,282.4 (B) 2,171.3 (B) 13.3 12.5 11.0 19.7 19.1 16.5
HCL TECHNOLOGIES LTD 2,575.7 (B) 2,464.0 (B) 12.3 11.3 10.1 18.9 18.2 16.2
MINDTREE LTD 549.4 (B) 518.1 (B) 21.7 19.5 17.1 30.8 28.3 24.7
COGNIZANT TECH SOLUTIONS-A 34.2 (B) 33.4 (B) 9.5 9.1 8.4 15.2 14.5 13.3
TATA CONSULTANCY SVCS LTD 11,911.5 (B) 11,574.9 (B) 21.5 19.8 17.6 31.0 28.3 25.1
TECH MAHINDRA LTD 1,041.8 (B) 990.1 (B) 12.3 11.5 9.9 18.5 17.5 14.9
WNS HOLDINGS LTD-ADR 4.2 (B) 4.1 (B) 18.7 13.8 12.6 32.9 23.2 20.7
GENPACT LTD 8.7 (B) 10.1 (B) 15.8 13.2 11.5 27.8 17.4 15.5
EXLSERVICE HOLDINGS INC 5.8 (B) 5.9 (B) 23.9 20.3 18.0 44.7 30.6 27.3
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Earnings Estimates
>>> Earnings History
>>> Earnings Trend Chart
>>> Current Period Estimates
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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* Average 1 Day Move: Average absolute percent change in price 1 day after earnings for the past 8 periods
Implied 1 Day Move: Absolute percent change in price around the next earnings date estimated from option volatilities
1834.116 15.34
15
2023 Annual EPS
1709.422 15.06
Price
10
1584.728 14.78
5
1460.034 14.5
1335.34 14.22 2/ 3 3 3 4 4 4 5 5 5 5 6 6 6 7 7 7 7 8 8 0
27 /8/ /17 /2 6 /4/ /13 /22 /1/ /10 /19 /28 /6/ /15 /24 /3/ /12 /21 /30 /8/ /1 7 20 20 20 20 20 20 20 20 20
/2 20 /2 /2 20 /2 /2 20 /2 /2 /2 20 /2 /2 20 /2 /2 /2 2 0 / 2 22 22 22 22 23 23 23 23 24
02 22 02 02 22 02 02 22 02 02 02 22 02 02 22 02 02 02 22 02 /Q /Q /Q /Q /Q /Q /Q /Q /Q
2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 3 4 1 2 3 4 1
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Shareholders
>>> Ownership by Fund Objective
>>> Ownership by Geography
>>> Top Institutional Holders
>>> Top Insider Holdings
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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SHAREHOLDERS
Top Fund Objective Ownership (%) Top Geographic Ownership (%)
08/23/2022 08/23/2022
Blend 22.55 United States 34.47
ETF 21.41 India 31.09
Emerging Market 16.24 Unknown 18.55
Asset Allocation 12.52 Luxembourg 4.15
Growth 8.47 Singapore 2.98
Regional Fund 5.71 Great Britain (UK) 2.10
Country Fund 3.99 Ireland 1.57
Sector Fund 3.77 Norway 1.42
Unclassified 2.14 Japan 1.37
Value 1.97 Hong Kong 0.45
Fund Debt 1.21 Sweden 0.34
Long Short 0.01 Switzerland 0.32
Long Bias 0.01 Canada 0.29
Short Bias 0.00 France 0.21
Multi Style 0.00 Denmark 0.15
Market Neutral 0.00 Australia 0.14
Germany 0.09
Finland 0.08
South Korea 0.06
Taiwan 0.06
Belgium 0.03
Netherlands 0.03
Austria 0.02
Italy 0.01
South Africa 0.01
China 0.00
Bermuda 0.00
Liechtenstein 0.00
Jersey 0.00
Malaysia 0.00
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Analyst Ratings
>>> Analyst Company Consensus
>>> Analyst Recommendation Table
>>> Analyst Recommendation Chart
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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ANALYST RATINGS
Firm Analyst Consensus Price
120.00 2,189.00
100.00
1,941.20
80.00
1,693.40
Price in INR
60.00
1,445.60
40.00
1,197.80
20.00
0.00 950.00
AU SE O N D JA FE M AP M JU JU AU SE O N D JA FE M AP M JU JU AU
G P2 C O EC N B2 AR R AY N L2 G P2 C O EC N B2 AR R AY N L2 G
20 T2 V2 20 20 20 20 20 20 T2 V2 20 20 20 20 20 20
02 02 02 02 20 02 02 02 02 02 20 02
20 0 20 21 1 21 21 21 21 1 21 1 21 22 2 22 22 22 22 2 22
0 0 1 1
Analyst Recommendations
FIRM NAME ANALYST RECOMENDATION TGT PX DATE 1 YR RTN BARR RANK
Macquarie Ravi Menon outperform M 1870.00 08/23/22 - - -
JP Morgan Ankur Rudra neutral D 1600.00 08/22/22 -7.61 - 16th
Motilal Oswal Securities Ltd. Mukul Garg buy M 1760.00 08/22/22 -9.56 - 18th
BNP Paribas Asia Kumar Rakesh buy M 1665.00 08/18/22 -9.56 - -
HSBC Yogesh Aggarwal buy M 1800.00 08/17/22 5.07 4th 3rd
YES Research Piyush Pandey buy M 1848.00 08/17/22 -9.56 - -
Ambit Capital Pvt Ltd. Ashwin Mehta sell M 1475.00 08/16/22 9.56 3rd 1st
Bernstein Rahul Malhotra outperform M 1880.00 08/12/22 -9.56 - -
Investec Nitin Padmanabhan hold M 1615.00 08/08/22 0.00 - 8th
Nomura Abhishek Bhandari buy M 1700.00 08/05/22 - - -
Edelweiss Capital Limited Sandip Kumar buy M 1891.00 08/02/22 -9.56 - -
(Institutional) Agarwal
Elara Capital Ruchi Burde Mukhija accumulate M 1580.00 08/02/22 - - -
Antique Stock Broking Ltd Vikas Ahuja buy M 2050.00 07/27/22 -9.56 - -
HDFC Research Apurva Prasad buy M 1800.00 07/26/22 - - -
KR Choksey Shares & Sec Pvt Ltd Saptarshi Mukherjee buy M 1805.00 07/26/22 - - -
"Saptarshi"
Spark Capital Advisors Soumitra Chatterjee add M 1580.00 07/26/22 -9.56 - 12th
Ashika Stock Broking Limited Chirag Kachhadiya buy M 1736.00 07/26/22 - - -
IIFL (Institutional) Rishi Jhunjhunwala buy M 1800.00 07/26/22 -9.56 - -
Morgan Stanley Gaurav Rateria Overwt/In-Line M 1535.00 07/25/22 -9.56 - -
Goldman Sachs Sumeet Jain buy M 1722.00 07/25/22 -9.56 - 6th
Arihant Capital Markets Ltd. Abhishek Jain accumulate U 1728.00 07/25/22 - - -
Credit Suisse Varun Ahuja outperform M 1700.00 07/25/22 -9.56 - -
Jefferies Akshat Agarwal buy M 1700.00 07/25/22 -9.56 - -
Citi Surendra Goyal buy M 1725.00 07/25/22 -9.56 - 10th
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in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
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This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Financial Analysis
>>> Highlights
>>> Enterprise Value
>>> Multiples
>>> Analytics-Profitability
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
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Financial Analysis
Key Stats-Highlights
Original:2021 A Original:2022 A Current/LTM Estimate:2023 A Estimate:2024 A
For the period ending 2021-3-31 2022-3-31 2022-6-30 2023-3-31 2024-3-31
Market Capitalization 5,828,797.07 8,021,619.58 6,469,366.47
- Cash and Marketable 196,490.00 177,370.00 155,280.00
Securities
+ Preferred & Other 0.00 0.00 0.00
+ Total Debt 38,540.00 37,860.00 40,560.00
Periodic Enterprise Value 5,670,847.07 7,882,109.58 6,354,646.47
Key Stats-Multiples
Original:2021 A Original:2022 A Current Estimate:2023 A Estimate:2024 A
For the period ending 2021-3-31 2022-3-31 2022-8-24 2023-3-31 2024-3-31
P/E 32.29 37.93 30.24 25.91 22.96
Average 27.94 39.01
High 38.17 45.78
Low 16.12 31.07
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
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Ratio Analysis-Profitability
Original:2021 A Original:2022 A Current/LTM Estimate:2023 A Estimate:2024 A
For the period ending 2021-3-31 2022-3-31 2022-6-30 2023-3-31 2024-3-31
Returns
Return on Common Equity 26.98 30.16 32.08
Return on Assets 20.63 21.97 22.11
Return on Capital 25.77 28.73 30.46
Return on Invested Capital 22.74 24.75 25.88
Margins
EBITDA Margin 28.80 26.77 25.72
Operating Margin 25.77 24.44 23.44 21.73 22.01
Net Income Margin 21.01 20.43 19.51 17.06 17.79
Growth
Revenue, 1 YR Growth 8.68 20.98 24.51 37.23 10.48
EBITDA, 1 YR Growth 23.48 12.48 6.12
Operating Income, 1 YR 23.73 14.74 5.59
Growth
Net Income, 1 YR Growth 16.12 17.66 3.77
Additional
Accounts Receivable 5.39 5.88 5.92
Turnover
Days Sales Outstanding 67.66 62.09 61.62
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
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Company News
>>> India Today: IT industry exploiting freshers but pays bigger salaries to seniors, says Ex Infosys director Mohandas Pai
>>> Business Today: Mohandas Pai, Chairman of Aarin Capital says freshers from India's IT sector are being exploited for the last 10
>>> Mint: #MintPremium | Infosys is reportedly offering its employees 70% variable pay, citing margin pressures. Are the sunny days
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
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Company Research
>>> Infosys Limited
>>> IT Services - Infosys - Mixed bag â Q1FY23 Update - 25 July 2022
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Follow us on :
NO. 12078
Company
SnapShot
INFOSYS LIMITED
July 24, 2022
C o n t e n t s
• Company Profile
• Competitors
• The Industry
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INFOSYS LIMITED (NYSE: INFY)
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Infosys Limited
NYSE: INFY
Q1 FY 23
24 July 2022
Senior Associate: Joseph Hang Ellision
Industry leading revenue growth in Q1 lays robust foundation for the year
Bengaluru, India – July 24, 2022: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services
and consulting, delivered a robust performance in Q1 with year-on-year growth at 21.4% and sequential growth at
5.5% in constant currency. Year on year growth was in double digits across all business segments in constant
currency terms. Digital accounted for 61.0% of overall revenues, growing at 37.5% in constant currency. Net hiring
was strong at 21,171. Operating margin for the quarter was 20.0%, with Free Cash Flow conversion at 95.2% of net
profit.
“Our strong overall performance in Q1 amidst an uncertain economic environment is a testament to our innate
resilience as an organization, our industry-leading digital capabilities and continued client-relevance. We continue to
gain market share and see a significant pipeline driven by our Cobalt cloud capabilities and differentiated digital value
proposition”, said Salil Parekh, CEO and MD. “We are investing in rapid talent expansion while ensuring rewarding
careers for our employees, to better serve evolving market opportunities. This has resulted in a strong performance in
Q1 and increase in FY 23 revenue guidance to 14%-16%”, he added.
“We are fueling the strong growth momentum with strategic investments in talent through hiring and competitive
compensation revisions. While this will impact margins in the immediate term, it is expected to reduce attrition levels
and position us well for future growth. We continue to optimize various cost levers to drive efficiency in operations”,
said Nilanjan Roy, Chief Financial Officer. “Continued high focus on cash led to strong FCF to net profit conversion at
95.2% and improvement in ROE to 31.0%”, he added
COMPANY SNAPSHOTS 1
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for reconciliation as a service on cloud. This is helping us scale the reconciliation process ondemand while improving
accuracy and transparency. Leveraging the reconciliation service on Infosys Cobalt Financial Services Cloud enabled
us to go-live quickly without significant capex investments and ongoing maintenance thereby, bringing the power of
cloud agility and usagebased pricing model to a critical business process.”
• Infosys and Google Cloud have been selected by Backcountry to help them deliver seamless and secure digital
experiences for outdoor enthusiasts. Vismay Thakkar, VP of Technology, Backcountry, said, “As we enter the Spring
season and our customers embark on more outdoor adventures, we anticipate heightened demand for our products,
which is why we’re opening new brick-and-mortar stores to meet their needs in any format. Infosys offers the
necessary skills and resources to deliver a secure and seamless customer experience, virtually or in-person, which is
why our collaboration is proving to be so powerful.”
• Infosys collaborated with TK Elevator to revamp their digital workplace management, network security, and IT
infrastructure, powered by Infosys Cobalt. Susan Poon, Global CIO at TK Elevator, said, “At TK Elevator, IT
infrastructure is the core of our digital initiatives, and we continuously strive to provide state-of-the-art user services.
With Infosys as a strategic partner, we are confident to achieve our target of automation, innovation, and efficiency
across the IT landscape.”
• EisnerAmper, one of the largest accounting, tax, and business advisory firms in the U.S., selected RISE with SAP.
Sanjay Desai, CTO EisnerAmper said, “Infosys is implementing a flexible and scalable solution like SAP S/4HANA
Public Cloud to help EisnerAmper meet their growth ambitions over the coming years.”
3. Recognitions
• Recognized among Kantar's global 100 most valuable brands in 2022
• Ranked highest in Stakeholders Empowerment Services’ (SES) 'ESG Scores - Top 100 Listed Companies in India'
report
• Recognized as the ‘2021 Global AI Services Company of the Year’ by Frost & Sullivan
• Awarded HFS OneOffice™ Award in the Sustainability category
• Awarded HFS OneOffice™ Award in the Innovation Ecosystem category
• Recognized as 'GSI Innovation Partner of the Year 2022' at Snowflake Summit
• Winner of the 2022 Microsoft Security Modern Endpoint Management Partner of the Year Award
• Positioned as a leader in the 2022 Gartner® Magic Quadrant™ for SAP S/4HANA Application Services, Worldwide
• Positioned as a leader in the 2022 Gartner® Magic Quadrant™ for Oracle Cloud Applications Services, Worldwide
• Infosys BPM positioned as a leader in the 2022 Gartner® Magic Quadrant™ for Finance and Accounting Business
Process Outsourcing
• Ranked as a leader in Everest - Healthcare Payer Digital Services Peak Matrix Assessment
• Recognized as a leader in Everest - Oracle Cloud Applications (OCA) Services PEAK Matrix® Assessment for
Europe
• Recognized as a leader in Everest - Sustainability Enablement Technology Services PEAK Matrix® Assessment
• Recognized as a leader in ISG Provider Lens™ ServiceNow Ecosystem Partners in U.S. and Australia 2022
Quadrant Report
• Ranked as a leader in the IDC MarketScape Worldwide Cloud Professional Services Vendor Assessment
• Ranked as a leader in the IDC MarketScape Worldwide Intelligent Automation Services Vendor Assessment
• Positioned as a leader in the IDC MarketScape Worldwide SAP Implementation Services 2022 Vendor Assessment
• Positioned as a leader in Avasant’s Salesforce Services 2022 RadarView™
• Positioned as a leader in Avasant’s Internet of Things Services 2022 RadarView™
• Ranked as a leader in Avasant’s Cybersecurity Services 2022 RadarView™
• Positioned as a leader in Avasant’s Applied AI and Advanced Analytics Services 2022 RadarView™
• EdgeVerve adjudicated as an Innovator in the Computer Vision Category at the 2022 NASSCOM AI Game Changer
Award
• EdgeVerve awarded the Gold GLOBEE Awards for Disruptor Company of the Year in Automation and Productivity
• Infosys BPM Winners in the International Project of the Year category with Telefonica UK, at the Global Sourcing
Association (GSA) UK Awards 2022
• Infosys BPM announced as a winner in the Telecommunications Project of the Year category with BT-EE, at the
Global Sourcing Association (GSA) UK Awards 2022
COMPANY SNAPSHOTS 2
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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. With over four
decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more
than 50 countries, 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 alwayson
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.
https://www.infosys.com/investors/reports-filings/quarterly-results/2022-2023/q1/documents/ifrs-usd-press-release.pdf
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COMPANY PROFILE
Infosys is a global leader in technology services and consulting. The company enables clients in more than 50
countries to create and execute strategies for their digital transformation. From engineering to application
development, knowledge management and business process management, the company helps clients find the right
problems to solve, and to solve these effectively.
https://www.infosys.com/about/Pages/index.aspx
# Reportal: a vast archive of corporate documents from listed companies around the world
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COMPETITORS
Birlasoft combines the power of domain, enterprise and digital technologies to reimagine business processes for
customers and their ecosystem. Its consultative and design thinking approach makes societies more productive by
helping customers run businesses. As part of the multibillion dollar diversified The CK Birla Group, Birlasoft with its
10,000 engineers, is committed to continuing our 157-year heritage of building sustainable communities.
https://www.birlasoft.com/about-us
The company offers an array of integrated services that combine top-of-the-range technology with deep sector
expertise and a strong command of our four key businesses.
https://www.capgemini.com/about/group/company-profile-key-figures
Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology
innovation, deep industry and business process expertise and a global, collaborative workforce that embodies the
future of work. With over 50 delivery centers worldwide and approximately 244,300 employees as of June 30, 2016,
Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000 and the Fortune 500 and is
ranked among the top performing and fastest growing companies in the world.
https://www.cognizant.com/company-overview
http://www.kavveritelecoms.com/
KPIT is a global technology company specializing in providing IT Consulting and Product Engineering solutions and
services to Automotive, Manufacturing, Energy & Utilities and Life Sciences companies. Together with its customers
and partners, it creates and delivers technologies to enable creating a cleaner, greener and more intelligent world
that is sustainable and efficient.
https://www.kpit.com/about/
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http://www.mindtree.com/about-us/company
NIIT Technologies is a global IT solutions organization addressing the requirements of clients across the Americas,
Europe, Asia, and Australia. NIIT Technologies services clients in travel and transportation, banking and financial
services, insurance, manufacturing, and media verticals, offering a range of services, including Application
Development and Maintenance, Infrastructure Management, and Business Process Management. Focused on Digital
Services, the Company is helping businesses design agile, scalable, and digital operating models.
http://www.niit-tech.com/about-us
http://www.sonata-software.com/web/sonata_en/company/factsheet.html
Started in the year 2000, the company has grown exponentially over the decade and is today represented by over
1500+ employees catering to more than 400+ marquee clients across 12 countries. With its global headquarters
located at Chennai, India and US headquarters at Princeton, NJ, the company makes its global presence felt through
its well-established offices across North America, European Union, Asia Pacific, Middle-East and South-East Asia.
https://www.takesolutions.com/index.php/about-us#aboutTAKE
http://www.tcs.com/about/Pages/default.aspx
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Tech Mahindra offers innovative and customer-centric digital experiences, enabling enterprises, associates and the
society to Rise. WeThe Company is a USD 6 billion organization with 158,000+ professionals across 90 countries
helping 1262 global customers, including Fortune 500 companies. Tech Mahindra are focused on leveraging next-
generation technologies including 5G, Blockchain, Quantum Computing, Cybersecurity, Artificial Intelligence, and
more, to enable end-to-end digital transformation for global customers. Tech Mahindra is the only Indian company in
the world to receive the HRH The Prince of Wales’ Terra Carta Seal for its commitment to creating a sustainable
future. The Company is the fastest growing brand in ‘brand strength’ and amongst the top 7 IT brands globally. With
the NXT.NOWTM framework, Tech Mahindra aims to enhance ‘Human Centric Experience’ for our ecosystem and
drive collaborative disruption with synergies arising from a robust portfolio of companies. Tech Mahindra aims at
delivering tomorrow’s experiences today, and believes that the ‘Future is Now’.
https://www.techmahindra.com/en-in/techm-partners-google/
https://www.virtusa.com/about-virtusa/
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and
business process services company. We harness the power of cognitive computing, hyper-automation, robotics,
cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A
company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and
good corporate citizenship, Wipro have over 175,000 dedicated employees serving clients across six continents.
Together, we discover ideas and connect the dots to build a better and a bold new future.
https://www.wipro.com/about-us/
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THE INDUSTRY
FEB 2022
INTRODUCTION
The global sourcing market in India continues to grow at a higher pace compared to the IT-BPM industry. India is the
leading sourcing destination across the world, accounting for approximately 55% market share of the US$ 200-250
billion global services sourcing business in 2019-20.
India's rankings improved four places to 46th position in the 2021 edition of the Global Innovation Index (GII).
The IT industry accounted for 8% of India's GDP in 2020. According to STPI (Software Technology Park of India),
software exports by the IT companies connected to it, stood at Rs. 1.20 lakh crore (US$ 16.29 billion) in the first
quarter of FY22.
According to the National Association of Software and Service Companies (Nasscom), the Indian IT industry's
revenue is expected to touch US$ 227 billion in FY22 from US$ 196 billion in FY21.
According to Gartner estimates, IT spending in India is expected to increase to US$ 101.8 billion in 2022 from an
estimated US$ 81.89 billion in 2021.
Indian software product industry is expected to reach US$ 100 billion by 2025. Indian companies are focusing to
invest internationally to expand global footprint and enhance their global delivery centres.
The data annotation market in India stood at US$ 250 million in FY20, of which the US market contributed 60% to the
overall value. The market is expected to reach US$ 7 billion by 2030 due to accelerated domestic demand for AI.
Exports from the Indian IT industry stood at US$ 149 billion in FY21. Export of IT services has been the major
contributor, accounting for more than 51% of total IT export (including hardware). BPM and Engineering and R&D
(ER&D) and software products exports accounted for 20.78% each of total IT exports during FY21. ER&D market is
expected to grow to US$ 42 billion by 2022.
COMPANY SNAPSHOTS 8
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The IT industry added 4.5 lakh new employees in FY22 (as of February), the highest addition in a single year.
Women accounted for 44% of the total new employees.
INVESTMENTS/ DEVELOPMENTS
Indian IT's core competencies and strengths have attracted significant investment from major countries and
companies.
The computer software and hardware sector in India attracted cumulative foreign direct investment (FDI) inflows
worth US$ 81.31 billion between April 2000-December 2021. The sector ranked 2nd in FDI inflows as per the data
released by the Department for Promotion of Industry and Internal Trade (DPIIT). Computer software and hardware
make up 14.19% of the cumulative FDI inflows.
India's IT startup ecosystem has received record investments of nearly US$ 36 billion in privately held companies in
2021, up from US$ 11 billion in 2020.
In March 2022, Licious, India's largest tech-first, fresh animal protein brand, raised US$ 150 million in a Series F2
funding round.
In March 2022, Byju's raised US$ 800 million in funding as part of a pre-IPO round, which values the Bengaluru-
based company at about US$ 22 billion.
In March 2022, debt marketplace CredAvenue raised US$ 137 million in a funding round led by Insight Partners, B
Capital Group, and Dragoneer Investment Group, which propelled the startup's valuation to US$ 1.3 billion.
In February 2022, Hasura, a software company which helps developers with tools, raised US$ 100 million in a fresh
funding round led by Greenoaks Capital, which elevated the company into a unicorn.
In February 2022, Bangalore-based edtech startup 'BygC' launched India's first upskilling focused community
platform for young graduates and people seeking jobs in the BFSI sector.
In January 2022, Google announced plans to invest US$ 1 billion in India's Bharti Airtel Ltd. to push India's digital
ecosystem.
Amazon has partnered with Airtel to sell Amazon Web Services (AWS) to its customers and intends to inject US$ 1.6
billion into its two upcoming data centres in Hyderabad.
In November 2021, Wipro partnered with TEOCO to build solutions for communication service providers (CSPs) to
improve network automation, efficiency, flexibility and reliability.
In August 2021, Tata Consultancy Services was adjudged a leader in the NelsonHall NEAT for CX Services in
Banking, Financial Services and Insurance (BFSI).
In August 2021, SAP India and Microsoft announced the introduction of TechSaksham, a collaborative skilling
initiative aimed at enabling young women (from underprivileged regions) to pursue careers in technology. 62,000
women students will be trained in artificial intelligence (AI), cloud computing, web design and digital marketing as a
result of this collaboration.
COMPANY SNAPSHOTS 9
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In July 2021, Wipro announced plans to invest US$ 1 billion over the next three years to expand its cloud technology
capabilities through acquisitions and collaborations.
In July 2021, Infosys announced that it has set up an Automotive Digital Technology and Innovation Centre in
Stuttgart, Germany. Automotive IT infrastructure professionals stationed in Germany will transfer from Daimler AG to
the new Digital Technology and Innovation Centre as part of Infosys' relationship with Daimler.
In July 2021, TCS expanded its strategic partnership with Royal London, the largest mutual life insurance, pensions
and investment company in the UK, to help the latter transform its pension platform estate and deliver market-leading
services to members and customers.
In July 2021, Tata Technologies partnered with Stratasys, a 3D printing technology company, to provide advanced
additive manufacturing technologies to the Indian manufacturing ecosystem.
In July 2021, Tech Mahindra Foundation and Wipro GE Healthcare have joined forces to offer skilling and upskilling
courses to students and healthcare technicians.
In July 2021, HCL announced a multi-year agreement with Fiskars Group, consisting of a family of lifestyle brands
including Fiskars, Gerber, Iittala, Royal Copenhagen, Waterford and Wedgwood for digital transformation.
In July 2021, TCS launched Jile 5.0, a key release of its Enterprise Agile, on-the-cloud services, planning and
delivery tool that enables enterprises to meet the large-scale development needs of multiple distributed teams.
In February 2021, Tata Consultancy Services announced to recruit 1,500 technology employees across the UK over
the next year. The development would build capabilities for TCS to deliver services efficiently to their UK customers.
GOVERNMENT INITIATIVES
Some of the major initiatives taken by the Government to promote IT and ITeS sector in India are as follows:
In Union Budget 2022-23, the allocation for IT and telecom sector stood at Rs. 88,567.57 crore (US$ 11.58 billion).
The government introduced the STP Scheme, which is a 100% export-oriented scheme for the development and
export of computer software, including export of professional services using communication links or physical media.
In November 2021, the government launched the Internet Exchange in Uttarakhand to enhance the quality of internet
services in the state.
The Karnataka government has signed three MoUs worth US$ 13.4 million (Rs. 100.52 crore) to help the state's
emerging technology sector.
In August 2021, the Union Minister of State for Electronics and Information Technology, Mr. Rajeev Chandrasekhar,
announced that the IT export target is set at US$ 400 billion for March 2022. In addition, the central government plans
to focus on areas, such as cybersecurity, hyper-scale computing, artificial intelligence and blockchain.
In September 2021, the Indian government announced a plan to build a cyber-lab for the 'Online Capacity Building
Programme on Crime Investigation, Cyber Law and Digital Forensics' to strengthen cyber security capabilities.
In September 2021, the Ministry of Electronics and Information Technology (MeitY) organised a workshop under the
theme of 'Connecting all Indians', to promote public and private stakeholders' interest in the country and expand
internet access to remote areas.
COMPANY SNAPSHOTS 10
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In September 2021, the Indian government launched the Meghalaya Enterprise Architecture Project (MeghEA), to
boost service delivery and governance in the state by leveraging digital technologies, to make Meghalaya a high-
income state by 2030.
In September 2021, the Indian government launched Phase II of Visvesvaraya PhD Scheme to encourage research
in 42 emerging technologies in Information Technology (IT), Electronics System Design & Manufacturing (ESDM) and
Information Technology Enabled Services (ITES).
In September 2021, the Indian government inaugurated five National Institute of Electronics & Information
Technology (NIELIT) Centres, in three North Eastern states to boost availability of training centres and employment
opportunities.
On July 2, 2021, the Ministry of Heavy Industries and Public Enterprises launched six technology innovation platforms
to develop technologies for globally competitive manufacturing in India. The six technology platforms have been
developed by IIT Madras, Central Manufacturing Technology Institute (CMTI), International Centre for Automotive
Technology (iCAT), Automotive Research Association of India(ARAI), BHEL and HMT in association with IISc
Banglore.
Department of Telecom, Government of India and Ministry of Communications, Government of Japan signed a MoU
to enhance cooperation in areas of 5G technologies, telecom security and submarine optical fibre cable system.
ROAD AHEAD
India is the topmost offshoring destination for IT companies across the world. Having proven its capabilities in
delivering both on-shore and off-shore services to global clients, emerging technologies now offer an entire new
gamut of opportunities for top IT firms in India. Indian IT & business services industry is expected to grow to US$
19.93 billion by 2025.
In November 2021, Mr. Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public
Distribution and Textiles, lauded the Indian IT sector for excelling its competitive strength with zero government
interference. He further added that service exports from India has the potential to reach US$ 1 trillion by 2030.
Note: Conversion rate used for November 2021 is Rs. 1 = US$ 0.013
References: Media Reports, Press Information Bureau (PIB), Department for Promotion of Industry and Internal
Trade (DPIIT), Department of Information and Technology, Union Budget 2021-22
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any
errors in the same
NASSCOM
Overview
NASSCOM, a not-for-profit industry association, is the apex body for the 180 billion dollar IT BPM industry in India, an
industry that had made a phenomenal contribution to India's GDP, exports, employment, infrastructure and global
visibility. In India, this industry provides the highest employment in the private sector.
COMPANY SNAPSHOTS 11
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Established in 1988 and ever since, NASSCOM’s relentless pursuit has been to constantly support the IT BPM
industry, in the latter’s continued journey towards seeking trust and respect from varied stakeholders, even as it
reorients itself time and again to remain innovative,without ever losing its humane and friendly touch.
NASSCOM is focused on building the architecture integral to the development of the IT BPM sector through policy
advocacy, and help in setting up the strategic direction for the sector to unleash its potential and dominate newer
frontiers.
NASSCOM’s members, 2800+, constitute 90% of the industry’s revenue and have enabled the association to
spearhead initiatives at local, national and global levels. In turn, the IT BPM industry has gained recognition as a
global powerhouse.
https://www.nasscom.in/about-us
# Reportal: a vast archive of corporate documents from listed companies around the world
www.reportaldata.com #
COMPANY SNAPSHOTS 12
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Infosys
Mixed bag Rating: Accumulate
QoQ margin dip offset strong revenue growth Target Price: INR 1,580
Upside: 5%
Infosys (INFO IN) CC revenue increased 5.5% QoQ, ahead of our
CMP: INR 1,506 (as on 22 July 2022)
estimates of 4.0% QoQ as well as Consensus at 4.4% QoQ. Growth was
Global Markets Research
broad based across verticals and geographies, including Europe, albeit Key data*
slightly skewed by Top 10 clients, which contributed 57% of incremental Bloomberg /Reuters Code INFO IN/INFY.BO
revenue. energy and utilities (ENU), manufacturing, and Current /Dil. Shares O/S (mn) 4,207/4,207
communication were the highest-growing verticals. EBIT margin at Mkt Cap (INR bn/USD mn) 6,338/79,324
Daily Volume (3M NSE Avg) 7,096,839
20.1% was down 146bp QoQ, ahead of our estimates of 19.5% but
Face Value (INR) 5
missed the Street’s 21.0%. Wage hikes have already been undertaken
1 USD = INR 79.9
for entry- and mid-level employees for FY23.
Note: *as on 22 July 2022 ; Source: Bloomberg
Raises revenue guidance, margin intact
Price & Volume
INFO raised FY23 revenue CC growth target to 14-16% YoY vs 13-15%
2,500 40
earlier. This revised guidance came as a positive surprise and implies a
revenue CQGR of 1.4% and 2.6% for the rest of quarters at the lower 2,000 30
and upper end, respectively. It added 21,000 net employees in Q1,
1,500 20
similar to that of Q4. EBIT margin target remains unchanged in the
range of 21-23%; INFO expects to land at the bottom of this range. 1,000 10
Key Financials
YE Revenue YoY EBITDA EBITDA Adj PAT YoY Fully DEPS RoE RoCE P/E EV/EBITDA
March (INR bn) (%) (INR bn) Margin (%) (INR bn) (%) (INR) (%) (%) (x) (x)
FY22 1,216 20.3 315 25.9 221.2 14.0 52.7 29.2 27.0 28.6 19.5
FY23E 1,426 13.0 340 23.9 235.1 6.3 56.0 27.6 26.9 26.9 18.0
FY24E 1,550 8.9 386 24.9 272.7 16.0 64.9 28.4 27.8 23.2 15.5
FY25E 1,694 8.2 442 26.1 313.8 15.1 74.7 28.9 28.3 20.2 13.3
Note: pricing as on 22 July 2022 ; Source: Company, Elara Securities Estimate
Infosys
(INR mn)
EBIT 280,050 301,632 347,689 401,205 1,200,000 21.2 22.0
(%)
Add:- Non operating Income 1,730 2,840 3,400 3,200 800,000 21.0
PBT 301,100 327,458 376,189 435,837
400,000 20.0
Less :- Taxes 79,640 92,313 103,452 122,034
Add/(Less): Associates/(Minorities) 250 20 20 20 0 19.0
Adjusted PAT 221,210 235,125 272,717 313,782 FY22 FY23E FY24E FY25E
Net revenue EBIT margin
Reported PAT 221,210 235,125 272,717 313,782
Balance Sheet (INR mn) FY22 FY23E FY24E FY25E Source: Company, Elara Securities Estimate
Share Capital 20,980 20,980 20,980 20,980
Adjusted profit growth trend
Reserves 736,370 830,008 938,618 1,063,582
Total Liabilities 757,350 850,988 959,598 1,084,562 350,000 16.0 15.1 18
14.0
300,000 15
Gross Block 441,910 461,876 483,580 507,297
250,000
(INR mn)
Less:- Accumulated Depreciation 227,100 265,698 304,385 344,968 12
200,000
Net Block 214,810 196,178 179,195 162,329
(%)
6.3 9
150,000
Investments 212,640 212,640 212,640 212,640 6
100,000
Cash & cash equivalents 174,720 209,364 319,991 444,484
50,000 3
Net Working Capital 94,290 171,917 186,882 204,219
0 0
Other Assets 60,890 60,890 60,890 60,890 FY22 FY23E FY24E FY25E
Total Assets 757,350 850,988 959,598 1,084,562 APAT APAT growth
Cash Flow Statement (INR mn) FY22 FY23E FY24E FY25E
Cash profit adjusted for non-cash Source: Company, Elara Securities Estimate
163,650 247,897 282,903 319,734
items
Add/Less : Working Capital Changes (64,480) (77,627) (14,965) (17,338)
Return ratios
Operating Cash Flow 100,360 170,270 267,939 302,397 30 29.2
28.9
Less:- Capex (21,610) (19,966) (21,704) (23,717) 29 28.4
Free Cash Flow to Firm 78,750 150,304 246,235 278,679
(%)
27.6
28
Financing Cash Flow (127,570) (141,486) (164,107) (188,818) 28.3
27 27.8
Investing Cash Flow (45,210) 5,860 6,796 10,914
Net change in Cash (72,420) 34,644 110,628 124,492 27.0 26.9
26
Ratio Analysis FY22 FY23E FY24E FY25E
25
Income Statement Ratios (%) FY22E FY23E FY24E FY25E
Revenue Growth 20.3 13.0 8.9 8.2 ROE (%) ROCE (%)
EBITDA Growth 12.7 8.1 13.6 14.3
PAT Growth 14.0 6.3 16.0 15.1 Source: Company, Elara Securities Estimate
EBITDA Margin 25.9 23.9 24.9 26.1
Net Margin 18.2 16.5 17.6 18.5
Return & Liquidity Ratios
Net Debt/Equity (x) (0.2) (0.2) (0.3) (0.4)
ROE (%) 29.2 27.6 28.4 28.9
ROCE (%) 27.0 26.9 27.8 28.3
Per Share data & Valuation Ratios
Diluted EPS (INR) 52.7 56.0 64.9 74.7
EPS Growth (%) 15.4 6.3 16.0 15.1
BVPS (INR) 181 203 229 259
DPS (INR) 26.4 28.0 32.5 37.4
P/E (x) 28.6 26.9 23.2 20.2
EV/EBITDA (x) 19.5 18.0 15.5 13.3
Price/Book (x) 8.3 7.4 6.6 5.8
Dividend Yield (%) 1.8 1.9 2.2 2.5
Note: pricing as on 22 July 2022; Source: Company, Elara Securities Estimate
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IT Services
share of net new TCV was 50%. Of 19 deals, five were operating margins
in retail, four in hi-tech, three each in financial services ▪ Upside risk: Strong comeback in TCV
& ENU and two each from manufacturing &
Exhibit 1: Valuation
communication verticals
(INR)
Macro commentary: first signs of pockets of weakness
Current trailing twelve months (TTM) EPS 53.0
▪ Management is keeping a keen watch on the impact Current Market Price (CMP) 1,506
of macros on the pipeline. The pipeline is strong, but Target EPS 68.0
decision-making is turning slower
Target EPS period June 2023E-June 2024E
▪ There is weakness in some pockets of verticals Target Multiple (x) 23.3
(mortgage business in financial services and parts of Target price 1,580
retail) Upside (%) 5
Margin walk Note: pricing as on 22 July 2022; Source: Elara Securities Estimate
▪ Of 146bp QoQ drop in EBIT margin, headwinds of a Exhibit 2: Robust QoQ USD growth
160bp impact from the wage hike, a 40bp impact 8.0
QoQ USD growth
from lower utilization, and a 30bp impact from higher 6.0
subcontracting cost were offset by a 50bp tailwind
(%)
4.0
from higher working days and the rest from increased
efficiency 2.0
0.0
Efforts to put margin levers in place
(2.0)
▪ INFO expects to optimize utilization, offshoring,
fresher hiring and reduced sub-contractor cost to (4.0)
Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Base acquisition
▪ INFO acquired Life Sciences Base, a Denmark-based
technology and consulting firm, in July’23. It brings
expertise in medical, marketing, clinical and
automation areas. This also fulfills INFO’s agenda of
expanding presence in the Scandinavian part of
Europe The agreement was signed in July’23 to
acquire the company for 110mn Euros.
Miscellaneous
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Infosys
Exhibit 3: TCV coming off Exhibit 4: EBIT margin consistently tapering off
8,000 27.0 EBIT margin %
TCV
7,000
25.0
6,000
(%)
(USD mn)
5,000 23.0
4,000 21.0
3,000
19.0
2,000
1,000 17.0
0 15.0
Q4FY20
Q1FY20
Q2FY20
Q3FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Source: Company, Elara Securities Research Source: Company, Elara Securities Research
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Coverage History
2,200
2,000 AC
AC
1,800 44 45
1,600 43
1,400 41 46
42
1,200 40
1,000 AC 39
32
800
26 38
600 2 3 56 7 12 25 28 29 30 31 33 34 36 37
1 4 8 910 11 13
141516 17 24 27
22 23
18 21 35
400 1920
IT Services
200
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Apr-20
Apr-21
Apr-22
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Jul-21
Jul-22
Jan-14
Oct-14
Jan-15
Oct-15
Jan-16
Oct-16
Jan-17
Oct-17
Jan-18
Oct-18
Jan-19
Oct-19
Jan-20
Oct-20
Jan-21
Oct-21
Jan-22
Not Covered Covered
AC – Analyst Change
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Any clarifications / queries on the proposal as well as any future communication regarding the proposal should be addressed to Elara Securities (India) Private
Limited. It is important to note that any dispute with respect to this research report, would not have access to stock exchange investor redressal forum or arbitration
mechanism.
Elara Securities (India) Private Limited was incorporated in July 2007 as a subsidiary of Elara Capital (India) Private Limited.
Elara Securities (India) Private Limited is a SEBI registered Stock Broker in the Capital Market and Futures & Options Segments of National Stock Exchange of India
Limited [NSE], in the Capital Market Segment of BSE Limited [BSE] and a Depository Participant registered with Central Depository Services (India) Limited [CDSL].
Elara Securities (India) Private Limited’s business, amongst other things, is to undertake all associated activities relating to its broking business.
The activities of Elara Securities (India) Private Limited were neither suspended nor has it defaulted with any stock exchange authority with whom it is registered in
last five years. However, during the routine course of inspection and based on observations, the exchanges have issued advise letters or levied minor penalties on
Elara Securities (India) Private Limited for minor operational deviations in certain cases. Elara Securities (India) Private Limited has not been debarred from doing
business by any Stock Exchange / SEBI or any other authorities; nor has the certificate of registration been cancelled by SEBI at any point of time.
Elara Securities (India) Private Limited offers research services primarily to institutional investors and their employees, directors, fund managers, advisors who are
registered or proposed to be registered.
Details of Associates of Elara Securities (India) Private Limited are available on group company website www.elaracapital.com
Elara Securities (India) Private Limited is maintaining arms-length relationship with its associate entities.
Research Analyst or his/her relative(s) may have financial interest in the subject company. Elara Securities (India) Private Limited does not have any financial interest
in the subject company, whereas its associate entities may have financial interest. Research Analyst or his/her relative does not have actual/beneficial ownership of
1% or more securities of the subject company at the end of the month immediately preceding the date of publication of Research Report. Elara Securities (India)
Private Limited does not have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date
of publication of Research Report. Associate entities of Elara Securities (India) Private Limited may have actual/beneficial ownership of 1% or more securities of the
subject company at the end of the month immediately preceding the date of publication of Research Report. Research Analyst or his/her relative or Elara Securities
(India) Private Limited or its associate entities does not have any other material conflict of interest at the time of publication of the Research Report.
Research Analyst or his/her relative(s) has not served as an officer, director or employee of the subject company.
Research analyst or Elara Securities (India) Private Limited have not received any compensation from the subject company in the past twelve months. Associate
entities of Elara Securities (India) Private Limited may have received compensation from the subject company in the past twelve months. Research analyst or Elara
Securities (India) Private Limited or its associate entities have not managed or co-managed public offering of securities for the subject company in the past twelve
months. Research analyst or Elara Securities (India) Private Limited or its associates have not received any compensation for investment banking or merchant banking
or brokerage services from the subject company in the past twelve months. Research analyst or Elara Securities (India) Private Limited or its associate entities may
have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company or
third party in connection with the Research Report in the past twelve months.
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The information contained in this note is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we
endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will
continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the
particular situation.
Elara Capital Inc.’s affiliate did not manage an offering for Infosys Limited.
Elara Capital Inc.’s affiliate did not receive compensation from Infosys Limited in the last 12 months.
Elara Capital Inc.’s affiliate does not expect to receive compensation from Infosys Limited in the next 3 months.
This material is based upon information that we consider to be reliable, but Elara Capital Inc. does not warrant its completeness, accuracy or adequacy and it
should not be relied upon as such.
This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or
strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice,
and are only correct as of the stated date of their issue. Prices, values or income from any securities or investments mentioned in this report may fall against the
interests of the investor and the investor may get back less than the amount invested. Where an investment is described as being likely to yield income, please
note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a
different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that
investment to the investor. The information contained in this report does not constitute advice on the tax consequences of making any particular investment
decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of
particular securities, financial instruments or strategies to you. Before acting on any recommendation in this material, you should consider whether it is suitable
for your particular circumstances and, if necessary, seek professional advice.
Certain statements in this report, including any financial projections, may constitute “forward-looking statements.” These “forward-looking statements” are not
guarantees of future performance and are based on numerous current assumptions that are subject to significant uncertainties and contingencies. Actual future
performance could differ materially from these “forward-looking statements” and financial information.
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Research
Abdulkader Puranwala Analyst Healthcare, Pharmaceuticals abdulkader.puranwala@elaracapital.com +91 22 6164 8528
Amit Purohit Analyst Dairy, FMCG, Paints amit.purohit@elaracapital.com +91 22 6164 8594
Ankita Shah Analyst Infrastructure, Ports & Logistics ankita.shah@elaracapital.com +91 22 6164 8516
Bhawana Chhabra, CFA Analyst Strategy bhawana.chhabra@elaracapital.com +91 22 6164 8598
Biju Samuel Analyst Quantitative & Alternate Strategy biju.samuel@elaracapital.com +91 22 6164 8505
Gagan Dixit Analyst Aviation, Chemicals, Oil & Gas gagan.dixit@elaracapital.com +91 22 6164 8504
Garima Kapoor Economist garima.kapoor@elaracapital.com +91 22 6164 8527
Harshit Kapadia Analyst Capital Goods, Consumer Electronics harshit.kapadia@elaracapital.com +91 22 6164 8542
Jay Kale, CFA Analyst Auto & Auto Ancillaries jay.kale@elaracapital.com +91 22 6164 8507
Karan Taurani Analyst Media & Entertainment, Alcobev, QSR, Internet karan.taurani@elaracapital.com +91 22 6164 8513
Madhukar Ladha Analyst Diversified Financials, Insurance madhukar.ladha@elaracapital.com +91 22 6164 8526
Prashant Biyani Analyst Agrochemicals, Fertilisers, Sugar prashant.biyani@elaracapital.com +91 22 6164 8581
Prerna Jhunjhunwala Analyst Textiles, Retail prerna.jhunjhunwala@elaracapital.com +91 22 6164 8519
Ravi Sodah Analyst Cement, Building Materials, Metals & Mining ravi.sodah@elaracapital.com +91 22 6164 8517
Ruchi Mukhija Analyst IT Services ruchi.mukhija@elaracapital.com +91 22 6164 8500
Rupesh Sankhe Analyst Utilities, Renewables, Capital Goods, Real Estate rupesh.sankhe@elaracapital.com +91 22 6164 8581
Shweta Daptardar Analyst NBFCs, SFBs shweta.daptardar@elaracapital.com +91 22 6164 8559
Saurabh Mitra Sr. Associate Cement, Building Materials, Metals & Mining saurabh.mitra@elaracapital.com +91 22 6164 8546
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Interim Report
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Chartered Accountants
Prestige Trade Tower, Level 19
46, Palace Road, High Grounds,
Bengaluru – 560 001
Karnataka, India
Tel: +91 (80) 6188 6000
Fax: +91 (80) 6188 6011
Opinion
We have audited the accompanying Statement of Consolidated Financial Results of INFOSYS
LIMITED (the “Company”) and its subsidiaries (the Company and its subsidiaries together
referred to as the “Group”) for the quarter ended June 30, 2022, (the “Statement”) being submitted
by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, the
Statement:
i. includes the results of the entities as given in the Annexure to this report;
ii. is presented in accordance with the requirements of Regulation 33 of the Listing
Regulations; and
iii. gives a true and fair view in conformity with the recognition and measurement principles
laid down in the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS
34”) prescribed under section 133 of the Companies Act, 2013 (the “Act”) read with
relevant rules issued thereunder and other accounting principles generally accepted in
India of the consolidated net profit and consolidated total comprehensive income and other
financial information of the Group for the quarter ended June 30, 2022.
Regd. Office: One International Centre, Tower 3, 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra,
India (LLP Identification No. AAB-8737)
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The respective Boards of Directors of the companies included in the Group are responsible for
maintenance of the adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the respective financial
results that give a true and fair view and are free from material misstatement, whether due to fraud
or error, which have been used for the purpose of preparation of the consolidated financial results
by the Directors of the Company, as aforesaid.
In preparing the consolidated financial results, the respective Boards of Directors of the companies
included in the Group are responsible for assessing the ability of the respective entities to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the respective Boards of Directors either intends to liquidate
their respective entities or to cease operations, or have no realistic alternative but to do so.
The respective Boards of Directors of the companies included in the Group are responsible for
overseeing the financial reporting process of the Group.
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Our conclusions are based on the audit evidence obtained up to the date of our auditor’s
report. However, future events or conditions may cause the Group to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial results,
including the disclosures, and whether the consolidated financial results represent the
underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the
entities within the Group to express an opinion on the consolidated financial results. We are
responsible for the direction, supervision and performance of the audit of financial
information of such entities included in the consolidated financial results of which we are
the independent auditors.
Materiality is the magnitude of misstatements in the consolidated financial results that, individually
or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user
of the consolidated financial results may be influenced. We consider quantitative materiality and
qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial
results.
We communicate with those charged with governance of the Company and such other entities
included in the consolidated financial results of which we are the independent auditors regarding,
among other matters, the planned scope and timing of the audit and significant audit findings
including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and
where applicable, related safeguards.
Sanjiv V. Pilgaonkar
Partner
(Membership No.039826)
UDIN:
Place: Bengaluru
Date: July 24, 2022
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List of Entities:
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96. Oddity Group Services GmbH (acquired by Infosys Germany GmbH (a wholly owned
subsidiary of Infosys Consulting Pte. Ltd) on April 20, 2022)
97. Oddity Code GmbH (acquired by Infosys Germany GmbH (a wholly owned subsidiary of
Infosys Consulting Pte. Ltd) on April 20, 2022)
98. Oddity Code D.O.O (subsidiary of Oddity Code GmbH) (acquired by Infosys Germany GmbH
(a wholly owned subsidiary of Infosys Consulting Pte. Ltd) on April 20, 2022)
99. Oddity GmbH (acquired by Infosys Germany GmbH (a wholly owned subsidiary of Infosys
Consulting Pte. Ltd) on April 20, 2022)
100. Oddity (Shanghai) Co. Ltd. (subsidiary of Oddity GmbH) (acquired by Infosys Germany GmbH
(a wholly owned subsidiary of Infosys Consulting Pte. Ltd) on April 20, 2022)
101. Oddity Limited (Taipei) (subsidiary of Oddity GmbH) (acquired by Infosys Germany GmbH (a
wholly owned subsidiary of Infosys Consulting Pte. Ltd) on April 20, 2022)
102. Infosys Employees Welfare Trust
103. Infosys Employee Benefits Trust
104. Infosys Science Foundation
105. Infosys Expanded Stock Ownership Trust
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Chartered Accountants
Prestige Trade Tower, Level 19
46, Palace Road, High Grounds,
Bengaluru – 560 001
Karnataka, India
Tel: +91 (80) 6188 6000
Fax: +91 (80) 6188 6011
Opinion
We have audited the accompanying Statement of Standalone Financial Results of INFOSYS LIMITED
(the “Company”), for the quarter ended June 30, 2022, (the “Statement”), being submitted by the
Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended (the “Listing Regulations”).
In our opinion and to the best of our information and according to the explanations given to us, the
Statement:
a. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and
b. gives a true and fair view in conformity with the recognition and measurement principles laid down in
the Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under
section 133 of the Companies Act, 2013 (the “Act”) read with relevant rules issued thereunder and
other accounting principles generally accepted in India of the net profit and total comprehensive
income, and other financial information of the Company for the quarter ended June 30, 2022.
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the preparation and presentation of the standalone financial results that give a true and fair view and is
free from material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Board of Directors is responsible for assessing the
Company’s ability, to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Board of Directors either intends to
liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the financial reporting process of the Company.
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Materiality is the magnitude of misstatements in the standalone financial results that, individually or in
aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the
standalone financial results may be influenced. We consider quantitative materiality and qualitative
factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to
evaluate the effect of any identified misstatements in the standalone financial results.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings including any significant deficiencies in internal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
Sanjiv V. Pilgaonkar
Partner
(Membership No.039826)
UDIN:
Place: Bengaluru
Date: July 24, 2022
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Q1 FY 23
Financial
Results
Infosys Limited
CIN : L85110KA1981PLC013115
Regd. Office: Electronics City, Hosur Road, Bengaluru 560 100, India.
Website: www.infosys.com; Email: investors@infosys.com; Telephone: 91 80 2852 0261; Fax: 91 80 2852 0362
Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2022
prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in ₹ crore, except per equity share data)
Quarter Quarter Quarter Year ended
ended ended ended March 31,
June 30, March 31, June 30,
Particulars
Total comprehensive income for the period 4,986 5,797 5,502 22,328
Paid up share capital (par value ₹5/- each, fully paid) 2,098 2,098 2,122 2,098
Other equity *# 73,252 73,252 74,227 73,252
* Balances for the quarter ended June 30, 2022 and June 30, 2021 represent balances as per the audited Balance Sheet for the year ended March 31, 2022 and March 31, 2021, respectively as required
by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015
** EPS is not annualized for the quarter ended June 30, 2022, quarter ended March 31, 2022 and quarter ended June 30, 2021
#
Excludes non-controlling interest
a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2022 have been taken on record by the Board of Directors at its meeting held on July 24, 2022 . 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.
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b) Estimation of uncertainties relating to the global health pandemic from COVID-19 ( COVID-19):
The Group has considered the possible effects that may result from the pandemic relating to COVID-19 and does not expect any material impact on the recoverability of the financial and non financial
assets.
c) Proposed acquisition
On July 13, 2022, Infosys Consulting Pte. Ltd (a wholly owned subsidiary of Infosys Limited) entered into a definitive agreement to acquire BASE life science A/S, a consulting and technology firm in the life
sciences industry in Europe for a total consideration of upto EUR 110 million (approximately ₹906 crore), which includes management incentives, bonuses and retention. This acquisition is expected to
augment the Group's life sciences expertise, scale its digital transformation capabilities with cloud based industry solutions and expand its presence in Nordics region and across Europe.
d) Oddity acquisition
On April 20, 2022, Infosys Germany GmbH (a wholly-owned subsidiary of Infosys Consulting Pte. Ltd ) acquired 100% voting interests in Oddity GmbH, Oddity Group Services GmbH, Oddity Space GmbH,
Oddity Jungle GmbH, Oddity Code GmbH and Oddity Waves GmbH (collectively known as oddity), Germany-based digital marketing, experience, and commerce agency for a total consideration of upto
EUR 50 million (approximately ₹420 crore) comprising of cash consideration, contingent consideration and retention bonuses. The payment of contingent consideration is dependent upon the achievement
of certain financial targets by oddity.
In line with the shareholders approval and revised employment contract which is effective July 1, 2022, the Board, on July 24, 2022, based on the recommendations of the Nomination and Remuneration
Committee, approved:
i) The grant of annual performance-based stock incentives (Annual Performance Equity Grant) of Restricted Stock Units (RSU's) amounting to ₹21.75 crore for the financial year 2023 under the 2015 Stock
Incentive Compensation Plan (2015 plan). These RSUs will vest 12 months from the date of grant subject to achievement of certain strategic milestones as determined by the Board. This is in addition to the
grants made on May 2, 2022 amounting to ₹13 crore resulting in a total grant of ₹34.75 crore for fiscal 2023.
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 of ₹2 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 of ₹5 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.
The above RSUs will be granted w.e.f August 1, 2022 and the number of RSU's will be calculated based on the market price at the close of trading on August 1, 2022.
(in ₹)
Quarter Quarter Quarter Year ended
Particulars ended ended ended March 31,
June 30, March 31, June 30,
2022 2022 2021 2022
Dividend per share (par value ₹5/- each)
Interim dividend - - - 15.00
Final dividend - 16.00 - 16.00
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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.
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.
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The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2022, prepared as per International Financial Reporting
Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:
* EPS is not annualized for the quarter ended June 30, 2022, quarter ended March 31, 2022 and quarter ended June 30, 2021.
This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that
are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’,
‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future
operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and
operations, wage increases, change in the regulations including immigration regulation and policies in the United States. These statements are subject to known and unknown risks, uncertainties and other
factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could affect our future operating results are more fully
described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov.
Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our
reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law
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Q1 FY 23
Financial
Results
Infosys Limited
CIN : L85110KA1981PLC013115
Regd. Office: Electronics City, Hosur Road, Bengaluru 560 100, India.
Website: www.infosys.com; Email: investors@infosys.com; Telephone: 91 80 2852 0261; Fax: 91 80 2852 0362
Extract of Consolidated Audited Financial Results of Infosys Limited and its subsidiaries for the quarter
ended June 30, 2022 prepared in compliance with the Indian Accounting Standards (Ind-AS)
( in ₹ crore, except per equity share data)
Quarter Year Quarter
ended ended ended
Particulars
June 30, March 31, June 30,
2022 2022 2021
Revenue from operations 34,470 121,641 27,896
Profit before tax 7,534 30,110 7,176
Profit for the period 5,362 22,146 5,201
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive
income after tax) 4,986 22,328 5,502
Paid-up share capital (par value ₹5/- each fully paid) 2,098 2,098 2,122
Other equity *# 73,252 73,252 74,227
Earnings per share (par value ₹5/- each)**
Basic (₹) 12.78 52.52 12.24
Diluted (₹) 12.76 52.41 12.21
* Balances for the quarter ended June 30, 2022 and June 30, 2021 represent balances as per the audited Balance Sheet for the year ended March 31, 2022 and March 31,
2021, respectively as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015
** EPS is not annualized for the quarter ended June 30, 2022 and quarter ended June 30, 2021
#
Excludes non-controlling interest
a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2022 have been taken on record by the Board of Directors at its meeting held
on July 24, 2022 . 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) Estimation of uncertainties relating to the global health pandemic from COVID-19 ( COVID-19):
The Group has considered the possible effects that may result from the pandemic relating to COVID-19 and does not expect any material impact on the recoverability of the
financial and non financial assets.
c) Proposed acquisition
On July 13, 2022, Infosys Consulting Pte. Ltd (a wholly owned subsidiary of Infosys Limited) entered into a definitive agreement to acquire BASE life science A/S, a consulting
and technology firm in the life sciences industry in Europe for a total consideration of upto EUR 110 million (approximately ₹906 crore), which includes management incentives,
bonuses and retention. This acquisition is expected to augment the Group's life sciences expertise, scale its digital transformation capabilities with cloud based industry solutions
and expand its presence in Nordics region and across Europe.
d) Oddity acquisition
On April 20, 2022, Infosys Germany GmbH (a wholly-owned subsidiary of Infosys Consulting Pte. Ltd ) acquired 100% voting interests in Oddity GmbH, Oddity Group Services
GmbH, Oddity Space GmbH, Oddity Jungle GmbH, Oddity Code GmbH and Oddity Waves GmbH (collectively known as oddity), Germany-based digital marketing, experience,
and commerce agency for a total consideration of upto EUR 50 million (approximately ₹420 crore) comprising of cash consideration, contingent consideration and retention
bonuses. The payment of contingent consideration is dependent upon the achievement of certain financial targets by oddity.
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In line with the shareholders approval and revised employment contract which is effective July 1, 2022, the Board, on July 24, 2022, based on the recommendations of the
Nomination and Remuneration Committee, approved:
i) The grant of annual performance-based stock incentives (Annual Performance Equity Grant) of Restricted Stock Units (RSU's) amounting to ₹21.75 crore for the financial year
2023 under the 2015 Stock Incentive Compensation Plan (2015 plan). These RSUs will vest 12 months from the date of grant subject to achievement of certain strategic
milestones as determined by the Board. This is in addition to the grants made on May 2, 2022 amounting to ₹13 crore resulting in a total grant of ₹34.75 crore for fiscal 2023.
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 of ₹2 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 of ₹5 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.
The above RSUs will be granted w.e.f August 1, 2022 and the number of RSU's will be calculated based on the market price at the close of trading on August 1, 2022.
For financial year 2022, the Board recommended a final dividend of ₹16/- (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 25, 2022 and paid on June 28, 2022.
(in ₹)
Quarter Year Quarter
ended ended ended
Particulars
June 30, March 31, June 30,
2022 2022 2021
Dividend per share (par value ₹5/- each)
Interim dividend - 15.00 -
Final dividend - 16.00 -
The above is an extract of the detailed format of Quarterly audited financial results filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure
Requirements) Regulations, 2015. The full format of the Quarterly Audited Financial Results are available on the Stock Exchange websites, www.nseindia.com and
www.bseindia.com, and on the Company's website, www.infosys.com.
This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events
or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry,
economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking
terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements
include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability,
attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations,
wage increases, change in the regulations including immigration regulation and policies in the United States. These statements are subject to known and unknown risks,
uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could
affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the
fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements,
including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to
update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law
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Q1 FY 23 Financial
Results
Infosys Limited
CIN: L85110KA1981PLC013115
Regd. Office: Electronics City, Hosur Road, Bengaluru – 560 100, India.
Website: www.infosys.com; Email: investors@infosys.com; Telephone: 91 80 2852 0261; Fax: 91 80 2852 0362
Statement of Audited results of Infosys Limited for the quarter ended June 30, 2022
prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in ₹ crore, except per equity share data)
Particulars Quarter Quarter Quarter Year ended
ended ended ended March 31,
June 30, March 31, June 30,
2022 2022 2021 2022
Audited Audited Audited Audited
Revenue from operations 29,527 27,426 23,714 103,940
Other income, net 648 590 570 3,224
Total income 30,175 28,016 24,284 107,164
Expenses
Employee benefit expenses 14,914 13,464 12,191 51,664
Cost of technical sub-contractors 5,011 4,641 3,316 16,298
Travel expenses 314 278 115 731
Cost of software packages and others 1,183 865 528 2,985
Communication expenses 119 121 104 433
Consultancy and professional charges 363 424 311 1,511
Depreciation and amortisation expense 643 620 576 2,429
Finance cost 34 31 32 128
Other expenses # 692 664 618 2,490
Total expenses 23,273 21,108 17,791 78,669
Profit before tax 6,902 6,908 6,493 28,495
Tax expense:
Current tax 2,032 1,606 1,697 6,960
Deferred tax (31) 125 73 300
Profit for the period 4,901 5,177 4,723 21,235
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net (96) (24) (32) (98)
Equity instruments through other comprehensive income, net 3 56 2 97
Total other comprehensive income/ (loss), net of tax (411) (41) 13 (48)
Total comprehensive income for the period 4,490 5,136 4,736 21,187
Paid-up share capital (par value ₹5/- each fully paid) 2,104 2,103 2,128 2,103
Other Equity* 67,203 67,203 69,401 67,203
Earnings per equity share ( par value ₹5 /- each)**
Basic (₹) 11.65 12.31 11.08 50.27
Diluted (₹) 11.64 12.30 11.07 50.21
* Balances for the quarter ended June 30, 2022 and June 30, 2021 represent balances as per the audited Balance Sheet for the year ended March 31, 2022 and
March 31, 2021 , respectively as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015
** EPS is not annualized for the quarter ended June 30, 2022, quarter ended March 31, 2022 and quarter ended June 30, 2021.
b) Estimation of uncertainties relating to the global health pandemic from COVID-19 ( COVID-19):
The Company has considered the possible effects that may result from the pandemic relating to COVID-19 and does not expect any material impact on the
recoverability of the financial and non financial assets.
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Shareholders at the 41st AGM held on June 25, 2022 have reappointed Salil Parekh as the CEO and MD of the Company for a term commencing on July 1, 2022
and ending on March 31, 2027 on the terms and conditions, including the remuneration payable as contained in the 41st AGM Notice.
In line with the shareholders approval and revised employment contract which is effective July 1, 2022, the Board, on July 24, 2022, based on the recommendations
of the Nomination and Remuneration Committee, approved:
i) The grant of annual performance-based stock incentives (Annual Performance Equity Grant) of Restricted Stock Units (RSU's) amounting to ₹21.75 crore for the
financial year 2023 under the 2015 Stock Incentive Compensation Plan (2015 plan). These RSUs will vest 12 months from the date of grant subject to achievement
of certain strategic milestones as determined by the Board. This is in addition to the grants made on May 2, 2022 amounting to ₹13 crore resulting in a total grant of
₹34.75 crore for fiscal 2023.
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 of ₹2 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 of ₹5 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.
The above RSUs will be granted w.e.f August 1, 2022 and the number of RSU's will be calculated based on the market price at the close of trading on August 1,
2022.
(in ₹)
Quarter Quarter Quarter Year ended
Particulars ended ended ended March 31,
June 30, March 31, June 30,
2022 2022 2021 2022
Dividend per share (par value ₹5/- each)
Interim dividend - - - 15.00
Final dividend - 16.00 - 16.00
3. Segment Reporting
The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the
Company has disclosed the segment information in the audited interim consolidated financial statements. Accordingly, the segment information is given in the
audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2022.
This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section
21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements
generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and
projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’,
‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our
expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital
allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including
immigration regulation and policies in the United States. These statements are subject to known and unknown risks, uncertainties and other factors which may
cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could affect our future operating
results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year
ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements,
including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not
undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law
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Annual Reports
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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"In a changing business landscape, our "We doubled down on our cloud migrations "Infosys Equinox will give us the end-to-end
partnership with Infosys and leverage of and migrated several applications in the social commerce capabilities we need to
Infosys Cobalt™ is helping us adapt with agility. cloud, significantly reducing costs, building transform our business model and provide
The collaboration will enable us to focus more in automation, improving from a security innovative customer engagement. We're
on our core operations and, as customer needs perspective and perhaps, most importantly, creating best-in-class architecture foundations
become more and more digital, to improve growing confident in our ability to respond to that will power digital experiences well into
our services." market disruptions with agility." the future."
Petteri Naulapää Michael Ruttledge Joe Sueper
SVP, ICT and Digitalisation, Posti Chief Information Officer, Citizens Chief Technology Officer, Nu Skin Enterprises
2 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 3
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"We have developed systems for hiring, "We congratulate Infosys on their Certification. “As a global Top Employer, Infosys has proven
training and retaining employees like an Organizations that earn their employees’ trust its unwavering commitment to employees
elaborate science." create great workplace cultures that deliver on a global scale, joining a niche group of
outstanding business results." companies that have achieved a certification
Nandan M. Nilekani
Chairman, Infosys through the Top Employers Program. We are
Sarah Lewis-Kulin
Vice President, Best Workplace List Research, excited to celebrate and applaud them for their
Great Place to Work achievement in 2022.”
David Plink
CEO, Top Employers Institute
4 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 5
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09-25 59-67 Over the last 40+ years, Infosys Reporting period
The information is reported for the period April 1, 2021
Introduction Governance has stayed true to the vision of the to March 31, 2022. For key performance indicators (KPIs),
comparative figures for the last three to five years
09 About this report 60 Approach to governance founders – to earn the respect of our have been incorporated in the report to provide a
10
12
Integrated thinking at Infosys
Infosys at a glance
65 ESG priorities on corporate governance
66 ESG governance
stakeholders. It is no wonder then that a comprehensive view.
14
20
The Infosys Board of Directors
The Infosys leadership team
holistic appreciation of progress inclusive Auditors' reports
The Auditors’ Report for fiscal 2022 from Deloitte Haskins
22 Chairman's message 69-174 of the universe of stakeholders from & Sells LLP, Chartered Accountants (ICAI Firm Registration
24 Letter to the Shareholder
Statutory reports clients to communities, employees, Number 117366W/ W-100018) does not contain any
qualification, reservation or adverse remark. The Report is
27-33 70 Board’s report suppliers, investors and the government enclosed with the financial statements in this Integrated
Annual Report.
82 Annexures to the Board's report
Approaching value creation 113 Management's discussion and analysis has continued to inform our collective The Secretarial Auditors’ Report for fiscal 2022 from
28 Operating context
130 Corporate governance report
169 Investor contacts
efforts and results, since inception. Parameshwar G. Hegde of Hegde & Hegde, Practicing
Company Secretaries, does not contain any qualification,
30 Value creation model 171 Risk management report reservation or adverse remark. The Secretarial Auditors’
Infosys adopted the Global Reporting Initiative (GRI)
32 Creating value through innovation 174 CEO and CFO certification Report is enclosed as Annexure 5 to the Board’s report.
principles to disclose performance on non-financial
aspects of the business 15 years ago and became the
35-39 175-329 first IT company to publish sustainability performance Independent assurance
in accordance with the GRI G4 (comprehensive) The non-financial sustainability disclosures in this
criteria in 2014. Integrated Annual Report are verified by KPMG Assurance
Strategy review Financial statements and Consulting Services LLP. The Independent Assurance
This is the first Integrated Annual Report of Infosys Limited.
36 Strategy 175 Standalone Statement is available as part of this Integrated
Our Integrated Annual Report provides quantitative
38 Business highlights 255 Consolidated Annual Report.
and qualitative disclosures on material topics and our
relationship with our stakeholders. It also describes
Approach to materiality
41-57 330-368 our strategy, leadership commitment and culture that
celebrates people, performance and purpose. The universe of our material topics within the domains of
environmental, social and governance (ESG) is complex
Delivering value Business Responsibility and The Infosys Integrated Annual Report 2021-22 has been and multilayered, one that is deeply intertwined with
Sustainability Report prepared in accordance with the International Integrated the value we seek to create through our business for our
42 Investors
Reporting <IR> Framework, developed by the International stakeholders. We have also mapped our contribution to the
44 Clients
Integrated Reporting Council (IIRC), the GRI Standards and Sustainable Development Goals (SDGs) through the Infosys
46 Employees
SASB Standards. This report also includes the Business ESG Vision 2030 document.
48 Suppliers
49 Government and regulators
Independent Assurance Statement on Responsibility and Sustainability Report (BRSR), prepared
non-financial sustainability disclosures in accordance with the guidelines issued by the Securities Read more in Infosys ESG Vision 2030
50 Communities
and Exchange Board of India (SEBI).
52 Environment
54 Awards and recognition The financial and statutory data disclosed in the statutory Management's review
Read our online Integrated sections of this report meet the requirements of the This Integrated Annual Report has been reviewed by the
Annual Report 2021-22 Companies Act, 2013 (including the rules made thereunder) Management of the Company.
and SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended. Feedback
Share your feedback about the report to investors@infosys.com
8 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 9
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Our integrated thought process is engineered to create, sustain and deliver value to Corporate strategy and ESG ambitions to power value creation
all our stakeholders. We achieve this by adhering to a strong set of values and code of
conduct, being aware of key developments in the external environment, deploying Our strategy
resources optimally, executing our holistic strategy and continuously monitoring and Our clients and prospective clients are faced with transformative business opportunities due to advances in software and computing
technology. These organizations are dealing with the challenge of having to reinvent their core offerings, processes and systems rapidly
managing any risks to our business. and position themselves as 'digitally enabled'. The journey to the digital future requires not just an understanding of new technologies and
new ways of working, but a deep appreciation of existing technology landscapes, business processes and practices. Our strategy is to be a
navigator for our clients as they ideate, plan and execute their journey to a digital future.
We have embraced a four-pronged strategy to strengthen our relevance with clients and drive accelerated value creation
Our code of conduct Our values
Our Code of Conduct and Ethics Our values inform the day‑to‑day running of the Company. They form our ethical
Scale agile Energize the Reskill our Expand
sets forth our core values, shared backbone. Clear and simple, our values are encapsulated in the acronym C-LIFE.
responsibilities, global commitments, digital core people localization
and promises. Read more in our Code of Conduct and Ethics
10 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 11
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3,14,015
No. of employees
39.6%
Women employees
US$ 100 million+
US$ 50 million+
38
64
Digital
Experience Accelerate
I1,21,641 cr 57.0%
Total Digital
Core
Innovate
10
11
3 1 6 12
7 4
9 Infosys Cobalt™ is a set of services, solutions, and platforms for enterprises to accelerate their
5 2 14
cloud journey.
8
12 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 13
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Note: The committee composition is as of March 31, 2022. Note: The committee composition is as of March 31, 2022.
14 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 15
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Leadership Risk management Information Technology Mergers & Acquisitions Member: 1 Chairperson: 1 Leadership Risk management
Information Technology Mergers & Acquisitions Cybersecurity Areas of expertise Information Technology Mergers & Acquisitions
1. In the committee details provided, every chairpersonship is also considered as a membership. 1. In the committee details provided, every chairpersonship is also considered as a membership.
2. For the purposes of determination of committee details as per Regulation 26 of the Listing Regulations, membership and chairpersonship of only the audit 2. For the purposes of determination of committee details as per Regulation 26 of the Listing Regulations, membership and chairpersonship of only the audit
committee and the stakeholders relationship committee across all public companies are considered. committee and the stakeholders relationship committee across all public companies are considered.
3. Details are as of March 31, 2022. 3. Details are as of March 31, 2022.
16 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 17
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1. In the committee details provided, every chairpersonship is also considered as a membership. 1. In the committee details provided, every chairpersonship is also considered as a membership.
2. For the purposes of determination of committee details as per Regulation 26 of the Listing Regulations, membership and chairpersonship of only the audit 2. For the purposes of determination of committee details as per Regulation 26 of the Listing Regulations, membership and chairpersonship of only the audit
committee and the stakeholders relationship committee across all public companies are considered. committee and the stakeholders relationship committee across all public companies are considered.
3. Details are as of March 31, 2022. 3. Details are as of March 31, 2022.
18 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 19
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Narsimha Rao M. Rajeev Ranjan Richard Lobo Satish H.C. Shaji Mathew
Head Global Services – Service Offering Head – Head, HR – Infosys Limited Co-Head of Delivery Service Offering Head –
Nilanjan Roy Mohit Joshi Cloud, Infrastructure and Manufacturing, India & Financial Services,
Chief Financial Officer President Security Solutions Japan Business Units Healthcare, Insurance &
Life Sciences
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Chairman's message
common purpose –
to strengthen our own offerings, along with deepening had as much potential as we do right now, to leverage our
our understanding of the latest technology trends. expertise to benefit our clients and the broader society.
to amplify human
For example, the continuous investments we are making in This opportunity that lies before us – to make an indelible
Infosys Cobalt™-led cloud solutions is differentiating us as mark with our digital prowess, our empathy for clients,
22 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 23
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approach enables all Over 140,000 new employees joined us last year, with over
80,000 of them coming directly from colleges. Our learning
remain vigilant to ensure we are agile and evolve our
approach with the changing dynamics.
our capabilities and platform has enabled 39 million hours of skilling during
the year. We continue to bring our employees expanded
As I look ahead, nonetheless, I remain more optimistic
than ever. Large enterprises and governments everywhere
employees to work opportunities for career acceleration and development
through promotions and bridge programs. We ended
are adopting digital and driving transformation to make
them more connected with their customers, employees,
for the benefit of our the year with over 300,000 employees. Over 39% of our
employees are women. Our focus is on building a diverse
and partners. We are especially well-positioned to be the
provider of choice with the set of capabilities that are most
clients and support workforce with a strong leadership pipeline.
Our One Infosys approach enables all our capabilities and
relevant to our clients.
24 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 25
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APPROACHING
VALUE CREATION
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Operating context
Software and computing technology are transforming • A proliferation of tech natives and large enterprises Introducing our capitals Interaction between the capitals
businesses in every industry around the world in a reinventing digital business models To leverage business opportunities, respond to emerging The capitals, as introduced below, provide a holistic
profound and fundamental way. During fiscal 2022, trends and create sustained stakeholder value, we are perspective of how short, medium and long-term value
• An intense war for talent as clients embrace new ways of
we witnessed an acceleration in the adoption of dependent on our key resources and relationships, is created and preserved at Infosys. Our strategy and ESG
working, coupled with scarcity of niche digital skills
digital technologies as businesses attempted to reimagine collectively termed ‘capitals’. The quality, accessibility, vision guide the conducive interaction of the capitals with
their cost structures, increase business resilience and • Environmental, Social and Governance (ESG) becoming and affordability of these capitals are integral to our each other to create synergy across the organization as we
agility, personalize experiences for their customers and a strategic theme for all stakeholders of an enterprise value-creation ability. Our strategy, ESG ambitions strive to fulfil the expectations of all our stakeholders as
employees, and launch new and disruptive products and stakeholder focus drive effective and responsible One Infosys. The Financial, Intellectual, Human, Social and
and services. Responsibility and responsiveness – management of these capitals. Relationship, Manufactured and Natural Capitals serve as
Leveraging technologies and models of the digital key to sustained business success key inputs to our business activities which facilitate their
era to both extend the value of existing investments interplay to generate outputs and outcomes which lead to
If companies want to take charge of their destiny, they
and, in parallel, transform and future-proof businesses, the creation of long-term value.
must reimagine themselves in a more resilient, agile,
is increasingly becoming a top strategic imperative de-layered and de-bureaucratized manner. This means
for business leaders. From an IT perspective, the making themselves so sentient that the nerve tips of the
renewal translates to reimagining human-machine organization are able to quickly respond to the changes
interfaces, extracting value out of digitized data, in the context in which the business finds itself. And this
building next-generation software applications and context extends into the environmental, social and Financial Capital Natural Capital
platforms, harnessing the efficiency of distributed cloud governance ecosystems that the business operates in. Our strong performance on the back Natural Capital represents all
computing, modernizing legacy technology landscapes of meticulous execution over the the natural resources that are
and strengthening information security and data As an early proponent of responsible business, we at
years, as reflected in the combination used and in turn are affected by
privacy controls. Infosys have readily embraced ESG factors into everything
of high growth and profitability, has our operations.
we do. Our ESG Vision 2030 articulates our ambitions on
The fast pace of technology change and the need led to building a strong, debt-free
this front.
for technology professionals who are highly skilled and liquid Balance Sheet.
in both traditional and digital technology are driving We have balanced success as a business with unwavering
businesses to rely on third parties to realize their business focus on exemplary governance and responsiveness to
the needs of our stakeholders. Our primary stakeholders Intellectual Capital Social and Relationship Capital
transformation. Several new technology solution and
service providers have emerged over the years, offering include investors, customers, employees, suppliers, Intellectual Capital is at the core of This capital represents our
different models for clients to consume their solution communities, government and regulatory bodies. our culture of innovation, generating engagements and relationships
and service offerings, such as data analytics companies, The expectations of our investors include sustainable intellectual property that benefits all with external stakeholder groups,
software-as-a-service businesses, cloud platform providers, business performance, returns and good reputation. the capitals. namely clients, investors, suppliers,
digital design boutiques, and specialty business process Our customers expect long‑term business value in every communities, and government
management firms. engagement and demand innovative solutions to the and regulators.
business problems they need resolved. In a knowledge-led
During fiscal 2022, businesses around the world continued and people-intensive industry like ours, employees expect
to battle disruptions due to the COVID-19 pandemic, organizations to provide opportunities to continuously Human Capital Manufactured Capital
balancing employee well-being, new ways of remote and learn and reskill themselves while navigating new Our people are our assets, our Our Manufactured Capital includes
hybrid working and managing the changing expectations opportunities and a northward career trajectory. Hybrid Human Capital. Opportunities for our offices, data centers, innovation
of employees and customers. work models, safety and wellness are also important learning and reskilling, fulfilling hubs and digital studios and our
The future of the technology industry is being shaped by expectations from the discerning talent pool. Suppliers are careers, safety and wellness are technology infrastructure across
the following trends: keen to strengthen long-term relationships and win‑win integral to our culture. the globe.
propositions. The community seeks improved lives
• An accelerating demand for IT services with digital through access to education, healthcare and livelihood
becoming mainstream and new growth pockets e.g., opportunities. Governments and regulators emphasize
cloud, AI, cybersecurity, IoT and immersive technologies good corporate governance, legal compliance and overall
• A significant increase in enterprise spending on hybrid, contribution to the economy.
multicloud-led transformation
28 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 29
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1,50,000 Employees trained in 57.0% Digital revenues Diversified portfolio of solutions Investors
e
ov
pan
l
m
gita
ern
on
Envir
ance
20+ Innovation Hubs and Living Labs revenue growth Innovation partner to clients
alization
Pl a
pl
D ig
En
eo
p
i ze ur
e
it a
the lo Employees
k il
l|
3,14,015 Total no. of employees | 84,782 Fresh college graduates hired Top employer in 22 countries across
c o re Res
125.6 Annual average training Co s globally Europe, Middle East, Asia Pacific,
re S
o lu t d uc t and North America. Top ranking in
hours per employee ion s Pro 1,24,498 Women in the workforce
| 16 countries and #1 ranking in India
`1,384(1) cr Investments in employee (39.6%)
well-being Best-in-class employee experience
Suppliers
and learning
(1) Safe and inclusive workplaces
includes expenses incurred on account of COVID
Go-to-market business units*
Natural and Manufactured Capital Natural and Manufactured Capital Natural and Manufactured Capital
28.61 mn Highest rated green 3rd Consecutive year of being Strong advocates of environmental Communities
sq. ft. buildings Financial Services Life Sciences and Retail, Consumer carbon neutral across scope stewardship extending beyond our
Capex spend on tech 1,2,3 emissions boundaries
`1,542 cr and Insurance Healthcare Packaged Goods
infrastructure and Logistics 48.9% Reduction in scope Productive, safe and healthy
32 Climate change solutions 1 and 2 emissions over the workplaces for employees
BAU scenario Government /
27-35% Client engagements include Regulators
Communications, Energy, Utilities, Manufacturing climate change solutions
Telecom OEM and Resources and
Social and Relationship Capital Media Services Social and Relationship Capital Social and Relationship Capital
`450 cr Global CSR spends 4.8 mn Enabled in digital skills Positive impact on the communities
1,741 Total number of active clients 451 New client accounts in which we operate
29 No. of nearshore / tier-2 49,473 Employees in nearshore / tier-2 Trusted partner of choice for all
Hi-Tech Infosys Public Others
locations which includes segments locations stakeholder groups
Services and other
of businesses in India,
12 No. of carbon offset projects public service Japan and China 1,84,000 Rural families continue to
enterprises benefit from our carbon offset
projects
30 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 31
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Clients
Innovation is our way of generating value for all our stakeholders. True value for clients is realized when Infosys becomes their strategic technology partner and brings perspectives to be
combined with rapid, emerging-technology-led, customer-centric innovation.
Living Labs: An orchestrated set of innovation services that provide complete innovation life-cycle coverage to clients
Investors
Cybersecurity: Next-gen cybersecurity offerings
The value for investors lies in the sustained growth and profitability of the organization, which in turn relies upon
establishing a strong brand identity in the market as an innovative company and ensuring customer loyalty. Data privacy: Privacy by Design (PbD) and Privacy Engineering
Strategic investments: Infosys has made strategic investments in units such as the Center for Emerging nts P
Info
sys Infosys Innovation Network and Infosys Innovation Fund: A network of hundreds of startups that
me I Inn
Technology Solutions (iCETS), Domain Solutions Group, Strategic Technology Group and others. est and Info o brings a cutting edge to Infosys’ innovation capabilities. The Infosys Innovation Fund is a strategic
inv cts firms sys Livin vati
e gic rodu ative tion I g
Met nnov Lab n Fu
o corporate venture capital investment in successful startup partnerships to enhance the delivery
Platforms and products: Creating innovative intellectual property and contributing to the t
ra s, p ov ova ave atio s nd
St orm g inn g inn rse n of joint‑innovation to our clients.
non‑linear revenue growth is an important mechanism of generating value for shareholders. tf rin din Fo Ne
Pla qui -buil un tw
dr or Metaverse Foundry is one of the recent centers of excellence that Infosys has unveiled.
Acquiring innovative firms: Constantly identifying new, relevant skills and building Ac nd Strat y k
Br
a bility egi The Foundry leverages assets such as the Infosys XR Platform to build cross-platform
capabilities in them is critical. An important mechanism to do so is acquiring niche and fita ce
pro lty Lo n
innovative firms around the world. nd loya Outs ng-ter gag AR experiences.
h a er tity ide- m em
wt stom iden in p va en
ers lue t
o
Gr Cu and
Sustainability Practice Unit: The focus of this unit is to bring thought leadership,
Brand-building innovation: Some of our innovations are making a splash around pe
Br ct
iv consulting services, technology solutions, emerging‑tech‑led innovation, and
the world and establishing Infosys as a premier innovation partner for our clients
rs Clie cultural adoption in the ESG space to clients and their value chain.
e
esto
For instance, the Infosys Tennis Platform with ATP nts
#HackWithInfy is a coding competition for engineering students designed to Inv
Enha
academic life.
ncing e
nance innovations
Employees are our most valuable assets. The value for employees
bs
zation of innovation t
Digital Quotient
Infrastructure
Employment
Government
Compliance
Governments
Upskill
Reskill
of grassroots innovation.
Lex
It manages the entire spectrum of the learning experience for them ranging
Glo
y Co
k
or
nd
tw
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STRATEGY REVIEW
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Strategy Strategy
Our clients and prospective clients are faced with Our human experience-related services expanded with best-in-class solutions, IPs and frameworks. We have
transformative business opportunities due to advances in the opening of eight innovation hubs, six digital studios, automated over 20,000+ processes for our clients and have Expand localization
software and computing technology. These organizations 12 proximity centers and 20 living labs around the world. over 1,000 ready use cases across industries.
With the objective of creating differentiated talent pools
are dealing with the challenge of having to reinvent During the fiscal, we entered into a definitive agreement
Our Assure services, in software testing and cybersecurity, in our markets, we made significant investments in
their core offerings, processes and systems rapidly and to acquire oddity to augment our human experience
continued to grow with investments in Cyber Gaze, our expanding our local workforce in the US, the UK, Europe,
position themselves as 'digitally enabled'. The journey to capabilities in Europe. Through our academia partnerships
cybersecurity dashboard and suite of related applications. Japan, China and Australia. We established innovation
the digital future requires not just an understanding of with Purdue, Trinity, RISD and eCornell, we have trained
hubs, nearshore centers and digital design studios across
new technologies and new ways of working, but a deep over 4,500 employees in niche digital skills.
geographies. Further, we expanded our university and
appreciation of existing technology landscapes, business
Our Insight and data analytics services and solutions Energize the core community college partnerships in all these regions to
processes and practices. Our strategy is to be a navigator
were further strengthened with the launch of our Infosys aid internships, recruitment, training and joint research.
for our clients as they ideate, plan and execute their Leveraging automation and AI, we are winning and
Applied AI solutions, coupled with the Infosys Data In fiscal 2022, we recruited over 14,805 employees locally
journey to a digital future. executing several engagements for our clients to
Workbench. Our AI platform, Infosys Applied AI, helps in our markets, of which 3,650 were fresh graduates.
modernize their core legacy technology and process
enterprises adopt a comprehensive approach and roadmap This initiative also significantly de-risks our operations from
We have embraced a four-pronged strategy to strengthen landscapes. We made significant investments in our
to scaling enterprise-grade AI for their businesses. regulatory changes related to immigration policies.
our relevance with clients and drive accelerated Live Enterprise platform, including our Bot Factory of
With advances in next-generation computing power, ready
value creation: preconfigured automation bots and LEAP, our platform Looking ahead, and to continue staying relevant to the
access to datasets on the cloud to train Machine Learning
for optimizing large-scale application maintenance and emerging needs of our clients, our strategic areas of focus
models and consumable Artificial Intelligence (AI) services,
Scale agile digital Reskill our people reengineering. In fiscal 2022, we won a total contract for the next few years will be to further:
our solutions enable our clients to generate insights from
value of over US$ 9.5 billion in large deals, continuing
their data and open opportunities for data monetization. • Scale our cloud capabilities, especially around cloud
Energize the core Expand localization to demonstrate our capabilities and competitiveness in
advisory, data on cloud, cloud security, SaaS, PaaS, IaaS
Our Innovate-related services and solutions are boosted executing complex transformation programs. In addition,
and private cloud;
We believe the investments we have made, and continue by workspaces that have been specifically redesigned investments in our own internal systems, reimagination
to make, in our strategy will enable us to advise and help for agile software development, teams reskilled in agile of our internal processes and automation of software • Expand capabilities in key digital technology areas
our clients as they tackle the current market conditions. methodologies, certified scrum masters and capabilities development processes have helped increase our agility, such as AI, product engineering, cybersecurity and
Further, we have been able to successfully enable most of in horizontal technologies such as 5G, autonomous tech, boost productivity and enhance our competitiveness even human experience;
our employees worldwide to work remotely and securely product engineering, internet of things and blockchain. in the current paradigm of remote working.
• Strengthen our employee value proposition for the
– giving us the operational stability to deliver on client
Our Accelerate-related services are aimed at rapidly newer contexts of work and workplace;
commitments and ensuring our own business continuity.
transforming our clients’ legacy technology landscapes
Reskill our people • Run our operations in a cost-effective and agile manner,
and processes with digital technology. We invested in, and
Over the last four years, we have executed this strategy including increasing the levels of automation in our
built strong partnerships with cloud hyperscalers such as Continuous learning and reskilling have always
and generated significant outcomes. service delivery;
AWS, GCP and Microsoft Azure, and SaaS providers. been integral to our operating model. We operate
In fiscal 2022, we expanded our integrated cloud offering our reskilling program with the twin objectives of • Deliver on our ESG commitments, while at the
Infosys Cobalt™, which now offers over 35,000 cloud increasing fulfillment of demand for digital skills in same time enabling our clients to realize their
Scale agile digital assets and over 300 industry cloud solution blueprints. client projects and for enriching the expertise of our sustainability goals.
Our revenue from digital technology-related services Infosys Cobalt™ is helping enterprises to securely access global workforce in next‑generation technologies and
and solutions has more than doubled in the last three cloud capabilities with the assurance of single-point methodologies. We invested in, and scaled, our digital
years, and currently comprises 57% of our total revenue. accountability for outcomes. reskilling program globally. Lex, our in‑house-developed,
We are rated as a leader in 54 industry analyst ratings anytime‑anywhere‑learning platform, offers over
We launched Infosys Equinox, our flagship digital
across our digital offerings. These outcomes are a result 13,700 courses curated for easy consumption on mobile
commerce platform, which is a set of core microservices
of investments we have made to expand our digital devices with advanced telemetry, gamification and
encompassing all digital commerce scenarios to help
footprint via reskilling of our employees, targeted certification features. Over 2,99,000 of our employees use
enterprises rapidly build and deploy features across all
acquisitions, strong ecosystem partnerships, innovation Lex and are spending approximately 2.3 million training
touchpoints and channels, without the friction associated
experience centers across the world, intellectual property days compared to 1.9 million in the last fiscal with close to
with legacy platforms.
development, reconfiguring our workspaces for agile 45 minutes per day on average for learning activities.
software development and enhancing our brand. Our Automation and AI services grew on the back of our
alliances with leading Robotic Process Automation (RPA)
solution providers and niche AI players, powered by our
36 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 37
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Business highlights
Differentiated cloud services and large deal momentum drive Infosys’ highest annual
growth in a decade. Our ESG Vision 2030 and ambitions continue to drive value for
all our stakeholders.
Revenues (in ` crore) Operating margin Digital revenues Carbon neutrality Fresh college graduates hired Carbon offset programs
(as a % of total revenue)
1,21,641
21.1% growth Y-o-Y
23.0%
Robust operating margin 57.0% Carbon neutral 84,782
Globally
1,84,000
Rural families continue to benefit
19.7% CC growth Y-o-Y 41.2% CC growth Y-o-Y (basis US$)
for 3 years from our carbon offset programs
Free cash flows (in ` crore) (1) Consolidated cash and investments Return on equity
in a row
Scope 1, 2 and 3 emissions
(in ` crore) (2)
22,803
3.6% growth Y-o-Y 37,419 29.1%
Improved by 1.7% Note:
FCF conversion at 103% Continue to maintain strong over the last fiscal (1) Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the Consolidated Statement of Cash Flows prepared
of net profit liquidity position under IFRS.
(2) Comprise cash and cash equivalents, current and non-current investments excluding investments in unquoted equity and preference shares, compulsorily
convertible debentures and others
Total shareholder return Basic earnings per share Dividend per share (in `)
(par value of `5 each)
41.6%
Generated higher returns 52.52 31.0
14.8% growth Y-o-Y
Key trends
In ` crore, except per equity share data FY 2022 FY 2021 FY 2020 FY 2019 FY 2018
than market 15.2% growth Y-o-Y
Revenues (1) 1,21,641 1,00,472 90,791 82,675 70,522
Net profit (1)(2) 22,110 19,351 16,594 15,404 16,029
Basic earnings per share (in `) (1) 52.52 45.61 38.97 35.44 35.53
Large deal TCV Number of US$ 100 million+ clients Women employees
(Total contract value in US$ billion) Market capitalization 8,02,162 5,82,880 2,73,214 3,24,448 2,47,198
9.5 38
Increase of 6 clients Y-o-Y
39.6%
Steady progress towards gender In US$ million, except per equity share data FY 2022 FY 2021 FY 2020 FY 2019 FY 2018
Sustained momentum in diversity goals
large deal wins Revenues (1) 16,311 13,561 12,780 11,799 10,939
Net profit (1)(2) 2,963 2,613 2,331 2,199 2,486
Basic earnings per share (in US$) (1) 0.70 0.62 0.55 0.51 0.55
Digital skilling Tech for Good
Market capitalization 104,706 79,760 34,966 47,614 19,493
4.8 million
People are a part of our digital
80 million+
People empowered through our Tech for Good solutions in e-governance,
Notes:
skilling initiatives education and healthcare (1) Based on IFRS consolidated financial statements
(2) Attributable to owners of the Company
38 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 39
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DELIVERING VALUE
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Investors Investors
We constantly endeavor to fulfill the expectations of our Delivering value through share value Managing financial capital
investors through responsible business decisions and appreciation Infosys has a high cash-generating business with access Our consolidated cash and investments include deposits in
governance. Integrity and transparency are top priorities
At Infosys, we have been creating sustained value for our to capital markets across the world. Our strong credit banks, investments in liquid mutual funds, fixed maturity
in our relationship with our investors.
investors by outperforming the markets consistently. rating allows us to raise debt at competitive rates in the plan securities, commercial paper, quoted bonds issued
by government and semi-government organizations,
Shareholder value creation future, if needed. The primary source of funds is cash
non-convertible debentures and CDs or certificates of
Delivering value through business strategy from operations and income from short and long-term
We are privileged to share a strong relationship with investments, among others. deposits – all such instruments issued by eligible financial
Our market-oriented four-pronged strategy enables
investors based on a deep understanding of their institutions with high credit ratings.
us to invest in expanding our global digital footprint. Our primary sources of liquidity are cash and cash
expectations and our commitment to creating value
This helps Infosys to be recognized as a partner of equivalents and the cash flow generated from our Details of these investments are available in the Financial Statements
for them. Infosys has been delivering industry-leading
choice for digital transformation and also increases our operations. We continue to remain debt-free, and we on page 255
revenue growth through prudent financial management
potential to attract larger total contract value (TCV) maintain adequate cash to meet our operational and
and sound corporate governance – resulting in share
deals and clients. This enhances our ability to generate strategic requirements and unforeseen events while We also build financial assets and create financial value
value appreciation, leading to sustained value creation
industry‑leading growth and profitability, thus generating also earning sufficient returns. by investing in the startup ecosystem. These investments
for investors. We maintain transparency in our disclosures
shareholder value. enable us to access innovation, which together with our
and frequent communication with investors through
services and solutions, deliver benefits to our clients. Most
channels such as quarterly post-result calls, analyst meets,
Delivering value through ESG Vision 2030 often, our investments comprise minority equity positions
Annual General Meeting, and regular one-to-one and
in startup organizations and / or venture capital funds.
group interactions. Being environmentally-conscious in operations – such
as through energy-efficient green buildings and data
Infosys share price versus the S&P BSE Sensex centers – helps reduce operating costs. Also, being Rating agency Rating Outlook
socially responsible (through the initiatives of the Infosys Moody’s Baa1 Stable
140
Foundation), and through ethical governance, we strive to
Standard & Poor’s A Stable
create value for all stakeholder groups.
120 Dun & Bradstreet 5A1 Condition: Strong
Distribution of value created through Capital CRISIL AAA Stable
100 Allocation Policy
During the five-year period of fiscal 2020-24, Infosys
expects to return approximately 85% of the free cash
Key trends
80 Revenue growth (in %) Dividend per share (in `) Basic earnings per share (in `)
flows generated through a combination of semi‑annual
dividends and / or share buyback and / or special
0 dividends, subject to applicable laws and requisite 21.1 31.0 52.52
27.0 45.61
approvals, if any. 38.97
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
10.7 17.5
9.8
Details are available here
Infosys BSE Sensex
Return on equity (in %) Free cash flows (in ` crore) Market capitalization (in ` crore)
2,73,214
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Clients Clients
As businesses across the world pivot to next-generation Creating value for our customers
technologies for enhanced cost efficiencies, agility in
addressing their customers’ needs and resilience‑building, Digital transformation Our digital narrative is resonating well and clients’
we at Infosys help them navigate their next to evolve their We help our customers navigate their digital willingness to partner with Infosys has gained momentum
organizations into Live Enterprises. transformation journeys through our suite of services over the years. Our clients are also happy with their
and solutions. experience on our cloud services. This reflects in us
We also work with our clients to develop joint
achieving ~57% digital revenues in fiscal 2022 growing at
go‑to‑market strategies that enhance the value of their
Details of our key customer services and solutions are available here 41.2% in constant currency. Our digital revenues crossed
businesses. Our localization strategy has seen us transition
US$ 10 billion annualized on a run-rate basis. Within the
from a hub-and-spoke talent model to hire locally and
For our clients, digital transformation is about enabling digital space, cloud is growing faster. With Infosys Cobalt™,
harness the advantages of differentiated talent pools
the business to continuously develop agile and effective our cloud capabilities have seen significant traction.
globally, resulting in enhanced client servicing.
responses to the emerging challenges and opportunities.
Their businesses have a transformation plan that is owned Climate change solutions
by the top management and implemented by leaders and
We have transformed our campuses into living labs for
their respective verticals. Although they are equipped with
Key highlights what's needed to drive value from the execution, many
clean technology over the past decade, leveraging our
technology expertise. With the establishment of the
of them find it difficult to tackle the most important part
Sustainability Practice Unit in 2020, we now offer our clean
Active clients New clients added (gross) of the transformation – how to put together the people,
technology solutions to our customers, enabling their
processes and tools for it and deliver sustainable results.
carbon neutrality journeys.
Our digital architecture drives outcomes for enterprises
1,626
1,741 475 451 across five areas – Experience, Insight, Innovate, Accelerate Read more in the Infosys ESG Report 2021-22
1,411 376 and Assure. Our experience of helping many clients
through their digital transformation journeys has shown us
that a Live Enterprise is one that is continuously investing
in reinventing its operating model while reimagining
customer transformations. Our clients count on our
operating models to navigate their next.
2019-20 2020-21 2021-22 2019-20 2020-21 2021-22
Digital Operating Models - Navigate Your Next | Infosys
Client satisfaction
Our latest annual client survey indicates that most of
our clients are delighted with Infosys, sustaining the
2019-20 2020-21 2021-22 2019-20 2020-21 2021-22
positive feedback gained over the years. We have also
been appreciated for our resilience, agility, client-centric
approach, excellence in execution, quality of deliverables,
base delivery, tools and methods.
44 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 45
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Employees Employees
At Infosys, careers don't stand still and talent transformation Enabling and rewarding managers Careers that never stand still Employee wellness and safety
is an important focus area. It begins with sensing employee We have designed the Infosys manager enablement We have programs, partnerships and initiatives that give The Infosys employee well-being journey is two decades
needs and responding with a value proposition that delivers framework to equip our leaders with the skills and our employees opportunities to learn continuously and strong. We continuously strive towards enhancing the
meaning, purpose and value for them. It builds synergy capabilities to help their teams build technical, business be rewarded with faster growth. With digital technologies well‑being of our employees through our award-winning
between how we look to differentiate ourselves as a Company and people skills along with a digital mindset to accelerate changing every day and skills needing constant update, HALE (Health Assessment and Lifestyle Enrichment)
and deliver on the expectations of our employees. their development journeys. Managers are encouraged we have made it easy for our people to reskill, upskill, and program, that is aimed at increased awareness, reduced
We have a three-pronged strategy to deliver value to to adhere to a behavior code that has seven principles build new digital muscle. At Infosys, professional growth stress levels, safe work environment and improved
our employees: to ensure efficient management of their teams. Infosys runs in parallel with career growth. productivity levels, resulting in good health and
recognizes those managers who are exemplars in living the well-being.
• Inspire our people with meaningful work and passionate Infosys Career Gambit is a comprehensive career initiative
Manager Code.
teams, enabling them to find purpose and make an designed to help employees gain new skills, seek guidance,
indelible impact. gauge progress, define career goals, and assist them to get The four pillars of HALE are
Be the voice of the team Connect. Care. Recognize
future ready. The features of Career Gambit are:
• Ensure that our people, are continuously learning
and progressing in their careers, and shaping our Be the navigator – Foster grassroots innovation, collaboration, Get access to world-class learning, personalized learning
collective future. and deliver client delight paths and boost performance with digital readiness.
PHYSICAL EMOTIONAL SOCIAL SAFETY
• Create opportunities for every employee to navigate Be a lifelong learner Live the Infosys Code of Set themselves up to win, acquiring SKILL TAGS and WELLNESS WELLNESS WELLNESS
further, powered by our culture and partnered by other and teacher Conduct and Ethics, C-LIFE setting sights on specialized careers.
Infoscions with shared aspirations. Go forward in their career through multiple pathways into
Leave no one out Collaborate to win
new and exciting technology spaces.
Total no. of employees
3,14,015
2,59,619 Employee Engagement Framework Employee experience map: Digital first
2,42,371
Our Employee Engagement Framework – 5C (Connect, We have transformed ourselves into a Live Enterprise, offering digital-first personalized experience for our employees across
Collaborate, Celebrate, Care, Culture) – helps us to life‑cycle events.
create best-in-class employee experiences and supports
our people to stay motivated to deliver their best at all CAREERS AND REWARDS
times. We have created common engagement platforms ONBOARDING FLUID – Digital marketplace
2019-20 2020-21 2021-22 ATTRACT
such as QuickStart that allow us to quickly onboard Launchpad, e-joining and more Skill Tags – Digital career maps and skills
new employees. Talent management system E-docket digital records Accelerate – Gig work opportunities
Candidate experience
% of women employees Connect helps us to catch up with employees in formal Automated workflows
QuickStart new joiner experience Step Up – Internal movements and skilling
Cohorts – Mentoring and communities lnfyGold+ – Online recognition tools
38.6 39.6 and informal setups and facilitate coaching and mentoring. Social media listening Surveys and feedback Stripes – Centralized reward management
37.8
We are promoting Collaboration among teams through Hackathon
InfyTQ and Infosys Springboard
Power Teams with programs customized for projects as
the nucleus, promoting knowledge-sharing sessions, OFFBOARDING
ideathons, hackathons and coaching by managers.
Offboarding system
We are Celebrating our people's success with RISE, an Alumni portal and self-service
exclusive recognition platform integrated with our digital DEVELOPMENT
2019-20 2020-21 2021-22
marketplace InfyGold+ and InfyAdvantage for employees. Lex – Anytime-anywhere learning
We have prioritized employee well-being and Care, with PERFORMANCE MANAGEMENT
Voluntary attrition* a renewed approach to our flagship Health Assessment &
CARA – e-coaching
Zoiee – Digital learning assistant iCount – Continuous feedback
27.7% Lifestyle Enrichment (HALE) program. Finally, our Culture Atlas – Learning maps ENGAGEMENT Smart goals and evaluations
is driven by our strongly rooted values C-LIFE, leaders and Analytics and insights lnfyMe – Employee experience app Mcode – Manager enablement
17.4% managers who embody these values and our people who Power Teams – Collaboration forums Datavillage – Analytics and insights
iEngage – Communication framework
10.9% we call Infoscions, who nurture life at Infosys with vibrant
RISE – Celebration and rewards
employee resource groups, passionate hobby clubs, HALE – Well-being and care
culture cafes, peer counselling groups to be the navigators Pulse – Employee feedback and culture sensing
of the future.
2019-20 2020-21 2021-22
*LTM IT services Read more in the Infosys ESG Report 2021-22
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569
to comply with local laws and regulations. We expect community objectives focuses on engaging ecosystems the UK Parliament, a document to guide UK policy
our suppliers to support and respect internationally at the national, regional and local levels. To this end, development on the regulation of emerging
proclaimed human rights guidelines. A strong governance across each of the Company’s key markets – including, technologies (in partnership with the Infosys
process and independent checks support regular quarterly but not limited to the US, Canada, the UK, Europe, Knowledge Institute)
audit of contract staff, in accordance with various labor Contract staff Australia and India – Infosys focuses on developing and
laws. Grievances are addressed through appropriate • Appointment of Infosys to the UK Trade Minister’s
maintaining partnerships with relevant government
mechanisms available to contract staff to safeguard their
interests. Our contracts have appropriate clauses and
checks to prevent the employment of child labor or forced
25,470 officials, business organizations, technology industry
associations, educational institutions, and community
Technology and Telecoms Trade Advisory Group.
Partnering with the Thurgood Marshall College Fund
in the US to further the development of technology
organizations for the purpose of developing mutually
labor in any form. We also provide forums, where suppliers skills and Science, Technology, Engineering, Mathematics
Local suppliers beneficial partnerships.
can voice their concerns and issues. education at Historically Black Colleges and Universities
These partnerships allow Infosys, often along with our (HBCUs)
In fiscal 2022, we launched a responsible supply chain
assessment through an external, independent consulting
partner. This assessment will cover our top 100 suppliers
1,498 ecosystem partners, to:
• Mitigate legislative and regulatory risk
• Active contribution to the standards committees of BIS,
ISO and IEEE in development of data privacy standards
to baseline their ESG performance. The assessments are • Maximize the impact of Infosys' investments local to • Advocating for immigration legislation and regulation
under way and cover governance, ethics and compliance certain geographies in the best interests of the mobility of IT services
with law, fair business practices, labor practices and human industry workers into key markets such as the US, UK
rights, health and safety, and environment. • Deepen Infosys’ thought leadership on the
and Australia
development of key public policies
• Enhance the recognition of Infosys as a technology and Approach to government services
Labor employer ‘partner of choice’
Ethics & practices Public sector organizations worldwide face numerous
compliance & human Environment
with law rights challenges ranging from having to satisfy complex mission
Fair business Health and requirements, meeting citizens’ high expectations of public
Governance safety
practices services, operating in a fast‑evolving technology landscape
to working under ever‑increasing monetary pressures.
Infosys supports public sector organizations to deal with
these challenges and deliver enhanced outcomes.
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Communities Communities
Infosys' work with communities began with the organization that will help bring more transparency and Infosys Science Foundation Key highlights
establishment of Infosys Foundation in 1996, much before comprehensiveness to various aspects of the law and justice The Infosys Prize endeavors to elevate the prestige of
the CSR Rules, 2014, came into place. Over the years, our system. The initiatives include an AI-based legal assistant science and research in India and inspire young Indians to Tech for Good Digital talent at scale
work with communities have expanded in geography, tool to help the general public effectively navigate consumer
scale and areas of interventions. grievance redressal / dispute resolution, simulation models,
a curated volume on technology and analytics for law and
choose a vocation in research. The award is given annually
to honor outstanding achievements of contemporary
researchers and scientists across six categories:
80 mn+
lives enabled
4.8 mn+
people enabled
Infosys Foundation justice, and a predictive model to estimate the duration of Engineering and Computer Science, Humanities,
The Infosys Foundation works to create deep societal cheque bounce cases. Life Sciences, Mathematical Sciences, Physical Science
impact in India. Our CSR initiatives, delivered through the and Social Sciences, each carrying a prize of a gold medal, CSR Infosys Prize
A shelter of comfort when illness makes you weak
Foundation, focus on assistance with education, improving
healthcare, addressing malnutrition and hunger, destitute
care and rehabilitation, rural development, environmental
Over the years, the Foundation has helped to build several
dharmashalas (fully-equipped shelters) for hospitals across
a citation and a purse of US$ 100,000 (or its equivalent in
Indian Rupees). US$ 60 mn
contributed
80 scientists
awarded till date
sustainability and protection of national and historical the country. Read more on the Infosys Science Foundation website
heritage and promotion of art and culture.
Extending our ESG impact to the community Employees Carbon neutrality
A few of the significant projects this year included:
Village development through water projects and more
Our ambition to serve the development of people by
shaping a future with meaningful opportunities for all
sums up our work with the community. Technology serves
92%
are local hires
3rd
consecutive year
When around 80 large water bodies, which were the main
source of irrigation to their farms, dried up, the debt‑ridden as a catalyst in community development as it empowers
farmers of Jhabua and Alirajpur districts of Madhya people with the capacity to participate in economic
Pradesh had no choice but to migrate to cities as daily progress. In turn, not only do they become architects of Enabling digital talent at scale
wage laborers. a better life for themselves and their families, but they Our initiatives to enable digital talent at scale include
also lay the foundations of socio‑economic progress for digitally skilling our employees, our clients’ employees,
generations to come. students, teachers and the community. Infosys
Springboard, now rolled out globally, continues to digitally
At Infosys, we leverage the power of digital solutions
empower millions worldwide.
to address critical socio-economic issues and enable
underserved communities in their journeys to improved
This year, the Foundation completed the construction of two lives. We focus our efforts on building capacity with digital
Tech for Good
dharmashalas – the 800-bed Infosys Foundation Vishram skills, employing technology to do good and energizing Our Tech for Good initiative targets contributing value in
Sadan at the All India Institute of Medical Sciences (AIIMS), communities around us. three segments – e-governance, healthcare and education.
Jhajjar, Haryana and the 412-bed Infosys Foundation Asha We implement large‑scale, multi-year programs in
Nivas at the Advanced Centre for Treatment, Research and e-governance in India, Australia and the US with the aim of
Building diverse talent pools
Education in Cancer (ACTREC) campus of Tata Memorial creating positive experiences for citizens. We empower 80
Centre in Navi Mumbai. These shelters offer affordable In a highly fluidic technology and business environment, million+ people each year through our interventions.
Since 2007, Shivganga Samagra Gramvikas Parishad (SSGP) accommodation for cancer patients and their caregivers, clients’ businesses are also adapting rapidly and demand
has been working in the villages of these districts, trying who travel from far-off towns and villages for treatment and diverse skills to help them be future‑ready. We hire Energizing local communities
to bring about sustainable development. The Foundation have to stay for longer durations to complete the course competitive and motivated individuals from diverse
Localization is integral to our social strategy too.
has been partnering SSGP since 2010. Last year, it renewed of treatment. non‑technological backgrounds and equip them with
We believe that proximity of our talent to clients enhances
its commitment to the project by donating funds for requisite skills to create more diverse products and
Read more on the Infosys Foundation website agility in our services and improves employee well‑being.
empowering more than 12,000 young individuals, building solutions for our clients.
We have been localizing our workforce in various
80 water reservoirs, training 256 people in making bamboo In line with our core philosophy of hiring for learnability geographies and will continue to invest in these efforts.
handicrafts and 461 farmers in organic farming, apart from Infosys Foundation USA and skilling through training, we extended our hiring Our innovation centers support us to transition from a
afforestation and infrastructure development. The Infosys Foundation USA was founded in 2008 to into an alternative talent pool beyond the traditional hub‑and‑spoke model to a network talent model and
increase access to computer science and maker education STEM graduates. We created entry‑level pathways to develop local talent pools to deliver service excellence.
Using data and technology to improve justice delivery
for K-12 students and educators across the US, particularly attract students in the community college system in We have created more than 25,000 American jobs
In its endeavor to support initiatives related to research in under‑resourced communities. Through its partnerships the US to attract them to IT. Through a combination of since 2017.
and higher education in the country, the Foundation with non-profits and signature programs, the Foundation apprenticeships and internal training, we have been able to
collaborated with the DAKSH Centre of Excellence for Law continues to build upon the 1 million+ educators and hire over 700 people from this pool.
and Technology at the Indian Institute of Technology Delhi. 23 million+ students it has reached since its inception. Read more in the Infosys ESG Report 2021-22
The Foundation’s grant supports multiple initiatives of the
Read more on the Infosys Foundation USA website
50 Infosys Integrated Annual Report 2021-22 Infosys Integrated Annual Report 2021-22 51
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Environment Environment
We believe that the environment in which we operate is both Energy efficiency Engaging clients on climate actions Infosys sustainability offerings
an investor and a beneficiary of Infosys. We are mindful of the Over the past decade, we have leveraged technology to ESG‑as‑a‑Service
fact that we are tapping into the elements of the environment build and run some of the most efficient buildings and Bundle, execute and manage a portfolio of
for our operations and we are consciously creating strategies campuses globally that conserve energy, save water and ESG‑related programs.
ad building solutions that will benefit it in the short and treat waste responsibly. Our campuses are living labs for
long term. Sustainability advisory
clean technology. Leveraging our expertise, we set up the
Carbon offset Create a roadmap of sustainability initiatives to transform
Sustainability Practice Unit in 2020 with a mission to serve
Climate change Climate Action the preservation of our planet by shaping and sharing
the enterprise.
Climate scientists have been warning us about the deepening Strategy technology solutions. The practice works collaboratively Smart spaces
climate change crisis for many decades now. However, Renewable with business units to scale technology-led solutions to Optimize the efficiency and effectiveness of the
corporate climate action was nascent a decade ago (2008) when energy tackle climate change. built environment.
Infosys started its climate action journey. Today, the world is in Energy transition
panic mode on climate change. The Glasgow Climate Change Shift to renewables and distributed energy resources.
Conference (COP 26) witnessed climate anxiety. Climate change In February 2022, we launched our book,
is causing the loss of life and property as well as hampering Decarbonization
Practical Sustainability, a practical guide to unlocking
economic growth. Climate impacts are expected to deepen Responsible energy sourcing Reduce the greenhouse gases emissions that are produced
the US$ 2.5-trillion business boom.
unless we keep global warming to well below 2° C. The Paris by, or for, the enterprise.
Agreement and the global Net Zero movement are aiming for Emission intensity
Practical Sustainability: Circular Commerce, Circular products
that. Many nations and global corporations have pledged to be Scope 1+2 Optimize production to move towards a circular business
net zero in the 2030-2070 timeframe.
Scope 3* Smarter Spaces, and Happier Humans
(tCO2e / US$ million revenue) (tCO2e / US$ million revenue) model and eliminate waste.
Climate commitments 10.91 11.85 ESG data and analytics
• As part of our ESG Vision 2030, we have committed to Gather, rationalize, analyze and report current-state ESG
maintaining carbon neutrality across Scope 1,2 and 3 5.70 metrics, to enable action.
emissions every year. 3.72
1.99
ESG finance
1.83
• Our Climate Pledge in partnership with Amazon and Enable greater clarity and improved decisions based
Global Optimism is to become net zero by 2040. FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022
on ESG data.
*ESG Specific intensity Green IT
Climate action strategy Drive and influence carbon footprint reduction
Climate action has been a key ESG focus area for Infosys since Million sq. ft. of space certified to the highest & Sustainable outcomes across applications
2008. In 2011, we committed to carbon neutrality across all standards of green building certification and infrastructures
three scopes of emissions. In fiscal 2020, we turned carbon
neutral. We have continued to be carbon neutral for three 28.61 Read more in the Infosys ESG Report 2021-22
25 26
years in a row. Today, climate change considerations are The book provides a practical approach to creating
incorporated into everything that we do, from mergers and and connecting smart spaces, with significant results
acquisitions to leasing new offices, and engagement with that can be replicated by others, whether a global Energy‑as‑a‑Service
our stakeholders. enterprise, small company, or government entity.
Infosys and bp recently announced a partnership
Our climate action program includes our participation FY 2020 FY 2021 FY 2022
to co-develop a digital platform that can collect
in RE100, an internal carbon price, a commitment to data from multiple energy assets and use artificial
science‑based targets initiatives (SBTi) in alignment with the Offset program beneficiaries (No. of families) intelligence to optimize the energy supply and
Paris Agreement’s goal of keeping temperature rise under 2˚C, demand for power, heat, cooling and electric-vehicle
and the Climate Pledge. 1,84,000
charging. The key objective is to provide 100%
In fiscal 2020, when we attained carbon neutrality, we 1,19,000 clean, cost-effective, optimum and reliable energy
1,02,000
announced our ESG Vision 2030, with more ambitious climate (electricity and green fuel) with access to monitor
action goals. We are committed to continuing our carbon and manage the consumption pattern while creating
neutrality, reducing our Scope 1+2 emissions by 75% over smart and energy‑efficient infrastructure. The service
business as usual, reducing our Scope 3 emissions by 30% FY 2020 FY 2021 FY 2022 is focused on energy efficiency, embedded generation,
over the 2020 baseline, and engaging with clients on climate sustainable sourcing and flexibility and optimization.
action solutions. Read more in the Infosys ESG Report 2021-22
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1. Infosys topped CRISIL’s ranking as the most 10. Working Mother & AVTAR 1. Infosys recognized as one of India’s Best 1. Infosys was recognized as one of the top three
Environmental, Social, and Governance (ESG) Employers among Nation-Builders 2021 service providers in the Nordics in the Whitelane
• Recognized as Exemplars of Inclusion
focused IT Company in India Research and PA Consulting IT Sourcing
(Most Inclusive Companies Index 2021)
2. Positioned as the fourth most attractive Study 2021
2. Infosys won top spot in Institutional Investor • Recognized among Top 10 Best Company for employer in India, according to the Randstad
2021 All Asia Executive Team Ranking (IT Services Women in India in 2021 Employer Brand Research (REBR), 2021 2. Recognized by HPE as the Global System
& Software) Integrator of the Year 2021 and Asia Pacific
11. Accredited as a Disability Confident Recruiter 3. Won four Stevie® Awards for great System Integrator of the Year 2021
3. Ranked #3 by Brand Finance in their top 10 most by the Australian Network on Disability (AND) employers 2021
valuable Indian brands listing for 2020-21 3. EdgeVerve won two Globee awards for ‘Most
4. Infosys recognized as a Top Employer in the Innovative Software of The Year’ for AssistEdge
4. Won four Stevie® Awards at the 19th Annual 12. Recognized as one of the 2022 World’s Most 2021 India Workplace Equality Index (IWEI), won and ‘Effective Leadership During COVID’
American Business Awards. Also won a Ethical Companies by Ethisphere Silver for LGBTQ+ Inclusion
Silver Stevie® Award at the 2021 Asia Pacific 4. IBS Sales League Table 2021 recognized Infosys
Stevie Awards 13. Recognized as the fastest-growing IT 5. Infosys recognized among Top 50 India’s Best Finacle as the best-selling solution across
services brand by Brand Finance, the world’s Workplace for Women 2021 by Great Place To six categories
5. Won six awards in the Engineering Service leading brand valuation firm, in its Global 500, Work in the large companies’ category
Providers (ESP) category at the NASSCOM ER&D 2022 report 5. EdgeVerve was named Best Artificial
Showcase 2021. Also won ER&D Organization of 6. Infosys recognized as a Global Top Employer® Intelligence Software Company of 2021 by
the year award for 2021 14. Ranked #1 among top 100 listed companies in 2022 in 22 Countries, Ranked among Digital.com
India for receiving the highest score on ESG by Top 3 Employers in Asia Pacific, Middle East,
6. BluePrism recognized Infosys with Global Stakeholders Empowerment Services (SES) and North America and ranked among 6. Infosys was ranked as a leader in Constellation's
Client Business Impact Partner of the Year Top Employers in Europe for Best-in-Class Public Cloud Transformation Services: Global,
Telecommunications and Regional Client 15. Received LEED Platinum certification from People Practices; Ranked #1 in India again Customer Experience Operation Services: Global,
Business Impact Telecommunications – APAC US Green Building Council for four buildings, and Campaign to Commerce: Best of Breed
Awards at the BluePrism Partner Excellence situated in Indianapolis, Bengaluru, Mysuru 7. Received Brandon Hall Group’s Organizational Commerce Platforms
Awards 2021 and Thiruvananthapuram. Excellence Certification for demonstrating
best‑in-class talent acquisition strategy and 7. Infosys was the overall winner for delivery
7. Winner - Green Apple Award for Promoting 16. Awarded the Best Environmental Excellence human capital management practices excellence for one of the largest external
Environmental Best Practice around the World - Award at the 13th Annual Global CSR Awards & CSAT surveys sponsored by ISG - Star of
November 2021 Summit 2021 8. Certified as a Great Place to Work® for Excellence Awards
excellence in its employment practices in
8. Won the 2021 Microsoft US Partner Award 17. Included in the Leadership Quadrant in CDP for Canada for 2022 8. Positioned as a leader in PAC RADAR SAP
for demonstrating excellence in Azure the 6th year in a row Services in Germany 2021
AI capabilities
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9. Infosys Finacle was a winner at the Finnovex and in Everest PEAK Matrix® 2022 in 14. Positioned as a leader in NelsonHall's 16. Infosys was rated as a leader in the following
Awards Qatar 2022 under the ‘Excellence NEAT 2021 in the categories: ISG Provider Lens™ studies in 2021:
• Insurance Platform IT Services
in Payments’ category for its Finacle
• Cognitive and Self-Healing IT Infrastructure • Salesforce Ecosystem Partners – Leader in
Payments Suite • Platform IT Services in BFS
Management Services Germany and U.S.
• Finastra IT Services
10. Ranked as a leader in Gartner Magic • Intelligent Automation in Banking • Quadrant study on “Mainframe Services and
Quadrant for • Enterprise Blockchain Services Solutions 2021” – Leader in US
• Blockchain Services
• Oracle Cloud Application Services, Worldwide • Quality Assurance (QA) Services • Wealth and Asset Management • Cybersecurity Services and Solutions for U.S.
• IT Services for Communications Service • IT Service Provider of the Year (Ranked #2) • Digital Manufacturing • North America Utilities
Providers, Worldwide • Cloud Services - North America • Advanced Digital Workplace Services • SAP HANA Ecosystem Services in the US and
• Data and Analytics Service Providers • Cloud Services – Europe Germany quadrant reports
• Quality Engineering
• Global Retail Core Banking for Infosys Finacle • Digital Product Engineering Services • Internet of Things – Services and Solutions
Core Banking Solution and NEAT 2022 in (rated global leader)
• Oracle Cloud Applications (OCA) Services • Quality Engineering • Next-Gen Private / Hybrid Cloud – Data
11. Infosys was rated a leader in Avasant’s • Advanced Analytics and Insights • Digital Banking Services Center Services and Solutions for the US
RadarView™ 2021 reports in: (AA&I) Services
• Network-Software Defined Solutions
• Applied AI and Advanced Analytics Services • Infosys Finacle positioned as a leader in the 15. Ranked as a leader in HFS Research Top 10 lists and Services for Australia, UK, and
• Digital Talent Capability Consumer Loan Origination System Products for 2021 in
Nordics region
• Telecom, Media, and Technology (TMT)
• Intelligent IT Ops 13. Ranked as a leader in IDC Marketscape's2021 • Next-Gen Application Development and
Service Providers
and in RadarView™ 2022 reports in vendor assessments for the following categories: Maintenance Services in the US
• ServiceNow Services
• Blockchain Services • Worldwide Microsoft Implementation Services • Public Cloud – Services and Solutions /
• Supply Chain Service Providers Analytics Services for the US, UK, Brazil and
• Healthcare Payor Digital Services • Worldwide Atificial Intelligence Services Germany region.
• Banking and Financial Services Providers
• Multisourcing Service Integration • Worldwide Smart Manufacturing (Ranked #1) • Banking Digital Services for the US, UK and
Service Providers Nordics region
• OneOffice™ Services: Data and Decision
12. Positioned as a leader in Everest PEAK
• Asia/Pacific Managed Cloud Services • Mainframes Services and Solutions
Matrix® Global Assessment 2021 in the • OneOffice™ Services: Native Automation
following categories: • Worldwide Life Science R&D ITO Services • Energy Services • Healthcare Digital Services for the US
• Application and Digital Services in Banking • European Smart Manufacturing • Enterprise Blockchain Services
Service Providers
• Analytics (D&A) Services • Pega Services
• Worldwide B2B Commerce Services for
• Envisioning the Connected Future: 5G • Digital Associates Services
Industrial Manufacturing
Engineering Services
• Worldwide Managed Multicloud Services and for 2022 in
• Microsoft Dynamics 365 Services
• Asia/Pacific Microsoft Dynamics 365 • Energy Transition Services
Implementation Services • Application Modernization Services
• Worldwide Oil and Gas Upstream Asset • Utilities Services
Management Digital Services
• Retail and CPG Services
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GOVERNANCE
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Corporate governance philosophy A legacy of good governance Some milestones in our corporate Our corporate governance philosophy is built on the
governance journey: following norms:
Our corporate governance is a reflection of our value At Infosys, a strong, independent and diverse Board
system, encompassing our culture, policies, and ensures effective corporate governance across the • Corporate governance standards should go beyond the
relationships with our stakeholders. Integrity and
transparency are key to our corporate governance
organization. The independent Board committees engage
through the year to deliver best-in-class governance
1994 law and satisfy the spirit of the law, not just the letter of
the law.
First company to introduce Employee Stock
practices and performance, and ensure that we gain practices and periodically review the policy framework Ownership Plans (ESOPs) in India • The Board and the Management are the trustees of the
and retain the trust of our stakeholders at all times. to maintain its robustness. The Board and its committees shareholders' capital and not the owners.
Corporate governance is an ethically‑driven business
undergo an annual performance evaluation by an
independent agency.
1996 • Ensure transparency and maintain a high level
process that is committed to values aimed at enhancing an First Indian company to voluntarily adopt of disclosure.
organization’s wealth‑generating capacity. This is ensured Infosys participates in many industry-led forums to the US's and six other countries’ GAAP reporting
by taking ethical business decisions and conducting share best practices and continues to set benchmarks • Distinguish clearly between personal conveniences and
business with a firm commitment to values, while meeting
stakeholders’ expectations. At Infosys, it is imperative that
in corporate governance. The Company prides itself
on its compliance with global guidelines, standards
1999 corporate resources.
First Indian company to publish quarterly • Communicate externally and truthfully about how the
our Company affairs are managed in a fair and transparent and corporate governance codes, ensuring timely and audited financials Company is run internally.
manner. This is vital to gain and retain the trust of accurate disclosures in accordance with Indian Accounting
our stakeholders. Standards (Ind AS) and International Financial Reporting First Indian company to be listed on the • Have a simple and transparent corporate structure
Standards (IFRS) requirements. NASDAQ stock exchange driven solely by business needs.
• Comply with the laws of all countries in which
2005 we operate.
First Indian company to comply with SOX(1)
Recognitions Value-creating governance
In 2021-22, for the sixth year in a row, the Company
2017 Strong corporate governance practices help to build an
First Indian company to facilitate ADR(1)
was recognized as a leader in a corporate governance environment of trust, transparency and accountability
participation in Indian share buyback
study conducted jointly by the BSE Limited, the Finance necessary for fostering long-term investment, financial
Corporation (a member of the World Bank Group) and
Institutional Investors Advisory Services, based on the 2018 stability and business integrity, thereby supporting
stronger growth and more inclusive societies.
G20 / OECD principles. First Indian company to sign a unilateral APA(1)
Our corporate governance is a statement of with US IRS(1) The Company’s corporate governance philosophy is deeply
the values we stand by as we conduct our rooted in the values and global best practices of corporate
business and engage with our stakeholders. Infosys was recognized for the second year in a row by
Ethisphere as
2019 governance. Our values are embedded in the principles
of the Company that are applied across the Company
Our Company has been a leader in adopting One of the largest buyback offers through the
internationally‑recognized corporate The Most Ethical Company 2022 open market on a daily basis. These values and principles are also the
guiding source of our Code of Conduct and Ethics which
governance guidelines and has set the
highest standards in abiding by them. Infosys topped CRISIL rankings on ESG Leadership 2021
2020 the whole organization adheres to. As Infoscions, we are all
trustees of the Company’s legacy – its resources, assets and
Instituted performance‑based stock incentives
opportunities, and share an equal responsibility to pass
Kiran Mazumdar-Shaw under the expanded stock ownership program
on a better, stronger Infosys than the one we received.
Lead Independent Director, Infosys Infosys was awarded the Overall ESG Leadership Award aligned to Total Shareholder Return
This includes meeting or exceeding our commitments
2021 by ESGRisk.ai
to stakeholders, developing the full potential of our
2021 employees, and building Infosys’ reputation to make it the
Infosys topped the overall Indian ESG ranking as One of the first Indian companies to have most respected Company in the world.
well as Governance ranking in the 2022 report by the a voluntary independent Board-level ESG
corporate governance firm, Stakeholders Empowerment committee to oversee the Company's
Services (SES). ESG priorities
(1) ADR: American Depository Receipts; SOX: The Sarbanes–Oxley Act of 2002;
APA: Advance Pricing Agreement; IRS: Internal Revenue Service
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Our corporate governance focuses on the interests of the participation of stakeholders in effective corporate OECD framework and Infosys' corporate governance practices
employees and other stakeholders and their roles in governance, ensuring timely and accurate disclosures Corporate governance practices at Infosys are guided by the OECD (Organization for Economic Cooperation and
contributing to the long-term success and performance in all material matters including the financial affairs, Development) principles as follows:
of the Company. Our governance framework emphasizes performance, ownership, and governance of the Company
fairness and transparency based on sound legal, through an active, engaged and accountable Board Rights and equitable treatment Role of stakeholders Disclosures and Responsibilities
of shareholders in corporate governance transparency of the Board
regulatory and institutional frameworks and ensures a endorses our commitment to leadership by example
fair and equitable treatment of shareholders. Promoting and excellence. • Quality of shareholder meetings • Business responsibility initiatives • Ownership structure • Board as a Trustee
• Related party transactions • Supplier management • Financials • Board and committee composition
• Investor grievance policies • Employee welfare • Company filings and quarterly • Training for directors
• Conflict of interest • Investor engagement disclosures • Board evaluation
Corporate governance framework • Whistleblower Policy • Risk management • Director remuneration
• Audit integrity • Succession planning
The key pillars of Infosys’ corporate governance framework are:
• Dividend payouts and policies
Responsible leadership The performance of the Company against these principles during the year was as follows:
Lead by example by ensuring independence of the Board
Rights and equitable treatment of shareholders
and effectiveness of the Management
Board as a trustee Quality of shareholder meetings
Safeguard the shareholder’s capital 1 • All shareholders are provided with an opportunity to participate and raise questions in the shareholders’ meeting.
• At the AGM held during the year, shareholders across the world participated.
as trustee, and not as its owner
Related party transactions
• All related party transactions are identified and approved by the audit committee and the Board, wherever required.
2 • Relevant disclosures were made to the stock exchanges on a timely basis.
Investor grievance policies
Legal compliance The Company has a comprehensive policy for redressal of investor grievances. The Company assigns specific emphasis to
resolving investor grievances fairly and expeditiously. Details are available in the Shareholder information section of this
Satisfy both the spirit and the letter of
3 Integrated Annual Report.
the law in all our actions and disclosures
Conflict of interest
• The provisions on conflict of interest are embedded in our Code of Conduct.
4 • In matters which have a potential conflict of interest, the persons concerned abstain from discussion or voting on
the matter.
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2
• The Board composition is determined based on specific skill requirement of each committee and reviewed periodically. Engaging with stakeholders to gain trust
Training for directors Building responsible supply chains We employ multiple channels for regular engagement
• The Company conducts a familiarization program for all newly-appointed directors and also arranges training programs Infosys believes in and is committed to partnering with stakeholders, which have helped us earn their trust.
3 at regular intervals.
with the highest quality diverse product and service
• Each director is entitled to a training fee of US$ 5,000 per year.
providers to ensure that we deliver the best-of‑breed For more details, refer to Infosys ESG Report 2021-22
Board evaluation
4 • The Board has engaged Egon Zehnder, a leadership advisory firm on board matters, to conduct Board Evaluation.
business and IT solutions to our clients. As a signatory
• The evaluation includes self and peer evaluation, performance of the committees and their chairpersons, and evaluation to the United Nations Global Compact, Infosys
of the Board as a whole. For fiscal 2022, the Board evaluation has been completed. leverages the UNGC principles covering human
5
Director remuneration rights, labor, environment, and anti-corruption as
6 • The Board, based on the recommendation of the nomination and remuneration committee, approves remuneration of
Executive Directors.
• Remuneration to independent directors will be paid as per the criteria approved by the shareholders.
• The Executive Director’s remuneration is linked to performance. Please refer to the Corporate governance report
for details.
Succession planning
• The Nomination and Remuneration Committee periodically reviews and assesses the adequacy of the Company’s
policies, plans and procedures with respect to succession planning, including policies and principles for key managerial
personnel selection and performance review. The review of policies shall also encompass succession in the ordinary
course of business and in case of unexpected events.
• During the year, the committee completed the review of the succession planning policy.
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In October 2020, we launched our ESG Vision 2030. benchmarking performance. The Council meets every ESG performance evaluation Communities
Our focus will be steadfast on leveraging technology to quarter to take stock of the performance and discuss ESG goals are a part of the corporate scorecard and the • The CSR committee assists the Board in fulfilling
battle climate change, conserving water and managing programs and plans, as appropriate. performance parameters of leaders and are cascaded to its corporate social responsibility obligations.
waste. On the social front, our emphasis will be on the various levels in the organization. ESG performance of The committee has the overall responsibility of
development of people, especially around digital skilling, Interactions with other Board committees the Company is linked to the compensation of the CEO identifying the areas of CSR activities, recommending
improving diversity and inclusion and facilitating employee The ESG committee works closely with other Board and leaders. the amount of expenditure to be incurred on the
wellness and experience, delivering technology for social committees to further our ESG ambitions. For instance, identified activities, implementing and monitoring the
good and energizing the communities we live and work in. it informs ESG risks and challenges, if any, in achieving Refer to Annexure 3 to the Board's report in this Integrated Annual CSR Policy from time to time and reporting progress on
We will also redouble efforts to serve the interests of all Report on page 90
progress on the goals, to the risk management committee various initiatives.
our stakeholders by leading through our core values and and invites its support to address the risks. It interacts
setting benchmarks in corporate governance. Stakeholder engagement • It also coordinates with the Infosys Foundation or other
with the stakeholders relationship committee to discuss
In addition to the ESG committee, other Board committees such agency in implementing programs and executing
performance on ESG assessments and actions for
and senior management are also actively involved in initiatives as per the CSR Policy of the Company.
improvement. It collaborates with the CSR committee
for social impact programs. It also interacts with the enhancing our performance and disclosures on a range
For more information, refer to the Communities chapter on page 50
cybersecurity risk sub-committee as part of its efforts to of ESG issues, touching each of our stakeholder groups.
Here are some examples: Refer to Annexure 6 to the Board's report in this Integrated Annual
The Board track progress on the information management ambitions. Report on page 97
Investors
Enterprise Risk Management
• The stakeholders relationship committee examines Clients
ESG Committee Our Enterprise Risk Management (ERM) function enables and redresses complaints by investors. The committee
the achievement of the Company’s strategic objectives by • The Board reviews the annual Client Value Survey in
oversees and reviews the engagement and
identifying, analyzing, assessing, mitigating, monitoring order to understand client needs and expectations.
communication plan with shareholders and ensures
ESG Operations Council and governing any risk or potential threat to these that the views / concerns of the shareholders are • The risk management committee reviews client‑related
objectives. While this is the key driver, our values, culture highlighted to the Board and steps are taken to address risks such as client demand environment, client
and commitment to stakeholders – employees, customers, such concerns. contracts and delivery of critical client engagements
Our Board instituted an ESG committee on April 14, 2021 investors, regulatory bodies, partners and the community periodically to ensure business results.
to discharge its responsibility to oversee matters related around us – are the foundation of our ERM framework. • The audit committee and the nomination and
to organization-wide ESG initiatives, priorities, and leading remuneration committee also safeguard the interests For more information, refer to the Customers chapter on page 44
ESG practices. The ESG committee reports to the Board and For more information, read our Corporate governance report on page 130 of investors and other stakeholders by ensuring ethical
and Risk management report on page 171 conduct of business and transparent communication.
meets every quarter.
Suppliers
Climate change risk management For more information, refer to the Investors chapter on page 42
Objectives of the ESG committee • The risk management committee reviews the Enterprise
Climate change risk and opportunities assessment Risk Management framework to ensure supplier / supply
The objectives are provided in the ESG committee report forming part of and management is aligned with the Task Force on Employees chain risks are effectively identified and addressed.
the Integrated Annual Report. Read more on page 146 Climate‑related Financial Disclosures (TCFD) guidance. • The Board committees influence the culture of the
The objectives are also provided in the ESG committee charter, For more information, refer to the Suppliers chapter on page 48
available here
organization through the Code of Conduct and Ethics,
Read our TCFD disclosures in the Infosys ESG Databook 2021-22
and employee-related policies.
Further, there is an ESG Operations Council comprising Government and regulators
Cybersecurity risk management • Quarterly reviews on a variety of subjects concerning
members of the Company's executive leadership, including employees, including talent engagement, employee • The risk management committee monitors
Cyber risks, being one of the key risks, is managed through
the the CEO & MD, CFO, CRO, Group Head - HRD, General satisfaction, attrition and more, allow the leadership to compliance‑related risks regularly and ensures strict
multi-layered controls with a defense-in-depth approach
Counsel and Chief Compliance Officer, and the ESG Head. oversee this key stakeholder group. compliance with all regulatory norms.
starting from the thoughtfully‑crafted Cybersecurity
The ESG operations council reports to the ESG committee. Strategy supplemented by policies, processes and controls • The Board members and the Management are involved
The purpose of the council is to execute the programs For more information, refer to the Employees chapter on page 46
(preventive, detective, and corrective). Our strategy is in responsibly influencing policy decisions and
and plans of the ESG committee to achieve the ambitions focused on four areas: transparency and experience, advocating to build a better business environment, and
outlined in the ESG Vision 2030. The council nominates continual improvement and compliance, cyber resilience, thus, a better world.
sponsors from the executive leadership team who work and building and maintaining a positive cybersecurity
closely with the ESG ambition leads to ensure progress on culture within the organization, thus making cybersecurity For more information, refer to the Government and regulators chapter on
the goals. The council has overall responsibility for ESG page 49
a sustainable and repeatable process throughout
governance, reporting, communication, branding and the organization. For more information, refer to the charters of Board Committees
presented in the Corporate governance report on page 130
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STATUTORY
REPORTS
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Board’s report
Dear members,
The Board of Directors hereby submits the report of the business and operations of your Company (“the Company” or “Infosys”), along
with the audited financial statements, for the financial year ended March 31, 2022. The consolidated performance of the Company and its
subsidiaries has been referred to wherever required.
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Financial position
in ` crore, except equity share data
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61.3 61.7
57.0
48.5 51.5
43.0
24.2 24.8
11.6 10.6
2.9 2.9
North America Europe Rest of the World India Digital Core
32.4 32.0
14.7 14.6 12.6 12.5 12.5 11.9 9.4 11.0 8.5 8.2 6.8 7.0
3.1 2.8
FS(1) Retail(2) COM(3) EURS(4) MFG(5) Hi-Tech(6) LS(7) Others(8)
2021 2022
(1)
FS – Includes enterprises in Financial Services and Insurance
(2)
Retail – Includes enterprises in Retail, Consumer Packaged Goods and Logistics
(3)
COM – Includes enterprises in Communication, Telecom OEM and Media
(4)
EURS – Includes enterprises in Energy, Utilities, Resources and Services
(5)
MFG – Includes enterprises in Manufacturing
(6)
Hi-Tech – Includes enterprises in Hi-Tech
(7)
LS – Includes enterprises in Life Sciences and Healthcare
(8)
Others – Includes segments of businesses in India, Japan, China, Infosys Public Services and other enterprises in public services
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Global health pandemic from COVID-19 24 months, we have implemented several well-being initiatives
for our employees globally, including sessions with experts on
At Infosys, as we continue in our endeavor to fight waves of mental health, self-care and women’s health, along with sessions
the COVID-19 pandemic, our priority remains the safety and on creating a healthy work-life balance. We have also developed
well‑being of our employees, and business continuity for our a virtual General Practice service in Europe, where employees can
clients. Business continuity programs were tested and practiced, schedule video consultations, without a physical visit.
and the processes were proven to be resilient. We received the
ISO 22301 Business Continuity Management System certification Client support: Our focus on our client commitments remained
for being a company with resilient processes. unwavering through this period, reflecting in the record number
of large deals we secured even while working remotely. With our
Considering employee safety as paramount, we implemented operations teams ensuring smooth WFH processes and remote
elaborate support measures for employees during the three collaboration for our 3,14,000+ global workforce, we were able
COVID-19 waves in India, and at our global locations. We to ensure that client service level agreements (SLAs) were met
operated dedicated COVID Care Centers in 14 cities in India and project milestones delivered on time. However, remote
and also established tie-ups with more than 1,500 hospitals working conditions also multiplied cybersecurity risks, not just
in 323 cities in India for the treatment of employees and their for us, but for clients as well. Being an early adopter of advanced
families. We also established a 24x7 war room and help-desk- cybersecurity strategies, including the setting up of seven
coordinated support measures, such as tie-ups with testing Cyber Defence Centers in India, the US and Europe, we could
labs and ambulance services providers, video consultation with minimize threats to our operations as well as offer cybersecurity
doctors, COVID leave provision, insurance coverage, oxygen solutions to our clients.
concentrators, medicines, fresh food, and counselling support.
During the COVID waves, we provided emergency support We continued to provide critical support to clients around the
(hospital beds / ventilators / plasma / oxygen) for over 6,100 world in essential services such as banking, healthcare and
employees / family members and addressed more than 78,000 communications. Although travel was ruled out for most of
queries for COVID medical support. Some of these support the fiscal, we leveraged cloud and other digital transformation
measures were also provided at global locations as required. offerings to bring in new business, ensuring maximization of
We also leveraged our technological expertise, creating mobile benefits to our shareholders.
application ‘Apthamitra’ to help local governments in their Meeting and learning online: As an organization, our external
fight against COVID-19. communication had to transition to new virtual models as
Vaccination efforts: We facilitated Company-sponsored well. Events, such as quarterly results, analyst meetings and
vaccination drives in India for employees and five dependents, the Annual General Meeting, have been executed successfully
including booster doses. We arranged vaccination centers at leveraging our in-house platforms such as Infosys Meridian.
our campuses in India and also conducted vaccination camps All recruitment drives have also been conducted virtually. Our
in major cities for the benefit of employees working from online learning platform, Lex, and other virtual programs allow
home, away from DC locations. As on March 31, 2022, 96.1% of our training programs to continue unaffected. In fiscal 2022, the
employees in India were vaccinated with at least one dose, and number of employees leveraging Lex rose by 35.5% from the
90% were fully vaccinated. previous fiscal. Leveraging initiatives like Skill Tags and Digital
Quotient has enabled learning and reskilling of talent to proceed
At global locations, we encouraged employees to avail at an incredible pace. Digital Quotient acts as a guide-on-the-
vaccinations provided by the governments. go to ensure digital preparedness for our talent, while Skill Tags
Work from home (WFH): At the onset of the pandemic at 2020, allow employees to move beyond learning to establish their
to ensure employee safety and business continuity, we were expertise in new-age / niche technology spaces. The number
able to transition 99% of employees globally to a work from of Skill Tagged employees increased steadily during fiscal 2022,
home arrangement. Further, based on client requirements and growing by 47% over fiscal 2021. Cloud (AWS, Azure), SAP and
the COVID situation, WFH continued as required in fiscal 2022. Python continued to feature as the most sought-after skills for
We have been able to virtually engage over 1,50,000 employees certification. Overall, we had more than 1,60,000 employees who
through more than 900 initiatives, and employee satisfaction undertook various certifications.
with these initiatives has been rated at an all-time high of At Infosys, even amid an unprecedented global crisis,
91% across locations. we continue to balance success as a business with
Wellness: Amid these transitions and pandemic-related exemplary governance and responsiveness to the needs of
uncertainties, the well-being of our employees has become a all our stakeholders.
critical focal point. Through concentrated efforts over the last
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Capital Allocation Policy As of March 31, 2022, we had `27,461 crore in working capital on
a standalone basis, and `33,582 crore on a consolidated basis.
Effective fiscal 2020, the Company expects to return
approximately 85% of the free cash flow cumulatively over Consolidated cash and investments stand at `29,950 crore on a
a five-year period through a combination of semi-annual standalone basis and `37,419 crore on a consolidated basis as on
dividends and / or share buyback and / or special dividends, March 31, 2022, as against `30,764 crore on a standalone basis,
subject to applicable laws and requisite approvals, if any. Free and `38,660 crore on a consolidated basis as on March 31, 2021.
cash flow is defined as net cash provided by operating activities Consolidated cash and investments, on both standalone and
less capital expenditure, as per the Consolidated Statement consolidated basis, include deposits with banks and financial
of Cash Flows prepared under IFRS. Dividend and buyback institutions with high credit ratings by international and
include applicable taxes. domestic credit rating agencies. As a result, liquidity risk of
In line with the Capital Allocation Policy, the Board, at its meeting cash and cash equivalents is limited. Ratings are monitored
held on April 14, 2021, approved the buyback of equity shares, periodically. Liquid assets also include investments in liquid
from the open market route through the Indian stock exchanges, mutual fund units, fixed maturity plan securities, certificates
amounting to `9,200 crore (Maximum Buyback Size, excluding of deposit (CDs), commercial paper, quoted bonds issued by
buyback tax) at a price not exceeding `1,750 per share (Maximum government and quasi-government organizations, and non-
Buyback Price), subject to shareholders’ approval in the ensuing convertible debentures. CDs represent marketable securities
Annual General Meeting (AGM). of banks and eligible financial institutions for a specified time
period with high credit rating given by domestic credit rating
The shareholders approved the proposal of buyback of equity agencies. Investments made in non-convertible debentures
shares recommended by the Board of Directors in the AGM are issued by government-owned institutions and financial
held on June 19, 2021. institutions with high credit rating. We invest after considering
The buyback was offered to all eligible equity shareholders of counterparty risks based on multiple criteria including Tier-I
the Company (other than the Promoters, the Promoter Group capital, capital adequacy ratio, credit rating, profitability, NPA
and Persons in Control of the Company) under the open market levels and deposit base of banks and financial institutions.
route through the stock exchange. The buyback of equity shares The details of these investments are disclosed under
through the stock exchanges commenced on June 25, 2021 the ‘non-current and current investments’ section in the
and was completed on September 8, 2021. During this buyback Standalone and Consolidated financial statements in this
period, the Company purchased and extinguished a total of Integrated Annual Report.
5,58,07,337 equity shares from the stock exchanges at a volume
weighted average buyback price of ₹1,648.53 per equity share Capital expenditure on tangible assets –
comprising 1.31% of the pre-buyback paid-up equity share
capital of the Company. The buyback resulted in a cash outflow
standalone
of ₹9,200 crore (excluding transaction costs and tax on buyback). This year, on a standalone basis, additions to tangible assets was
The Company funded the buyback from its free reserves `2,381 crore. This comprises `1,100 crore in infrastructure and
including Securities Premium as explained in Section 68 of the `1,281 crore for investment in computer equipment.
Companies Act, 2013.
In the previous year, we had additions to tangible assets of `2,015
During the year ended March 31, 2022, the Company paid an crore. This comprised `1,039 crore in infrastructure, `975 crore for
interim dividend of `15 per share and announced a final dividend investment in computer equipment, and `1 crore in vehicles.
of `16 per share, subject to shareholders’ approval in the ensuing
AGM. After returning the above amounts, the Company would Capital expenditure on tangible assets –
have returned approximately 73% of the free cash flow for fiscals consolidated
2020, 2021 and 2022 through dividends and buybacks, in line
with the Capital Allocation Policy. This year, on a consolidated basis, additions to tangible assets
was `2,716 crore. This comprises `1,174 crore in infrastructure and
The Capital Allocation Policy is available on our website, at `1,542 crore in computer equipment.
https://www.infosys.com/investors/corporate-governance/
documents/capital-allocation-policy.pdf. In the previous year, we had additions to tangible assets of `2,231
crore. This comprised `1,071 crore in infrastructure, `1,159 crore
Liquidity for investment in computer equipment and `1 crore in vehicles.
Our principal sources of liquidity are cash and cash equivalents, Leases
investments and the cash flow that we generate from our
operations. We continue to be debt-free and maintain sufficient This year, on a standalone basis, additions to right-of-use (ROU)
cash to meet our strategic and operational requirements. assets was `374 crore. This comprises `306 crore in buildings, and
We understand that liquidity in the Balance Sheet has to `68 crore in computer equipment.
balance between earning adequate returns and the need to In the previous year, we had additions to ROU assets of `1,109
cover financial and business requirements. Liquidity enables crore. This comprised `1,017 crore in land and buildings, and `92
us to be agile and ready for meeting unforeseen strategic crore in computer equipment.
and business needs.
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This year, on a consolidated basis, additions to ROU assets was In the previous year, we had additions to ROU assets of `1,394
`914 crore. This comprises `449 crore in buildings, `459 crore in crore. This comprised `1,241 crore in land and buildings,
computer equipment and `6 crore in vehicles. `140 crore for investment in computer equipment and
`13 crore in vehicles.
Dividend
The Company recommended / declared dividend as under:
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to the digital future requires not just an understanding of new in subsidiaries during the year are included in the Standalone
technologies and new ways of working, but a deep appreciation financial statements of the Company.
of existing technology landscapes, business processes and During the year, the Board of Directors reviewed the affairs of the
practices. Our strategy is to be a navigator for our clients as they subsidiaries. In accordance with Section 129(3) of the Companies
ideate, plan and execute their journey to a digital future. Act, 2013, we have prepared the Consolidated financial statements
In fiscal 2022, we continued to execute our four-pronged strategy of the Company, which form part of this Integrated Annual
to strengthen our relevance to clients and drive accelerated Report. Further, a statement containing the salient features of the
value creation. We believe the investments we have made, financial statements of our subsidiaries in the prescribed format
and continue to make, in our strategy will enable us to advise AOC-1 is appended as Annexure 1 to the Board’s report. The
and help our clients as they tackle these market conditions, statement also provides details of the performance and financial
especially in the areas of digitization of processes, migration to position of each of the subsidiaries, along with the changes that
cloud-based technologies, workplace transformation, business occurred, during fiscal 2022.
model transformation, data analytics, enhanced cybersecurity In accordance with Section 136 of the Companies Act, 2013,
controls and cost structure optimization in IT. Further, we the audited financial statements, including the Consolidated
have successfully enabled our employees worldwide to work financial statements and related information of the Company
remotely and securely – thus achieving the operational stability and audited accounts of its subsidiaries, are available on our
to deliver on client commitments and ensuring our own website, www.infosys.com.
business continuity.
3. Human resources management
Scale agile digital Reskill our people
Our professionals are our most important assets. We are
committed to hiring and retaining the best talent and being
Energize the core Expand localization among the industry’s leading employers. For this, we focus
on promoting a collaborative, transparent and participative
organization culture, and rewarding merit and sustained high
For details of our continued investments and outcomes performance. Our human resource management focuses on
of our strategic initiatives, refer to the Strategy section of allowing our employees to develop their skills, grow in their
the Integrated Report. career and navigate their next.
Organization Internal complaints committee
Our go-to-market business units and solutions are detailed in the Infosys’ goal has always been to create an open and safe
Infosys at a glance section of the Integrated Report. workplace for every employee to feel empowered, irrespective
of gender, sexual preferences, and other factors, and contribute
Infrastructure
to the best of their abilities. Towards this, the Company has set
There has been a net movement of 1 million sq. ft. of physical up the Anti-Sexual Harassment Initiative (ASHI), which proudly
infrastructure space during the year. The total available space as completes 22+ years of enabling a positive and safe work
on March 31, 2022 stands at 53.84 million sq. ft. We have presence environment for our employees. Our ASHI practices have set an
in 54 countries across 247 locations as on March 31, 2022. industry benchmark as it ranked first among 350+ companies
Mergers and acquisitions (M&A) that participated in an external survey on the best anti-sexual
harassment initiatives in 2017, 2019, 2020 and 2021.
Infosys has a systematic M&A approach aimed to strengthen
digital services capabilities, deepen industry expertise, and Infosys has constituted an Internal Committee (IC) in all the
expand geographical footprint. development centers of the Company in India to consider and
resolve all sexual harassment complaints reported by women.
On March 22, 2022, Infosys Consulting Pte. Ltd. (a wholly-owned The IC has been constituted as per the Sexual Harassment of
subsidiary of Infosys Limited) entered into a definitive agreement Women at Workplace (Prevention, Prohibition and Redressal) Act,
to acquire oddity, a Germany-based digital marketing, 2013, and the committee includes external members from NGOs
experience, and commerce agency, for a total consideration of or with relevant experience. Investigations are conducted and
up to €50 million (approximately ₹420 crore), which includes decisions made by the IC at the respective locations, and a senior
earn-out, management incentives and bonuses. This acquisition woman employee is the presiding officer over every case. Half of
is expected to strengthen the Group’s creative, branding and the total members of the IC are women. The role of the IC is not
experience design capabilities in Germany and across Europe. restricted to mere redressal of complaints but also encompasses
To consummate this transaction, Infosys Consulting Pte. Ltd. prevention and prohibition of sexual harassment. In the last
has simultaneously acquired Infosys Germany GmBH (formerly few years, the IC has worked extensively on creating awareness
Kristall 247. GmBH). on relevance of sexual harassment issues in the new normal by
Subsidiaries using brand new and innovative measures to help employees
understand the forms of sexual harassment while working
We, along with our subsidiaries, provide consulting, technology,
remotely. The details of sexual harassment complaints that were
outsourcing and next-generation digital services. At the
filed, disposed of and pending during the financial year are
beginning of the year, we had 24 direct subsidiaries and 62
provided in the Business Responsibility and Sustainability Report of
step-down subsidiaries. As on March 31, 2022, we have 27
this Integrated Annual Report.
direct subsidiaries and 50 step-down subsidiaries. The changes
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Particulars of employees Return (TSR) against selected industry peers and certain broader
The Company had 2,51,376 employees on standalone basis and market domestic and global indices and operating performance
3,14,015 employees on consolidated basis as of March 31, 2022. metrics of the Company as decided by the administrator.
Each of the above performance parameters will be distinct for
The percentage increase in remuneration, ratio of remuneration the purposes of calculation of the quantity of shares to vest
of each director and key managerial personnel (KMP) (as required based on performance. These instruments will generally vest
under the Companies Act, 2013) to the median of employees’ between a minimum of one and a maximum of three years
remuneration, and the list of top 10 employees in terms of from the grant date.
remuneration drawn, as required under Section 197(12) of
the Companies Act, 2013, read with Rule 5 of the Companies 2015 Stock Incentive Compensation Plan (“the 2015 Plan”)
(Appointment and Remuneration of Managerial Personnel) On March 31, 2016, pursuant to the approval by the shareholders
Rules, 2014, form part of Annexure 3 to this Board’s report. The through postal ballot, the Board was authorized to introduce,
statement containing particulars of employees employed offer, issue and allot share-based incentives to eligible employees
throughout the year and in receipt of remuneration of `1.02 of the Company and its subsidiaries under the 2015 Plan. The
crore or more per annum and employees employed for part of maximum number of shares under the 2015 Plan shall not exceed
the year and in receipt of remuneration of `8.5 lakh or more 2,40,38,883 equity shares (not adjusted for bonus issue). These
per month, as required under Section 197(12) of the Companies instruments will generally vest over a period of four years and
Act, 2013, read with Rule 5 of the Companies (Appointment and the Company expects to grant the instruments under the 2015
Remuneration of Managerial Personnel) Rules, 2014, is provided Plan over the period of four to seven years. These RSUs and stock
in a separate exhibit forming part of this report and is available options shall be exercisable within the period as approved by
on the website of the Company, at https://www.infosys.com/ the nomination and remuneration committee. The exercise price
investors/reports-filings/Documents/exhibitboards-report2022.pdf. of the RSUs will be equal to the par value of the shares and the
The Integrated Annual Report and accounts are being sent to exercise price of the stock options would be the market price as
the shareholders excluding the aforesaid exhibit. Shareholders on the date of grant.
interested in obtaining this information may access the same
Consequent to the September 2018 bonus issue, all the then
from the Company website. In accordance with Section 136 of
outstanding options granted under the stock option plan have
the Companies Act, 2013, this exhibit is available for inspection
been adjusted for bonus shares.
by shareholders through electronic mode.
Notes:
The total number of equity shares and American Depositary
Receipts (ADRs) to be allotted to the employees of the Company
1. The employees mentioned in the aforesaid exhibit have / had permanent
employment contracts with the Company. and its subsidiaries under the 2015 Plan does not cumulatively
2. The employees are neither relatives of any directors of the Company,
exceed 1% of the issued capital. For the shares and ADRs issued
nor hold 2% or more of the paid-up equity share capital of the Company under the 2019 Plan, the cumulative amount does not exceed
as per Rule 5 of the Companies (Appointment and Remuneration of 1.15% of the issued capital. The 2019 Plan and 2015 Plan are in
Managerial Personnel) Rules, 2014. compliance with SEBI (Share Based Employee Benefits and Sweat
3. The details of employees posted outside India and in receipt of a Equity) Regulations, 2021, as amended from time to time, and
remuneration of `60 lakh or more per annum or `5 lakh or more a month there has been no material change to the plans during the fiscal.
can be made available on specific request.
The details of the 2019 Plan and 2015 Plan, including terms of
Employee stock options / Restricted Stock Units (RSUs) reference, and the requirement specified under Regulation 14
The Company grants share-based benefits to eligible employees of the SEBI (Share Based Employee Benefits and Sweat Equity)
with a view to attracting and retaining the best talent, Regulations, 2021, are available on the Company’s website, at
encouraging employees to align individual performances with https://www.infosys.com/investors/reports-filings/Documents/
Company objectives, and promoting increased participation by disclosures-pursuant-SEBI-regulations2022.pdf.
them in the growth of the Company.
The details of the 2019 Plan and 2015 Plan form part of
Infosys Expanded Stock Ownership Program 2019 the Notes to accounts of the financial statements in this
(“the 2019 Plan”) Integrated Annual Report.
On June 22, 2019, pursuant to approval by the shareholders in
the AGM, the Board has been authorized to introduce, offer,
4. Corporate governance
issue and provide share-based incentives to eligible employees Our corporate governance philosophy
of the Company and its subsidiaries under the 2019 Plan. The
Our corporate governance practices are a reflection of our value
maximum number of shares under the 2019 Plan shall not
system encompassing our culture, policies, and relationships
exceed 5,00,00,000 equity shares. To implement the 2019
with our stakeholders. Integrity and transparency are key to our
Plan, up to 4,50,00,000 equity shares may be issued by way of
corporate governance practices to ensure that we gain and retain
secondary acquisition of shares by the Infosys Expanded Stock
the trust of our stakeholders at all times. Corporate governance
Ownership Trust. The RSUs granted under the 2019 Plan shall
is about maximizing shareholder value legally, ethically
vest based on the achievement of defined annual performance
and sustainably. At Infosys, the Board exercises its fiduciary
parameters as determined by the administrator (the nomination
responsibilities in the widest sense of the term. Our disclosures
and remuneration committee). The performance parameters
seek to attain the best practices in international corporate
will be based on a combination of relative Total Shareholder
governance. We also endeavor to enhance long-term shareholder
value and respect minority rights in all our business decisions.
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Our Corporate governance report for fiscal 2022 forms part of this Board evaluation
Integrated Annual Report. The nomination and remuneration committee engaged Egon
Board diversity Zehnder, external consultants, to conduct Board evaluation
for the year. The evaluation of all the directors, committees,
The Company recognizes and embraces the importance of a
Chairman of the Board, and the Board as a whole, was conducted
diverse Board in its success. We believe that a truly diverse Board
based on the criteria and framework adopted by the Board. The
will leverage differences in thought, perspective, regional and
Board evaluation process was completed during fiscal 2022. The
industry experience, cultural and geographical background, age,
evaluation parameters and the process have been explained in
ethnicity, race, gender, knowledge and skills including expertise
the Corporate governance report.
in financial, global business, leadership, technology, mergers
& acquisitions, Board service, strategy, sales and marketing, Familiarization program for independent directors
Environment, Social and Governance (ESG), risk and cybersecurity All new independent directors inducted into the Board
and other domains, which will ensure that Infosys retains its attend an orientation program. The details of the training and
competitive advantage. The Board Diversity Policy adopted by familiarization program are provided in the Corporate governance
the Board sets out its approach to diversity. report. Further, at the time of the appointment of an independent
The policy is available on our website, at director, the Company issues a formal letter of appointment
https://www.infosys.com/investors/corporate-governance/ outlining his / her role, function, duties and responsibilities. The
documents/board-diversity-policy.pdf. format of the letter of appointment is available on our website,
at https://www.infosys.com/investors/corporate-governance/
Additional details on Board diversity are available in the Documents/appointment-independent-director.pdf.
Corporate governance report that forms part of this
Integrated Annual Report. Directors and KMP
Number of meetings of the Board Inductions
The Board met eight times during the financial year. The meeting The shareholders approved the following appointments during
details are provided in the Corporate governance report that the 40th AGM held on June 19, 2021:
forms part of this Integrated Annual Report. The maximum
interval between any two meetings did not exceed 120 days, as • Bobby Parikh, as an independent director of the Board
prescribed by the Companies Act, 2013. effective July 15, 2020
• Chitra Nayak, as an independent director of the Board
Policy on directors’ appointment and remuneration effective March 25, 2021
The current policy is to have an appropriate mix of executive,
non-executive and independent directors to maintain the Reappointments
independence of the Board, and separate its functions of Director liable to retire by rotation
governance and management. As of March 31, 2022, the Board
had eight members, one of who is an executive director, a non- As per the provisions of the Companies Act, 2013, Nandan. M.
executive and non-independent director and six independent Nilekani, the non-executive and non-independent chairman,
directors. Two of the independent directors of the Board are whose office is liable to retire at the ensuing AGM, being eligible,
women. The details of Board and committee composition, tenure seeks reappointment. Based on performance evaluation and
of directors, areas of expertise and other details are available the recommendation of the nomination and remuneration
in the Corporate governance report that forms part of this committee, the Board recommends his reappointment. The
Integrated Annual Report. notice convening the 41st AGM, to be held on June 25, 2022,
sets out the details.
The policy of the Company on directors’ appointment
and remuneration, including the criteria for determining Reappointment of independent director
qualifications, positive attributes, independence of a director and D. Sundaram was appointed as an independent director for
other matters, as required under sub-section (3) of Section 178 of the first term of five years effective July 14, 2017. His office of
the Companies Act, 2013, is available on our website, at https:// directorship is due for retirement on July 13, 2022. Based on
www.infosys.com/investors/corporate-governance/documents/ the recommendation of the nomination and remuneration
nomination-remuneration-policy.pdf. committee and after taking into account the performance
evaluation of his first term of five years and considering the
We affirm that the remuneration paid to the directors is as knowledge, acumen, expertise, experience and the substantial
per the terms laid out in the Nomination and Remuneration contribution he brings to the Board, the committee has
Policy of the Company. recommended the appointment of D. Sundaram to the Board
Declaration by independent directors for a second term of five years. The Board, at its meeting held
on April 13, 2022, approved the reappointment of D. Sundaram
The Company has received necessary declaration from each
as an independent director of the Company with effect from
independent director under Section 149(7) of the Companies Act,
July 14, 2022 to July 13, 2027, whose office shall not be liable to
2013, that he / she meets the criteria of independence laid down
retire by rotation.
in Section 149(6) of the Companies Act, 2013 and Regulation 25
of the Listing Regulations.
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The Board recommends the reappointment to the shareholders. Significant and material orders
The notice convening the 41st AGM, to be held on June 25, 2022, There are no significant and material orders passed by the
sets out the details. regulators or courts or tribunals impacting the going concern
Retirements and resignations status and the Company’s operations in future.
U.B. Pravin Rao, COO and Whole-time Director, retired as member Reporting of frauds by auditors
of the Board effective December 12, 2021. The Board expressed
During the year under review, neither the statutory auditors
its deep sense of appreciation for Pravin’s leadership over his
nor the secretarial auditor has reported to the audit committee,
35 years of service with the Company and acknowledges his
under Section 143 (12) of the Companies Act, 2013, any instances
immense efforts and contributions towards global delivery and
of fraud committed against the Company by its officers or
business enablement. The disclosure in this regard is available
employees, the details of which would need to be mentioned
at https://www.infosys.com/investors/documents/retirement-
in the Board’s report.
whole-time-director-13dec2021.pdf.
Annual return
Committees of the Board
In accordance with the Companies Act, 2013, the annual return in
As on March 31, 2022, the Board had six committees: the audit
the prescribed format is available at
committee, the corporate social responsibility committee, the
https://www.infosys.com/investors/reports-filings/documents/
nomination and remuneration committee, the risk management
annual-returns-2021-22.pdf.
committee, the stakeholders relationship committee and the
Environment, Social and Governance (ESG) committee. All Secretarial standards
committees comprise only independent directors, one of whom The Company complies with all applicable secretarial standards
is chosen as the chairperson of the committee. issued by the Institute of Company Secretaries of India.
The Board, at its meeting held on April 14, 2021,
Listing on stock exchanges
instituted the ESG committee.
The Company’s shares are listed on BSE Limited and the National
During the year, all recommendations made by the committees Stock Exchange of India Limited, and its ADSs are listed on the
were approved by the Board. New York Stock Exchange (NYSE).
A detailed note on the composition of the Board and its Investor Education and Protection Fund (IEPF)
committees is provided in the Corporate governance report.
During the year, the Company has transferred the unclaimed
Internal financial control and its adequacy and un-encashed dividends of `2,02,58,692. Further, 4,154
The Board has adopted policies and procedures for ensuring corresponding shares on which dividends were unclaimed for
the orderly and efficient conduct of its business, including seven consecutive years were transferred as per the requirements
adherence to the Company’s policies, safeguarding of its assets, of the IEPF Rules. The details of the resultant benefits arising out
prevention and detection of fraud, error reporting mechanisms, of shares already transferred to the IEPF, year-wise amounts of
accuracy and completeness of the accounting records, and timely unclaimed / un-encashed dividends lying in the unpaid dividend
preparation of reliable financial disclosures. For more details, account up to the year, and the corresponding shares, which
refer to the ‘Internal control systems and their adequacy’ section are liable to be transferred, are provided in the Shareholder
in the Management’s discussion and analysis, which forms part of information section of the Corporate governance report and are
this Integrated Annual Report. also available on our website, at www.infosys.com/IEPF.
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The directors confirm that: The Board of Directors of the Company, based on the
recommendation of the audit committee, at its meeting held
• In preparation of the annual accounts for the financial year
on April 13, 2022, reappointed M/s Deloitte Haskins & Sells
ended March 31, 2022, the applicable accounting standards
LLP, Chartered Accountants (ICAI Firm Registration Number
have been followed and there are no material departures.
117366W/ W-100018) as the Statutory Auditor of the Company to
• They have selected such accounting policies and applied hold office for a second term of five consecutive years from the
them consistently and made judgments and estimates that conclusion of the 41st AGM till the conclusion of the 46th AGM to
are reasonable and prudent so as to give a true and fair be held in the year 2027 and will be placed for the approval of the
view of the state of affairs of the Company at the end of shareholders at the ensuing AGM.
the financial year and of the profit of the Company for that
period. During the year, the statutory auditors have confirmed
• They have taken proper and sufficient care towards the that they satisfy the independence criteria required under
maintenance of adequate accounting records in accordance the Companies Act, 2013, the Code of Ethics issued by the
with the provisions of the Companies Act, 2013 for Institute of Chartered Accountants of India and the U.S.
safeguarding the assets of the Company and for preventing Securities and Exchange Commission and the Public Company
and detecting fraud and other irregularities. Accounting Oversight Board.
• They have prepared the annual accounts on a going concern The Board recommends their reappointment to the shareholders.
basis. The notice convening the 41st AGM to be held on June 25, 2022
• They have laid down internal financial controls, which are sets out the details.
adequate and are operating effectively. Secretarial auditor
• They have devised proper systems to ensure compliance with Makarand M. Joshi & Co., Practicing Company Secretaries, are
the provisions of all applicable laws, and such systems are appointed as secretarial auditor of the Company for fiscal 2023,
adequate and operating effectively. as required under Section 204 of the Companies Act, 2013
and Rules thereunder.
5. Audit reports and auditors
Cost records and cost audit
Audit reports Maintenance of cost records and requirement of cost audit
• The Auditors’ Report for fiscal 2022 does not contain any as prescribed under the provisions of Section 148(1) of the
qualification, reservation or adverse remark. The Report is Companies Act, 2013 are not applicable for the business activities
enclosed with the financial statements in this Integrated carried out by the Company.
Annual Report.
• The Secretarial Auditors’ Report for fiscal 2022 does not 6. Corporate social responsibility (CSR)
contain any qualification, reservation or adverse remark. The Infosys has been an early adopter of CSR initiatives. The Company
Secretarial Auditors’ Report is enclosed as Annexure 5 to the works primarily through the Infosys Foundation, towards
Board’s report. supporting projects in the areas of protection of national
• The Auditor’s certificate confirming compliance with heritage, restoration of historical sites, and promotion of art
conditions of corporate governance as stipulated under and culture; destitute care and rehabilitation; environmental
Listing Regulations, for fiscal 2022 is enclosed as Annexure 4 sustainability and ecological balance; promoting education,
to the Board’s report. and enhancing vocational skills; promoting healthcare
• The Secretarial Auditor’s certificate on the implementation of including preventive healthcare; and rural development. In
share-based schemes in accordance with SEBI (Share Based fiscal 2022, the Company’s CSR efforts included COVID-19 relief
Employee Benefits and Sweat Equity) Regulations, 2021, will in multiple states.
be made available at the AGM, electronically. The Company’s CSR Policy is available on our website, at
https://www.infosys.com/investors/corporate-governance/
Auditors Documents/corporate-social-responsibility-policy.pdf.
Statutory auditors The annual report on our CSR activities is appended as
Under Section 139(2) of the Companies Act, 2013 and the Rules Annexure 6 to the Board’s report. Infosys also undertakes
made thereunder, it is mandatory to rotate the statutory auditors CSR initiatives outside of India, in Australia, Europe and the
on completion of two terms of five consecutive years and each US. The initiatives in the US are carried out through Infosys
such term would require approval of the shareholders. In line Foundation USA. The said initiatives are over and above the
with the requirements of the Companies Act, 2013, Statutory statutory requirement.
Auditor M/s Deloitte Haskins & Sells LLP, Chartered Accountants The highlights of the initiatives undertaken by the Company,
(ICAI Firm Registration Number 117366W/ W-100018) were Infosys Foundation, and Infosys Foundation USA form part of this
appointed as Statutory Auditor of the Company at the 36th AGM Integrated Annual Report.
held on June 24, 2017 to hold office from the conclusion of the
said meeting till the conclusion of the 41st AGM to be held in the
year 2022. The term of office of M/s Deloitte Haskins & Sells LLP,
as Statutory Auditors of the Company will conclude from the
close of the forthcoming AGM of the Company.
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7. Conservation of energy, research and Infosys has adopted the BRSR voluntarily for fiscal 2022 to
provide enhanced disclosures on ESG practices and priorities
development, technology absorption, foreign of the Company. The BRSR disclosures form a part of Infosys’
exchange earnings and outgo Integrated Annual Report 2021-22. In addition to this, we also
The particulars, as prescribed under Sub-section (3)(m) publish a comprehensive ESG Report annually, based on the
of Section 134 of the Companies Act, 2013, read with the GRI standard. The non-financial sustainability disclosures
Companies (Accounts) Rules, 2014, are enclosed as Annexure 7 in our Integrated Annual Report and ESG Report have been
to the Board’s report. independently assured by KPMG. The ESG Report is available
at https://www.infosys.com/sustainability/documents/infosys-
Business Responsibility and Sustainability Report esg-report-2021-22.pdf.
(BRSR)
Environmental, Social and Governance (ESG)
In November 2018, the Ministry of Corporate Affairs (MCA)
In October 2020, we launched our ESG Vision 2030. Our focus
constituted a Committee on Business Responsibility
is steadfast on leveraging technology to battle climate change,
Reporting (“the Committee”) to finalize business responsibility
conserving water and managing waste. On the social front, our
reporting formats for listed and unlisted companies, based
emphasis is on the development of people, especially around
on the framework of the National Guidelines on Responsible
digital skilling, improving diversity and inclusion, facilitating
Business Conduct (NGRBC). Through its report, the Committee
employee wellness and experience, delivering technology for
recommended that BRR be rechristened BRSR, where disclosures
good and energizing the communities we work in. We are also
are based on ESG parameters, compelling organizations to
redoubling efforts to serve the interests of all our stakeholders,
holistically engage with stakeholders and go beyond regulatory
by leading through our core values and setting benchmarks in
compliances in terms of business measures and their reporting.
corporate governance. Our Board instituted an ESG committee
SEBI, vide its circular dated May 10, 2021, made BRSR mandatory on April 14, 2021, to discharge its oversight responsibility on
for the top 1,000 listed companies (by market capitalization) matters related to organization-wide ESG initiatives, priorities,
from fiscal 2023, while disclosure is voluntary for fiscal 2022 . and leading ESG practices. The ESG committee reports to the
The Committee Report encourages companies to report their Board and meets every quarter.
performance for fiscal 2022 to be better prepared to adopt this
framework from the next fiscal.
Acknowledgments
We thank our clients, vendors, investors, bankers, employee volunteers and trustees of Infosys Foundation, Infosys Foundation USA and
Infosys Science Foundation for their continued support during the year. We place on record our appreciation for the contribution made
by our employees at all levels. Our consistent growth was made possible by their hard work, solidarity, cooperation and support.
We thank the governments of various countries where we have our operations. We thank the Government of India, particularly the
Ministry of Labour and Employment, the Ministry of Environment and Forests, the Ministry of New and Renewable Energy, the Ministry
of Communications, the Ministry of Electronics and Information Technology (Dept of IT), the Ministry of Commerce and Industry,
the Ministry of Finance, the Ministry of Corporate Affairs, the Central Board of Direct Taxes, the Central Board of Indirect Taxes and
Customs, GST authorities, the Reserve Bank of India, Securities and Exchange Board of India (SEBI), various departments under the state
governments and union territories, the Software Technology Parks (STPs) / Special Economic Zones (SEZs) – Bengaluru, Bhubaneswar,
Chandigarh, Chennai, Coimbatore , Gurugram, Hubballi, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mangaluru, Mohali, Mumbai, Mysuru,
Nagpur, Noida, Pune, and Thiruvananthapuram – and other government agencies for their support, and look forward to their continued
support in the future. We also thank the US federal government, the U.S. Securities and Exchange Commission, the Internal Revenue
Service, and various state governments, especially those of Indiana, Rhode Island, Connecticut, Texas, Arizona and North Carolina.
119 / 442
82
Annexures to the Board’s Report
Annexure I - Statement containing the salient features of the financial statements of subsidiaries / associate
companies / joint ventures
(Pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act, 2013, read with Rule 5 of the Companies (Accounts) Rules, 2014 - AOC -1) Introduction
5 Infosys Public Mar 31, NA 1 USD = 98 690 1,212 424 – 1,363 163 46 117 100.00
Services, Inc. USA 2022 ₹ 75.79
6 Stater Nederland Dec 31, NA 1 EUR = 8 206 463 249 – 1,258 126 31 95 75.00
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B.V.(5) 2021 ₹ 84.22
7 Infosys Poland Sp. Mar 31, Oct 1, 1 PLN = 4 675 1,099 420 100 862 132 24 108 100.00
Governance
9 Outbox systems Jan 31, Mar 13, 1 USD = 263 (207) 263 207 57 615 (31) – (31) 100.00
Board’s report
(US)(6)
10 Infosys Compaz Mar 31, Nov 16, 1 SGD = 13 168 336 155 – 511 72 10 62 60.00
PTE. Ltd(7) 2022 2018 ₹ 55.97
11 Infosys Dec 31, NA 1 RMB = 1,004 (327) 1,025 348 – 486 (48) – (48) 100.00
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
17 Panaya Ltd.(11) Dec 31, NA 1 USD = 256 (882) 352 978 – 289 37 1 36 100.00
19 Fluido Oy(12) Dec 31, Oct 11, 1 EUR = 5 108 170 57 – 244 23 8 15 100.00
2021 2018 ₹ 84.22
20 Infosys Consulting Dec 31, NA 1 BRL = 421 (343) 171 93 – 237 11 2 9 100.00
Ltda. 2021 ₹ 13.34
21 Infosys (Czech Mar 31, NA 1 CZK = 3 103 248 142 – 231 22 3 19 100.00
value
Limited s.r.o(3)
22 Kaleidoscope Dec 31, Oct 9, 1 USD = – 72 85 13 – 230 36 5 31 100.00
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Animations Inc(13) 2021 2020 ₹ 74.34
23 Infosys Consulting Dec 31, NA 1 CHF = 1 62 217 154 – 216 27 5 22 100.00
AG(4) 2021 ₹ 81.46
Governance
24 Portland Group Mar 31, Jan 4, 1 AUD = 18 47 183 118 – 202 23 8 15 100.00
Pty Ltd(3) 2022 2012 ₹ 56.74
25 Infosys Dec 31, NA 1 SEK = 2 82 148 64 – 194 36 1 35 100.00
Technologies 2021 ₹ 8.22
reports
Statutory
(Sweden) AB
Board’s report
Annexures to the
Financial
statements
Consulting Pty.
Limited(4)
28 Blue Acorn LLC(16)(17) Dec 31, NA 1 USD = 2 13 42 27 – 181 (3) – (3) 100.00
2021 ₹ 74.34
BRSR
29 iCi Digital LLC(18)(19) Dec 31, NA 1 USD = 136 (85) 79 28 – 169 4 – 4 100.00
2021 ₹ 74.34
30 Infosys BPO Mar 31, NA 1 USD = 130 (119) 67 56 – 165 (69) – (69) 100.00
Americas LLC.(3) 2022 ₹ 75.79
83
84
Sl. Name of the Financial Date of Exchange rate / Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition Reporting capital and assets (excluding (includes (Loss) for (Loss) shareholding
(1)
ended currency surplus share capital inter- before taxation after
and reserves company taxation(1) taxation(1)
and surplus) transactions)
31 GuideVision, Dec 31, Oct 1, 1 CZK = – 45 95 50 – 158 29 4 25 100.00
s.r.o.(20) 2021 2020 ₹ 3.39 Introduction
32 Stater N.V.(7) Dec 31, May 23, 1 EUR = 38 529 910 343 – 142 181 (14) 195 75.00
2021 2019 ₹ 84.22
33 Infosys Mar 31, NA 1 EUR = 17 (10) 62 55 – 108 2 – 2 100.00
Luxembourg S.à.r.l 2022 ₹ 84.22
Approaching
value creation
Inc(9)(23)
39 SureSource LLC(16)(17) Dec 31, NA 1 USD = 236 (226) 58 48 – 90 15 – 15 100.00
2021 ₹ 74.34
122 / 442
40 HypoCasso B.V.(5) Dec 31, NA 1 EUR = 8 12 33 13 – 88 7 2 5 75.00
2021 ₹ 84.22
Governance
statements
Enterprise
International
(Malaysia) Sdn.
Bhd.)(32)
54 Kaleidoscope Dec 31, NA 1 USD = – 11 14 3 – 20 6 – 6 100.00
value
123 / 442
56 Infosys Consulting Dec 31, NA 1 ARS = 10 (11) 55 56 – 15 (6) – (6) 100.00
S.R.L. (Argentina)(4) 2021 ₹ 0.72
Governance
GmbH(31)
Board’s report
Annexures to the
Financial
statements
85
86
Sl. Name of the Financial Date of Exchange rate / Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition Reporting capital and assets (excluding (includes (Loss) for (Loss) shareholding
(1)
ended currency surplus share capital inter- before taxation after
and reserves company taxation(1) taxation(1)
and surplus) transactions)
65 Infosys Turkey Dec 31, NA 1 TRY = – 1 3 2 – 2 2 1 1 100.00
Bilgi Teknolojikeri 2021 ₹ 5.59 Introduction
Limited Sirketi(36)
66 Stater XXL B.V.(5) Dec 31, NA 1 EUR = – – 1 1 – 1 1 – 1 75.00
2021 ₹ 84.22
67 Skava Systems Mar 31, Jun 2, INR – 76 88 12 76 – – – – 100.00
Approaching
value creation
72 Infosys Consulting Dec 31, Oct 22, 1 CHF = 162 273 488 53 – – 73 – 73 100.00
Holding AG 2021 2012 ₹ 81.46
73 Infosys Arabia Dec 31, NA 1 SAR = 3 – 3 – – – – – – 70.00
124 / 442
Limited(38) 2021 ₹ 19.8
74 Stater Dec 31, NA 1 EUR = – (244) 90 334 – – – – – 75.00
Governance
as Simplus Ireland,
Statutory
Board’s report
Ltd)(39)
Annexures to the
76 Blue Acorn iCi Inc Dec 31, Oct 27, 1 USD = 6 434 450 10 – – – 3 (3) 100.00
(formerly Beringer 2021 2020 ₹ 74.34
Commerce Inc)(40)
77 Beringer Capital Dec 31, Oct 27, 1 USD = 2 145 148 1 – – – (2) 2 100.00
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
Holdings LLC(25)(26)
79 Infosys Germany Dec 31, NA 1 EUR = 2 – 2 – – – – – – 100.00
Holding Gmbh(41) 2021 ₹ 84.22
80 Stater Gmbh(5)(42) Dec 31, NA 1 EUR = – (2) 3 5 – – (2) – (2) 75.00
(1) (24)
Converted at monthly average exchange rates Majority-owned and controlled subsidiaries of Infosys Consulting Holding AG
(2) (25)
On March 17, 2022, Infosys Limited acquired non-controlling interest of 0.01% of the voting Wholly-owned subsidiary of Blue Acorn iCi Inc
interests in Infosys BPM Limited (26)
Merged with Blue Acorn iCi Inc, effective January 1, 2022
(3)
Wholly-owned subsidiary of Infosys BPM Limited (27)
Wholly-owned subsidiary of Outbox Systems Inc.
(4)
Wholly-owned subsidiary of Infosys Consulting Holding AG (28)
value
Under Liquidation
(5)
Delivering
125 / 442
(8) (31)
A wholly-owned subsidiary of Infosys Limited. On March 28, 2021 Infosys Limited and Infosys Wholly-owned subsidiary of GuideVision s.r.o
Germany Holding Gmbh registered Infosys Automotive and Mobility GmbH & Co. KG, a (32)
On December 14, 2021, Infosys Consulting Pte. Ltd., a wholly-owned subsidiary of Infosys Limited
partnership firm
Governance
acquired 100% of voting interests in Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise
(9)
Wholly-owned subsidiary of WongDoody Holding Company Inc. International (Malaysia) Sdn. Bhd.)
(10) (33)
Wholly-owned subsidiary of Infosys Limited, effective December 31, 2021 Wholly-owned subsidiary of Kaleidoscope Animations, Inc.
(11) (34)
Wholly-owned subsidiary of Panaya Inc. A wholly-owned subsidiary of Infosys Limited, was incorporated on August 31, 2021
(12) (35)
Wholly-owned subsidiary of Infosys consulting Pte. Ltd. A wholly-owned subsidiary of Infosys Limited, was incorporated effective September 11, 2020
reports
Statutory
(13) (36)
On October 9, 2020, Infosys Nova Holdings LLC, acquired 100% voting interest in Kaleidoscope A wholly-owned subsidiary of Infosys Limited, was incorporated on December 30, 2020
Board’s report
Annexures to the
On October 27, 2020, Infosys Nova Holding LLC, a wholly-owned subsidiary of Infosys Limited,
Financial
statements
(17)
Merged with Beringer Commerce Holdings LLC, effective January 1, 2022 acquired 100% voting interest in Blue Acorn iCi Inc (formerly Beringer Commerce Inc) and Beringer
(18) Capital Digital Group Inc
Wholly-owned subsidiary of Beringer Capital Digital Group Inc.
(41)
(19) A wholly-owned subsidiary of Infosys Limited, was incorporated on March 23, 2021
Merged with Beringer Capital Digital Group Inc, effective January 1, 2022
(42)
(20) Incorporated on August 4, 2021
On October 1, 2020, Infy Consulting Company Limited acquired 100% of voting interests in
(43)
BRSR
GuideVision s.r.o On March 22, 2022, Infosys Consulting Pte. Ltd., a wholly-owned subsidiary of Infosys Limited
(21) acquired 100% of voting interests in Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”))
Wholly-owned subsidiary of Fluido Oy
(22)
Wholly-owned subsidiary of Simplus ANZ Pty Ltd.
(23)
Wholly-owned subsidiary of WongDoody Holding Company Inc., merged with WongDoody Inc,
effective December 31, 2021
87
Notes:
88
1. Investments exclude investments in subsidiaries.
2. Proposed dividend from any of the subsidiaries is nil except for Infosys BPM Limited which proposed a final dividend of ` 2,05,000/- per equity share (` 10,000 par value) subject to approval of
shareholders in ensuing Annual General Meeting of the Company.
3. Infosys Canada Public services Inc incorporated effective November 27, 2018, wholly owned subsidiary of Infosys Public Services Inc., has been liquidated effective November 23, 2021.
4. Reserve and Surplus includes Other comprehensive income and securities premium. Introduction
5. Simplus North America Inc., a wholly-owned subsidiary of Outbox Systems Inc., has been liquidated effective April 27, 2021.
6. Simplus Europe, Ltd., a wholly-owned subsidiary of Outbox Systems Inc., has been liquidated effective July 20, 2021.
7. Infosys Consulting (Shanghai) Co., Ltd., a wholly-owned subsidiary of Infosys Consulting Holding AG, has been liquidated effective September 01, 2021.
8. Sqware Peg Digital Pty Ltd, a wholly-owned subsidiary of Simplus Australia Pty Ltd, has been liquidated effective September 02, 2021.
9. Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.), a wholly-owned subsidiary of Infosys Consulting Holding AG, has been liquidated effective December 16, 2021.
Approaching
value creation
10. Infosys BPM UK Limited, a wholly owned subsidiary of Infosys BPM Ltd, incorporated, effective December 9, 2020 and has yet to commence operations.
11. Infosys Business Solutions LLC, a wholly-owned subsidiary of Infosys Limited, was incorporated on February 20, 2022 and has yet to commence operations.
12. Beringer Capital Digital Group Inc, Mediotype LLC and Beringer Commerce Holdings LLC, merged into Blue Acorn iCi Inc effective January 1, 2022.
review
Strategy
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Governance
reports
Statutory
Board’s report
Annexures to the
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
BRSR
This Form pertains to the disclosure of particulars of contracts / arrangements entered into by the Company with related parties referred
to in sub-section (1) of Section 188 of the Companies Act, 2013, including certain arm’s length transactions under third proviso thereto.
127 / 442
90
Annexure 3 – Particulars of employees
We are a leading provider of consulting, technology, outsourcing and next-generation digital services. We enable clients across 54 countries to outperform their competition
and stay ahead on the innovation curve. The remuneration and perquisites provided to our employees, including that of the Management, are on par with industry
benchmarks. The nomination and remuneration committee continuously reviews the compensation of our CEO and other Key Managerial Personnel (KMP) to align both the
short-term and long-term business objectives of the Company and to link compensation with the achievement of goals. Introduction
The details of remuneration to directors, KMP and other employees are in compliance with Rule 5 of Chapter XIII, the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. In accordance with the requirements, tables 3(a) and 3(b) include the perquisite value of stock incentives at the time of their exercise and
do not include the value of the stock incentives at the time of grant.
The increase in remuneration for the below-mentioned executive directors and KMP in fiscal 2022 as compared to fiscal 2021 is primarily on account of increase in
Approaching
value creation
perquisite value of stock incentives granted in previous years and exercised during the year. The increase in perquisite value of stock incentives exercised during the
year also includes the impact of share price increase. The table below additionally includes the % increase in remuneration excluding perquisite value of stock incentives
exercised during the year.
review
Information as per Rule 5 of Chapter XIII, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
Strategy
fiscal 2021(1) incentive exercised during the year) exercised during the year)
Delivering
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Kiran Mazumdar- 00347229 Lead Independent 92 26 92 26 –
Shaw Director
Governance
Board’s report
Annexures to the
and Whole-time
statements
Director
Nilanjan Roy(5) NA Chief Financial Officer 37 102 (11) 52 24,423
A.G.S. Manikantha(6) NA Company Secretary 34 18 13 11 1,800
BRSR
These RSUs will vest in line with the current employment agreement.
(5)
a) Remuneration includes ` 4.07 crore on account of exercise of 22,727 RSUs under the 2015 Plan and 5,000 RSUs under the 2019 Plan during fiscal 2022.
b) On the recommendations of the nomination and remuneration committee, the Board approved
i) the grant of 5,547 performance-based RSUs under the 2015 Plan effective May 2, 2021
ii) the grant of 9,876 annual time-based RSUs under the 2015 Plan effective February 1, 2022
iii) the grant of 9,000 performance-based RSUs under the 2019 Plan effective March 31, 2022. These RSUs will vest based on the Company’s achievement of certain performance criteria as laid out in
value
These RSUs will vest in line with the RSU award agreement.
c) The Board, on April 13, 2022, based on the recommendations of the nomination and remuneration committee, in accordance with the terms of his employment agreement, approved the grant of
annual performance-based RSUs of fair value of ` 0.87 crore under the 2015 Plan. The RSUs will be granted effective May 2, 2022 and the number of RSUs will be calculated based on the market price
129 / 442
at the close of trading on May 2, 2022.
(6)
a) Remuneration includes ` 0.58 crore on account of exercise of 2,685 RSUs under the 2015 Plan and 1,000 RSUs under the 2019 Plan during fiscal 2022.
Governance
b) On the recommendations of the nomination and remuneration committee, the Board approved the grant of 1,800 performance-based RSUs under the 2019 Plan effective March 31, 2022. These
RSUs will vest based on the Company’s achievement of certain performance criteria as laid out in the 2019 Plan.
The MRE was `8,14,332 and `7,21,314 in fiscal 2022 and fiscal 2021, respectively. The increase in MRE in fiscal 2022, as compared to fiscal 2021, is 12.9%.
The average annual increase in the salaries of employees was 14.6% in India, after accounting for promotions and other event-based compensation revisions. Employees
reports
Statutory
outside India received a wage increase in line with the market trends in the respective countries.
Board’s report
Annexures to the
The overall wages at leadership levels remained constant during fiscal 2022. However, the KMP remuneration presented in this report shows a higher remuneration for
fiscal 2022 as compared to fiscal 2021 primarily on account of the increase in perquisite value of stock incentives granted in previous years but exercised during the year.
The increase in perquisite value of stock incentives exercised during the year also includes the impact of share price increase.
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
statements
BRSR
91
92
3(b) Information as per Rule 5 of Chapter XIII, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
Top 10 employees in terms of remuneration drawn during the year
Employee name Designation Educational Age Experience Date of Location Remuneration in No. of RSUs granted Previous employment and
qualification (in years) joining fiscal 2022 (in `)(1) in fiscal 2022(2) designation
Salil Parekh CEO & MD B.Tech, ME 57 34 Jan 2, 2018 India 71,02,40,274(3) 1,88,452 Capgemini, Director General Introduction
(4)
U.B. Pravin Rao COO & WTD BE 60 37 Aug 4, 1986 India 37,25,68,706 – IISC, Trainee
Ravi Kumar S. President BE, PGD 50 28 Nov 8, 2002 US 35,82,65,796(5) 88,420 Sapient Corporation,
Director
Mohit Joshi President BA(H), MBA 47 25 Dec 7, 2000 UK 34,89,95,497(6) 95,010 ABN AMRO Bank, Manager
(7)
Approaching
value creation
Martha G. King Chief Client Officer BS 58 37 Oct 12, 2020 US 23,82,59,617 40,815 Vanguard, Managing
Director
Inderpreet Group General Counsel and BA LLB, LLM 57 31 Jul 3, 2017 US 17,44,61,272(8) 35,200 Wipro, Senior Vice President
Sawhney Chief Compliance Officer and General Counsel
review
Karmesh Gul Segment Head – CPG, BE 50 29 Mar 3, 2003 UK 14,64,53,864(9) 34,880 Accenture, Senior Manager
Strategy
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Notes: The details in the above table are on accrual basis for better comparability with the KMP remuneration disclosures included in other sections of this Annual Report.
The aforementioned employees have / had permanent employment contracts with the Company.
Governance
Employees mentioned above are neither relatives of any directors of the Company, nor hold 2% or more of the paid-up equity share capital of the Company as per Clause (iii) of sub-rule (2) of Rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
For employees based overseas, average exchange rates have been used for conversion to INR.
(1)
Includes fixed pay, variable pay, retiral benefits and the perquisite value of stock incentives exercised during the period, determined in accordance with the provisions of the Income-tax Act, 1961 or
reports
Statutory
relevant overseas tax regulations as applicable. Accordingly, the value of stock incentives granted during the period is not included. The number of stock incentives granted in fiscal 2022 is included in
Board’s report
(2)
Includes equity-settled and cash-settled RSUs issued at par under the 2015 and 2019 Plans.
(3)
Remuneration includes ` 52.33 crore on account of the exercise of 2,29,792 RSUs under the 2015 Plan and 1,48,434 under the 2019 Plan during fiscal 2022.
(4)
a) Remuneration includes ` 26.19 crore on account of exercise of 45,351 RSUs, 86,000 ESOPs under the 2015 Plan and 59,374 RSUs under the 2019 Plan during fiscal 2022.
b) U.B. Pravin Rao retired as a Chief Operating Officer and Whole-time director effective December 12, 2021.
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
(5)
Remuneration includes ` 25.58 crore on account of exercise of 1,02,601 RSUs, 56,376 ESOPs under the 2015 Plan and 16,667 RSUs under the 2019 Plan during fiscal 2022.
(6)
Remuneration includes ` 20.22 crore on account of exercise of 1,03,313 RSUs under the 2015 Plan and 16,667 RSUs under the 2019 Plan during fiscal 2022.
(7)
Remuneration includes ` 2.39 crore on account of exercise of 13,441 RSUs under the 2015 Plan during fiscal 2022.
(8)
Remuneration includes ` 9.62 crore on account of exercise of 31,926 RSUs, 33,334 ESOPs under the 2015 Plan and 8,334 RSUs under the 2019 Plan during fiscal 2022.
BRSR
(9)
Remuneration includes ` 6.71 crore on account of exercise of 31,550 RSUs under the 2015 Plan and 8,334 RSUs under the 2019 Plan during fiscal 2022.
(10)
Remuneration includes ` 8.25 crore on account of exercise of 43,125 RSUs under the 2015 Plan and 11,667 RSUs under the 2019 Plan during fiscal 2022.
(11)
Remuneration includes ` 4.59 crore on account of exercise of 21,413 RSUs under the 2015 Plan and 5,000 RSUs under the 2019 Plan during fiscal 2022.
(12)
Remuneration includes ` 6.03 crore on account of exercise of 27,115 RSUs, 9,724 ESOPs under the 2015 Plan and 5,000 RSUs under the 2019 Plan during fiscal 2022.
REF: IL/2022-23/01
TO
THE MEMBERS OF INFOSYS LIMITED
INDEPENDENT AUDITOR’S CERTIFICATE ON CORPORATE GOVERNANCE
1. This certificate is issued in accordance with the terms of our engagement letter reference no. IL/2021-22/22 dated July 8, 2021.
2. We, Deloitte Haskins & Sells LLP, Chartered Accountants, the Statutory Auditors of Infosys Limited (“the Company”), have examined
the compliance of conditions of Corporate Governance by the Company, for the year ended on March 31, 2022, as stipulated in
regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (the “Listing Regulations”).
Managements’ Responsibility
3. The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the
design, implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of the
Corporate Governance stipulated in Listing Regulations.
Auditor’s Responsibility
4. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring
compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial
statements of the Company.
5. We have examined the books of account and other relevant records and documents maintained by the Company for the purposes of
providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.
6. We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on Certification of
Corporate Governance issued by the Institute of the Chartered Accountants of India (the “ICAI”), the Standards on Auditing specified
under Section 143(10) of the Companies Act 2013, in so far as applicable for the purpose of this certificate and as per the Guidance
Note on Reports or Certificates for Special Purposes issued by the ICAI which requires that we comply with the ethical requirements of
the Code of Ethics issued by the ICAI.
7. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that
Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.
Opinion
8. Based on our examination of the relevant records and according to the information and explanations provided to us and the
representations provided by the Management, we certify that the Company has complied with the conditions of Corporate
Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the Listing
Regulations during the year ended March 31, 2022.
9. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with
which the Management has conducted the affairs of the Company.
Sd/-
Sanjiv V. Pilgaonkar
Partner
Place: Bengaluru (Membership No. 039826)
Date: April 13, 2022 UDIN: 22039826AGZWGP5582
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For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Annexure 5 – Secretarial audit report for the financial year ended March 31, 2022
Form No. MR-3
(Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014)
To,
The Members, Infosys Limited,
Electronics City, Hosur Road
Bengaluru-560100 Karnataka, India
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
practices by INFOSYS LIMITED (hereinafter called the Company). Secretarial Audit was conducted in a manner that provided me a
reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained by the
Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct
of secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial year ended on
March 31, 2022, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and
compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the
financial year ended on March 31, 2022 and made available to me, according to the provisions of:
i. The Companies Act, 2013 (“the Act”) and the rules made thereunder;
ii. The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the rules made thereunder;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment
and Overseas Direct Investment;
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (“SEBI Act”):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
(d) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
(e) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018
vi. Other laws applicable specifically to the Company, namely:
(a) The Information Technology Act, 2000 and the rules made thereunder;
(b) The Special Economic Zones Act, 2005 and the rules made thereunder;
(c) Software Technology Parks of India rules and regulations;
(d) The Indian Copy Rights Act, 1957;
(e) The Patents Act, 1970; and
(f) The Trade Marks Act, 1999.
I have also examined compliance with the applicable clauses of the Secretarial Standards issued by The Institute of Company
Secretaries of India.
I report that, during the year under review, the Company has complied with the provisions of the Acts, Rules, Regulations, Guidelines
and Standards mentioned above.
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P.G.HEGDE
Hegde & Hegde
Company Secretaries
Place: Bengaluru FCS: 1325 / C.P.No: 640
Date: April 13, 2022 UDIN: F001325D000060560
This report is to be read with Annexure A which forms an integral part of this report.
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For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Annexure A
To,
The Members
Infosys Limited
Bengaluru
1. Maintenance of secretarial records is the responsibility of the Management of the Company. My responsibility is to express an opinion
on these secretarial records based on my audit.
2. I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the
contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial
records. I believe that the process and practices, I followed provide a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, I have obtained the Management Representation about the compliance of laws, rules and regulations and
happening of events etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of the
Management. My examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with
which the Management has conducted the affairs of the Company.
P.G.HEGDE
Hegde & Hegde
Company Secretaries
Place: Bengaluru FCS: 1325 / C.P.No: 640
Date: April 13, 2022 UDIN: F001325D000060560
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1. Brief outline on CSR Policy of the Company • Promoting education, enhancing vocational skills
Over the years, we have been focusing on sustainable business • Rural development
practices encompassing economic, environmental and • Protection of national heritage, restoration of historical sites,
social imperatives that not only cover business, but also the promotion of art and culture
communities around us. Our Corporate Social Responsibility
(“CSR”) encompasses holistic community development and CSR activities
institution building, while shaping and sharing solutions Infosys Limited (“Infosys” or “the Company”) has been an early
that serve the development of businesses and communities. adopter of CSR initiatives. Infosys undertakes CSR initiatives both
Our CSR Policy aims to provide a dedicated approach to directly as well as through Infosys Foundation (“the Foundation”).
community development in the areas of improving healthcare The Foundation was established in 1996 with a vision to boosting
infrastructure, supporting primary education, rehabilitating the our CSR initiatives. This was long before the Companies Act, 2013
destitute, abandoned women and children, preserving Indian mandated CSR activities to be undertaken by the Company.
art and culture, removing malnutrition, rural development,
and contributing to serving the development of people by Key highlights of the activities of the Foundation during the year
shaping a future with meaningful opportunities for all, thereby, are listed below, and the details of these projects are given in the
accelerating the sustainable development of society while Corporate governance report that forms part of this Annual Report.
preserving the environment, and making our planet a better
place today and safeguarding it for future generations. • Constructed multi-storied Dharamshala’s for patients and
attendants at the All India Institute of Medical Sciences
Objectives (AIIMS), Jhajjar, Haryana and Tata Memorial’s Advanced
Our broad objectives, as stated in our CSR Policy, include: Center for Treatment, Research and Education in Cancer
(ACTREC) campus in Navi Mumbai, Maharashtra
• Making a positive impact on society through economic • Provided ambulances to Kidwai Memorial Institute
development and reduction of our resource footprint of Oncology, Karnataka Institute of Medical Sciences,
• Taking responsibility for the actions of the Company while Rashtrotthana Parishad, and Narayana Health, for timely and
also encouraging a positive impact through supporting emergency medical treatments
causes concerning the environment, communities and our • Continued COVID-19 relief measures such as providing
stakeholders medical treatment and equipment, distribution of food and
survival kits
Focus areas • Supported National Law School of India University for digital
• Promoting healthcare including preventive healthcare inclusion efforts to democratize access to resources through
scholarships and ensuring access to people with disabilities
• Eradicating hunger, poverty and sanitation programs
• Destitute care and rehabilitation The detailed report is available on the Infosys Foundation
• Environmental sustainability and ecological balance website, at https://www.infosys.com/infosys-foundation.
Sl Name of the director Designation / nature of directorship Number of meetings Number of meetings of
no. of CSR committee held CSR committee attended
during the year during the year
1. Kiran Mazumdar-Shaw Lead Independent Director, chairperson of CSR 4 4
committee
2. U.B. Pravin Rao(1) COO & Whole-time Director, member of CSR 3 3
committee
3. Chitra Nayak Independent Director, member of CSR committee 4 4
4 Uri Levine (2)
Independent Director, member of CSR committee NA NA
5 Salil Parekh(3) CEO & MD, member of CSR committee 1 1
(1)
Ceased to be a member of the Committee due to his retirement effective December 12, 2021
(2)
Appointed as a member of the Committee effective January 13, 2022
(3)
Appointed as a member of the Committee effective December 13, 2021, and ceased to be a member of the Committee effective January 12, 2022
135 / 442
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3. Web links where composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the
website of the company:
• The composition of the CSR committee is available on our website, at https://www.infosys.com/investors/corporate-governance/
documents/committee-composition.pdf.
• The Committee, with the approval of the Board, has adopted the CSR Policy as required under Section 135 of the Companies Act,
2013. The CSR Policy of the Company is available on our website, at https://www.infosys.com/investors/corporate-governance/
documents/corporate-social-responsibility-policy.pdf.
• The Company has also adopted the CSR committee charter, which is available on our website, at https://www.infosys.com/investors/
corporate-governance/documents/corporate-social-responsibility-committee-charter.pdf.
• The Board, based on the recommendation of the CSR committee, at its meeting held on April 13, 2022, has approved the annual
action plan / projects for fiscal 2023, the details of which are available on our website, at https://www.infosys.com/investors/reports-
filings/documents/csr-projects2022-23.pdf.
4. Details of impact assessment of CSR projects carried out in pursuance of sub-rule (3) of Rule 8 of the Companies (Corporate
Social Responsibility Policy) Rules, 2014, if applicable: The Company has been voluntarily conducting impact assessments
through independent agencies to screen and evaluate select CSR programs. The Company takes cognizance of sub-rule (3) of
Rule 8 of the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (“CSR Amendment Rules”). There are no
projects undertaken or completed after the effective date of the aforementioned rules for fiscal 2022, which would require an impact
assessment to be carried out in pursuance to the above rule.
5. Details of the amount available for set-off in pursuance of sub-rule (3) of Rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set-off for the financial year, if any: Nil
6. Average net profit of the Company as per Sec 135(5): ` 19,834 crore
7. a. Two percent of average net profit of the Company as per Section 135(5): ` 396.70 crore
b. Surplus arising out of the CSR projects or programs or activities of the previous financial years: Nil
c. Amount required to be set-off for the financial year, if any: Nil
d. Total CSR obligation for the financial year (7a+7b-7c): ` 396.70 crore
8. (a) CSR amount spent or unspent for the financial year:
Total amount spent Amount unspent
for the financial year(1) Total amount transferred to unspent CSR Amount transferred to any fund specified under Schedule VII as per
(in ` crore) account as per Section 135(6) second proviso to Section 135(5)
Amount (in ` crore) Date of transfer Name of the fund Amount Date of transfer
344.91 51.79 Refer to Note NA Nil NA
(1)
Includes a sum of ` 44 lakh incurred towards administration overheads
Note: The unspent amount will be transferred to unspent CSR account within 30 days from the end of the financial year, in accordance with the Companies Act,
2013 read with the CSR Amendment Rules.
136 / 442
(b) Details of CSR amount spent against ongoing projects for the financial year:
Sl. Name of the project Item Local Location of the project Project Amount Amount Amount Mode of Mode of implementation –
no. from the area duration(1) allocated spent transferred implementation Through implementing agency
list of (Yes / State District (in years) for the in the to unspent – Direct (Yes Name CSR registration
activities No) project current CSR account / No) number
in in fiscal financial for the Introduction
Schedule 2022 (in year (in project as
VII to the ` crore) ` crore) per Section
Act 135(6) (in
` crore)
1 Facilitating COVID-19 relief (i), (xii) No Pan-India Pan-India 2 81.65 46.94 34.71 No Infosys CSR00004175
Approaching
137 / 442
3 Construction of a 325‑bed (i), (iii) Yes Karnataka Bengaluru 3 45.99 45.99 – No Infosys CSR00004175
hospital block at the Sri Foundation
Governance
Jayadeva Institute of
Cardiovascular Sciences &
Research
4 Smoke-free kitchen through (iv) Yes Maharashtra Nagpur, 2 30.46 27.37 3.09 Yes Infosys Not applicable
installation of biogas units Bhandara Limited
reports
Statutory
farming
5 Construction of the 800-bed (iii) Yes Haryana Jhajjar 3 26.86 26.86 – No Infosys CSR00004175
Infosys Vishram Sadan at the Foundation
All India Institute of Medical
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
Sciences
statements
6 Bangalore Metro Rail (iv) Yes Karnataka Bengaluru 4 34.68 23.83 10.85 No Infosys CSR00004175
Corporation Limited Foundation
(BMRCL)
7 Construction of a 100‑bed (i), (iii) Yes Karnataka Ramanagara 4 19.90 19.90 – No Infosys CSR00004175
BRSR
99
100
Sl. Name of the project Item Local Location of the project Project Amount Amount Amount Mode of Mode of implementation –
no. from the area duration(1) allocated spent transferred implementation Through implementing agency
list of (Yes / State District (in years) for the in the to unspent – Direct (Yes Name CSR registration
activities No) project current CSR account / No) number
in in fiscal financial for the
Schedule 2022 (in year (in project as
VII to the ` crore) ` crore) per Section Introduction
Act 135(6) (in
` crore)
9 Smoke-free kitchen (iv) Yes Maharashtra, Various 2 18.01 17.56 0.45 Yes Infosys Not applicable
through the distribution Meghalaya, locations Limited
of high-efficiency biomass Odisha,
Approaching
value creation
cookstoves Rajasthan
10 Construction of the (i), (iii) Yes Maharashtra Mumbai 4 21.44 21.44 – No Infosys CSR00004175
600‑bed Infosys Asha Nivas Foundation
dharmashala at the Tata
Memorial Center
review
Strategy
11 Construction of a hostel (ii), (iii) Yes Tamil Nadu Tiruchirappalli 3 7.63 7.63 – No Infosys CSR00004175
for girls at the campus Foundation
of the Indian Institute of
Information Technology
12 Rejuvenation of lake (iv) Yes Karnataka Mysuru 2 7.00 6.09 0.91 Yes Infosys Not applicable
value
Limited
Delivering
13 Construction of Skill (ii) Yes Karnataka Tumakuru 4 5.12 5.12 – No Infosys CSR00004175
Development Training Foundation
Center and other facilities at
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the Indian Red Cross Society
14 Construction of a school (ii) Yes Karnataka Dakshina 3 5.08 5.08 – No Infosys CSR00004175
Governance
farming
16 Construction of a Sabha (v) Yes Karnataka Udupi 4 4.20 4.20 – No Infosys CSR00004175
Bhavan to continue Foundation
and function leading to
promotion of Yakshagana
Financial
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statements
17 Construction of Rajya Sainik (vi) Yes Odisha Khordha 3 4.12 4.12 – No Infosys CSR00004175
Sadan for ex‑servicemen for Foundation
their welfare considering
the service they have done
BRSR
livelihood center
Zoological Gardens
21 Construction of the second (iv) Yes Karnataka Mysuru 2 1.27 1.27 – No Infosys CSR00004175
animal-friendly enclosure for Foundation
gorillas at Sri Chamarajendra
Zoological Gardens
value
Delivering
22 Construction of a new, (v) Yes Karnataka Bengaluru 3 1.10 1.10 – No Infosys CSR00004175
state-of-the-art museum at Foundation
the Art and Photography
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Foundation
23 Construction of a (ii), (iii) Yes Karnataka Mysuru 3 1.08 1.08 – No Infosys CSR00004175
multipurpose hall to be used Foundation
Governance
Financial
statements
26 Infosys Science Foundation (ii) Yes Karnataka Bengaluru 4 11.50 11.50 – Yes Infosys Not applicable
– Infrastructure support to Limited
create a center of excellence
27 Granted funds for a mobile (i) Yes Karnataka Pavagada 2 0.26 0.26 – No Infosys CSR00004175
BRSR
101
102
Sl. Name of the project Item Local Location of the project Project Amount Amount Amount Mode of Mode of implementation –
no. from the area duration(1) allocated spent transferred implementation Through implementing agency
list of (Yes / State District (in years) for the in the to unspent – Direct (Yes Name CSR registration
activities No) project current CSR account / No) number
in in fiscal financial for the
Schedule 2022 (in year (in project as
VII to the ` crore) ` crore) per Section Introduction
Act 135(6) (in
` crore)
29 Providing infrastructure to (ii) Yes Karnataka Bengaluru 2 0.10 0.10 – No Infosys CSR00004175
the general public for sports Foundation
activities in Bengaluru
Approaching
value creation
30 Support the Infosys (ii) Yes Karnataka Bengaluru 4 0.85 0.85 – No Infosys CSR00004175
Foundation-PPBA Foundation
Champions Nurturing
Program to spot and train
talented youngsters in
review
Strategy
badminton
31 Support the up‑gradation (v) No Uttar Varanasi 7 0.13 0.13 – No Infosys CSR00004175
of Bharat Kala Bhavan Pradesh Foundation
(museum), modernization of
15 galleries at Banaras Hindu
value
University(1)
Delivering
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for 300 girl students at Foundation
the Indian Institute of
Governance
Information Technology
34 Construction of a high (i), (iii) Yes Karnataka Bengaluru 4 0.57 0.57 – No Infosys CSR00004175
school building at the Foundation
Ramakrishna Mission
reports
Shivanahalli
Statutory
Board’s report
0.05 0.05
Annexures to the
35 Support the clean‑up and (iv) Yes Karnataka Mandya 4 – No Infosys CSR00004175
restoration of two water Foundation
bodies at a heritage site in
Mandya district
Total 370.09 318.30 51.79
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
(1)
Project duration includes the years prior to when the CSR amendment rules were made effective. Post April 1, 2021 the ongoing projects are of duration as specified under the CSR amendment rules.
BRSR
5 Road construction at Mudipu (x) Yes Karnataka Dakshina 1.30 No Infosys CSR00004175
Kannada Foundation
6 Projects less than ` 1 crore(1) Various No Pan-India Pan-India 16.00 Implementing Infosys CSR00004175
schedule VII Agency & Foundation /
activities Direct Infosys
value
Limited
Delivering
Total 26.17
(1)
141 / 442
Multiple small-scale CSR projects with an outflow of less than ` 1 crore, have been clubbed together.
(i) 2% of average net profit of the Company as per Section 135(5) 396.70
(ii) Total amount spent for the financial year 344.91
(iii) Excess amount spent for the financial year [(ii)-(i)] NA
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
Nil
statements
(iv) Surplus arising out of the CSR projects or programs or activities of the previous financial years, if any
(v) Amount available for set-off in succeeding financial years [(iii)-(iv)] Nil
BRSR
103
9. (a) Details of unspent CSR amount for the preceding three financial years:
104
in ` crore
Sl. Preceding Amount transferred to unspent Amount spent in the Amount transferred to any fund specified under Schedule VII Amount remaining to be spent in
no. financial year CSR account under Section 135 (6) reporting financial year as per Section 135(6), if any succeeding financial years
Name of the fund Amount Date of transfer
1 Fiscal 2021 49.52 27.78 NA NA NA 21.74 Introduction
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
Sl. Project ID Name of the project Financial year in Project Total amount Amount spent on Cumulative amount Status of the
Approaching
value creation
no. which the project duration(1) allocated for the the project in the spent at the end of project – Completed /
was commenced project (in ` crore) reporting financial reporting financial Ongoing
year (in ` crore) year (in ` crore)
1 20MECAKAUR0020 Construction of a 325-bed Fiscal 2020 3 years 89.39 45.99 89.39 Completed
hospital block at the Sri Jayadeva
review
Strategy
Institute of Cardiovascular
Sciences & Research
2 20DECAHRRU0166 Construction of the 800-bed Fiscal 2020 3 years 81.98 26.86 81.98 Completed
Infosys Vishram Sadan at the
All India Institute of Medical
value
Sciences
Delivering
3 22RUCAKAUR0053 Bangalore Metro Rail Corporation Fiscal 2019 4 years 180.00 23.83 94.84 Ongoing
Limited (BMRCL)
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4 20MECAKAUR0021 Construction of a 100-bed Fiscal 2020 4 years 45.00 19.90 40.67 Ongoing
maternity and child care hospital
Governance
5 22DEOPKARU0007 Aiding flood relief efforts Fiscal 2021 3 years 34.00 15.50 30.32 Ongoing
6 21COOPPIRU5002 Smoke-free kitchen through the Fiscal 2020 4 years 35.42 17.56 26.05 Ongoing
distribution of high-efficiency
biomass cookstoves
reports
7 19DECAKAUR0039 Construction of the 600-bed Fiscal 2019 4 years 62.46 21.44 62.46 Completed
Statutory
Board’s report
Technology
statements
9 20DECAKARU0245 Construction of a skill Fiscal 2020 4 years 14.00 5.12 8.07 Ongoing
development training center and
other facilities at the Indian Red
Cross Society
BRSR
10 21EDCAKARU0101 Construction of a school building Fiscal 2021 3 years 16.00 5.08 9.61 Ongoing
at the Chethana Residential
School
14 22MEOPKAUR0062 Construction of new 75,000 sq.ft. Fiscal 2018 5 years 25.98 2.79 25.98 Completed
Strategy
Chamarajendra Zoological
Delivering
Gardens
16 20ALOPKAUR0241 Construction of a new, state-of- Fiscal 2020 3 years 4.10 1.10 4.10 Completed
143 / 442
the-art museum at the Art and
Photography Foundation
17 20DECAKAUR0190 Construction of a multipurpose Fiscal 2020 3 years 2.47 1.08 2.47 Completed
Governance
Financial
statements
105
(1)
Project duration includes the years prior to when the CSR amendment rules were made effective. Post April 1, 2021 the ongoing projects are of duration as specified under the CSR amendment rules.
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year:
106
Date of creation or Amount of CSR spent for creation Details of the entity or public authority or beneficiary Details of the capital asset(s) created or acquired (including
acquisition of the capital or acquisition of capital asset – under whose name such capital asset is registered, their complete address and location of the capital asset)
asset(s) Fiscal 2022 (in ` crore) address etc.
(a) (b) (c) (d)
Nov 17, 2021 45.99 Sri Jayadeva Institute of Cardiovascular Sciences & Hospital block Introduction
Research Address: Jayanagar 9th Block, Bannerghatta, Bengaluru,
Address: Jayanagar 9th Block, Bannerghatta, Bengaluru, Karnataka 560 069
Karnataka 560 069
Apr 1, 2021 to 42.64 Various beneficiaries Facilitating COVID-19 relief efforts by providing essential
Mar 31, 2022 Address: Pan-India medical equipment and infrastructure to various hospitals
Approaching
value creation
Address: Pan-India
Oct 21, 2021 26.86 All India Institute of Medical Sciences Dharmashala (public resthouse)
Address: Ansari Nagar, New Delhi 110 029 Address: Ansari Nagar, New Delhi 110 029
Oct 7, 2021 21.44 Tata Memorial Center Dharmashala (public resthouse)
review
Strategy
Address: Dr. Ernest Borges Marg, Parel, Mumbai Address: Dr. Ernest Borges Marg, Parel, Mumbai
Maharashtra 400 102 Maharashtra 400 102
Mar 18, 2022 11.50 Infosys Science Foundation Academic and research block
Address: South End Circle, Jayanagar, Bengaluru, Address: South End Circle, Jayanagar, Bengaluru,
Karnataka 560 004 Karnataka 560 004
value
Dec 30, 2021 4.12 Rajya Sainik Board Sainik Welfare Block
Delivering
Address: Nageshwar Tangi, Lewis Road, Bhubaneswar, Address: Nageshwar Tangi, Lewis Road, Bhubaneswar,
Khurdh, Odisha 751 002 Khurdh, Odisha 751 002
Apr 1, 2021 to 2.88 Various beneficiaries Biogas units for smoke-free kitchens
144 / 442
Mar 31, 2022 Address: Uttara Kannada; Dakshina Kannada; Udupi; Address: Uttara Kannada; Dakshina Kannada; Udupi;
Shimoga Shimoga
Governance
Aug 23, 2021 2.79 Kidwai Memorial Institute of Oncology OPD block
Address: Dr M H, Marigowda Rd, Hombegowda Nagar, Address: Dr M H, Marigowda Rd, Hombegowda Nagar,
Bengaluru, Karnataka 560 029 Bengaluru, Karnataka 560 029
Nov 18, 2021 1.33 Sri Chamarajendra Zoological Gardens Animal enclosure
reports
Statutory
Address: Zoo Main Road, Indira Nagar, Ittige Gudu, Mysuru, Address: Zoo Main Road, Indira Nagar, Ittige Gudu, Mysuru,
Board’s report
Mar 31, 2022 1.08 Shakthidhama Women rehabilitation center Multipurpose hall
Address: No, 18/1B, Opposite JSS College, Ooty Nanjangud Address: No, 18/1B, Opposite JSS College, Ooty Nanjangud
Road, Mysuru, Karnataka 570 025 Road, Mysuru, Karnataka 570 025
Oct 27, 2021 1.30 Kurnadu Gram Panchayat Road construction – Mudipu
Financial
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statements
Address: Kurnadu Gram Panchayat, Bantwal Taluk, Address: Kurnadu Gram Panchayat, Bantwal Taluk,
Dakshina Kannada District Dakshina Kannada District
Notes: Details of CSR Projects less than 1 crore will be made available on the website, at https://www.infosys.com/investors/reports-filings/documents/csr-capital-assets2021-22.pdf
Includes projects which have been completed in fiscal 2022
BRSR
Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (“the Rules”), the Company was required to transfer its CSR capital assets
created prior to January 2021. Towards this, the Company had incorporated a controlled subsidiary, ‘Infosys Green Forum’ under Section 8 of the Companies Act, 2013. During
the year ended March 31, 2022, the Company has completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable.
Sd/- Sd/-
Kiran Mazumdar-Shaw Salil Parekh
Bengaluru Chairperson, CSR Committee Chief Executive Officer and
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April 13, 2022 Managing Director
Governance
reports
Statutory
Board’s report
Annexures to the
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statements
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Our focused approach on energy efficiency, renewable pursue green power purchase from third-party power producers
energy and carbon offset projects over the years culminated and continue working with governments to enable favorable
in Infosys achieving carbon neutrality for three years in a row policies for scaling up green power by corporates in India.
since fiscal 2020, across all emissions, as per PAS 2060:2014
Green buildings: In fiscal 2022, our new buildings in Bengaluru,
standards. We continue to remain carbon-neutral for fiscal 2022.
Mysuru and Thiruvananthapuram in India and Indianapolis in
Our detailed, independently assured ESG Report will be available
the US were awarded the LEED Platinum certification from the
at https://www.infosys.com/sustainability/documents/infosys-
US Green Building Council. We also received the IGBC (Indian
esg-report-2021-22.pdf.
Green Building Council) Platinum certification for our buildings
in Chennai and Bhubaneswar. With this, we now have 45 projects
Resource conservation initiatives at Infosys with the highest level of green building certification,
Judicious use of resources (mainly energy and water) is necessary spanning a total area of 28.61 million sq.ft. An additional 2.1
to avoid environmental and socio-economic problems. Resource million sq.ft. of our projects is currently undergoing green
conservation is important to ensure a healthy environment building certification.
and equitable distribution in society. At Infosys, what started
as a simple energy-metering exercise in 2008 to identify Healthy and efficient workspace: A retrofit program to enhance
wastage and opportunities for savings resulted in one of the the availability of fresh air in the air conditioning systems in office
largest enterprise-level resource conservation initiatives. buildings was implemented across Infosys, to improve air quality
Super‑efficient new buildings, deep retrofits in existing and provide healthy workspaces for employees. This would
buildings, smart automation, water management initiatives and also reduce the spread of infections in general. The reference
waste management projects have contributed to reducing our for this program was the World Health Organization roadmap
environmental impact significantly. We have been able to grow to improve and ensure good ventilation, in the context of
our business in a sustainable manner, following the principle of COVID-19. During this retrofit, automation was also taken up to
circularity and efficient use of resources. monitor key parameters on air quality in offices, and to make sure
the buildings’ systems like air conditioning and lighting were
Investments in renewable energy have helped in reducing our perfectly synchronized with the requirement, thereby saving
emissions, and high-impact carbon offset projects have enabled significant energy. Over 15 million sq.ft. of office buildings have
us to offset our un-avoidable emissions. been retrofitted under this program.
Energy: Our new buildings continue to push the boundaries Water management: We follow the 3 Rs strategy – Reduce,
of innovation and efficiency, setting an example for the Recycle and Reuse – for effective water management.
industry. Our enterprise-level energy-efficiency retrofit Demand‑side measures and awareness creation, smart metering
program transforms existing buildings into efficient ones. to track real-time water usage and advanced technology
Smart automation has enabled remote monitoring, control and sewage treatment plants, have reduced our water consumption
optimization of building operations across over 33.81 million significantly. The highlight of our efforts has been harvesting
sq. ft. of space. This has helped us manage our operations and reuse of rainwater through lakes, recharge wells and rooftop
efficiently and uninterrupted in the current situation caused by rainwater collection, which reduces dependency on external
the pandemic, ensuring the health and safety of employees as sources and has a positive impact on the water table.
well as operations personnel.
Waste management: We continue to pursue our goal of
Initiatives: Retrofits of existing data center UPS with modular minimizing waste going to landfills. We work with vendors who
types in data center to reduce PUE, constant monitoring, further segregate the mixed waste generated on our campuses
analysis of the work station UPS were undertaken during and help divert the waste from landfills. Organic waste, such as
the year. We were able to optimize HVAC operation through food waste and garden waste, is treated within our campuses.
consolidation of buildings. For all other waste, proper segregation at source has ensured
Energy-efficiency retrofits have helped us reduce our connected effective recycling and disposal of different types of waste
load over the years by over 34.82 MW. Retrofit projects were generated, in adherence to applicable legislation.
taken up for the following reasons: resource conservation, Carbon offsets: Infosys continues to identify and work on issues
end‑of-life of equipment, indoor environment quality in rural India that also offer the potential for emission reductions.
improvement, and technology upgrade. Given the nature of our operations, despite our best efforts in
The capital investment in energy conservation projects was reducing / avoiding emissions within our boundaries, a sizeable
about ` 4 crore in fiscal 2022. emissions basket remains. These include emissions from business
travel, employee commute, work from home, transmission and
Renewable energy: We have a total capacity of 60 MW of solar PV, distribution loss etc. While Infosys continues to have a choice
including rooftop and ground-mounted systems. We continue to to offset through carbon credits that are offered in the market,
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we have made the choice to get involved in every action aimed Enterprise storage modernization: As part of new technology
to reduce and / or avoid emissions. This year, we added two adoption, we have successfully modernized our enterprise
new cookstove projects in Rajasthan and Maharashtra and one storage platform. The entire migration was completed with
integrated project in Meghalaya. With these, we have a total zero downtime. This platform adopted the latest storage disk
of seven fully‑commissioned carbon offset projects and five technology, which drives enhanced performance up to 10X,
projects are under various implementation stages totaling compression and deduplication advantages along with data
to 12 carbon offset projects as of fiscal 2022. These include availability guarantee. This initiative delivered power savings of
seven cookstove projects, three biogas projects, one rural 46% for this landscape.
electrification project and one integrated project (household
Infrastructure as code: Infrastructure as code is a transformational
solar electrification, cookstove, public health center and solar
initiative towards enabling continuous deployment, continuous
street lighting) across six states in India.
integration, and touchless management of the life cycle of
Upon completion, these projects will benefit over 2,30,000 infrastructure components. This methodology overcomes the
families. As of fiscal 2022, we have extended our project coverage traditional challenges such as growing scale of infrastructure,
to over 1,84,000 families, while also creating over 2,800 jobs. elastic demand, speed and consistency of deployment and
the interdependency between teams. This initiative delivered
Health, safety and environment 1,200+ playbooks for automating platform‑related processes
One of the hallmarks of our efforts to provide a safe and across hybrid cloud.
healthy workplace has been the establishment of a robust Cloud-native application platform: As part of modernizing
Health, Safety and Environmental Management System applications, some applications need to be exposed to
(HSEMS), christened Ozone. The driving force behind this has different user bases with varied authentication mechanisms.
been the various requirements from multiple stakeholders, The cloud‑native application platform gives the capabilities in
including clients, internal customers, vendor partners, law a ready-to-use architecture. This enables quick onboarding of
enforcement / regulatory bodies, and the communities in which applications with industry-standard security along with greater
we operate. Systems have been established in accordance scalability and availability using the power of cloud.
with internationally-recognized standards / specifications, and
Infosys is certified a ISO14001:2015 and ISO 45001:2018 in our Modern, hybrid, and secure workplace: Bringing together
India locations. Protecting the environment, providing the right technologies like borderless ODCs, virtual collaboration tools,
workplace ambience, and safeguarding health and safety of and self-serve applications, our hybrid workplace ecosystem
personnel, including employees, contract workers and visitors, empowers employees with much-needed flexibility to work
are strategic priorities for us. The HSEMS includes well-defined from anywhere. A resilient IT management system minimizes
policies and procedures and also strives to keep interested threats and prevents attacks, through a continuous cycle of
parties well-informed, trained and committed to our HSE process. vulnerability assessment and remediation, to safeguard our data
and brand reputation.
Technology absorption OneStop platform: We have introduced OneStop unified
Live Enterprise@Infosys: An enterprise that senses, feels and provisioning platform for endpoint, cloud, software, and tools.
responds in real-time – this was the theme of our transformation The PolyCloud digital backplane provides an abstraction
journey of the last three years. It had to be a mobile-first of managed private cloud and public cloud services,
approach so that employees were connected to the organization empowering full stack developers. The ‘go any cloud’ platform
wherever they were in the world and could access the empowers digital natives to consume Kubernetes containers,
organization’s assets to learn and contribute. The response has WebDevStacks, database, and platforms, as services through
been phenomenal – the InfyMe mobile app, with 250+ features, self-service models, powering business-led innovations and Live
has been downloaded by more than 2,78,000 users, and more Enterprise Platform Suites.
than 44,000 users have rated it 4.7/5 on Google Play Store. With The OneStop platform lets project managers request IT hardware
process bursting, we have seen many of our key processes and software in advance, enabling new hires to be productive
become faster and more responsive and the Live Enterprise on Day One. The IT Genie intuitive app in the laptop helps users
platform has itself been built on the latest open source stack. self-configure basic applications, reducing interactions with
After the internal success, we are also seeing interest for the the IT Support team.
platform among our clients as seven clients have already been
onboarded and many more are in discussions. Energy-efficient IT infrastructure
To enable this, our core backend infrastructure was transformed We have adopted a multi-pronged strategy to make our
to host modern applications, using the scalability of cloud, IT infrastructure energy-efficient and green. Some of the
security of on-premise in rastructure in a hybrid cloud measures implemented are:
deployment using open source technologies with highly
scalable container orchestration solutions like Kubernetes for Public cloud adoption: Currently, more than 65% of the internal
microservices. Telemetry infrastructure using the ELK stack computer workload has been migrated to public cloud.
provided enhanced real-time visibility and enabled proactive More than three lakh employees have been enabled for cloud-
error detection and correction. based collaboration platform for messaging, presence, video,
and other requirements.
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Datacenter modernization: A strategic initiative launched by time and increasing availability. In addition, datacenter standards
InfosysIT to modernize the datacenter IT landscape to make it are revised with a focus on delivering industry leading PUE and
future-ready, continues to yield high rewards. Density‑optimized will be integrated with DCIM through Smart PDUs for providing a
hyperscale platforms have been deployed to deliver high-density unified view of IT and facility subsystems.
server virtualization and consolidation across the enterprise.
Enterprise storage: We continue to provide around 1.8PB
The hyperscale platforms are open-driven infrastructure
storage capacity for employees, revenue projects and internal
innovations, which provide cloud-scale agility and enables
requirements on All Flash storage with Fabric Pool and Storage
efficient resource pooling and utilization. This initiative has
Grid technology. Data is marked hot and cold based on policy,
delivered 75% power savings on green energy efficiency
cold data is automatically moved onto cheaper larger capacity
aspects and drastically reduced the total cost of ownership
storage, thereby achieving tiering of data and savings in terms
for the organization.
of Data Center footprint, power consumption and cooling. This
InfosysIT has made focussed investment on Datacenter resulted in CO2 reduction of 681.88 metric ton per year and
Infrastructure Management (DCIM) tools to get accurate visibility power saving of 14,32,811 kWh per year.
across the entire Datacenter IT and Facility stack, which is the
Cloud-native development environment: The open source-based
foundation to be able to do everything else.
cloud-native development platform is built on Hyper Converged
DCIM provides environmental (temperature, humidity, air Infrastructure (HCI) and compute which has helped in data center
flow), power (at the device, rack, zone and datacenter level) footprint reduction by 80% along with the reduction in power
and cooling data. This information can be used to alert the and cooling consumption by 30%.
management when thresholds are exceeded, reducing repair
Research and development (R&D) expenditure – standalone Foreign exchange earnings and outgo
in ` crore We have established a substantial direct marketing network
529 around the world, including North America, Europe and
Revenue expenditure Asia‑Pacific. These offices are staffed with sales and marketing
508
specialists who sell our services to large international clients.
12
Capital expenditure
4 Activity in foreign currency – standalone
541 in ` crore
Total
512 1,01,854
Earnings
0.5 84,252
R&D expenditure / revenue (%)
0.6 57,224
Expenditure
2022 2021
46,433
44,630
Net foreign exchange earnings (NFE)
Future plan of action 37,819
We will continue to collaborate with leading national and 43.8
international universities, product vendors and technology NFE / earnings (%)
44.9
startup companies. We are creating an ecosystem to co-create
2022 2021
business solutions on client-specific business themes.
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Nandan M. Nilekani Salil Parekh
Bengaluru Chairman Chief Executive Officer and
April 13, 2022 Managing Director
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Annexure 8 – Corporate policies
We seek to promote and follow the highest level of ethical standards in all our business transactions guided by our value system. The SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, as amended, mandates the formulation of certain policies for all listed companies. The corporate governance policies are available on the
Company’s website, at https://www.infosys.com/investors/corporate-governance/Pages/policies.aspx. The policies are reviewed periodically by the Board and updated as
Introduction
needed. During the year and at its meeting held on April 13, 2022, the Board revised and adopted some of the policies.
Key policies that have been adopted are as follows:
Whistleblower Policy The Company has adopted a whistleblower mechanism to report concerns https://www.infosys.com/investors/corporate-
Code of Conduct and Ethics The Company has adopted the Code of Conduct and Ethics which forms the https://www.infosys.com/investors/corporate-
Strategy
foundation of its ethics and compliance program. The policy was revised and governance/Documents/CodeofConduct.pdf
adopted effective October 13, 2021.
Capital Allocation Policy The Policy applies to the distribution of free cash flow as dividend or buyback https://www.infosys.com/investors/corporate-
over the next five-year period ending in fiscal 2024. The policy was revised governance/documents/capital-allocation-policy.pdf
and adopted effective July 12, 2019.
value
Delivering
Dividend Distribution Policy The Company has adopted the Dividend Distribution Policy to determine the https://www.infosys.com/investors/corporate-
distribution of dividends in accordance with the provisions of applicable laws. governance/Documents/dividend-distribution.pdf
The policy was revised and adopted effective April 20, 2020.
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Infosys Code on Fair Disclosures The policy is aimed at providing clear guidelines and procedures for https://www.infosys.com/investors/corporate-
and Investor Relations disclosing material information outside the Company in order to provide governance/documents/code-fair-disclosures-
Governance
accurate and timely communications to our shareholders and the financial investor-relations.pdf
markets. The policy was revised and adopted effective April 13, 2022.
Policy for Determining This policy applies to disclosures of material events affecting Infosys and https://www.infosys.com/investors/corporate-
Materiality for Disclosures its subsidiaries. This policy is in addition to the above-mentioned Infosys governance/Documents/policy-determining-
reports
Code on Fair Disclosures and Investor Relations. The policy was revised and materiality-disclosures.pdf
Statutory
Board’s report
Recoupment Policy The policy deals with the provisions if the Company restates its financial https://www.infosys.com/investors/corporate-
statements. It allows the Company to recover any incentive-based governance/Documents/recoupment-policy.pdf
compensation received by an executive officer that is in excess of what would
have been payable based on the restated and corrected financial statements.
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statements
111
112
Name of the policy Brief description Web link
Corporate Social The policy outlines the Company’s strategy to bring about a positive impact https://www.infosys.com/investors/corporate-
Responsibility Policy on society through programs relating to hunger, poverty, education, governance/Documents/corporate-social-
healthcare, environment, and lowering of the Company’s resource footprint. responsibility-policy.pdf
The policy was revised and adopted effective January 14, 2021.
Introduction
Policy on Material Subsidiaries The policy is used to determine the material subsidiaries and material https://www.infosys.com/investors/corporate-
unlisted Indian subsidiaries of the Company and to provide the governance/Documents/material-subsidiaries-policy.pdf
governance framework for them. The policy was revised and adopted
effective April 12, 2019.
Related Party The policy regulates all transactions between the Company and its related https://www.infosys.com/investors/corporate-
Approaching
value creation
Transactions Policy parties. The policy was revised and adopted effective April 13, 2022. governance/Documents/related-party-
transaction-policy.pdf
Document Retention and The policy deals with the retention and archival of corporate records of https://www.infosys.com/investors/
Archival Policy Infosys Limited and all its subsidiaries. The policy was revised and adopted corporate-governance/Documents/document-
effective April 13, 2022. retention-archival-policy.pdf
review
Strategy
Board Diversity Policy The policy sets out the approach to diversity on the Board of the Company. https://www.infosys.com/investors/corporate-
The policy was revised and adopted effective April 13, 2022. governance/documents/board-diversity-policy.pdf
Enterprise This Policy is to institutionalize a formal risk management function and https://www.infosys.com/investors/corporate-
Risk Management Policy- framework in the company. This policy is drafted in accordance with the governance/documents/enterprise-risk-
guidelines provided under the Charter of the Risk Management Committee management-policy.pdf
value
Delivering
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Governance
reports
Statutory
Board’s report
Annexures to the
Financial
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statements
BRSR
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I. Industry structure and developments We offer end-to-end service offering capabilities in consulting,
software application development, integration, maintenance,
Software and computing technology are transforming validation, enterprise system implementation, product
businesses in every industry around the world in a profound engineering, infrastructure management and business
and fundamental way. During fiscal 2022, we witnessed process management.
an acceleration in the adoption of digital technologies as
We have built industry-specific domain and technology
businesses attempted to reimagine their cost structures, increase
expertise, and capabilities in methodologies such as Design
business resilience and agility, personalize experiences for their
Thinking and agile software development. These give us the
customers and employees, and launch new and disruptive
ability to articulate and demonstrate long-term value to our
products and services.
clients around the world, with whom we have deep, enduring
For more information, refer to the Operating context section of and expansive relationships.
the Integrated Report.
We have invested in building proprietary intellectual property
in software platforms and products, such as Infosys Cobalt™,
II. Opportunities and threats Finacle®, McCamish, Panaya, Meridian, Helix, Infosys Equinox,
Wingspan, the Edge suite of products, Stater, Infosys Applied AI,
Our strategy CyberNext, Infosys Cortex and Infosys Live Enterprise Application
Our clients and prospective clients are faced with transformative Suite, which either amplify our own services or provide
business opportunities due to advances in software and differentiated solutions for our clients’ business processes.
computing technology. These organizations are dealing with the
We have continued to invest in Infosys Cobalt™ – a set of services,
challenge of having to reinvent their core offerings, processes
solutions and platforms for enterprises to accelerate their cloud
and systems rapidly and position themselves as ‘digitally
journey. It offers 35,000 cloud assets and over 300 industry cloud
enabled’. The journey to the digital future requires not just an
solution blueprints.
understanding of new technologies and new ways of working,
but a deep appreciation of existing technology landscapes, We launched Infosys Equinox, our flagship digital commerce
business processes and practices. Our strategy is to be a platform, a set of core microservices encompassing all
navigator for our clients as they ideate, plan and execute their digital commerce scenarios. This enables enterprises to
journey to a digital future. rapidly build and deploy features across all touchpoints and
channels, without the friction and challenges associated with
In 2018, we embraced a four-pronged strategy to strengthen our
existing legacy platforms.
relevance with clients and drive accelerated value creation:
We have perfected sophisticated service delivery and quality
• Scale agile digital
control processes, standards and frameworks, which have
• Energize the core resulted in a track record of performance excellence and client
• Reskill our people satisfaction. Our Global Delivery Model effectively integrates
• Expand localization global and local execution capabilities to deliver high-quality,
seamless, scalable and cost-effective services for large-scale
For more information, refer to the Strategy section of
outsourcing of technology projects fueled by automation,
the Integrated report.
intelligence and collaboration technologies.
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III. Financial condition Our investments comprise mutual funds, fixed maturity
plan securities, tax-free bonds, non-convertible debentures,
The Company has considered the possible effects that may result certificates of deposit, commercial paper and government
from the pandemic relating to COVID-19 in the preparation of securities. Certificates of deposit represent marketable securities
its financial statements, including the recoverability of carrying of banks and eligible financial institutions for a specified time
amounts of financial and non-financial assets. The impact period and with a high credit rating by domestic credit rating
of COVID-19 on the Company’s financial statements may agencies. Investments made in non-convertible debentures
differ from that estimated as at the date of approval of its represent debt instruments issued by government-aided
financial statements. institutions and financial institutions with high credit rating.
The majority of investments of the Company are fair valued
Refer to the Standalone and Consolidated financial statements in
based on Level 1 or Level 2 inputs. The Company invests after
this Integrated Annual Report for detailed schedules and notes.
considering counterparty risks based on multiple criteria
including Tier I capital, capital adequacy ratio, credit rating,
1. Equity share capital profitability, NPA levels and deposit base of banks and financial
We have one class of shares – equity shares of par value ` 5 each. institutions. These risks are monitored regularly as per our
During the year, the movement in share capital was primarily risk management program.
on account of buyback of 5,58,07,337 shares resulting in a cash
outflow of ` 9,200 crore. B. Trade receivables
Days Sales Outstanding has reduced to 67 days in the current
2. Other equity comprises mainly reserves and surplus year from 71 days in the previous year due to the Management’s
and other comprehensive income strong focus on ensuring timely collection from clients.
The movement in retained earnings was on account of profit
earned during the year, payment of dividends and buyback C. Cash and cash equivalents
of equity. Changes in securities premium are mainly due Our cash and cash equivalents comprise deposits with banks
to a decrease on account of the buyback of equity shares and financial institutions with high credit ratings assigned by
and an increase on account of the exercise of stock options. international and domestic credit-rating agencies which can be
On a standalone level, other reserves include profit on withdrawn at any point of time without prior notice or penalty on
transfer of business between entities under common control. principal. Ratings are monitored periodically and the Company
The Group has made an irrevocable election to present the has considered the latest credit rating information to the extent
subsequent changes in fair value of certain instruments in other available as at the date of approval of these financial statements.
comprehensive income.
D. Loans
3. Property, plant and equipment We provide personal loans and salary advances to employees and
Additions to gross block were on buildings, plant and machinery, loans to subsidiaries as per business requirement on a need base.
land acquired primarily in Bengaluru, Hiriyur and Hyderabad
in the current year and primarily in Bengaluru, Tumakuru and
Hyderabad in the previous year.
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The function-wise classification of the Consolidated Statement of Profit and Loss is as follows:
in ` crore
1. Revenue
The growth in our revenues in fiscal 2022 from fiscal 2021 is as follows:
in ` crore
in ` crore
Particulars Consolidated
2022 2021 % change
Digital revenue 69,404 48,687 42.6
Core revenue 52,237 51,785 0.9
Revenue growth in reported terms includes impact of currency fluctuations. We, therefore, additionally report the revenue growth
in constant currency terms, which represents the real growth in revenue excluding the impact of currency fluctuations. We calculate
constant currency growth by comparing current period revenues in respective local currencies converted to INR using prior-period
exchange rates and comparing the same to our prior-period reported revenues. Our revenues in reported currency terms for fiscal 2022
is US$ 16,311 million, a growth of 20.3%. Our revenues for fiscal 2022 in constant currency grew by 19.7%.
We added 451 new customers (gross) during fiscal 2022 as compared to 475 new customers (gross) during fiscal 2021.
On a consolidated basis, for the years ended March 31, 2022 and March 31, 2021, approximately 97.1% were export revenues whereas
2.9% were domestic revenues.
Refer to the ‘Segmental profitability’ section in this report for more details on the analysis of segment revenues.
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The following graph sets forth our revenue by geography: The Company has identified the following ratios as
key financial ratios:
75,058 (61.7%) 61,640 (61.3%)
12,869 (10.6%) 11,630 (11.6%) Particulars Standalone Consolidated
3,585 (2.9%) 2,899 (2.9%) 2022 2021 2022 2021
30,129 (24.8%) 24,303 (24.2%)
2022 2021 Market capitalization to NA NA 6.6 5.8
revenues (times)
Price / Earnings (times) NA NA 36.3 30.0
1,21,641 1,00,472 Days sales outstanding(1) – – 67 71
Growth in % Cash and investment(2) as 30.1 32.7 31.7 35.7
North America - 21.8% India - 23.7% Total growth a % of total assets
Europe - 24.0% Rest of the World - 10.7% 21.1%
Revenue growth (%) 20.9 8.7 21.1 10.7
Overall segment profitability has decreased primarily on account Operating margin (%) 24.4 25.8 23.0 24.5
of increase in employee compensation, higher cost of technical Net profit margin (%) 20.4 21.0 18.2 19.3
sub-contractors and third-party items bought for service delivery
Basic EPS (`) 50.27 42.37 52.52 45.61
to clients, drop in realization partially offset by increase in
utilization, benefit on account of cost optimization initiatives, (1)
The Company does not track DSO at a standalone level.
scale benefits and currency fluctuations. (2)
Includes cash and cash equivalents and investments, excluding
investments in unquoted equity, preference shares, compulsorily
6. Liquidity convertible debentures and others.
Our principal source of liquidity are cash and cash equivalents
Ratios where there has been a significant change from fiscal
and cash flow that we generate from operations. We have no
2021 to fiscal 2022
outstanding borrowings. We believe our working capital is
sufficient for our requirements. Revenue growth has been explained in the relevant
sections above.
Our growth has been financed largely through cash
generated from operations. The details of return on net worth at standalone and
Our cash flows are robust and our operating cash flows have consolidated levels are as follows:
increased in fiscal 2022 as compared to fiscal 2021 mainly on
account of increase in net profit adjusted for non-cash items Particulars Standalone Consolidated
partially offset by higher income tax payments. 2022 2021 2022 2021
Consolidated cash and investments of ` 37,419 crore comprise Return on net worth (%) 30.2 27.0 29.1 27.3
cash and cash equivalents, current and non-current investments Net profit has increased from ` 19,351 crore to ` 22,110 crore on a
excluding investments in unquoted equity and preference consolidated basis and from ` 18,048 crore to ` 21,235 crore on a
shares, compulsorily convertible debentures and others. standalone basis which has resulted in increase in the return on
net worth. Average net worth hasn’t increased at the same rate as
Capital Allocation Policy increase in net profits due to better Balance Sheet management
Refer to the Board’s report in this Integrated Annual Report resulting from shareholder payouts like buyback and dividend.
for details on our Capital Allocation Policy reviewed and
approved on July 12, 2019. V. Outlook, risks and concerns
7. Related party transactions This section lists forward-looking statements that involve risks
and uncertainties. Our actual results could differ materially
These have been discussed in detail in Note 2.24 to the
from those anticipated in these statements as a result of certain
Standalone financial statements in this Integrated Annual Report.
factors. Our outlook, risks and concerns are as follows:
8. Events occurring after Balance Sheet date
Risks related to global COVID-19 health pandemic and
There were no significant events that occurred after the Balance post-pandemic resilience:
Sheet date apart from the ones mentioned in ‘Material changes
and commitments affecting financial position between the end The COVID-19 pandemic is a global humanitarian and health
of the fiscal and date of the report’ in the Board’s report. crisis, that continues to impact key geographies that we operate
in, with many countries reporting multiple waves of infections.
The actions taken by various governments to contain the
9. Key financial ratios
pandemic, such as closing of borders and lockdown restrictions,
In accordance with the SEBI (Listing Obligations and Disclosure has resulted in significant disruption to people and businesses.
Requirements) (Amendment) Regulations, 2018, the Company is While vaccines have been made available, there are increased
required to give details of significant changes (change of 25% or instances of variants and infections, and consequential stress
more as compared to the immediately previous financial year) in on the health sector. India, where most of our operations are
key sector-specific financial ratios.
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located, has experienced multiple waves of infections, including • Continued employee preference to work out of remote
new variants of the COVID-19 virus. There was marked increase locations on a long-term basis, together with expectations
in the number of cases across regions where our development from clients to return to office, if not managed adequately,
centers are located, and a small percentage of our employees may impact attrition, client satisfaction, and our ability to
or their families were adversely affected. We have initiated grow profitably;
several interventions to help our employees and their families, • We could be subject to lawsuits from our employees alleging
including establishing COVID Care Centers, vaccination centers they are exposed to health risks as we transition them back to
and providing them medical loans and access to medical working out of our clients’ offices;
care facilities. However, the continued stress on the medical • Our ability to procure goods and services may be impacted as
infrastructure and any increase in the cases in India may impact some of our suppliers may not be able to operate efficiently
the health and safety of our employees. during a lockdown;
The COVID-19 pandemic has impacted, and may further impact, • Unfavorable currency movements accentuated due to
all of our stakeholders – employees, clients, vendors, investors COVID-19 may impact our profitability;
and the communities we operate in. During fiscal 2022, the • An increase in insurance premiums may adversely impact our
impact on our revenue due to supply and demand risks we profitable growth or coverage;
experienced from the COVID-19 pandemic was not significant. • Heightened regional or macro risks, such as an increase in
COVID-19 pandemic has heightened several other risks that are unemployment, protectionism and changing immigration
described in this section: regulations;
• Client contractual terms restricting our ability to offer a • Lack of comprehensive assessment to test the level of skills of
hybrid working model to our employees, which may lead to students may impact quality of our hiring;
increased attrition;
• Reduced value of PSUs / RSUs due to stock price returns
• Restrictions on travel may impact our ability to sell and being depressed from a prolonged pandemic;
deliver our services to Clients, thereby impacting our revenue
• Prolonged continuation of the COVID-19 pandemic
and / or profitability;
may create breakdown in our Business Continuity
• Impact on profitability and cash flows as some clients may Procedures (BCP);
ask for price reductions, discounts or longer payment terms;
• Potential impairment of acquired entities and investments as
• Impact on business continuity due to local lockdown in the a result of prolonged slower economic growth may impact
key geographies in which we operate; business momentum and synergies that were expected; and
• Additional cost to ensure safety and hygienic workplaces • We may be unable to recoup the investments made in various
for our employees and to convert them for a hybrid geographies due to the impact of a prolonged economic
working model; downturn.
• Additional costs to procure and deploy hardware assets,
technology infrastructure, information security infrastructure Some of the other key risks that the Company is facing
and data connectivity charges for remote working; are as follows:
• Impact on revenue and sub-optimal branding due to
I. Risks related to the markets in which we and our clients
localized lockdowns or restrictions on travel, marketing
operate
events and in-person client meetings due to future
COVID-19 waves; • Spending on technology products and services by our clients
and prospective clients fluctuates depending on many
• Increased penalties or litigation initiated by clients if we fail
factors, including the economic, geo-political, monetary and
to meet project quality, productivity and scheduled service
fiscal policies and regulatory environment in the markets in
level agreements due to our employees working remotely;
which they operate.
• Negative impact on profitability if fixed or committed costs
• An economic slowdown or other factors may affect the
are not reduced in line with reduced demand. Sudden
economic health of the United States, the United Kingdom,
change in demand may change utilization thus impacting
the European Union (“EU”), Australia or those industries
profit margin;
where our revenues are concentrated.
• Impact on profitability as clients may refuse to recognize
• Our clients may operate in sectors which are adversely
unbilled revenues during COVID-19 pandemic;
impacted by climate change which could consequently
• Increased exposure to cyber security and data privacy breach impact our business and reputation.
incidents may continue due to a large number of employees
• Restrictions on visas, cost increases in obtaining such
working remotely.
visas, increases in required minimum wage levels for visa
• The productivity of our employees may be negatively dependent employees, inordinate delays in obtaining visas
impacted due to extended remote work, quarantine due to the pandemic and/ or increased enforcement in
requirements, negative social sentiment and different countries may affect our ability to compete for, and
personal anxiety; provide services to clients in work location countries, which
• Impact on fulfilment if any of some of our employees and or could adversely affect our business, results of operations, and
their families are impacted by future COVID-19 waves; financial condition.
• Our clients may be the subject of economic or other
sanctions by governments and regulators in key geographies
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that we operate in, limiting our ability to grow these V. Risks related to our contractual obligations
relationships and risking increased penalties and exposure of • Our failure to complete fixed-price (including maintenance)
our business to consequential sanctions. and fixed-timeframe contracts, or transaction-based pricing
• A large part of our revenues are dependent on our limited contracts, within budget and on time, may negatively affect
number of clients, and the loss of any one of our major clients our profitability.
could significantly impact our business. • Our client contracts can typically be terminated without
• Financial stability of our clients may be affected owing to cause, which could negatively impact our revenues and
several factors such as demand and supply challenges, profitability.
currency fluctuations, regulatory sanctions, geo-political • Our client contracts are often conditional upon our
conflicts and other macroeconomic conditions which may performance, which, if unsatisfactory, could result in lower
adversely impact our ability to recover fees for the services revenues than previously anticipated.
rendered to them.
• Some of our long-term client contracts contain
• We may not be able to provide end-to-end business solutions benchmarking provisions which, if triggered, could result in
for our clients, which could lead to clients discontinuing their lower future revenues and profitability under the contract.
work with us, which in turn could harm our business.
• Our work with governmental agencies may expose us to
• Intense competition in the market for technology services additional risks.
could affect our win rates and pricing, which could reduce
• Inability to execute contracts and / or amendments with
our market share and decrease our revenues and our profits.
clients on a timely basis can impact our revenue & profit,
• Our engagements with clients are typically singular in nature causing fluctuations in our reported results
and do not necessarily provide for subsequent engagements.
VI. Risks related to our operations
II. Risks related to the investments we make for our growth
• Our reputation could be at risk and we may be liable to our
• Our business will suffer if we fail to anticipate and develop clients or to regulators for damages caused by inadvertent
new services and enhance existing services in order to keep disclosure of confidential information and sensitive data.
pace with rapid changes in technology and in the industries
• Our reputation could be at risk and we may be liable to our
on which we focus.
clients for damages caused by cyber security incidents.
• We may be unable to recoup investment costs incurred in
• Our reputation may be impacted and we may incur financial
developing our software products and platforms.
liabilities if privacy breaches and incidents under General
• We may engage in acquisitions, strategic investments, Data Protection Regulation (“GDPR”) adopted by the
strategic partnerships or alliances or other ventures that may European Union (“EU”) or other data privacy regulations
or may not be successful. across the globe are attributed to us or if we are not able to
• Goodwill that we carry on our balance sheet could give rise to take necessary steps to report such breaches and incidents
significant impairment charges in the future. to regulators and data subjects, wherever applicable, within
the stipulated time. Further, any claim from our clients for
III. Risks related to our cost structure losses suffered by them due to privacy breaches caused
• Our expenses are difficult to predict and can vary by our employees may impact us financially and affect our
significantly from period to period, which could cause reputation.
fluctuations to our profitability. • We may be the subject of litigation which, if adversely
• Any inability to manage our growth could disrupt our determined, could harm our business and operating results.
business, reduce our profitability and adversely impact our • Our insurance coverage may not be adequate to protect us
ability to implement our growth strategy. against all potential losses to which we may be subject, which
• Wage pressures in India and the hiring of employees could adversely affect our business.
outside India may prevent us from sustaining some of our • The markets in which we operate are subject to the risk of
competitive advantage and may reduce our profit margins. earthquakes, floods, tsunamis, storms, pandemics and other
• We are investing substantial cash in creating physical and natural and manmade disasters.
technological infrastructure, and our profitability could be • The safety of our employees, assets and infrastructure may
reduced if our business does not grow proportionately. be affected by untoward incidents beyond our control,
• Currency fluctuations and declining interest rates may affect impacting business continuity or reputation.
the results of our operations and yield on cash balances. • Terrorist attacks or a war could adversely affect our business,
results of operations and financial condition.
IV. Risks related to our employee workforce • Climate change risks are increasingly manifesting in our
• Our success depends largely upon our highly skilled business as strategic risks, physical risks and transitional
technology professionals and our ability to hire, attract, (market and compliance) risks, which if not managed
motivate, retain and train these personnel. adequately, can affect our operations and profitability.
• Our success depends in large part upon our management • Our reputation, access to capital and longer-term financial
team and key personnel and our ability to attract and stability could be at risk if we are unable to meet our stated
retain them. goals under our 2030 Environmental, Social and Governance
(ESG) vision.
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• Negative media coverage and public scrutiny may divert • Sales of our equity shares may adversely affect the prices of
the time and attention of our board and management and our equity shares and ADSs.
adversely affect our reputation and the prices of our equity • The price of our ADSs and the U.S. dollar value of any
shares and ADSs. dividends we declare may be negatively affected by
fluctuations in the U.S. dollar to Indian rupee exchange rate.
VII. Risks related to legislation and regulatory compliance • An investor in our ADSs may not be able to exercise
• Initially, the COVID-19 pandemic led to substantial increases pre‑emptive rights for additional shares and may thereby
in unemployment rates across certain countries in which we suffer dilution of such investor’s equity interest in us.
operate, including the United States, United Kingdom, EU and • ADS holders may be restricted in their ability to exercise
Australia. A key risk at that time was widespread enactment voting rights.
of restrictive legislation and regulations which would limit
• ADS holders may be restricted in their ability to participate in
companies in those countries from outsourcing work to us
a buy-back of shares offered by us.
or could inhibit our ability to staff client projects in a timely
manner thereby impacting our revenue and profitability. • It may be difficult for holders of our ADSs to enforce any
judgment obtained in the United States against us.
• New and changing regulatory compliance, corporate
governance and public disclosure requirements add • Holders of ADSs are subject to the Securities and Exchange
uncertainty to our compliance policies and increase our costs Board of India’s Takeover Code with respect to their
of compliance. acquisitions of ADSs or the underlying equity shares, and
this may impose requirements on such holders with respect
• The intellectual property laws of India do not give sufficient
to disclosure and offers to purchase additional ADSs or
protection to software and the related intellectual property
equity shares.
rights to the same extent as those in the United States. We
may be unsuccessful in protecting our intellectual property • The reintroduction of dividend distribution tax rate or
rights. We may also be subject to third party claims of introduction of new forms of taxes on distribution of profits
intellectual property infringement. or changes to the basis of application of these taxes could
adversely affect the returns to our shareholders.
• Our net income would decrease if the government of India
reduces or withdraws tax benefits and other incentives it
provides to us or when our tax holidays expire, reduce or VI. Internal control systems and their adequacy
terminate.
The CEO and CFO certification provided in the CEO and CFO
• In the event that the government of India or the government
Certification section of the Integrated Annual Report discusses
of another country changes its tax policies in a manner that
the adequacy of our internal control systems and procedures.
is adverse to us, our tax expense may materially increase,
reducing our profitability.
• We operate in jurisdictions that impose transfer pricing and VII. Material developments in human resources /
other tax-related regulations on us, and any failure to comply industrial relations, including number of
could materially and adversely affect our profitability. people employed
• Changes in the policies of the government of India or political
instability may adversely affect economic conditions in India Our culture and reputation as a leader in consulting, technology,
generally, which could impact our business and prospects. outsourcing and next-generation digital services enable us to
• Attempts to fully address concerns of activist shareholders attract and retain some of the best talent.
may divert the time and attention of our management and
Board of Directors and may impact the prices of our equity Human resources management
shares and ADSs. Infosys is not a technology company full of people, but a people
• Our international expansion plans subject us to risks inherent company that understands the immense potential of technology.
to doing business internationally. Our people, with a little ‘digital’ help, move our clients forward
and in turn, the world. Thus, it is our constant endeavor to make
• Our ability to acquire companies organized outside India may
Infosys a place where people can be their best selves.
depend on the approval of the Reserve Bank of India and the
government of India and failure to obtain this approval could Careers don’t stand still at Infosys and talent transformation is
negatively impact our business. an important focus area. It begins with sensing employee needs
• Indian laws limit our ability to raise capital outside India and and responding with a value proposition that delivers meaning,
may limit the ability of others to acquire us, which could purpose and value for them. It builds synergy between how we
prevent us from operating our business or entering into a look to differentiate ourselves as a Company and deliver on the
transaction that is in the best interests of our shareholders. expectations of our employees.
We have a three-pronged strategy to deliver value to
VIII. Risks related to the ADSs our employees:
• Historically, our ADSs have traded at a significant premium to • Inspire our people with meaningful work and passionate
the trading prices of our underlying equity shares. Currently, teams, enabling them to find purpose and make an
they do not do so, and they may not continue to do so in indelible impact.
the future.
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• Ensure that our people are continuously learning take the suggested learning path on Lex, which outlines all
and progressing in their careers, and shaping our the courses required to acquire that skill. After they complete
collective future. the required courses and gain six months of experience in
• Create opportunities for every employee to navigate further, that technology, they qualify for a Skill Tag.
powered by our culture and partnered by other Infoscions • Digital Quotient: Our Digital Quotient is a comprehensive
with shared aspirations. score that helps Infoscions keep track of their digital
capabilities. Using the score, Infoscions can understand how
Here are the key initiatives of this year: their skills compare to others. Those with a higher Digital
• InTap is our smart sourcing and interview management Quotient have greater access to new opportunities and
application to attract and manage candidates and provide interesting projects.
best-in-class candidate experience along with an efficient • iEngage: We expanded the reach of iEngage across geos and
hiring process. also integrated aspiration management in this platform. We
• Launchpad: We expanded the coverage of Launchpad to all use iEngage to inform, inspire, and build a happier workplace.
our entities and across the globe. This mobile app-based, self- It helps us drive vertical engagement between employee and
service platform provides new hires a guided flow, which is unit leadership. Managers can use this to schedule connect
digital, remote and seamless, during the onboarding process. events, invite employees and track actions identified during
It helps us onboard new hires remotely and make them Day such events. It also captures employee aspirations and
One Ready. provides a platform to track and achieve them.
• Lex: We created Lex, the anywhere, anytime, any device • DataVillage: We’re creating this dashboard that provides
app, to help Infoscions upskill, cross-skill, and reskill. Lex immediate and relevant insights that allow us to make
recommends skills and learning paths based on employee thoughtful decisions about employees in key areas such as
interests, skills, and roles. Employees can even mentor others performance management, bonus recommendations, role
by uploading their own learning modules. Users can create changes, and more.
their own learning goals, and measure the time they spend • Intelligent automation: We are making our systems smarter
learning, as well as track their learning history. with: 1) Nudges to managers and employees, which are
• Infosys Meridian enables a remote-first workplace that driving the right behavior and guiding managers to take the
mirrors the offline experience. With its event management right decisions in matters like role change, retention etc., 2)
platform and breakout sessions capabilities, employees Chatbots that are transforming query management, and 3)
use Meridian to connect at a large scale. Meridian is Robotic process automation, which is being leveraged by HR
fast becoming an important engagement platform for to reduce manual work of our teams.
employees. • Talent Anywhere model: The future workplace looks
• InfyMe: We continued to enrich our InfyMe app with headed to a hybrid remote model. Flexibility of location
more services that enables teams to operate, connect and and time will be key to attract and retain talent. Hence,
collaborate easily and it is particularly effective in the remote we rolled out the Talent Anywhere model in India that
working model. More than 200 touchpoints for activities provides flexibility of work location for our new and existing
were merged into the single intuitive interface of InfyMe. employees. We have kept client and statutory requirements
in mind while enabling working from any location within
• iCount: Our performance management framework and
India. We also renewed our flexi-time policy in India that now
application provides continuous and specific measurement
provides more flexibility to employees to work part time.
of employee performance, and enables transparent sharing
of goals with focus on role and career development. • To drive more focus on employee experience, we set up an
Employee experience Centre Of Excellence with the mission
• iRise brings our rewards and recognitions philosophy to life.
to create workplace experiences that employees cherish and
This platform celebrates key achievements of our employees.
thrive in. The objectives are: 1) To ensure our processes and
Managers can create reward categories and nominate
systems create memorable moments that matter across an
employees for these awards.
employee’s journey at Infosys, 2) To create listening posts
• FLUID: With reskilling gaining momentum, more and to sense employee responses at transaction and process
more Infoscions are acquiring new skills and capabilities. levels, and 3) Reinforce the experience through better
To better manage this, we created F.L.U.I.D., our internal communication.
talent marketplace. It enables Infoscions to constantly move
• Manager Code: We have designed the Infosys manager
towards acquiring higher skills and experiences.
enablement framework to equip our leaders with the
• Accelerate: This platform enables hiring managers to list capabilities to help their teams build technical, business
gig work jobs and internal talent to pick up these jobs for and people skills along with a digital mindset to accelerate
execution. Accelerate also allows skill-based job matches to their development journeys. Managers also have a behavior
recommend the right gigs and incentivizes gig workers and code that encourages them to adhere to seven fundamental
hiring managers. The platform helps to provide richer job principles that shape a good manager at Infosys. We’ve
variety and more immersive learning. integrated the code into our everyday work lives and
• Skill Tags: Skill Tags are skill badges that identify proficiency measure our managers’ performance against it.
in different technologies. Employees can select a Skill Tag,
and then a variant within it, to specialize in. They can then
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• SALESFLEX: Our in-house capability development and • Facilitating a positive work environment: Infosys is
experience charter for the Sales team has proved to be committed to providing a positive work environment free
the cornerstone in our Sales transformation journey. of discrimination and harassment. Equal opportunity and
We ushered in SALESFLEX almost two years ago and fair treatment are part of our Code of Conduct to which all
today, our Sales colleagues are reaping the benefits of a employees subscribe. The resolution hubs at Infosys provide
plethora of matured programs which have been a strategic fair, neutral, and independent forums for employees to voice
game-changer in enhancing Sales productivity and their concerns. The Company has also instituted multiple
improving Sales experience. SALESFLEX filled the gap in channels to address employee grievances, such as ASHI
the people dimension, which is the beating heart of a Sales (Anti-Sexual Harassment Initiative), HEAR (Hearing Employees
transformation, by setting a direction and establishing and Resolving their concerns) platform, the Grievance
personalized learning platforms, tracking performance, Redressal Body, the Whistleblower Policy, and iCARE. In the
enabling recurring career conversations, incentivizing post-pandemic scenario, there is greater focus on providing
desired behaviors and helping Sales warriors continuously psychological safety to employees.
act to improve outcomes. Today, SALESFLEX is successfully
Infosys HR Team was one among the top three organizations
engaging a dynamic globe-trotting, market-facing Sales
named in SHRM HR Excellence Awards 2021, in the categories
team of 1,294 employees spread across 24 countries, through
nine major programs covering the entire realm of employee • Excellence in HR Analytics
experience starting from onboarding, reskilling, career • Excellence in Diversity & Inclusion
coaching, recognition, nurturing diversity and inclusivity, • Excellence in Health and Wellness Initiatives
effective usage of people analytics to mitigate attrition and • Excellence in Managing the Hybrid Workplace – The HR Lens
optimizing work force planning.
• Employee engagement: Our employee engagement Employee well-being
framework is based on the 5Cs – Connect, Collaborate,
At Infosys, employee well-being has taken precedence over the
Celebrate, Care and Culture. Its main objective is to ensure
past year and developed into a more substantial model with
effective engagement, well-being and sustained motivation
the help of our program HALE (Health Assessment and Lifestyle
levels among employees in the new hybrid model of work.
Enrichment). With HALE, our endeavor has been to enhance the
• Awards for Excellence (AFE): The AFE remains our largest well-being experience for our employees and their families with
rewards and recognition platform for employees. This year an increased focus on pandemic well-being and mental health.
marked its 27th anniversary, and we received about a All our wellness programs stand on the foundational pillars of
thousand nominations across geographies in over 20 physical, social and emotional well-being, and safety.
categories.
Our focus over the last few years has been to provide a
• Rewards philosophy: At Infosys, we look at rewards
high‑touch and high-tech experience to our employees.
holistically – what we call total rewards, a mixture of both
monetary and non-monetary rewards. It includes an element
of fixed pay, supplemented with ‘pay at risk’ which is based • Digital well-being: In an effort to stay ahead of the curve
on performance, and could be paid in cash as well as through in building digital capabilities, we looked at creating digital
stock grants. For a global and diverse workforce, it also touchpoints in the lives of our employees by providing them
ensures inclusion of localized benefits plans. In addition a holistic wellness platform both on the go and on their
to the standard compensation and benefits, we have laptops. This platform entails a host of offerings like wellness
made rewards available through learning, diverse career content, expert talks by professionals around the country,
experiences and platforms for creative contributions as well. self-help tools, availability of HALE counselors 24*7 and
Skill bonuses, for people with niche skills, is a new concept much more.
we have introduced. Our key objectives are enabling financial • Emotional well-being: Transitioning the handling of mental
stability and ensuring that our pay is competitive to drive health-related issues from the physical to the virtual mode of
high performance and the right behavior. communication had to be done with utmost care. We have
• Culture and values: Our company values – C-LIFE – define wellness coaches supporting our employees 24*7 in times
our approach to everything. C-LIFE stands for Client of distress, our peer-to-peer counseling network called
value, Leadership by example, Integrity and transparency, Samaritans catering to various segments, weekly webinars
Fairness, and Excellence. The organization culture, driven and discussions by experts, online self-help tools for
by our core values, is one of the main levers that drive our employees to assess their emotional health and mindfulness
business. Employees are regularly reminded about the workshops.
acceptable standards of conduct through various forums • Physical well-being: During the pandemic, Infosys tied
like onboarding, mail communications, town halls, and team up with COVID-19 testing labs nationwide, collaborated
meetings. with emergency ambulance providers in every major
• Be the Navigator (BTN): An empowerment program to city, provided teleconsultation facilities and launched a
encourage purposeful innovation for clients, BTN has been COVID-19 crisis support helpline for employees. Multiple
repurposed to build the momentum of our business focus on teams were tasked to consistently check on the well-being of
cloud and digital. employees who had tested positive. Infosys was one of the
first large private organizations to spearhead vaccinations
for its employees and dependents. We collaborated with
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vaccination providers / manufacturers, local authorities, and We also recruit students from campuses in the US, UK, Australia,
administrators to execute this task. There were targeted Singapore, Japan, Germany, Canada, Mexico and China.
and consistent messaging and campaigns to bust the myths We rely on a rigorous selection process involving evaluation of
around COVID-19 and vaccination, such as nominating peers mathematical and logical aptitude, coding ability and in-depth
to get vaccinated challenge, featuring employees who interviews to identify the best applicants. This selection process
emerged stronger post pandemic and sessions by experts. is continually assessed and refined based upon multiple factors
• Social well-being: We create opportunities for work‑life including performance tracking of past recruits. Most interviews
balance and help Infoscions have a fulfilling and in fiscal 2022 were conducted virtually across the globe, using
multi‑faceted life. We conduct several leisure events to video conferencing platforms, and the end-to-end process was
cater to their interests, hobbies, and lifestyle. We have digitalized. The team also implemented an in-house applicant
been successfully able to transform the concept of physical tracking system for India hiring, in place of a third-party software
communities to virtual communities, and our clubs and that was used traditionally.
groups continue to drive well-being programs. During fiscal 2022, we received 58,66,636 employment
• HALE won the Bronze Medal for SHRM Excellence Award 2021 applications, interviewed 5,23,385 applicants and extended
• HALE won AFE Gold for Internal Customer Delight 2022 offers of employment to 2,22,500 applicants. These statistics do
not include our subsidiaries. We added 54,396 new employees,
Internal complaints committee net of attrition, during fiscal 2022.
At Infosys, our goal has been to create an open and safe
workplace where each and every employee feels empowered Education, training and assessment
to contribute to the best of their abilities, irrespective of gender, Amplifying human talent through a sustained culture of
sexual preferences or any other classification that has no bearing lifelong learning has always defined Infosys. The Foundation
on the employee’s work output. Towards this, the Company Training Program anchored by the Global Education Center has
has set up the Anti-Sexual Harassment Initiative (ASHI), which been grooming fresh graduates into corporate professionals.
proudly completes 22+ years of enabling a positive and safe work Comprising over 46 technology streams, the curriculum has kept
environment for our employees. Our ASHI practices have set an pace with the dynamic business requirements and the preferred
industry benchmark as it ranked first among 350+ companies pedagogical approach of the current generation of talent.
that participated in an external survey on the best anti-sexual
With localization as an important strategic pillar, Infosys
harassment initiatives in 2017, 2019, 2020 and 2021.
has invested in a training center, like the Mysuru Global
Infosys has constituted an Internal Committee (IC) in all the Education Center in Indianapolis in the US to reskill local talent.
development centers of the Company across India to consider The Foundation Program for fresh hires caters to fresh graduate
and resolve all sexual harassment complaints reported hires in Mexico, UK, Germany, Australia, Singapore, and Japan.
by women. The constitution of the IC is as per the Sexual With the deep adoption of the Infosys Learning Experience
Harassment of Women at Workplace (Prevention, Prohibition platform Lex, the shift from offline classes to online learning,
and Redressal) Act, 2013 and the committee includes external complete with learner engagement components, was seamless
members from NGOs or with relevant experience. Investigation and continues to engage the fresh hires in the second year
is conducted and decisions made by the IC at the respective of the pandemic too.
location, and a senior woman employee is the presiding officer
Our Continuous Education program is aimed at reskilling /
over every case. Half of the total members of the IC are women.
upskilling our existing employees by instilling a culture of
The details of complaints pertaining to sexual harassment that
lifelong learning. This program has twin objectives — increasing
were filed, disposed of and pending during the financial year are
fulfillment of skilled talent requirements for client projects
provided in the Business Responsibility and Sustainability Report of
and enriching the expertise of our global workforce in next-
this Integrated Annual Report.
generation digital technologies and methodologies. We continue
to invest in and scale our digital reskilling program globally.
Recruitment Lex, the in-house learning platform, offers over 13,700 curated
As of March 31, 2022, the Group employed 3,14,015 employees, of courses, which includes over 10,000 courses procured from
which 2,97,859 were professionals involved in service delivery to vendor partners both for enterprise consumption and niche
the clients, including trainees. communities who have specific content requirements. About
30,000 employees use Lex on weekdays with an average learning
We have built our global talent pool by recruiting freshers
time of about 40 minutes, and 14,000 employees use Lex on
from premier universities, colleges and institutes globally.
weekends with an average learning time of about 50 minutes. We
We constantly attract and hire developers, architects, technical
continue to engage with academia to bring in fresh perspectives
leaders and project managers in areas of digital and cloud,
while creating learning courses to meet the demands of this
and transformation. We have build robust relationships with
accelerated digital adoption. We continue to experiment with
top institutions in the country and recruit students who have
industry leading approaches of adaptive learning, learning in
consistently shown high levels of achievement. In addition, we
virtual classrooms and learning in the metaverse as well.
have also scaled up InfyTQ which brings the best of our Mysuru
training to the hands of the learners across the country. This has Infosys Wingspan, our configurable talent transformation
amplified the learning experience of students who actively platform for clients, is already live in several global client
participate in learning and assessments to get the coveted organizations. Lex, which is powered by Infosys Wingspan,
Infosys Certification.
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was repurposed for college students in India under the brand exactly that, through a holistic transformation of the ways
of InfyTQ. Infosys Wingspan has also been leveraged for the of working. The Quality team also consulted with several
flagship ESG initiative, Infosys Springboard. In alignment with large clients and helped them drive their agile, DevOps,
the Infosys ESG Vision 2030 to enable digital skills at scale, project to product ways of working shift, and overall
Infosys Springboard has been identified as the primary digital workplace transformation.
learning platform to empower people, communities, and society
Quality has been leading the way in driving Lean and automation
with skills to be successful in the 21st century. This program is
in the organization to enhance productivity and quality, which
led by a dedicated team of experts collaborating globally with
has resulted in large optimization in projects. It deployed
the Infosys Education Training and Assessment (ETA) team,
robust frameworks, tools and platforms across service lines
curriculum partners, non-profits, and a global network of leading
in a collaborative manner to drive hyper-productivity and
educational institutions. About 3,900 learning resources are
engineering excellence. Last year, the Quality team also created
available in Springboard and about 1.8 million learners from
frameworks to help projects operate with a more optimal
across India are actively consuming the content on Infosys
resource pyramid and deployed the same across hundreds
Springboard platform. We intend to reach 10 million learners by
of projects. The Quality team worked with cross-functional
2025 as part of our Springboard initiative.
teams to drive enterprise agility by simplifying many enterprise
processes, thus reducing cost, improving agility in operations,
VIII. Other details and enhancing employee experience.
1. Quality Quality continues to drive best practices and sustenance
The Quality function at Infosys, in line with organization’s vision through structured audits and assessment frameworks, focusing
and strategy of ‘Navigate the Next’, has three strategic imperatives: on de-risking the organization, with augmented coverage of
services, centers and subsidiaries. We continue to comply with
• Differentiate Infosys’ services through superior performance
international management system standards and models, viz.,
and quality.
ISO 9001, ISO 27001, ISO 14001, ISO 45001, ISO 22 301, ISO 20000,
• Optimize Infosys client projects as well as internal functions AS 9100 and ISO 27701.
for greater efficiency and agility.
• De-risk Infosys operations by ensuring delivery excellence, In fiscal 2021, Infosys published its first Environmental, Social
compliance and sustainability. and Governance (ESG) report in accordance with GRI standards.
Infosys is the first IT company to comply with and get assessed
Our Quality team has been driving the org-wide agile at enterprise level on SSAE18 -SOC 3 report attestation.
transformation to scale our capabilities for agile digital in tune Infosys successfully completed CMMI 2.0 assessments for
with the Company strategy. This has resulted in a marked onsite locations, rated at L5 maturity. Infosys continued to
improvement in agile capabilities, with HfS rating Infosys No.1 comply with and get assessed at enterprise level for SSAE 18
among all agile service providers. SOC 2 type II & ISAE 3402 / SSAE 18 SOC 1 type II including
Clients now need to go beyond agile practices and do much cloud platforms and has received an independent auditors’
more to achieve business agility. Last year, we launched our assurance compliance report.
Product Centric Value Delivery approach to help clients do
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OUTCOME
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iCETS is the emerging technology solution incubation partner iCETS enables enterprises to realize their Live Enterprise vision
for Infosys’ clients and units. We provide next-generation by developing and deploying next-generation offerings –
platforms and innovation-as-a-service to future-proof enterprise such as the Live Enterprise Application Management Platform
businesses. The aim is to envision and evolve New Emerging (LEAP), which has a platform-centric approach for AMS services
eXploratory Technology (NEXT) solutions for our clients both making application management agile, intelligent, integrated
organically (driving innovation bottom-up across Infosys) and and business-aligned. As a leader in data privacy, Infosys
inorganically via the IIN (partnering with hyperscalers, startups, Enterprise Data Privacy Suite (iEDPS) assists in tackling the
universities, and large product players). iCETS incubates complexity and data privacy responsibilities of organizations
emerging technologies under different Centers of Excellence to achieve compliance and business productivity objectives.
(CoE), such as Quantum Computing, Metaverse, Hyperscaler To address the increased cyber threats faced by our clients,
and more. The centers focus on building capability, developing Infosys has built CyberNext, a holistic security-as-a-service
thought leadership, and offering early client validation. platform. Through Infosys Cortex, an AI-driven cloud-first
The IP development moves on to building of platforms customer engagement platform, clients can transform digital
driving a significant part of innovation for our clients and customer service via purposeful communication and smart
monetization for Infosys. decision-making capabilities. Infosys Conversational AI Suite is
an end-to-end technology-agnostic platform providing a holistic
One of the key CoEs Infosys unveiled is the Metaverse
approach by developing prototypes using a low-code / no-code
Foundry. It leverages assets like the Infosys XR platform
(LCNC) approach and managing conversational AI solutions
to build cross‑platform AR experiences, Infosys Virtual
(chatbots / virtual assistants). It brings together a collection of
Living Labs platform to showcase immersive innovations
tools (prototype, design, test, measure, and evolve), people
virtually, and Infosys Physical Living Labs platform to offer
and processes to strengthen the adoption of conversational AI
phygital experiences to our clients. Among numerous client
within an enterprise. The Infosys recruitment platform reduces
engagements, we are working with one of the leading global
the time to hire and analyse candidates resume powered by
manufacturing companies to build 3D CPQ and digital twins.
advanced AI, with multi-tenancy in place, the platform keeps the
For one of the top American multinational financial services
process flows configurable for different tenants with embedded
companies, we are creating a virtual branch and formulating
knowledge on domain and geography requirements. The Infosys
crypto transactions.
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CXM is a continuously learning suite of products that aims large-scale implementations with our global innovation hubs.
to bring the best of intelligence into automation, the focus is Our evolving partner ecosystem, including startups, universities
to prioritize orchestration and personalization of the entire and hyperscalers, plays a critical role in the increased velocity of
end‑to-end customer experience at scale, on any channel, in ideas and solutions for our clients.
real time. We are incubating several domain platforms like Helix
IIN is a well-orchestrated partnership between select startups,
and EaaS. The Energy-as-a-Service (EaaS) platform is under
universities, hyperscalers, and Infosys to incubate and bring
development by iCETS in collaboration with other units and a
the best of emerging tech innovations from across the globe.
lead client, this platform will enable management of renewable
The IIN program aims to create lighthouse wins for clients to
energy generation, storage and smart consumption for larger
experiment and implement the art of the possible leveraging
facilities and industries. One of the critical differentiating
our global innovation ecosystem. Infosys de-risks client adoption
factors is infusion of startups. Most of our platforms are
of technology innovations and solutions by carefully curating
designed to be Platform‑as‑a-Service (PaaS) offerings with
these startups, finding the right fit and implementing early
IP / patent-led differentiation. These platforms have been
pilots. Infosys has also established partnerships with key client
able to bring in differentiated services while accelerating
Corporate Venture Capital (CVC) firms to bring their portfolio
innovations for our clients.
startups onto Infosys’ network. Over the past 12 months, we’ve
Infosys Living Labs brings our entire innovation ecosystem engaged with numerous startups, universities and hyperscalers
together to help clients meet their innovation-at-scale needs on across geographies like the US, Finland, Israel, and India,
multiple dimensions. Here, we proactively expand our services in spaces like AI, fintech, cloud, cybersecurity, InsureTech,
and capabilities to meet growing and dynamic innovation needs HealthTec, and more.
of clients with the aid of Joint Innovation Centers, Experience
iCETS has supported over 100 innovation programs for clients
Centers, IIN & Industry Living Labs, Complexity Studio, and
like American telecom companies, large banking institutions,
more. We also monitor and publish Trend Trees of Horizon
European national postal service, and more by combining Infosys
3 technologies and business trends and assist our clients
platforms, innovations, and startup networks. There have been
foresee disruptions with Listening-Post-as-a-Service (LPaaS).
several analyst mentions recognizing us as notable accelerators
Jointly working with our clients, we enable rapid prototyping,
in Quantum Computing, positioning us as leaders in services
incubating, and piloting of innovative solutions. Additionally,
like Oracle Cloud, AI, Automation, LEAP, as well as commending
we instill a culture of innovation with our BTN program across
the work of Metaverse Foundry and Living Labs. We act as the
large teams, provide shared innovation infrastructure for
contextualizers, crucible and orchestrators for our clients to
collaborations, and ensure a seamless transition from a PoC to
boost their next-generation innovations.
NextGen Computing
(Quantum Computing)
NextGen Languages
Emerging offerings Adaptive / Autonomous Systems
Future of Work
Resilence
Envision 5G
Emerging offerings Invent
Disrupt Blockchain
Smart Spaces
Near-new offerings Metaverse
Cybersecurity
Technology uncertainty
NextGen IoT
Mobility
Differentiate
Core offerings Part of core offerings Cloud Services
Diversify
Big Data and Analytics
Deploy
Business uncertainty
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Our corporate governance philosophy We are committed to defining, following and practicing
the highest level of corporate governance across all our
Our corporate governance is a reflection of our value system, business functions.
encompassing our culture, policies, and relationships with our Our corporate governance is a statement of the values we
stakeholders. Integrity and transparency are key to our corporate stand by as we conduct our business and engage with our
governance practices and performance, and ensure that we gain stakeholders. Our Company has been a leader in adopting
and retain the trust of our stakeholders at all times. internationally-recognized corporate governance guidelines and
Corporate governance is an ethically-driven business has set the highest standards in abiding by them.
process that is committed to values aimed at enhancing an Our governance rests on our core value system of C-LIFE (Client
organization’s wealth-generating capacity. This is ensured by Value, Leadership by Example, Integrity and transparency,
taking ethical business decisions and conducting business with Fairness and Excellence) and is guided by the OECD (Organization
a firm commitment to values, while meeting stakeholders’ for Economic Cooperation and Development) principles. Our
expectations. At Infosys, it is imperative that our Company affairs corporate governance framework thus encompasses:
are managed in a fair and transparent manner. This is vital to gain
and retain the trust of our stakeholders.
G20/OECD
The rights and equitable Principles of
treatment of shareholders and 2 5 Disclosure and transparency
key ownership functions
Corporate
Governance
Institutional investors, stock markets
3 6 The responsibilities of the board
and other intermediaries
Responsible leadership
Lead by example by ensuring independence of the Board
Board as a trustee
and effectiveness of the Management
Safeguard the shareholder’s capital
as trustee, and not as its owner
Legal compliance
Satisfy both the spirit and the letter of
the law in all our actions and disclosures
Our corporate governance is reinforced through the Company’s Code of Conduct and Ethics, corporate governance guidelines
and committee charters. Our Board and Management processes, audits and internal control systems reflect the corporate
governance framework principles. This report gives a comprehensive look at how our governance adheres to the seven pillars of our
governance framework.
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Board as a trustee
The Board recognizes its primary role of trusteeship of shareholder capital and
as a trustee, it strives to ensure excellence and integrity in setting world-class
corporate governance standards.
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As on March 31, 2022, the Board comprised eight members, does not have any pecuniary relationship with any of the
including a non-executive and non-independent Chairman, non-executive directors.
Chief Executive Officer & Managing Director, and six
The Board has six committees – audit committee, nomination
independent directors.
and remuneration committee, stakeholders relationship
The profiles of Board members encompassing details of committee, risk management committee, corporate social
nationality, age, date of (re)appointment, tenure on Board, term responsibility (CSR) committee and ESG committee. All
ending date, shareholding, Board memberships in Indian listed committees comprise only independent directors, one of whom
companies, committee details as per Regulation 26 of the Listing is chosen as the chairperson of the committee. The Company
Regulations and areas of expertise are given in the Governance also has a cybersecurity risk sub-committee, which is a sub-
chapter of the Integrated Report. There are no inter‑se committee of the risk management committee comprising solely
relationships between our Board members. The Company of independent directors.
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Responsible leadership
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Leadership of a financial firm or Representation of gender, ethnic, Experience in driving business success
management of the finance function of geographic, cultural, or other perspectives in markets around the world, with an
an enterprise, resulting in proficiency in that expand the Board’s understanding of understanding of diverse business
complex financial management, capital the needs and viewpoints of our customers, environments, economic conditions,
allocation, and financial reporting processes, partners, employees, governments, and cultures, and regulatory frameworks, and
or experience in actively supervising other stakeholders worldwide a broad perspective on global market
a principal financial officer, principal opportunities
accounting officer, controller, public
accountant, auditor or person performing
similar functions
Extended leadership experience for a A significant background in technology, A history of leading growth through
significant enterprise, resulting in a practical resulting in knowledge of how to anticipate acquisitions and other business
understanding of organizations, processes, technological trends, generate disruptive combinations, with the ability to assess
strategic planning, and risk management. innovation, and extend or create new ‘build or buy’ decisions, analyze the fit of
Demonstrated strengths in developing business models a target with the Company’s strategy and
talent, planning succession, and driving culture, accurately value transactions, and
change and long-term growth evaluate operational integration plans
Sustainability, and
Board service and governance Sales and marketing Environmental, Social
and Governance (ESG)
Service on a public company board to Experience in developing strategies to Experience in leading the sustainability
develop insights about maintaining board grow sales and market share, build brand and ESG visions of organizations, to be able
and management accountability, protecting awareness and equity, and enhance to integrate these into the strategy of the
shareholder interests, and observing enterprise reputation Company
appropriate governance practices
Experience in identifying and evaluating the significant risk Experience in assessing and managing cybersecurity-related risks
exposures to the business strategy of the Company and assess and in implementing the cybersecurity policies, procedures, and
the Management’s actions to mitigate the strategic, legal and strategies
compliance, and operational risk exposures
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Succession planning Strategy retreat: As part of our annual strategy planning process,
we organize a management strategy retreat with the Board
The nomination and remuneration committee works with the to deliberate on various topics related to strategic planning,
Board on the leadership succession plan to ensure orderly progress of ongoing strategic initiatives, risks to strategy
succession in appointments to the Board and to senior execution and the need for new strategic programs to achieve
management positions. The Company strives to maintain the Company’s long-term objectives. This serves the dual
an appropriate balance of skills and experience within the purpose of providing a platform for the Board members to bring
organization and the Board in an endeavor to introduce new their expertise to various strategic initiatives, while also providing
perspectives while maintaining experience and continuity. an opportunity for them to understand detailed aspects of
In addition, promoting senior management within the execution and challenges relating to the specific theme. This was
organization fuels the ambitions of the talent force to earn organized virtually this time.
future leadership roles.
In summary, through this process, members of the Board get
Training of Board members a comprehensive and balanced perspective on the strategic
issues facing the Company, the competitive differentiation being
All new non-executive directors inducted to the Board are pursued by the Company and an overview of the execution
introduced to our Company culture through orientation sessions. plan. In addition, this event allows the members of the Board to
Executive directors and senior management provide an overview interact closely with the senior leadership of the Company.
of operations, and familiarize the new non-executive directors
on matters related to our values and commitments. They are The details of the training programs attended by the Board
also introduced to the organization structure, services, Group members in fiscal 2022 are as follows:
structure and subsidiaries, constitution, Board procedures,
matters reserved for the Board, major risks and risk management Name of the director No. of training hours attended
strategy. The details of the familiarization program are also during fiscal 2022
available on the Company’s website, at Nandan M. Nilekani 3
https://www.infosys.com/investors/reports-filings/Documents/ Salil Parekh 3
training-board-members2022.pdf.
Kiran Mazumdar-Shaw 3
We also facilitate the continual educational requirements of our D. Sundaram 3
directors. Each director is entitled to a training fee of US$ 5,000
per year. Support is provided for independent directors if they Michael Gibbs 3
choose to attend educational programs in the areas of Board / Uri Levine 3
corporate governance. Non-executive and independent directors Bobby Parikh 3
of the Board are familiarized through engagements such as:
Chitra Nayak 3
Total hours 24
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Our legacy of good corporate governance has translated into trust from all
stakeholders. To maintain this trust, continuous efforts are made to facilitate
effective corporate governance measures such as constitution, governance and
working of Board committees.
Board attendance
Board meeting dates
AGM
Jun 1 2 3 4 5 6 7 8 Held
Name of the directors 19, Apr May Jul Oct Dec Dec Jan Mar % of
during attendance
2021 13-14, 18, 13-14, 12-13, 06, 14, 11-12, 22, tenure
2021 2021 2021 2021 2021 2021 2022 2022
Nandan M. Nilekani 8 8 100
Salil Parekh 8 6 75
U.B. Pravin Rao(1) 5 5 100
Kiran Mazumdar-Shaw 8 7 88
D. Sundaram 8 8 100
Michael Gibbs 8 8 100
Uri Levine 8 6 75
Bobby Parikh 8 8 100
Chitra Nayak 8 7 88
Attendance percentage 100% 100% 78% 100% 100% 89% 100% 100% 63%
Attended through video conference Attended Leave of absence Attended through call
(1)
Retired as Whole-time Director and COO effective December 12, 2021
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The Board
Audit committee Nomination and Corporate Environmental, Social and Risk management Stakeholders
D. Sundaram
remuneration social responsibility Governance committee committee relationship
committee committee committee
Kiran Mazumdar-Shaw D. Sundaram
Michael Gibbs
Kiran Mazumdar-Shaw Kiran Mazumdar-Shaw D. Sundaram
Uri Levine Michael Gibbs
Bobby Parikh
D. Sundaram Uri Levine Bobby Parikh
Chitra Nayak Kiran Mazumdar-Shaw
Michael Gibbs Chitra Nayak Chitra Nayak
Uri Levine
Bobby Parikh
Chitra Nayak
Cybersecurity
risk sub-committee
Michael Gibbs
D. Sundaram
Uri Levine
Chairperson Member
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Audit committee
D. Sundaram
Chairperson and Financial Expert
The audit committee (“the Committee”) comprises only independent directors. As on March 31, 2022, the Committee comprised:
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Committee governance
The Committee fulfills the requirements of: is responsible for the Company’s internal control over financial
• Audit committee charter reporting and the financial reporting process. The independent
auditors are responsible for performing an independent audit
• Section 149 and 177 of the Companies Act, 2013
of the Company’s financial statements in accordance with the
• Regulation 18 of the Listing Regulations Generally Accepted Auditing Principles and for issuing a report
• NYSE guidelines, as applicable based on the audit.
The Committee, to carry out its responsibilities efficiently and The Committee met seven times during the year, which is more
transparently, relies on the Management’s financial expertise and than the requirement of the Companies Act, 2013 and the
that of the internal and independent auditors. The Management Listing Regulations.
100% 3 7 100%
Independence Members Meetings Attendance
Audit committee report for the year ended March 31, 2022
Reviewed with independent auditors the nature and scope of the audit, and reviewed the audit engagement to ascertain A
adequacy and appropriateness.
Reviewed the Management’s discussion and analysis of the financial condition and results of operations A
Discussed with the auditors the matters required by Public Company Accounting Oversight Board (PCAOB) Auditing Standard A
1301, as adopted by the PCAOB in Rule 3200.
Besides discussing the overall scope and plan for the internal audit and requirements of SEC, SEBI and other regulatory bodies, the Q
Committee also reviewed the adequacy and effectiveness of the Company’s legal, regulatory and ethics compliance programs.
Recommended the selection and evaluation of the independent auditors in accordance with the law. It also recommends to the P
Board the remuneration and terms of appointment of the internal, secretarial and independent auditors.
Helped the Board monitor the Management’s financial reporting process P
Reviewed the process adopted by the Management on impairment of assets including financial assets and goodwill. P
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Reviewed the significant transactions of the subsidiaries including related party transactions. P
Recommended incorporation of new subsidiaries and overseas branches, and further investments in the existing subsidiaries P
Recommended buyback of shares and reviewed the progress of the buyback till its successful completion P
Reviewed and approved related party transactions and recommended for the approval of the Board wherever necessary P
Reviewed the performances of the acquired entities, approved and recommended the investments, divestments and acquisitions P
made during the year for the approval of the Board.
Monitored and reviewed the mechanism to track the compliances under insider trading regulations and also reviewed the legal and Q
compliance updates in addition to the investigations of the whistleblower complaints received during the year.
Reviewed, approved and recommended amendments to Related Party Transaction Policy and Policy for Determining Materiality of A
Disclosures
Reviewed the annual assessment of statutory and internal auditors conducted by the Management A
Reviewed the Treasury Policy, code on fair disclosures and investor relations, and insider Trading Policy and recommended the A
changes thereof
Frequency A Annually Q Quarterly P Periodically
Sd/-
Bengaluru D. Sundaram
April 13, 2022 Chairperson
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Kiran Mazumdar-Shaw
Chairperson
The nomination and remuneration committee (“the Committee”) comprises only independent directors. As on March 31, 2022, the
Committee comprised:
100% 3 5 100%
Meetings Attendance
Independence Members
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Nomination and remuneration committee report for the year ended March 31, 2022
Stock incentives were approved and granted to eligible employees of the Company and subsidiaries during the year under the P
2015 Plan and the 2019 Plan
Designed, benchmarked and continuously reviewed the compensation program for the Board and the CEO & MD against the P
achievement of measurable performance goals
The Committee undertook an annual performance evaluation of its own effectiveness. A
Reviewed, approved and recommended amendments to the Nomination and Remuneration Committee Charter and policy A
The Committee reviewed various initiatives undertaken by the Company to ensure the safety, security and well-being of Q
employees, as well as their overall development through learning programs and on-the-job training.
Sd/-
Bengaluru Kiran Mazumdar-Shaw
April 12, 2022 Chairperson
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Kiran Mazumdar-Shaw
Chairperson
The corporate social responsibility committee (“the Committee”) comprises only independent directors. As on March 31, 2022, the
Committee comprised:
100% 3 4 100%
Independence Members Meetings Attendance
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(1)
U.B. Pravin Rao ceased to be a member of the Committee due to retirement effective December 12, 2021.
(2)
Uri Levine was appointed as a member of the Committee effective January 13, 2022.
(3)
Salil Parekh was appointed as a member of the Committee effective December 13, 2021 and ceased to be a member of the Committee effective January 12, 2022.
Sd/-
Bengaluru Kiran Mazumdar-Shaw
April 11, 2022 Chairperson
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ESG committee
Kiran Mazumdar-Shaw
Chairperson
The ESG committee (“the Committee”) was constituted with effect from April 14, 2021. Infosys is one of the first Indian Companies to have
a voluntary Independent Board ESG committee to oversee the Company’s ESG priorities. The Committee comprises only independent
directors. As on March 31, 2022, the Committee comprised:
1. Kiran Mazumdar-Shaw, Chairperson
2. Chitra Nayak
3. Uri Levine
100% 3 3 100%
Independence Members Meetings Attendance
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ESG committee report for the year ended March 31, 2022
The Committee made regular reports to the Board regarding its actions and made recommendations to the Board as Q
appropriate.
Approved the constitution of the ESG operations council and its charter P
Monitored the Company’s progress on Diversity, Equity & Inclusion leadership, including training initiatives on unconscious bias Q
Reviewed the Company’s position with respect to ESG assessments and provided directions to address gaps Q
Reviewed performance against NGRBC principles, policies and tracked follow up action P
Sd/-
Bengaluru Kiran Mazumdar-Shaw
April 11, 2022 Chairperson
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D. Sundaram
Chairperson
The risk management committee (“the Committee”) comprises only independent directors. As on March 31, 2022, the Committee
comprised:
100% 6 4 100%
Independence Members Meetings Attendance
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Risk management committee report for the year ended March 31, 2022
Reviewed risks and mitigation actions to strategic programs covering sales, cost optimization, automation, employee P
engagement and retention.
Reviewed the framework to assess potential risks in client and vendor contracts, approval processes and policies. P
Reviewed the risks and assessed mitigation actions put in place to tackle challenges arising due to geopolitical conflicts P
including the crisis in Eastern Europe
Reviewed and reassessed the adequacy of the Committee’s charter and recommended any proposed changes to the Board for P
approval.
Reviewed assessment and mitigation of risks arising due to multiple waves of COVID-19, covering all the areas impacting the Q
organization. Reviewed the readiness of the organization for post-pandemic operational resilience.
Reviewed risks related to client counterparty credit risk and revenue concentration Q
Assessed top risks to the effective execution of the Company’s strategy; tracked trend lines of top strategic, operational and Q
compliance-related risks, the likelihood of their occurrence, potential impact and progress of mitigation actions
Reviewed the Company’s information security and data privacy policies, related system controls, GDPR and similar regulatory Q
requirements, risks and progress of mitigation actions.
Submitted regular reports and recommendations to the Board with respect to risk management and mitigation procedures. Q
Reviewed and approved the Enterprise Risk Management Framework of the Company A
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Michael Gibbs
Chairperson and cybersecurity expert
The cybersecurity risk sub-committee (“the sub-committee”) comprises only independent directors. As on March 31, 2022, the
sub-committee comprised:
Committee governance
The risk management committee constituted a cybersecurity and recommends its findings, if any, to the risk management
risk sub-committee in April 2019. This sub-committee was committee. The sub-committee has appointed an external
voluntarily constituted to focus on cybersecurity-related threats. consultant who is an expert in security engineering to advice and
The objective of the sub-committee is to assess cybersecurity- guide the sub-committee on cybersecurity matters.
related risks and the preparedness of the Company to mitigate
The sub-committee met four times during fiscal 2022.
and react to such risks. The sub-committee meets periodically
100% 3 4 92%
Independence Members Meetings Attendance
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Cybersecurity risk sub-committee report for the year ended March 31, 2022
Reviewed security culture and awareness initiatives along with consequence management for violations P
Reviewed heightened external threat environment including risks from geopolitical conflicts P
Reviewed the threat landscape and incident metrics, global ransomware attacks, log4j vulnerability and Infosys preparedness Q
Sd/-
US Michael Gibbs
April 05, 2022 Chairperson
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D. Sundaram
Chairperson
The stakeholders relationship committee (“the Committee”) comprises only independent directors. As on March 31, 2022, the
Committee comprised:
1. D. Sundaram, Chairperson
2. Bobby Parikh
3. Chitra Nayak
The Board has appointed A.G.S. Manikantha, Company Secretary, as the Compliance Officer, as required under the Listing Regulations,
and the Nodal Officer to ensure compliance with the IEPF rules.
100% 3 4 100%
Independence Members Meetings Attendance
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(1)
Ceased to be a member of the Committee due to retirement effective December 12, 2021
Shareholding as on March 31, 2022 Complaints received and resolved during the year
ended March 31, 2022
Shareholding mode
Details of complaints received during the year
310 51,30,197 0.12%
2021 2022
Members Shares % Equity
2,010 3,312
2,010 3,312
Dematerialized Physical
Stakeholders relationship committee report for the year ended March 31, 2022
Monitored and reviewed the Company’s performance in dealing with stakeholder grievances A
Reviewed various measures and initiatives taken for reducing the quantum of unclaimed dividends and ensuring timely receipt P
of dividend warrants / annual reports / notices by the shareholders of the Company
Reviewed the unclaimed dividend and equity shares transferred to the Investor Education and Protection Fund (IEPF) pursuant P
to the IEPF Rules
Reviewed internal audit report submitted by an independent auditor covering functioning of Registrar & Share Transfer Agent (RTA) A
Reviewed the activities of Company’s investor relations, meetings held with investors, views of investors, analyst ratings, Total Q
Shareholders Return (TSR), shareholding pattern, large institutional buyers / sellers etc.
Periodically provided updates to the Board P
Reviewed the adherence to the service standards and security assessment adopted in respect of various services being P
rendered by RTA
The Committee undertook an annual performance evaluation of its own effectiveness. A
Discussed on Environmental, Social and Governance (ESG) goals A
Sd/-
Bengaluru D. Sundaram
April 11, 2022 Chairperson
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Two of the core values of our C-LIFE, fairness and excellence are evident
in the workings of the Board, its evaluation and the compensation paid to
the directors and the executive leadership.
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benchmarking, participation of individual directors in Board and among some or all of the non-executive directors of the
committee meetings, other responsibilities, such as membership Company in a manner decided by the Board. This payment will
or chairmanship of committees, time spent in carrying out be made with respect to the profits of the Company for each year.
other duties, roles and functions as prescribed in Schedule
The amount payable to independent directors for the year
IV of the Act, Listing Regulations and such other factors as
ended March 31, 2022 is ` 11.17 crore. Additionally, independent
the Board deems fit.
directors are also reimbursed for expenses incurred in the
Shareholders at the 34th AGM held on June 22, 2015 approved performance of their official duties. We confirm that none of the
a sum not exceeding 1% of the net profit of the Company per non-executive directors received remuneration amounting to
annum, calculated in accordance with the provisions of Section 50% of the total remuneration paid to non-executive directors
198 of the Companies Act, 2013, to be paid and distributed during the year ended March 31, 2022.
The aggregate amount of remuneration (commission) was arrived at using the following criteria:
The Board believes that the above compensation structure is commensurate with global best practices in terms of remunerating non-
executive / independent directors of a company of similar size, and adequately compensates for the time and contribution made by our
non-executive / independent directors.
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Nandan M. Nilekani(2) – – – – – – –
Executive directors
Independent directors
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In accordance with the Listing Regulations, no employee, including key managerial personnel or director or promoter of a listed entity,
shall enter into any agreement for himself or on behalf of any other person, with any shareholder or any other third party with regard to
compensation or profit-sharing in connection with dealings in the securities of the Company, without prior approval from the Board as
well as from shareholders by way of an ordinary resolution. No such instances were reported during fiscal 2022.
Name of the director Effective date of Details of shareholders’ approval Website links
executive employment on the agreements
agreement
Salil Parekh, Chief Executive January 2, 2018 The shareholders approved the Employment agreement:
Officer and Managing Director appointment and key terms https://www.infosys.com/investors/
of the agreement vide postal reports-filings/Documents/
ballot concluded on February 20, CEO-executive-employment-
2018 and amended the terms of agreement2018.pdf
remuneration as per the resolution AGM notice:
passed at the AGM dated June 22, https://www.infosys.com/investors/
2019. reports-filings/documents/agm-
notice2019.pdf
in ` crore
Details of total fees paid to statutory auditors Type of service Fiscal 2022 Fiscal 2021
The details of total fees for all services paid by the Company and Audit fees 18 16
its subsidiaries, on a consolidated basis, to the statutory auditor
Tax fees 3 2
and all entities in the network firm / network entity of which the
statutory auditor is a part, are as follows: Others 1 1
Total 22 19
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Our Company upholds integrity and transparency in all transactions and communications to
stakeholders. Our stakeholders are our partners in the path to sustained value creation and
therefore, our relationship with stakeholders and clear communication with them is at the centre
of all disclosures and reports. The stakeholders are privy to all actions and decisions of the Board.
Corporate
Infosys was incorporated in Pune, in 1981, as Infosys Consultants The share data mentioned before is unadjusted for stock split
Private Limited, a private limited company under the Companies and bonus shares. In July 2003, June 2005 and November
Act, 1956. In 1983, the corporate headquarters were relocated 2006, we issued secondary-sponsored American Depositary
to Bengaluru. The name of the Company was changed to Receipts (ADRs) of US$ 294 million, US$ 1.1 billion and US$ 1.6
Infosys Technologies Private Limited in April 1992 and to Infosys billion, respectively.
Technologies Limited in June 1992, when the Company became a
During fiscal 2012, the name of the Company was changed
public limited company. We made an initial public offering (IPO)
from Infosys Technologies Limited to Infosys Limited to mark
in February 1993 and were listed on stock exchanges in India in
the transition from being a technology services provider to a
June 1993. Trading opened at ₹145 per share, compared to the
business transformation partner to our clients.
IPO price of ₹95 per share. In October 1994, we made a private
placement of 5,50,000 shares at ₹450 each to Foreign Institutional During fiscal 2013, we delisted our ADSs from NASDAQ, and
Investors (FIIs), Financial Institutions (FIs) and body corporates. listed them in the New York Stock Exchange (NYSE), Euronext
London and Euronext Paris. During fiscal 2019, the Company
In March 1999, we issued 20,70,000 American Depositary Shares
voluntarily delisted from Euronext London and Paris due
(ADSs) (equivalent to 10,35,000 equity shares of par value ₹10
to low trading volume.
each) at US$ 34 per ADS under the ADS Program, and these ADSs
were listed on the NASDAQ National Market. Infosys equity shares and ADSs are listed on NSE and BSE in India
and in NYSE, respectively, under the symbol “INFY”.
Bonus issues and stock split
18,000
16,384
16,000
14,000
12,000
No. of shares
10,000
8,192
8,000
6,000
4,096
4,000
2,048
2,000 256 1,024
1 2 4 8 16 32 64 128
0
Prior to
1986 1986 1989 1991 1992 1994 1997 1999 2000 2005 2007 2015 2016 2019
Stock
Bonus Bonus Bonus Bonus Bonus Bonus Bonus Split Bonus Bonus Bonus Bonus Bonus
1:1 1:1 1:1 1:1 1:1 1:1 1:1 2:1 3:1 1:1 1:1 1:1 1:1
Corporate action
Note:
The above graph depicts the increase in the number of Infosys shares as a result of the Company’s bonus issues over the years and a stock split in 2000 in the ratio
of 2:1. For example, if the investor / shareholder held one share in 1986 prior to the bonus issue and continued to hold it, he would have 16,384 shares today owing
to the bonus share issues and stock split.
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Unclaimed dividend
Section 124 of the Companies Act, 2013, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer
and Refund) Rules, 2016 (“the Rules”), as amended, mandates that companies transfer dividend that has remained unclaimed / un-
encashed for a period of seven years from the unpaid dividend account to the Investor Education and Protection Fund (IEPF). Further,
the Rules mandate that the shares on which dividend has not been claimed / encashed for seven consecutive years or more be
transferred to the IEPF.
The following table provides a list of years for which unclaimed dividends and their corresponding shares would become eligible to be
transferred to the IEPF on the dates mentioned below:
Year Type of dividend Dividend per Date of declaration Due date Amount (`)(2)
share (`)(1) for transfer
2014-2015 Final 29.50 June 22, 2015 July 23, 2022 1,49,88,448
2015-2016 Interim 10.00 October 12, 2015 November 17, 2022 1,09,39,450
2015-2016 Final 14.25 June 18, 2016 July 17, 2023 1,60,31,777
2016-2017 Interim 11.00 October 14, 2016 November 19, 2023 1,36,91,843
2016-2017 Final 14.75 June 24, 2017 July 25, 2024 2,13,75,715
2017-2018 Interim 13.00 October 24, 2017 November 24, 2024 2,29,31,454
2017-2018 Final & Special 30.50 June 23, 2018 July 24, 2025 4,67,85,135
2018-2019 Interim 7.00 October 16, 2018 November 14, 2025 2,03,15,499
2018-2019 Special 4.00 January 11, 2019 February 10, 2026 1,19,20,004
2018-2019 Final 10.50 June 22, 2019 July 21, 2026 2,81,47,445
2019-2020 Interim 8.00 October 11, 2019 November 11, 2026 2,40,78,793
2019-2020 Final 9.50 June 27, 2020 July 28, 2027 2,59,64,031
2020-2021 Interim 12.00 October 14, 2020 November 17, 2027 3,01,37,600
2020-2021 Final 15.00 June 19, 2021 July 20, 2028 3,43,90,416
2021-2022 Interim 15.00 October 13, 2021 November 16, 2028 3,92,80,980
(1)
Not adjusted for bonus issue Amount unclaimed as on March 31, 2022
(2)
In order to educate the shareholders and with an intent to protect their rights, the Company also sends regular reminders to
shareholders to claim their unclaimed dividends / shares before it is transferred to IEPF. Shareholders may note that both the unclaimed
dividends and corresponding shares transferred to IEPF, including all benefits accruing on such shares, if any, can be claimed from IEPF
following the procedure prescribed in the Rules. No claim shall lie in respect thereof with the Company.
Year Type of dividend Dividend declared on Date of transfer to IEPF Amount transferred to IEPF
2021-22 Interim 2014-15 October 10, 2014 November 12, 2021 82,69,260
2021-22 Final 2013-14 June 14, 2014 July 19, 2021 1,19,89,432
2020-21 Interim 2013-14 October 18, 2013 November 24, 2020 80,44,220
2020-21 Final 2012-13 June 15, 2013 July 20, 2020 95,13,423
2019-20 Interim 2012-13 October 12, 2012 November 19, 2019 67,14,375
2019-20 Final 2011-12 June 9, 2012 July 19, 2019 1,23,64,864
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Schedule of events
41st Annual General Meeting
Date and time Mode: Video conference and other audio-visual means E-voting dates: June 20 - 24, 2022
June 25, 2022, Saturday Participation through video-conferencing Webcast and transcripts
4:00 p.m. IST https://agm.onwingspan.com/InfosysAGM https://www.infosys.com/Investors/
Financial calendar
The Company’s financial year begins on April 1 and ends on March 31. Our tentative calendar for declaration of results for the financial
year 2022-23 are as given below:
Jun 30, 2022 Sep 30, 2022 Dec 31, 2022 Mar 31, 2023 Quarter ending
Jun 16, 2022 Sep 16, 2022 Dec 16, 2022 Mar 16, 2023 Trading window closure
to Jul 26, 2022 to Oct 15, 2022 to Jan 14, 2023 to Apr 15, 2023
Jul 24, 2022 Oct 13, 2022 Jan 12, 2023 Apr 13, 2023 Board meeting and earnings
release date
2 1 1 1
10 8 14 13 11 10 9 8
Q1 Q2 Q3 Q4
Conferences Company events
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Investor grievances and investor contacts Registered office and global locations
We have a Board-level stakeholders relationship committee The address of our registered office is Electronics City, Hosur
to examine and redress complaints by shareholders and Road, Bengaluru 560100, Karnataka, India.
investors. The status of complaints is reported to the Board. The
Our operations are spread across 247 locations in 54 countries.
stakeholders relationship committee meets as often as required
We do not have any manufacturing plants, but have
to resolve shareholder grievances.
development centers and offices in India and overseas.
We attended to most of the investors’ grievances and postal / Visit https://www.infosys.com/investors/reports-filings/
electronic communications within a period of seven days from documents/global-presence2022.pdf for details related to
the date of receipt of such grievances. The exceptions have been our global locations.
for cases constrained by disputes or legal impediments.
Shareholders may note that the share transfers, dividend Legal proceedings
payments and all other investor-related activities are attended to There are certain pending cases related to disputes over title to
and processed at the office of the Company’s RTA. company shares, in which Infosys has been made party only as
For any grievances / complaints, shareholders may contact a proforma defendant / respondent. However, these cases are
the RTA, KFin Technologies Limited (formerly known as KFin not material in nature.
Technologies Private Limited) at einward.ris@kfintech.com.
For any escalations, shareholders may write to the Company at Commodity price risk, foreign exchange risk and
investors@infosys.com and for queries on dividend tax, write hedging activities
to us on dividend.tax@infosys.com. For addresses and contact The Company had no exposure to commodity and commodity
details for investor queries, RTA, depositary banks, depositories risks in fiscal 2022. For details of foreign exchange risk
for equity shares in India and stock exchanges please refer to and hedging activities, please refer to the Management’s
the Investor contacts. discussion and analysis.
Share capital
426,06,60,846
Holding as on March 31, 2021 Holding as on March 31, 2022
18,85,132
420,48,53,509 ESOP allotment 420,67,38,641
5,58,07,337
Buyback of shares
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% to total equity
0.12% 22,28,565 420,67,38,641
22,28,255 310 420,16,08,444 51,30,197
(1) The total number of shareholders as on March 31, 2022 is 22,28,565 and based on PAN is 21,28,827. There will be a difference in the number of shareholders, since shareholders can
have multiple demat accounts under a single PAN.
Codes India Global The listing fees for fiscal 2022 have been paid for all of the above
stock exchanges in India and overseas.
NSE BSE NYSE
Exchange INFY INFY INFY ISIN Code for ADS: US4567881085
Reuters INFY.NS INFY.BO INFY.K ISIN Code for Indian equity shares: INE009A01021
Bloomberg INFO IS INFO IB INFY US
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The volume traded / outstanding shares (%) in the last three fiscals is as follows:
Fiscal Volume (BSE) Volume (NSE) Volume (BSE +NSE)
2021-22 3 44 47
2020-21 4 74 78
2019-20 4 66 70
Note: The number of shares outstanding was 354,03,67,972 as of March 31, 2022. ADSs have been excluded for the purpose of this calculation.
2021-22 High ($) Low ($) High (`) Low (`) Volume (No.)
Months
April 19.56 17.24 1,460.73 1,292.66 15,28,02,724
May 19.48 17.81 1,414.67 1,307.79 10,11,18,985
June 21.51 19.08 1,594.81 1,397.23 15,86,44,996
July 22.14 20.50 1,643.75 1,533.40 11,74,46,284
August 24.14 22.21 1,792.88 1,651.98 10,28,77,287
September 24.08 22.07 1,758.80 1,627.66 13,62,23,890
October 24.28 21.73 1,828.04 1,629.10 22,00,18,610
November 24.09 22.14 1,794.22 1,654.08 12,58,80,092
December 25.60 21.89 1,909.87 1,646.19 11,79,92,241
January 26.39 21.72 1,952.86 1,633.34 23,81,21,083
February 23.85 21.04 1,784.32 1,578.84 21,52,12,584
March 25.21 22.04 1,908.27 1,664.52 22,73,37,315
Total 191,36,76,091
Note:
1 ADS = 1 equity share. The US dollar has been converted into the Indian rupee at the daily rates. The number of ADSs outstanding as on March 31, 2022 was
66,63,70,669. The percentage of volume traded for the year at NYSE, to the total float was 287%.
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1,600
2.0
1,200
800
0.0
400
-2.0
April May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
ADS(`) 1,375.50 1,345.79 1,500.41 1,585.54 1,725.03 1,706.23 1,706.68 1,722.09 1,795.39 1,806.11 1,712.98 1,830.25
Equity(`) 1,379.59 1,352.94 1,473.16 1,575.02 1,695.63 1,703.70 1,716.41 1,735.22 1,794.86 1,829.05 1,729.06 1,835.57
Premium/
(Discount) -0.3% -0.5% 1.9% 0.7% 1.7% 0.1% -0.6% -0.8% 0.0% -1.3% -0.9% -0.3%
Note: Represents monthly average of closing prices of our ADSs listed on NYSE compared to monthly average of closing prices of our equity shares listed on NSE.
Outstanding ADSs
Our ADSs, as evidenced by ADRs, are traded in the US on the NYSE under the ticker symbol ‘INFY’. The currency of trade of ADS in the US
is USD. Each ADS is represented by one equity share. The ADRs evidencing ADSs began trading on the NYSE, New York, from December
12, 2012. As on March 31, 2022, there were 125,008 record holders of ADRs evidencing 66,63,70,669 ADSs (1 ADS = 1 equity share).
160
140
120
100
80
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
Infosys NIFTY 50
Note: Infosys share price and NSE Nifty 50 index values on April 1, 2021 have been baselined to 100.
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140
120
100
80
60
Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22
Infosys BSE Sensex
Note: Infosys share price and Sensex values on April 1, 2021 have been baselined to 100.
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Year ended Date and time Venue Special resolution Web link for webcast /
passed transcripts
March 31, 40th AGM: June 19, Held through Video 1. Approval for the buyback of equity shares of https://www.infosys.
2021 2021 at 4 p.m. IST conferencing /other the Company com/investors/news-
Audio visual means 2. Reappointment of Michael Gibbs as an events/annual-general-
independent director meeting/2021/agm-2021-
transcript.pdf
March 31, 39th AGM: June 27, Held through Video None https://www.infosys.
2020 2020 at 4 p.m. IST conferencing /other com/investors/news-
Audio visual means events/annual-general-
meeting/2020/agm-2020-
transcript.pdf
March 31, 38th AGM: June 22, Christ University 1. Approval of the Infosys Expanded Stock https://www.infosys.
2019 2019 at 3 p.m. IST Auditorium, Hosur Ownership Program – 2019 (“the 2019 Plan”) com/investors/news-
Road, Bengaluru, and grant of stock incentives to the eligible events/annual-general-
India employees of the Company under the 2019 meeting/2019/agm-2019-
Plan transcript.pdf
2. Approval of the Infosys Expanded Stock
Ownership Program – 2019 (“the 2019 Plan”)
and grant of stock incentives to the eligible
employees of the Company’s subsidiaries
under the 2019 Plan
3. Approval for secondary acquisition of shares of
the Company by the Infosys Expanded Stock
Ownership Trust for the implementation of the
Infosys Expanded Stock Ownership Program –
2019 (“the 2019 Plan”)
Participation and voting at 41st AGM Board interaction with clients, employees, institutional
Pursuant to the General Circular numbers 21/2021, dated investors, governments and the media
December 14, 2021 issued by the Ministry of Corporate Affairs The Chairman, the CEO & MD, the CFO, the Presidents and
and Circular number SEBI/HO/CFD/CMD1/CIR/P/2020/79 and the Deputy CFO represent the Company in interactions with
SEBI/HO/CFD/CMD2/CIR/P/2021/11 issued by SEBI, the 41st investors, the media and various governments. In addition, the
AGM of the Company will be held through video-conferencing CEO & MD,the CFO and the Presidents manage interactions with
and other audio visual means, the detailed instructions for clients and employees and the investor relations team represents
participation and voting at the meeting is available in the the Company in interactions with investors. The other authorized
notice of the 41st AGM. media spokespersons for business-specific matters include the
functional heads and identified subject matter experts.
Postal ballot
During the year, the Company did not pass any special resolution
through postal ballot. The details of the previous postal ballots
are available on the website, at https://www.infosys.com/
investors/shareholder-services/postal-ballot.html.
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Legal compliance
In everything we do, we comply with the law of the land. All disclosures and policies
to this effect, including details of non-compliance, regulatory orders, certifications
and complaints, are made available in this corporate governance report.
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CERTIFICATE
(Pursuant to clause 10 of Part C of Schedule V of LODR)
In pursuance of sub-clause (i) of clause 10 of Part C of Schedule V of The Securities and Exchange Board of India (SEBI) (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (LODR); in respect of Infosys Limited (CIN:L85110KA1981PLC013115) I hereby certify that:
On the basis of the written representation / declaration received from the directors and taken on record by the Board of Directors, as
on March 31, 2022, none of the directors on the board of the Company has been debarred or disqualified from being appointed or
continuing as director of companies by the SEBI / Ministry of Corporate Affairs or any such statutory authority.
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Investor contacts
For queries relating to financial statements For queries relating to Business Responsibility and
Sustainability Report
Jayesh Sanghrajka
EVP, Deputy Chief Financial Officer Aruna C. Newton
AVP - Head - Diversity and Inclusion. HRD
Tel: 91 80 2852 1705 Fax: 91 80 2852 0754
Email : jayesh.sanghrajka@infosys.com Tel: 91 80 2852 0261
Email: arunacnewton@infosys.com
Investor correspondence
Registrar and share transfer agents
Sandeep Mahindroo
SVP, Financial Controller & Head – Investor Relations KFin Technologies Limited
Tel : 91 80 3980 1018 Fax : 91 80 2852 0754 Selenium Tower B, Plot Nos. 31 & 32,
Email : sandeep_mahindroo@infosys.com Financial District, Nanakramguda,
Serilingampally Mandal, Hyderabad - 500032
For queries relating to shares / dividend / compliance
Contact person
A.G.S. Manikantha
VP, Company Secretary C Shobha Anand
Deputy Vice President,
Tel: 91 80 4116 7775 Fax: 91 80 2852 0754
Email: investors@infosys.com KFin Technologies Limited
Toll Free Number 1800-309-4001
Email: einward.ris@kfintech.com
Depositary bank (ADS)
United States Custodian in India (ADS)
Deutsche Bank Trust Company Americas ICICI Bank Limited
Corporate Bank - Depositary Receipts Securities Market Services
Floor 17S, 1 Columbus Circle 1st Floor, Empire Complex, 414,
New York NY, USA 10019 Senapati Bapat Marg,
Tel : 1 212 250 2500 Lower Parel, Mumbai 400 013,
Maharashtra, India.
India
Tel : 91 82919 02703
Deutsche Bank AG, Filiale Mumbai
Corporate Bank – Depositary Receipts
The Capital, C-70, G Block
Bandra Kurla Complex, Mumbai 400 051, India
Tel: 91 22 7180 4875
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BSE Ltd.
Phiroze Jeejeebhoy Towers
Dalal Street, Kala Ghoda, Mumbai 400 001, India
Phones: 91-22-22721233/4, 91-22-66545695 (Hunting)
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Deepak Padaki
EVP and Group Head – Corporate Strategy, and Chief Risk Officer
Note: The risk-related information outlined in this section may not be exhaustive. The discussion may contain statements that are forward-
looking in nature. Our business is subject to uncertainties that could cause actual results to differ materially from those reflected in the forward-
looking statements. If any of the risks materializes, our business, financial conditions or prospects could be materially and adversely affected.
Our business, operating results, financial performance, or prospects could also be harmed by risks and uncertainties not currently known to us or
that we currently do not believe are material. Readers are advised to refer to the detailed discussion of risk factors and related disclosures in our
regulatory filings and exercise their own judgment in assessing risks associated with the Company.
Our Enterprise Risk Management (ERM) function enables primary risks, secondary risks, consequential risks and residual
the achievement of the Company’s strategic objectives by risks. The ERM function also enables effective resource allocation
identifying, analyzing, assessing, mitigating, monitoring and through structured qualitative and quantitative risk impact
governing any risk or potential threat to these objectives. While assessment and prioritization based on our risk appetite. Our
this is the key driver, our values, culture and commitment to ERM framework also enables the identification of underlying
stakeholders – employees, customers, investors, regulatory opportunities during risk assessment, which are then further
bodies, partners and the community around us – are the evaluated and actionized by the business. Our ERM framework
foundation for our ERM framework. encompasses all of the Company’s risks, such as strategic,
operational, and legal & compliance risks. Any of these categories
The systematic and proactive identification of risks, and
can have internal or external dimensions. Hence, appropriate
mitigation thereof, enables our organization to boost
risk indicators are used to identify these risks proactively. We
performance with effective and timely decision-making.
take cognizance of risks faced by our key stakeholders and their
Strategic decisions are taken after careful consideration of
cumulative impact while framing our risk responses.
Strategy and strategy execution The risks arising out of the choices we have made in defining our strategy and the risks to the
successful execution of our strategy are covered in this category. For example, risks inherent to our
industry and our competitiveness are analyzed and mitigated through strategic choices of target
markets, our market offerings, business model and talent base.
Operational The risks affecting our policies, procedures, people and systems, thereby impacting service delivery
or operations, or compromising our core values or business practices are covered in this category.
For example, risks such as inefficiencies in internal processes, business activity disruptions due to
natural calamities, climate change events, human conflicts, system failures and cybersecurity attacks.
Legal and compliance The risks arising out of threats posed to our financial, organizational, or reputational standing
resulting from litigations, non-conformance with laws, regulatory or geo-political developments,
codes of conduct and contractual compliances are covered in this category.
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culture
Level 2 Risk Sub-Committee
Sales
Strategic and
stakeholder Office of
Level 4 Risk risk management
goals
ps
Auditing, monitoring
u
ro
Sub-risk councils
tg
iGRC platform
Secondary, consequential and residual risks Intelligent risk analytics – Live Enterprise
Secondary risks are threats that could impede the mitigation Internal and external risk and performance indicators,
of primary risks. Consequential risks are the unintended loss incidents are used real-time to identify, analyze and
consequences of primary mitigation, and residual risks are assess potential issues that could negatively impact
those risks that are left over after mitigation. strategic goals.
Enterprise
Aggregation and accumulation Risk Management RISC360 : iGRC
program
Exposure for same risks are aggregated as it goes up the RISC360 is the Company’s Governance, Risk management and
hierarchy. This provides enterprise-wide view Salient features Compliance (GRC) program that combines three lines of defense
to the leadership. Cumulated risk view is also provided to under one umbrella. This enables risk-based decision-making and
understand total exposure arising out of all risks at a unit level. auditing. The Company has implemented a technology platform,
iGRC, to provide a consolidated view of risks to strategic goals.
Process risk frameworks
Risk culture
Process-specific risk frameworks have been
developed for decision-making, Our risk culture encourages open and upward communication.
for example, frameworks for customer risk, Coupled with our belief systems and core values, this drives
vendor risk, contractual liability, contractual behavior, guides daily activities and decision-making throughout
weighted-risk and credit risk. the organization. We encourage sharing of knowledge and best
practices, continuous process improvement and a strong
commitment to ethics and integrity.
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Sd/- Sd/-
Bengaluru Salil Parekh Nilanjan Roy
April 13, 2022 Chief Executive Officer and Managing Director Chief Financial Officer
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Standalone Financial Statements under Indian Accounting Standards (Ind AS) for the
year ended March 31, 2022
Index
A Independent Auditor’s Report........................................................................................................................................................................................................176
B Balance Sheet........................................................................................................................................................................................................................................188
C Statement of Profit and Loss............................................................................................................................................................................................................190
D Statement of Changes in Equity.....................................................................................................................................................................................................192
E Statement of Cash Flows...................................................................................................................................................................................................................198
F Overview and notes to the standalone financial statements..............................................................................................................................................200
1. Overview
1.1 Company overview ......................................................................................................................................................................................................................200
1.2 Basis of preparation of financial statements ......................................................................................................................................................................200
1.3 Use of estimates and judgments.............................................................................................................................................................................................200
1.4 Critical accounting estimates and judgments....................................................................................................................................................................200
1.5 Recent accounting pronouncements....................................................................................................................................................................................201
2. Notes to the financial statements
2.1 Property, plant and equipment................................................................................................................................................................................................201
2.2 Goodwill and other intangible assets....................................................................................................................................................................................204
2.3 Leases................................................................................................................................................................................................................................................205
2.4 Capital work-in-progress............................................................................................................................................................................................................207
2.5 Investments.....................................................................................................................................................................................................................................208
2.6 Loans..................................................................................................................................................................................................................................................213
2.7 Other financial assets...................................................................................................................................................................................................................214
2.8 Trade receivables ..........................................................................................................................................................................................................................214
2.9 Cash and cash equivalents.........................................................................................................................................................................................................215
2.10 Other assets ...................................................................................................................................................................................................................................215
2.11 Financial instruments..................................................................................................................................................................................................................216
2.12 Equity................................................................................................................................................................................................................................................224
2.13 Other financial liabilities............................................................................................................................................................................................................230
2.14 Trade payables...............................................................................................................................................................................................................................231
2.15 Other liabilities..............................................................................................................................................................................................................................232
2.16 Provisions........................................................................................................................................................................................................................................232
2.17 Income taxes..................................................................................................................................................................................................................................232
2.18 Revenue from operations..........................................................................................................................................................................................................235
2.19 Other income, net........................................................................................................................................................................................................................238
2.20 Expenses.........................................................................................................................................................................................................................................238
2.21 Employee benefits.......................................................................................................................................................................................................................239
2.22 Reconciliation of basic and diluted shares used in computing earning per share.............................................................................................243
2.23 Contingent liabilities and commitments............................................................................................................................................................................243
2.24 Related party transactions.......................................................................................................................................................................................................244
2.25 Corporate social responsibility (CSR)...................................................................................................................................................................................252
2.26 Segment reporting......................................................................................................................................................................................................................253
2.27 Ratios................................................................................................................................................................................................................................................253
2.28 Function-wise classification of Statement of Profit and Loss......................................................................................................................................254
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• We tested the effectiveness of controls relating to the (a) identification of distinct performance obligations,
(b) determination of whether the Company is acting as a principal or an agent and (c) determination of whether fixed
price maintenance revenue for certain contracts is recognized on a straight-line basis or using the percentage of
completion method.
• We selected a sample of contracts with customers and performed the following procedures:
– Obtained and read contract documents for each selection, including master service agreements, and other documents
that were part of the agreement.
– Identified significant terms and deliverables in the contract to assess management’s conclusions regarding the
(i) identification of distinct performance obligations (ii) whether the Company is acting as a principal or an agent
and (iii) whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of
completion method.
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• We tested the effectiveness of controls relating to (1) recording of efforts or costs incurred and estimation of efforts
or costs required to complete the remaining contract performance obligations and (2) access and application controls
pertaining to time recording, allocation and budgeting systems which prevents unauthorised changes to recording of
efforts incurred.
• We selected a sample of fixed price contracts with customers measured using the percentage-of-completion method and
performed the following:
– Evaluated management’s ability to reasonably estimate the progress towards satisfying the performance obligation
by comparing actual efforts or costs incurred to prior year estimates of efforts or costs budgeted for performance
obligations that have been fulfilled.
– Compared efforts or costs incurred with Company’s estimate of efforts or costs incurred to date to identify significant
variations and evaluate whether those variations have been considered appropriately in estimating the remaining costs
or efforts to complete the contract.
– Tested the estimate for consistency with the status of delivery of milestones and customer acceptances and sign off
from customers to identify possible delays in achieving milestones, which require changes in estimated costs or efforts
to complete the remaining performance obligations.
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Information Other than the Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the other information. The other information comprises the information included
in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report,
Corporate Governance and Shareholder’s Information, but does not include the consolidated financial statements, standalone financial
statements and our auditor’s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and
whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
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Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the
audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in
our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section
197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone
financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable
losses, if any, on long-term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share
premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign
entity (“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary
shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
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(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the Company from any person or entity, including foreign
entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as
provided under (a) and (b) above, contain any material misstatement.
v. As stated in Note 2.12.3 to the standalone financial statements
(a) The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance
with Section 123 of the Act, as applicable.
(b) The interim dividend declared and paid by the Company during the year and until the date of this report is in
compliance with Section 123 of the Act.
(c) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of
the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123
of the Act, as applicable.
2. As required by the Companies (Auditor’s Report) Order, 2020 (the “Order”) issued by the Central Government in terms of Section
143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
Sanjiv V. Pilgaonkar
Partner
Place: Bengaluru (Membership No.039826)
Date: April 13, 2022 UDIN: 22039826AGZSRL7491
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Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting of the Company based on
our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013,
to the extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls
over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected
depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls system over financial reporting.
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Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects,
an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were
operating effectively as at March 31, 2022, based on the criteria for internal financial control over financial reporting established by the
Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the ICAI.
Sanjiv V. Pilgaonkar
Partner
Place: Bengaluru (Membership No.039826)
Date: April 13, 2022 UDIN: 22039826AGZSRL7491
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i. In respect of the Company’s Property, Plant and Equipment and Intangible Assets:
(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of
Property, Plant and Equipment and relevant details of right-of-use assets.
(B) The Company has maintained proper records showing full particulars of intangible assets.
(b) The Company has a program of physical verification of Property, Plant and Equipment and right-of-use assets so to cover
all the assets once every three years which, in our opinion, is reasonable having regard to the size of the Company and the
nature of its assets. Pursuant to the program, certain Property, Plant and Equipment were due for verification during the
year and were physically verified by the Management during the year. According to the information and explanations given
to us, no material discrepancies were noticed on such verification.
(c) Based on our examination of the property tax receipts and lease agreement for land on which building is constructed,
registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title in respect of self-
constructed buildings and title deeds of all other immovable properties (other than properties where the company is the
lessee and the lease agreements are duly executed in favour of the lessee), disclosed in the financial statements included
under Property, Plant and Equipment are held in the name of the Company as at the balance sheet date.
(d) The Company has not revalued any of its Property, Plant and Equipment (including right-of-use assets) and intangible
assets during the year.
(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2022 for
holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and
rules made thereunder.
ii. (a) The Company does not have any inventory and hence reporting under clause 3(ii)(a) of the Order is not applicable.
(b) The Company has not been sanctioned working capital limits in excess of ₹ 5 crore, in aggregate, at any points of time
during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under
clause 3(ii)(b) of the Order is not applicable.
iii. The Company has made investments in, companies, firms, Limited Liability Partnerships, and granted unsecured loans to other
parties, during the year, in respect of which:
(a) The Company has not provided any loans or advances in the nature of loans or stood guarantee, or provided security to any
other entity during the year, and hence reporting under clause 3(iii)(a) of the Order is not applicable.
(b) In our opinion, the investments made and the terms and conditions of the grant of loans, during the year are, prima facie,
not prejudicial to the Company’s interest.
(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been
stipulated and the repayments of principal amounts and receipts of interest are generally been regular as per stipulation.
(d) In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at
the balance sheet date.
(e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans
granted to settle the overdues of existing loans given to the same parties.
(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without
specifying any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is not applicable.
The Company has not provided any guarantee or security or granted any advances in the nature of loans, secured or
unsecured, to companies, firms, Limited Liability Partnerships or any other parties.
iv. The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted,
investments made and guarantees and securities provided, as applicable.
v. The Company has not accepted any deposit or amounts which are deemed to be deposits. Hence, reporting under clause 3(v) of
the Order is not applicable.
vi. The maintenance of cost records has not been specified by the Central Government under sub-section (1) of section 148 of the
Companies Act, 2013 for the business activities carried out by the Company. Hence, reporting under clause (vi) of the Order is not
applicable to the Company.
184 Infosys Integrated Annual Report 2021-22
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Nature of the statute Nature of dues Forum where Dispute is Pending Period to which the Amount Amount
Relates ₹ crore
The Income Tax Act, Income Tax Income Tax Appellate Tribunal (2) AY (1) 2012-13 and AY (1) 2016-17 1,030
1961 Income Tax Appellate Authority upto AY (1) 2008-09 to AY (1) 2011-12;
Commissioner level AY (1) 2013-14 to AY (1) 2022-23 5,216
Customs Act, 1962 Duty of Custom Specified Officer of SEZ FY (1) 2008-09 to FY (1) 2011-12 5
Central Excise Act, Duty of Excise Supreme Court of India (4) FY (1) 2005-06 to FY (1) 2015-16 68
1944 Duty of Excise Customs Excise and Service Tax FY (1) 2015-16
Appellate Tribunal - (5)
Goods and Service Goods and Service Appellate Authority upto FY (1)
2019-20
Tax Act, 2017 Tax Commissioner level 6
Sales Tax Act and VAT Sales Tax Appellate Authority upto FY 2006-07 to FY 2010-11
(1) (1)
Footnotes:
(1)
AY=Assessment Year; FY= Financial Year.
(2)
In respect of A.Y. 2012-13, stay order has been granted against ₹1,029 crore disputed which has not been deposited.
(3)
Stay order has been granted against ₹60 crore disputed which has not been deposited.
(4)
Stay order has been granted.
(5)
Less than ₹ 1 crore.
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viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
ix. (a) The Company has not taken any loans or other borrowings from any lender. Hence reporting under clause 3(ix)(a) of the
Order is not applicable.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.
(c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the
year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.
(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie,
not been used during the year for long-term purposes by the Company.
(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any
entity or person on account of or to meet the obligations of its subsidiaries.
(f) The Company has not raised any loans during the year and hence reporting on clause 3(ix)(f) of the Order is not applicable.
x. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments)
during the year and hence reporting under clause 3(x)(a) of the Order is not applicable.
(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible
debentures (fully or partly or optionally) and hence reporting under clause 3(x)(b) of the Order is not applicable.
xi. (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.
(b) No report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under
rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and upto the
date of this report.
(c) We have taken into consideration the whistle blower complaints received by the Company during the year (and upto the
date of this report), while determining the nature, timing and extent of our audit procedures.
xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.
xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable
transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial
statements as required by the applicable accounting standards.
xiv. (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the
nature of its business.
(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date,
in determining the nature, timing and extent of our audit procedures.
xv. In our opinion during the year the Company has not entered into any non-cash transactions with its Directors or persons
connected with its directors. and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi. (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.
Hence, reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.
(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies
(Reserve Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.
xvii. The Company has not incurred cash losses during the financial year covered by our audit and the immediately
preceding financial year.
xviii. There has been no resignation of the statutory auditors of the Company during the year.
xix. On the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial
liabilities, other information accompanying the financial statements and our knowledge of the Board of Directors and
Management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our
attention, which causes us to believe that any material uncertainty exists as on the date of the audit report indicating that
Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a
period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of
the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give
any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get
discharged by the Company as and when they fall due.
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xx. (a) There are no unspent amounts towards Corporate Social Responsibility (CSR) on other than ongoing projects requiring a
transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second proviso to sub-section (5) of
Section 135 of the said Act. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable for the year.
(b) In respect of ongoing projects, the Company has transferred unspent Corporate Social Responsibility (CSR) amount as at
the end of the previous financial year, to a Special account within a period of 30 days from the end of the said financial year
in compliance with the provision of section 135(6) of the Act.
In respect of ongoing projects, the Company has not transferred the unspent Corporate Social Responsibility (CSR) amount
as at the Balance Sheet date out of the amounts that was required to be spent during the year, to a Special Account in
compliance with the provision of sub-section (6) of section 135 of the said Act till the date of our report since the time
period for such transfer i.e. 30 days from the end of the financial year has not elapsed till the date of our report.
Sanjiv V. Pilgaonkar
Partner
Place: Bengaluru (Membership No.039826)
Date: April 13, 2022 UDIN: 22039826AGZSRL7491
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Balance Sheet
in ₹ crore
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The accompanying notes form an integral part of the Standalone financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
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The accompanying notes form an integral part of the Standalone financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
229 / 442
192
Statement of Changes in Equity
in ₹ crore
benefit liability /
asset, net*
– – – – – – – – – – – 148 148
230 / 442
Equity
instruments
through other
Governance
comprehensive
income, net*
(Refer to Note 2.5
and 2.17) – – – – – – – – – 120 – – 120
reports
Statutory
Standalone
on investments,
net* (Refer to Note
2.5 and 2.17) – – – – – – – – – – – (102) (102)
Total
BRSR
comprehensive
income for the
year – – – – – 18,048 – – – 120 25 46 18,239
to Special
Transferred
from Special
Economic Zone
Re-investment
Reserve on
utilization – – – – – 967 – – (967) – – – –
value
Transfer on
Delivering
account of
exercise of stock
options (Refer to
231 / 442
Note 2.12) – – – – 260 – – (260) – – – – –
Transfer on
Governance
account of options
not exercised – – – – – – 3 (3) – – – – –
Shares issued
on exercise of
reports
Statutory
employee stock
options (Refer to
Note 2.12) 1 – – – 8 – – – – – – – 9
Effect of
modification of
equity-settled
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
share-based
Standalone
statements
payment awards
to cash-settled
awards (Refer to
Note 2.12) – – – – – – – 85 – – – – 85
BRSR
193
194
Particulars Equity Other equity Total equity
share Reserves and surplus Other comprehensive income attributable
capital to equity
Capital reserve Capital Securities Retained General Share Special Equity Effective Other items holders
redemption premium earnings reserve options Economic Instruments portion of other of the
reserve outstanding Zone Re- through other of cash comprehensive Company
Introduction
Capital Other account investment comprehensive flow income / (loss)
(2)
reserve reserves Reserve (1) income hedges
Employee stock
compensation
expense (Refer to
Approaching
value creation
Reserves recorded
upon business
transfer under
common control
(Refer to Note 2.5.1) – – (176) – – – – – – – – – (176)
value
Balance as at
March 31, 2021 2,130 54 2,906 111 581 57,518 1,663 372 6,144 169 10 (127) 71,531
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Governance
reports
Statutory
Financial
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Standalone
statements
BRSR
Remeasurement
Delivering
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Equity
instruments
Governance
through other
comprehensive
income, net*
(Refer to Note 2.5
and 2.17) – – – – – – – – – 97 – – 97
reports
Statutory
Financial
Standalone
statements
Total
comprehensive
income for the
year – – – – – 21,235 – – – 97 (8) (137) 21,187
195
196
Particulars Equity Other equity Total equity
share Reserves and surplus Other comprehensive income attributable
capital to equity
Capital reserve Capital Securities Retained General Share Special Equity Effective Other items holders
redemption premium earnings reserve options Economic instruments portion of other of the
reserve outstanding Zone Re- through other of cash comprehensive Company
Introduction
Capital Other account investment comprehensive flow income / (loss)
(2)
reserve reserves Reserve (1) income hedges
Buyback of equity
shares (Refer to
Note 2.12) # (28) – – – (640) (8,822) (1,603) – – – – – (11,093)
Approaching
value creation
Transaction
cost relating to
buyback* – – – – – – (24) – – – – – (24)
Amount
review
transferred
Strategy
to capital
redemption
reserve upon
buyback – – – 28 – – (28) – – – – – –
Transferred
value
to Special
Delivering
Economic Zone
Re-investment
Reserve – – – – – (2,794) – – 2,794 – – – –
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Transferred
from Special
Governance
Economic Zone
Re-investment
Reserve on
utilization – – – – – 1,012 – – (1,012) – – – –
reports
Transfer on
Statutory
account of
exercise of stock
options (Refer to
Note 2.12) – – – – 218 – – (218) – – – – –
Transfer on
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
account of options
Standalone
statements
options (Refer to
Note 2.12) 1 – – – 10 – – – – – – – 11
Reserves recorded
upon business
transfer under
common control
(Refer toNote 2.5.1) – – (62) – – – – – – – – – (62)
value
Delivering
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* net of tax
#
Including tax on buyback of ₹1,893 crore
Governance
(1)
The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of the Income-tax Act, 1961. The reserve should be utilized
by the Company for acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income-tax Act, 1961.
(2)
Profit / loss on transfer of business between entities under common control taken to reserve.
reports
Statutory
The accompanying notes form an integral part of the Standalone financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
Standalone
statements
117366W/W-100018
197
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
in ₹ crore
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The accompanying notes form an integral part of the Standalone financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
Sanjiv V. Pilgaonkar Nandan M. Nilekani Salil Parekh D. Sundaram
Partner Chairman Chief Executive Officer Director
Membership No. 039826 and Managing Director
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1.2 Basis of preparation of financial statements 1.4 Critical accounting estimates and judgments
These Standalone financial statements are prepared in accordance a. Revenue recognition
with Indian Accounting Standard (Ind AS), under the historical The Company’s contracts with customers include promises to
cost convention on accrual basis except for certain financial transfer multiple products and services to a customer. Revenues
instruments which are measured at fair values, the provisions of from customer contracts are considered for recognition and
the Companies Act, 2013 ("the Act") (to the extent notified) and measurement when the contract has been approved, in writing,
guidelines issued by the Securities and Exchange Board of India by the parties to the contract, the parties to contract are
(SEBI). The Ind AS are prescribed under Section 133 of the Act committed to perform their respective obligations under the
read with Rule 3 of the Companies (Indian Accounting Standards) contract, and the contract is legally enforceable. The Company
Rules, 2015 and relevant amendment rules issued there after. assesses the services promised in a contract and identifies
Accounting policies have been consistently applied except where distinct performance obligations in the contract. Identification of
a newly-issued accounting standard is initially adopted or a distinct performance obligations to determine the deliverables
revision to an existing accounting standard requires a change in and the ability of the customer to benefit independently from
the accounting policy hitherto in use. such deliverables, and allocation of transaction price to these
distinct performance obligations involves significant judgment.
As the year-end figures are taken from the source and rounded
to the nearest digits, the figures reported for the previous Fixed-price maintenance revenue is recognized ratably on a
quarters might not always add up to the year end figures straight-line basis when services are performed through an
reported in this statement. indefinite number of repetitive acts over a specified period.
Revenue from fixed-price maintenance contract is recognized
ratably using a percentage-of-completion method when the
1.3 Use of estimates and judgments
pattern of benefits from the services rendered to the customer
The preparation of the Standalone financial statements in and Company’s costs to fulfil the contract is not even through the
conformity with Ind AS requires the Management to make period of the contract because the services are generally discrete
estimates, judgments and assumptions. These estimates, in nature and not repetitive. The use of method to recognize the
judgments and assumptions affect the application of accounting maintenance revenues requires judgment and is based on the
policies and the reported amounts of assets and liabilities, the promises in the contract and nature of the deliverables.
disclosures of contingent assets and liabilities at the date of
the financial statements and reported amounts of revenues The Company uses the percentage-of-completion method
and expenses during the period. The application of accounting in accounting for other fixed-price contracts. Use of the
policies that require critical accounting estimates involving percentage-of-completion method requires the Company to
complex and subjective judgments and the use of assumptions determine the actual efforts or costs expended to date as a
in these financial statements have been disclosed in Note 1.4. proportion of the estimated total efforts or costs to be incurred.
Accounting estimates could change from period to period. Actual Efforts or costs expended have been used to measure progress
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towards completion as there is a direct relationship between loss but deducted from the directly attributable costs considered
input and productivity. The estimation of total efforts or costs as part of cost of an item of property, plant, and equipment. The
involves significant judgment and is assessed throughout the effective date for adoption of this amendment is annual periods
period of the contract to reflect any changes based on the latest beginning on or after April 1, 2022. The Company has evaluated
available information. the amendment and there is no impact on its Standalone
financial statements.
Provisions for estimated losses, if any, on incomplete contracts
are recorded in the period in which such losses become probable Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets –
based on the estimated efforts or costs to complete the contract. The amendment specifies that the ‘cost of fulfilling’ a contract
comprises the ‘costs that relate directly to the contract’. Costs
b. Income taxes that relate directly to a contract can either be incremental
The Company’s two major tax jurisdictions are India and costs of fulfilling that contract (examples would be direct labor,
the US, though the Company also files tax returns in other materials) or an allocation of other costs that relate directly
overseas jurisdictions. to fulfilling contracts (an example would be the allocation of
the depreciation charge for an item of property, plant and
Significant judgments are involved in determining the provision equipment used in fulfilling the contract). The effective date for
for income taxes, including amount expected to be paid / adoption of this amendment is annual periods beginning on
recovered for uncertain tax positions. or after April 1, 2022, although early adoption is permitted. The
In assessing the realizability of deferred income tax assets, the Company has evaluated the amendment and the impact is not
Management considers whether some portion or all of the expected to be material.
deferred income tax assets will not be realized. The ultimate
realization of deferred income tax assets is dependent upon 2. Notes to the financial statements
the generation of future taxable income during the periods
in which the temporary differences become deductible. 2.1 Property, plant and equipment
The Management considers the scheduled reversals of deferred Accounting policy
income tax liabilities, projected future taxable income and tax
Property, plant and equipment are stated at cost, less
planning strategies in making this assessment. Based on the level
accumulated depreciation and impairment, if any. Costs directly
of historical taxable income and projections for future taxable
attributable to acquisition are capitalized until the property,
income over the periods in which the deferred income tax assets
plant and equipment are ready for use, as intended by the
are deductible, the Management believes that the Company will
management. The charge in respect of periodic depreciation is
realize the benefits of those deductible differences. The amount
derived at after determining an estimate of an asset’s expected
of the deferred income tax assets considered realizable, however,
useful life and the expected residual value at the end of its life.
could be reduced in the near term if estimates of future taxable
The Company depreciates property, plant and equipment over
income during the carry forward period are reduced. Also, refer
their estimated useful lives using the straightline method. The
to Notes 2.17 and 2.23.
estimated useful lives of assets are as follows :
c. Property, plant and equipment Building(1) 22-25 years
Property, plant and equipment represent a significant proportion Plant and machinery(1)(2) 5 years
of the asset base of the Company. The charge in respect of
periodic depreciation is derived after determining an estimate Office equipment 5 years
of an asset’s expected useful life and the expected residual Computer equipment (1)
3-5 years
value at the end of its life. The useful lives and residual values Furniture and fixtures(1) 5 years
of Company’s assets are determined by the Management
at the time the asset is acquired and reviewed periodically, Vehicles (1)
5 years
including at each financial year end. The lives are based on Leasehold improvements Lower of useful life of the asset
historical experience with similar assets as well as anticipation or lease term
of future events, which may impact their life, such as changes in
technology. Also, refer to Note 2.1.
(1)
Based on technical evaluation, the Management believes that the
useful lives as given above best represent the period over which the
Management expects to use these assets. Hence, the useful lives for
1.5 Recent accounting pronouncements these assets is different from the useful lives as prescribed under Part C of
Schedule II of the Companies Act 2013.
The Ministry of Corporate Affairs (MCA) notifies new standards
or amendments to the existing standards under Companies
(2)
Includes solar plant with a useful life of 20 years
(Indian Accounting Standards) Rules as issued from time to Depreciation methods, useful lives and residual values are
time. On March 23, 2022, MCA amended the Companies (Indian reviewed periodically, including at each financial year end. The
Accounting Standards) Amendment Rules, 2022, as below. useful lives are based on historical experience with similar assets
Ind AS 16, Property Plant and equipment – The amendment as well as anticipation of future events, which may impact their
clarifies that excess of net sale proceeds of items produced over life, such as changes in technology.
the cost of testing, if any, shall not be recognized in the profit or
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Advances paid towards the acquisition of property, plant and carrying amounts may not be recoverable. For the purpose of
equipment outstanding at each Balance Sheet date is classified impairment testing, the recoverable amount (i.e. the higher of
as capital advances under other non-current assets and the the fair value less cost to sell and the value-in-use) is determined
cost of assets not ready to use before such date are disclosed on an individual asset basis unless the asset does not generate
under ‘Capital work-in-progress’. Subsequent expenditures cash flows that are largely independent of those from other
relating to property, plant and equipment is capitalized only assets. In such cases, the recoverable amount is determined for
when it is probable that future economic benefits associated the Cash Generating Unit (CGU) to which the asset belongs.
with these will flow to the Company and the cost of the item
If such assets are considered to be impaired, the impairment to
can be measured reliably. Repairs and maintenance costs are
be recognized in the Statement of Profit and Loss is measured by
recognized in the Statement of Profit and Loss when incurred.
the amount by which the carrying value of the assets exceeds the
The cost and related accumulated depreciation are eliminated
estimated recoverable amount of the asset. An impairment loss
from the financial statements upon sale or retirement of the
is reversed in the Statement of Profit and Loss if there has been
asset and the resultant gains or losses are recognized in the
a change in the estimates used to determine the recoverable
Statement of Profit and Loss.
amount. The carrying amount of the asset is increased to its
revised recoverable amount, provided that this amount does not
Impairment
exceed the carrying amount that would have been determined
Property, plant and equipment are evaluated for recoverability (net of any accumulated depreciation) had no impairment loss
whenever events or changes in circumstances indicate that their been recognized for the asset in prior years.
The changes in the carrying value of property, plant and equipment for the year ended March 31, 2022 are as follows :
in ₹ crore
* During the year ended March 31, 2022, certain assets which were old and not in use having gross book value of ₹ 291 crore (net book value: Nil) were retired.
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The changes in the carrying value of property, plant and equipment for the year ended March 31, 2021 were as follows :
in ₹ crore
Particulars Land – Buildings(1)(2) Plant and Office Computer Furniture Leasehold Vehicles Total
Freehold machinery(2) equipment(2) equipment(2) and improvements
fixtures(2)
Gross carrying
value as at
April 1, 2020 1,316 9,038 3,038 1,094 5,690 1,875 669 43 22,763
Additions 82 508 113 110 975 92 134 1 2,015
Additions through
business transfer – – – – 6 – 2 – 8
Deletions (1) – (10) (9) (141) (15) (17) – (193)
Gross carrying
value as at
March 31, 2021 1,397 9,546 3,141 1,195 6,530 1,952 788 44 24,593
Accumulated
depreciation as at
April 1, 2020 – (3,114) (2,053) (787) (4,197) (1,246) (248) (26) (11,671)
Depreciation – (346) (273) (112) (804) (202) (145) (6) (1,888)
Provision for
impairment (Refer to
Note 2.25) – – (283) – – – – – (283)
Accumulated
depreciation on
deletions – – 9 8 131 14 17 – 179
Accumulated
depreciation as at
March 31, 2021 – (3,460) (2,600) (891) (4,870) (1,434) (376) (32) (13,663)
Carrying value as
at April 1, 2020 1,316 5,924 985 307 1,493 629 421 17 11,092
Carrying value as at
March 31, 2021 1,397 6,086 541 304 1,660 518 412 12 10,930
(1)
Buildings include ₹ 250 being the value of five shares of ₹ 50 each in Mittal Towers Premises Co-operative Society Limited.
(2)
Includes certain assets provided on cancellable operating lease to subsidiaries.
The aggregate depreciation has been included Particulars Cost Accumulated Net book
under depreciation and amortization expense in the depreciation value
Statement of Profit and Loss.
Furniture and fixtures 23 23 –
Tangible assets provided on operating lease to subsidiaries as at
24 24 –
March 31, 2022 and March 31, 2021 are as follows :
Computer equipment 3 3 –
in ₹ crore 3 3 –
Particulars Cost Accumulated Net book Office equipment 16 16 –
depreciation value 16 16 –
Land 34 – 34
in ₹ crore
– – –
Particulars Year ended March 31,
Buildings 186 104 82
2022 2021
186 98 88
Aggregate depreciation charged
Plant and machinery 30 30 – on above assets 6 7
30 30 – Rental income from subsidiaries 52 53
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2.2 Goodwill and other intangible assets The allocation of goodwill to operating segments as at March 31,
2.2.1 Goodwill 2022 and March 31, 2021 is as follows :
The summary of changes in the carrying amount of in ₹ crore
goodwill is as follows :
Segment As at March 31,
in ₹ crore 2022 2021
Particulars As at March 31, Financial services 64 55
2022 2021 Retail 34 26
Carrying value at the beginning 167 29 Communication 28 22
Goodwill on business transfer Energy, Utilities, Resources and
(Refer to Note 2.5.1) 44 138 Services 27 22
Carrying value at the end 211 167 Manufacturing 21 17
174 142
Operating segments without
significant goodwill 37 25
Total 211 167
in ₹ crore
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The changes in the carrying value of acquired intangible assets for the year ended March 31, 2021 were as follows :
in ₹ crore
The amortization expense has been included under depreciation and amortization expense in the Standalone Statement of Profit and Loss
Research and development expenditure whether it is reasonably certain that any options to extend or
Research and Development expense recognized in net terminate the contract will be exercised. In evaluating the lease
profit in the Statement of Profit and Loss for the years ended term, the Company considers factors such as any significant
March 31, 2022 and March 31, 2021 is ₹ 529 crore and ₹ 508 leasehold improvements undertaken over the lease term, costs
crore, respectively. relating to the termination of the lease and the importance
of the underlying asset to Infosys’s operations taking into
2.3 Leases account the location of the underlying asset and the availability
of suitable alternatives. The lease term in future periods is
Accounting policy reassessed to ensure that the lease term reflects the current
The Company as a lessee economic circumstances.
The Company’s lease asset classes consist of leases for land, Certain lease arrangements includes the options to extend or
buildings and computers. The Company assesses whether a terminate the lease before the end of the lease term. ROU assets
contract contains a lease, at inception of a contract. A contract and lease liabilities includes these options when it is reasonably
is, or contains, a lease if the contract conveys the right to control certain that they will be exercised.
the use of an identified asset for a period of time in exchange
for consideration. To assess whether a contract conveys the right ROU assets are initially recognized at cost, which comprises
to control the use of an identified asset, the Company assesses the initial amount of the lease liability adjusted for any lease
whether : (i) the contract involves the use of an identified asset payments made at or prior to the commencement date of
(ii) the Company has substantially all of the economic benefits the lease plus any initial direct costs less any lease incentives.
from use of the asset through the period of the lease and (iii) the They are subsequently measured at cost less accumulated
Company has the right to direct the use of the asset. depreciation and impairment losses.
At the date of commencement of the lease, the Company ROU assets are depreciated from the commencement date
recognizes a right-of-use (ROU) asset and a corresponding lease on a straight-line basis over the shorter of the lease term and
liability for all lease arrangements in which it is a lessee, except useful life of the underlying asset. ROU assets are evaluated for
for leases with a term of twelve months or less (short-term leases) recoverability whenever events or changes in circumstances
and low value leases. For these short-term and low value leases, indicate that their carrying amounts may not be recoverable. For
the Company recognizes the lease payments as an operating the purpose of impairment testing, the recoverable amount (i.e.
expense on a straight-line basis over the term of the lease. the higher of the fair value less cost to sell and the value-in-use) is
determined on an individual asset basis unless the asset does not
As a lessee, the Company determines the lease term as the non- generate cash flows that are largely independent of those from
cancellable period of a lease adjusted with any option to extend other assets. In such cases, the recoverable amount is determined
or terminate the lease, if the use of such option is reasonably for the Cash Generating Unit (CGU) to which the asset belongs.
certain. The Company makes an assessment on the expected
lease term on a lease-by-lease basis and thereby assesses
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The lease liability is initially measured at amortized cost at the The Company as a lessor
present value of the future lease payments. The lease payments Leases for which the Company is a lessor is classified as a finance
are discounted using the interest rate implicit in the lease or, if or operating lease. Whenever the terms of the lease transfer
not readily determinable, using the incremental borrowing rates substantially all the risks and rewards of ownership to the lessee,
in the country of domicile of these leases. Lease liabilities are the contract is classified as a finance lease. All other leases are
remeasured with a corresponding adjustment to the related ROU classified as operating leases.
asset if the Company changes its assessment if whether it will
exercise an extension or a termination option. When the Company is an intermediate lessor, it accounts for
its interests in the head lease and the sublease separately. The
Lease liability and ROU asset have been separately presented in sublease is classified as a finance or operating lease by reference
the Balance Sheet and lease payments have been classified as to the ROU asset arising from the head lease.
financing cash flows.
For operating leases, rental income is recognized on a straight
line basis over the term of the relevant lease.
The changes in the carrying value of ROU assets for the year ended March 31, 2022 are as follows :
in ₹ crore
(1)
Net of adjustments on account of modifications and lease incentives
The changes in the carrying value of ROU assets for the year ended March 31, 2021 were as follows :
in ₹ crore
(1)
Net of adjustments on account of modifications and lease incentives
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The aggregate depreciation expense on ROU assets is The movement in the net investment in sublease in
included under depreciation and amortization expense in the ROU asset during the years ended March 31, 2022 and
Statement of Profit and Loss. March 31, 2021 is as follows :
The break-up of current and non-current lease liabilities as at in ₹ crore
March 31, 2022 and March 31, 2021 is as follows :
Particulars As at March 31,
in ₹ crore 2022 2021
Particulars As at March 31, Balance at the beginning of the period 385 433
2022 2021 Interest income accrued during the
Current lease liabilities 558 487 period 13 14
Non-current lease liabilities 3,228 3,367 Lease receipts (47) (49)
Total 3,786 3,854 Translation difference 14 (13)
The movement in lease liabilities during the years ended March Balance at the end of the period 365 385
31, 2022 and March 31, 2021 is as follows : The details regarding the contractual maturities of net
investment in sublease of ROU asset as at March 31, 2022 and
March 31, 2021 on an undiscounted basis are as follows :
Particulars As at March 31,
2022 2021 in ₹ crore
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For capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan, the project-wise details
of when the project is expected to be completed as of March 31, 2022 and March 31, 2021 are as follows :
in ₹ crore
2.5 Investments
in ₹ crore
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in ₹ crore
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in ₹ crore
Certain quoted investments are classified as Level 2 in the Accordingly on August 15, 2020 the Company entered into a
absence of active market for such investments. business transfer agreement to transfer the business of Kallidus
Inc. and Skava Systems Private Limited for a consideration of
2.5.1 Business transfer – Brilliant Basics Limited ₹ 171 crore and ₹ 66 crore, respectively, on securing the requisite
On August 04, 2021, the Board of Directors of Infosys authorized regulatory approvals.
the Company to execute a Business Transfer Agreement and The transaction was between a holding company and a wholly-
related documents with its wholly-owned subsidiary, Brilliant owned subsidiary, the resultant impact on account of business
Basics Limited, to transfer the business of Brilliant Basics Limited transfer was recorded in ‘Business Transfer Adjustment Reserve’
to Infosys Limited, subject to securing the requisite regulatory during the year ended March 31, 2021.
approvals for a consideration based on an independent
valuation. Subsequently on November 01, 2021, the company On March 9, 2021, Kallidus, Inc. was liquidated. Further, on
entered into a business transfer agreement to transfer the March 29, 2021, the shareholders of Skava have approved to
business of Brilliant Basics Limited for a consideration of voluntarily liquidate the affairs of the Company. Accordingly,
₹ 109 crore resulting in recognition of a business transfer Skava will complete the process of voluntary liquidation pursuant
reserve of ₹ 62 crore. to Section 59 of the Insolvency and Bankruptcy Code of 2016 and
applicable provisions of the Companies Act, 2013.
The details of the assets and liabilities taken over upon business
transfer are as follows : The details of the assets and liabilities taken over upon business
transfer are as follows :
in ₹ crore
in ₹ crore
Particulars Total
Particulars Kallidus Inc. Skava Systems Total
Goodwill 44
Private Limited
Net assets / (liabilities), others 3
Goodwill 89 49 138
Total 47 Intangible assets 54 – 54
Less : Consideration payable 109
Deferred tax assets
Business transfer reserve (62) / (liabilities) (14) 1 (13)
Net assets /
Business transfer – Kallidus Inc. and Skava Systems Private (liabilities), others (152) 34 (118)
Limited
Total (23) 84 61
On October 11, 2019, the Board of Directors of Infosys authorized
the Company to execute a Business Transfer Agreement and Less : Consideration
related documents with its wholly-owned subsidiaries, Kallidus payable 171 66 237
Inc. and Skava Systems Private Limited (together referred to as Business transfer
“Skava”), to transfer the business of Skava to Infosys Limited, for a reserve (194) 18 (176)
consideration based on an independent valuation.
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Net investment in sublease of * Restricted deposits represent deposit with financial institutions to settle
right of use asset (1) 320 348 employee-related obligations as and when they arise during the normal
course of business.
Rental deposits (1) 134 164
# Classified as financial asset as right to consideration is unconditional and
Unbilled revenues (1)(5)# 215 11 is due only after a passage of time.
Others (1) 15 45 2.8 Trade receivables
Total non-current other financial in ₹ crore
assets 727 613
Particulars As at March 31,
Current
2022 2021
Security deposits (1) 1 1
Current
Rental deposits (1) 36 10
Trade receivable considered
Restricted deposits (1)* 1,965 1,826 good – Unsecured (1) 19,454 16,817
Unbilled revenues (1)(5)# 3,543 2,139 Less : Allowance for expected
Interest accrued but not due (1) 323 553 credit loss 488 423
Foreign currency forward and Trade receivable considered
options contracts (2)(3) 131 178 good – Unsecured 18,966 16,394
Net investment in sublease of Trade receivable – credit
right of use asset (1) 45 37 impaired – Unsecured 85 120
Others (1)(4) 536 482 Less : Allowance for credit
impairment 85 120
Total current other financial assets 6,580 5,226
Trade receivable – credit
Total other financial assets 7,307 5,839
impaired – Unsecured – –
(1)
Financial assets carried at amortized
cost 7,176 5,661 Total trade receivables (2) 18,966 16,394
(2)
Financial assets carried at fair value
(1)
Includes dues from subsidiaries 268 203
through other comprehensive income 20 25 Includes dues from companies where
(2)
The trade receivables ageing schedule for the years ended as on March 31, 2022 and March 31, 2021 is as follows :
in ₹ crore
Particulars Not due Outstanding for following periods from due date of Total
payment
Less than 6 months 1-2 years 2-3 years More than
6 months to 1 year 3 years
Undisputed trade receivables – considered good 14,555 4,703 133 10 30 23 19,454
13,280 3,457 16 26 - 34 16,813
Undisputed trade receivables – credit impaired – 1 3 43 31 3 81
1 1 75 38 5 – 120
Disputed trade receivables – considered good – – – – – – –
– 1 3 – – – 4
Disputed trade receivables – credit impaired – – – 4 – – 4
– – – – – – –
14,555 4,704 136 57 61 26 19,539
13,281 3,459 94 64 5 34 16,937
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Particulars Not due Outstanding for following periods from due date of Total
payment
Less than 6 months 1-2 years 2-3 years More than
6 months to 1 year 3 years
Less : Allowance for credit loss 573
543
Total trade receivables 18,966
16,394
Non-current
Withholding taxes and others primarily consist of input tax
Capital advances 87 141 credits and Cenvat recoverable from Government of India.
Others
Prepaid expenses 82 64
Defined benefit assets 10 9
Deferred contract cost(3)
Cost of obtaining a contract 151 57
Cost of fulfillment 273 16
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2.11 Financial instruments risk of changes in exchange rates on foreign currency exposures.
Accounting policy The counterparty for these contracts is generally a bank.
2.11.1 Initial recognition (i) Financial assets or financial liabilities, at fair value
The Company recognizes financial assets and financial liabilities through profit or loss
when it becomes a party to the contractual provisions of the This category includes derivative financial assets or liabilities
instrument. All financial assets and liabilities are recognized which are not designated as hedges.
at fair value on initial recognition, except for trade receivables
which are initially measured at transaction price. Transaction Although the Company believes that these derivatives
costs that are directly attributable to the acquisition or issue constitute hedges from an economic perspective, they may
of financial assets and financial liabilities, which are not at fair not qualify for hedge accounting under Ind AS 109, Financial
value through profit or loss, are added to the fair value on initial Instruments. Any derivative that is either not designated as
recognition. Regular way purchase and sale of financial assets are hedge, or is so designated but is ineffective as per Ind AS 109, is
accounted for at trade date. categorized as a financial asset or financial liability, at fair value
through profit or loss.
2.11.2 Subsequent measurement Derivatives not designated as hedges are recognized initially
a. Non-derivative financial instruments at fair value and attributable transaction costs are recognized
(i) Financial assets carried at amortized cost in net profit in the Statement of Profit and Loss when incurred.
Subsequent to initial recognition, these derivatives are measured
A financial asset is subsequently measured at amortized cost at fair value through profit or loss and the resulting exchange
if it is held within a business model whose objective is to hold gains or losses are included in other income. Assets / liabilities in
the asset in order to collect contractual cash flows and the this category are presented as current assets / current liabilities
contractual terms of the financial asset give rise on specified if they are either held for trading or are expected to be realized
dates to cash flows that are solely payments of principal and within 12 months after the Balance Sheet date.
interest on the principal amount outstanding.
(ii) Cash flow hedge
(ii) Financial assets at fair value through other comprehensive The Company designates certain foreign exchange forward
income (FVOCI) and options contracts as cash flow hedges to mitigate
A financial asset is subsequently measured at fair value through the risk of foreign exchange exposure on highly probable
other comprehensive income if it is held within a business model forecast cash transactions.
whose objective is achieved by both collecting contractual cash When a derivative is designated as a cash flow hedge instrument,
flows and selling financial assets and the contractual terms of the the effective portion of changes in the fair value of the derivative
financial asset give rise on specified dates to cash flows that are is recognized in other comprehensive income and accumulated
solely payments of principal and interest on the principal amount in the cash flow hedge reserve. Any ineffective portion of
outstanding. The Company has made an irrevocable election changes in the fair value of the derivative is recognized
for its investments which are classified as equity instruments immediately in the net profit in the Statement of Profit and
to present the subsequent changes in fair value in other Loss. If the hedging instrument no longer meets the criteria
comprehensive income based on its business model. for hedge accounting, then hedge accounting is discontinued
(iii) Financial assets at fair value through profit or loss prospectively. If the hedging instrument expires or is sold,
terminated or exercised, the cumulative gain or loss on the
A financial asset which is not classified in any of the above hedging instrument recognized in cash flow hedge reserve till
categories are subsequently fair valued through profit or loss. the period the hedge was effective remains in cash flow hedge
(iv) Financial liabilities reserve until the forecasted transaction occurs. The cumulative
gain or loss previously recognized in the cash flow hedge reserve
Financial liabilities are subsequently carried at amortized cost is transferred to the net profit in the Statement of Profit and Loss
using the effective interest method, except for contingent upon the occurrence of the related forecasted transaction. If the
consideration recognized in a business combination which is forecasted transaction is no longer expected to occur, then the
subsequently measured at fair value through profit or loss. For amount accumulated in cash flow hedge reserve is reclassified to
trade and other payables maturing within one year from the net profit in the Statement of Profit and Loss.
Balance Sheet date, the carrying amounts approximate fair value
due to the short maturity of these instruments. 2.11.3 Derecognition of financial instruments
(v) Investment in subsidiaries The Company derecognizes a financial asset when the
contractual rights to the cash flows from the financial asset
Investment in subsidiaries is carried at cost in the separate expire or it transfers the financial asset and the transfer qualifies
financial statements. for derecognition under Ind AS 109. A financial liability (or a
part of a financial liability) is derecognized from the Company’s
b. Derivative financial instruments Balance Sheet when the obligation specified in the contract is
The Company holds derivative financial instruments such as discharged or cancelled or expires.
foreign exchange forward and options contracts to mitigate the
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2.11.4 Fair value of financial instruments revenues which are not fair valued through profit or loss.
In determining the fair value of its financial instruments, the Loss allowance for trade receivables and unbilled revenues
Company uses a variety of methods and assumptions that are with no significant financing component is measured at an
based on market conditions and risks existing at each reporting amount equal to lifetime ECL. For all other financial assets,
date. The methods used to determine fair value include expected credit losses are measured at an amount equal to
discounted cash flow analysis, available quoted market prices the 12-month ECL, unless there has been a significant increase
and dealer quotes. All methods of assessing fair value result in credit risk from initial recognition in which case those are
in general approximation of value, and such value may never measured at lifetime ECL.
actually be realized. The Company determines the allowance for credit losses
Refer to the table ‘Financial instruments by category’ below for based on historical loss experience adjusted to reflect current
the disclosure on carrying value and fair value of financial assets and estimated future economic conditions. The Group
and liabilities. For financial assets and liabilities maturing within considers current and anticipated future economic conditions
one year from the Balance Sheet date and which are not carried relating to industries the Company deals with and the
at fair value, the carrying amounts approximate fair value due to countries where it operates.
the short maturity of these instruments. The amount of ECLs (or reversal) that is required to adjust the loss
allowance at the reporting date to the amount that is required
2.11.5 Impairment to be recognized is recognized as an impairment gain or loss in
The Company recognizes loss allowances using the expected Statement of Profit and Loss.
credit loss (ECL) model for the financial assets and unbilled
in ₹ crore
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The carrying value and fair value of financial instruments by categories as at March 31, 2021 were as follows :
in ₹ crore
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For trade receivables and trade payables and other assets and payables maturing within one year from the Balance Sheet date, the
carrying amounts approximate the fair value due to the short maturity of these instruments.
in ₹ crore
During the year ended March 31, 2022, tax-free bonds and non-convertible debentures of ₹ 576 crore were transferred from Level 2 to
Level 1 of fair value hierarchy since these were valued based on quoted price. Further, tax-free bonds and non-convertible debentures of
₹ 890 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.
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The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2021 was as follows :
in ₹ crore
During the year ended March 31, 2021, tax-free bonds and non- markets and seek to minimize potential adverse effects on its
convertible debentures of ₹ 107 crore were transferred from Level financial performance. The primary market risk to the Company
2 to Level 1 of fair value hierarchy since these were valued based is foreign exchange risk. The Company uses derivative financial
on quoted price. Further, tax-free bonds and non-convertible instruments to mitigate foreign exchange-related risk exposures.
debentures of ₹ 1,177 crore were transferred from Level 1 to The Company’s exposure to credit risk is influenced mainly by the
Level 2 of fair value hierarchy, since these were valued based on individual characteristic of each customer and the concentration
market observable inputs. of risk from the top few customers.
A one percentage point change in the unobservable inputs used
Market risk
in fair valuation of Level 3 assets and liabilities does not have a
significant impact in its value. The Company operates internationally and a major portion of
the business is transacted in several currencies and consequently
Majority of investments of the Company are fair valued based the Company is exposed to foreign exchange risk through
on Level 1 or Level 2 inputs. These investments primarily include its sales and services in the United States and elsewhere, and
investment in liquid mutual fund units, tax-free bonds, fixed purchases from overseas suppliers in various foreign currencies.
maturity plan securities, certificates of deposit, commercial The Company holds derivative financial instruments such as
papers, quoted bonds issued by government and quasi- foreign exchange forward and options contracts to mitigate the
government organizations and non-convertible debentures. The risk of changes in exchange rates on foreign currency exposures.
Company invests after considering counterparty risks based on The exchange rate between the Indian rupee and foreign
multiple criteria including Tier I capital, Capital Adequacy Ratio, currencies has changed substantially in recent years and may
Credit Rating, Profitability, NPA levels and Deposit base of banks fluctuate substantially in the future. Consequently, the results of
and financial institutions. These risks are monitored regularly as the Company’s operations are adversely affected as the rupee
per its risk management program. appreciates / depreciates against these currencies.
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The foreign currency risk from financial assets and liabilities as at March 31, 2022 is as follows :
in ₹ crore
in ₹ crore
Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional
currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.
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The foreign exchange forward and options contracts mature If the hedge ratio for risk management purposes is no longer
within 12 months. The table below analyses the derivative optimal but the risk management objective remains unchanged
financial instruments into relevant maturity groupings based on and the hedge continues to qualify for hedge accounting, the
the remaining period as at the Balance Sheet date : hedge relationship will be rebalanced by adjusting either the
volume of the hedging instrument or the volume of the hedged
in ₹ crore item so that the hedge ratio aligns with the ratio used for risk
Particulars As at March 31,
management purposes. Any hedge ineffectiveness is calculated
and accounted for in the Statement of Profit and Loss at the time
2022 2021 of the hedge relationship rebalancing.
Not later than one month 5,323 5,028
The reconciliation of cash flow hedge reserve for the years ended
Later than one month and not later than three March 31, 2022 and March 31, 2021 is as follows :
months 11,973 6,698
Later than three months and not later than in ₹ crore
one year 3,163 3,706 Particulars Year ended March 31,
20,459 15,432
2022 2021
Gain / (Loss)
During the years ended March 31, 2022 and March 31, 2021, the
Company has designated certain foreign exchange forward Balance at the beginning of the
and options contracts as cash flow hedges to mitigate the risk year 10 (15)
of foreign exchange exposure on highly probable forecast Gain / (Loss) recognized in other
cash transactions. The related hedge transactions for balance comprehensive income during
in cash flow hedge reserve as at March 31, 2022 are expected the year 102 (126)
to occur and reclassified to statement of profit and loss
Amount reclassified to profit and
within three months. loss during the year (113) 160
The Company determines the existence of an economic Tax impact on above 3 (9)
relationship between the hedging instrument and hedged item
Balance at the end of the year 2 10
based on the currency, amount and timing of its forecasted
cash flows. Hedge effectiveness is determined at the inception
The Company offsets a financial asset and a financial liability
of the hedge relationship, and through periodic prospective
when it currently has a legally enforceable right to set off
effectiveness assessments to ensure that an economic
the recognized amounts and the Company intends either
relationship exists between the hedged item and hedging
to settle on a net basis, or to realize the asset and settle the
instrument, including whether the hedging instrument is
liability simultaneously.
expected to offset changes in cash flows of hedged items.
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The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows :
in ₹ crore
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As at March 31, 2022, the Company had a working capital of ₹ 27,461 crore including cash and cash equivalents of ₹ 12,270 crore and
current investments of ₹ 5,467 crore. As at March 31, 2021, the Company had a working capital of ₹ 30,660 crore including cash and cash
equivalents of ₹ 17,612 crore and current investments of ₹ 2,037 crore.
As at March 31, 2022 and March 31, 2021, the outstanding compensated absences were ₹ 1,850 crore and ₹ 1,731 crore, respectively, which
have been substantially funded. Accordingly, no liquidity risk is perceived.
The details regarding the contractual maturities of significant financial liabilities as at March 31, 2022 are as follows :
in ₹ crore
Particulars Less than 1 1-2 years 2-4 years 4-7 years Total
year
Trade payables 2,669 – – – 2,669
Other financial liabilities (excluding liability towards contingent
consideration) on an undiscounted basis (Refer to Note 2.13) 9,496 381 202 10 10,089
The details regarding the contractual maturities of significant financial liabilities as at March 31, 2021 were as follows :
in ₹ crore
Particulars Less than 1 1-2 years 2-4 years 4-7 years Total
year
Trade payables 1,562 – – – 1,562
Other financial liabilities (excluding liability towards
contingent consideration) (Refer to Note 2.13) 6,705 98 52 18 6,873
Liability towards contingent consideration on an undiscounted
basis (Refer to Note 2.13) 5 – – – 5
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2.12.1 Equity share capital as per the Consolidated Statement of Cash Flows prepared under
in ₹ crore, except as otherwise stated IFRS. Dividend and buyback include applicable taxes.
Particulars As at March 31, Buyback completed in September 2021
2022 2021 In line with the Capital Allocation Policy, the Board, at its
Authorized meeting held on April 14, 2021, approved the buyback of equity
shares, from the open market route through the Indian stock
Equity shares, ₹5 par value
exchanges, amounting to ₹ 9,200 crore (maximum buyback size,
4,80,00,00,000 (4,80,00,00,000) excluding buyback tax) at a price not exceeding ₹ 1,750 per share
equity shares 2,400 2,400 (maximum buyback price), subject to shareholders’ approval in
Issued, subscribed and paid up the ensuing Annual General Meeting.
Equity shares, ₹ 5 par value (1) 2,103 2,130 The shareholders approved the proposal of buyback of equity
4,20,67,38,641 (4,26,06,60,846) shares recommended by its Board of Directors in the Annual
equity shares fully paid up General meeting held on June 19, 2021.
2,103 2,130 The buyback was offered to all eligible equity shareholders of
the Company (other than the Promoters, the Promoter Group
(1)
Refer to Note 2.22 for details of basic and diluted shares and Persons in Control of the Company) under the open market
Forfeited shares amounted to ₹ 1,500 (₹ 1,500) route through the stock exchange. The buyback of equity shares
through the stock exchange commenced on June 25, 2021 and
The Company has only one class of shares referred to as equity was completed on September 8, 2021. During this buyback
shares having a par value of ₹ 5. Each holder of equity shares is period, the Company had purchased and extinguished a total of
entitled to one vote per share. The equity shares represented by 5,58,07,337 equity shares from the stock exchange at a volume
American Depository Shares (ADS) carry similar rights to voting weighted average buyback price of ₹ 1,648.53 per equity share
and dividends as the other equity shares. Each ADS represents comprising 1.31% of the pre buyback paid up equity share capital
one underlying equity share. of the Company. The buyback resulted in a cash outflow of
In the event of liquidation of the Company, the holders of equity ₹ 9,200 crore (excluding transaction costs and tax on buyback).
shares will be entitled to receive any of the remaining assets of The Company funded the buyback from its free reserves
the company in proportion to the number of equity shares held including Securities Premium as explained in Section 68 of the
by the shareholders, after distribution of all preferential amounts. Companies Act, 2013.
However, no such preferential amounts exist currently. For details In accordance with Section 69 of the Companies Act, 2013, as at
of shares reserved for issue under the employee stock option March 31, 2022, the Company has created ‘Capital Redemption
plan of the Company, refer to the note below. Reserve’ of ₹ 28 crore equal to the nominal value of the above
shares bought back as an appropriation from the general reserve.
In the period of five years immediately preceding
March 31, 2022 The Company’s objective when managing capital is to safeguard
its ability to continue as a going concern and to maintain an
Bonus issue
optimal capital structure so as to maximize shareholder value.
The Company has allotted 2,18,41,91,490 fully paid-up shares of In order to maintain or achieve an optimal capital structure, the
face value ₹ 5 each during the quarter ended September 30, 2018 Company may adjust the amount of dividend payment, return
pursuant to bonus issue approved by the shareholders through capital to shareholders, issue new shares or buy back issued
postal ballot. The bonus shares were issued by capitalization of shares. As of March 31, 2022, the Company has only one class of
profits transferred from the general reserve. Bonus share of one equity shares and has no debt. Consequent to the above capital
equity share for every equity share held, and a bonus issue, viz., structure, there are no externally imposed capital requirements.
a stock dividend of one American Depositary Share (ADS) for
every ADS held, respectively, has been allotted. Consequently, the 2.12.2 Shareholding of promoters
ratio of equity shares underlying the ADSs held by an American The details of the shares held by promoters as at March 31,
Depositary Receipt holder remains unchanged. 2022 are as follows :
The bonus shares once allotted shall rank pari passu in all
respects and carry the same rights as the existing equity Promoter name No. of shares % of % change
total during the
shareholders and shall be entitled to participate in full, in
shares year
any dividend and other corporate action, recommended and
declared after the new equity shares are allotted. Sudha Gopalakrishnan 9,53,57,000 2.27 –
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the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 25, 2022, and if approved, would
result in a net cash outflow of approximately ₹ 6,731 crore.
The details of shareholder holding more than 5% shares as at March 31, 2022 and March 31, 2021 are as follows :
The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2022 and March 31, 2021 is as follows :
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2.12.4 Employee Stock Option Plan (ESOP) be distinct for the purposes of calculation of quantity of shares
Accounting policy to vest based on performance. These instruments will generally
vest between a minimum of one to maximum of three years
The Company recognizes compensation expense relating to from the grant date.
share-based payments in net profit based on estimated fair-
values of the awards on the grant date. The estimated fair value 2015 Stock Incentive Compensation Plan ("the 2015 Plan")
of awards is recognized as an expense in the statement of profit On March 31, 2016, pursuant to the approval by the shareholders
and loss on a straight-line basis over the requisite service period through postal ballot, the Board was authorized to introduce,
for each separately vesting portion of the award as if the award offer, issue and allot share-based incentives to eligible employees
was in-substance, multiple awards with a corresponding increase of the Company and its subsidiaries under the 2015 Plan.
to share options outstanding account. The maximum number of shares under the 2015 Plan shall not
Infosys Expanded Stock Ownership Program 2019 ("the 2019 Plan") exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity
shares which are held by the trust towards the 2011 Plan as at
On June 22, 2019, pursuant to approval by the shareholders in March 31, 2016). The Company expects to grant the instruments
the Annual General Meeting, the Board has been authorized to under the 2015 Plan over the period of four to seven years. The
introduce, offer, issue and provide share-based incentives to plan numbers mentioned above would further be adjusted for
eligible employees of the Company and its subsidiaries under the September 2018 bonus issue.
the 2019 Plan. The maximum number of shares under the 2019
plan shall not exceed 5,00,00,000 equity shares. To implement The equity-settled and cash-settled RSUs and stock options
the 2019 Plan, up to 4,50,00,000 equity shares may be issued would vest generally over a period of four years and shall be
by way of secondary acquisition of shares by Infosys Expanded exercisable within the period as approved by the nomination and
Stock Ownership Trust. The restricted stock units (RSUs) granted remuneration committee. The exercise price of the RSUs will be
under the 2019 plan shall vest based on the achievement of equal to the par value of the shares and the exercise price of the
defined annual performance parameters as determined by the stock options would be the market price as on the date of grant.
administrator (Nomination and remuneration committee). The Controlled trust holds 1,37,25,712 and 1,55,14,732 shares as at
performance parameters will be based on a combination of March 31, 2022 and March 31, 2021, respectively under the 2015
relative total shareholders return (TSR) against selected industry Plan. Out of these shares, 2,00,000 equity shares each have
peers and certain broader market domestic and global indices been earmarked for welfare activities of the employees as at
and operating performance metrics of the company as decided March 31, 2022 and March 31, 2021.
by administrator. Each of the above performance parameters will
The summary of grants during the years ended March 31, 2022 and March 31, 2021 are as follows :
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Notes on grants to KMP: On March 31, 2022, based on the recommendations of the
CEO & MD Nomination and Remuneration Committee, the Board approved
a time-based grant of 1,54,630 RSUs to other KMPs under the
Under the 2015 Plan
2015 Plan. The grants were made effective March 31, 2022. These
In accordance with the employee agreement which has been RSUs will vest over four years.
approved by the shareholders, the CEO is eligible to receive
Under the 2019 Plan
an annual grant of RSUs of fair value ₹ 3.25 crore which will
vest overtime in three equal annual installments upon the On March 31, 2022, based on the recommendations of the
completion of each year of service from the respective grant Nomination and Remuneration Committee, the Board approved
date. Accordingly, annual time-based grant of 18,340 RSUs was a performance-based grant of 74,800 RSUs to other KMPs under
made effective February 1, 2022 for fiscal 2022. the 2019 Plan. The grants were made effective March 31, 2022.
These RSUs will vest over three years based on achievement of
The Board, on April 14, 2021, based on the recommendations of
certain performance targets.
the nomination and remuneration committee, in accordance
with the terms of his employment agreement, approved the The break-up of employee stock compensation
grant of performance-based RSUs of fair value of ₹13 crore for expense is as follows :
fiscal 2022 under the 2015 Plan. These RSUs will vest in line with in ₹ crore
the employment agreement based on achievement of certain
Particulars Year ended March 31,
performance targets. Accordingly, 96,150 performance based
RSU’s were granted effective May 2, 2021. 2022 2021
The activity in the 2015 and 2019 Plans for equity-settled, share-based payment transactions during the years ended March 31, 2022 and
March 31, 2021 is as follows :
Particulars Year ended March 31, 2022 Year ended March 31, 2021
Shares arising out Weighted average Shares arising out Weighted average
of options exercise price (₹) of options exercise price (₹)
2015 Plan: RSUs
Outstanding at the beginning 80,47,240 4.52 87,80,898 3.96
Granted 15,90,423 5.00 26,60,611 5.00
Exercised 25,69,983 4.07 37,83,462 3.55
Modification to equity-settled awards – – 8,71,900 –
Forfeited and expired 8,34,705 4.63 4,82,707 4.13
Outstanding at the end 62,32,975 4.82 80,47,240 4.52
Exercisable at the end 6,53,775 4.51 1,51,685 3.36
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Particulars Year ended March 31, 2022 Year ended March 31, 2021
Shares arising out Weighted average Shares arising out Weighted average
of options exercise price (₹) of options exercise price (₹)
2015 Plan: ESOPs
Outstanding at the beginning 10,49,456 535 11,00,330 539
Granted – – – –
Exercised 3,48,612 529 2,39,272 534
Modification to equity-settled awards – – 2,03,026 –
Forfeited and expired – – 14,628 566
Outstanding at the end 7,00,844 557 10,49,456 535
Exercisable at the end 7,00,844 557 10,02,130 536
2019 Plan: RSUs
Outstanding at the beginning 30,50,573 5.00 20,91,293 5.00
Granted 28,50,629 5.00 15,96,408 5.00
Exercised 7,55,557 5.00 3,70,170 5.00
Forfeited and expired 1,86,707 5.00 2,66,958 5.00
Outstanding at the end 49,58,938 5.00 30,50,573 5.00
Exercisable at the end 6,92,638 5.00 2,33,050 5.00
During the years ended March 31, 2022 and March 31, 2021, the weighted average share price of options exercised under the 2015 Plan on
the date of exercise was ₹ 1,705 and ₹ 1,097, respectively.
During the years ended March 31, 2022 and March 31, 2021, the weighted average share price of options exercised under the 2019 Plan on
the date of exercise was ₹ 1,560 and ` 1,166, respectively.
The summary of information about equity-settled RSUs and ESOPs outstanding as at March 31, 2022 is as follows :
Range of exercise prices 2019 plan – Options outstanding 2015 plan – Options outstanding
per share (₹) No. of shares Weighted Weighted No. of shares Weighted Weighted
arising out of average average exercise arising out of average average exercise
options remaining price (₹) options remaining price (₹)
contractual life contractual life
0 - 5 (RSU) 49,58,938 1.43 5.00 62,32,975 1.47 4.82
450 - 600 (ESOP) – – – 7,00,844 0.65 557
The summary of information about equity-settled RSUs and ESOPs outstanding as at March 31, 2021 was as follows :
Range of exercise prices 2019 plan – Options outstanding 2015 plan – Options outstanding
per share (₹) No. of shares Weighted Weighted No. of shares Weighted Weighted
arising out of average average exercise arising out of average average exercise
options remaining price (₹) options remaining price (₹)
contractual life contractual life
0 - 5 (RSU) 30,50,573 1.48 5.00 80,47,240 1.67 4.52
450 - 600 (ESOP) – – – 10,49,456 1.83 535
As at March 31, 2022 and March 31, 2021, 2,65,561 and 3,87,088 cash-settled options were outstanding respectively. The carrying value of
liability towards cash-settled, share-based payments was ₹ 13 crore and ₹ 7 crore as at March 31, 2022 and March 31, 2021, respectively.
The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and
Monte Carlo simulation model is used for TSR-based options.
The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected
term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the
observed market prices of the Company’s publicly traded equity shares during a period equivalent to the expected term of the options.
Expected volatility of the comparative company has been modelled based on historical movements in the market prices of their publicly
traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each
peer entity and the indices as a whole or between each entity in the peer group.
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The fair value of each equity settled award is estimated on the date of grant with the following assumptions:
The expected life of the RSU / ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected
exercise behavior of the employee who receives the RSU / ESOP.
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As at March 31,
Particulars
2022 2021
Outstanding dues of micro enterprises and small enterprises 3 –
Outstanding dues of creditors other than micro enterprises and small enterprises (1)
2,666 1,562
Total trade payables 2,669 1,562
(1)
Includes dues to subsidiaries 613 400
There is no interest due or outstanding on the dues to Micro, Small and Medium Enterprises (MSME). During the years ended
March 31, 2022 and March 31, 2021, an amount of ₹ 71 crore and ₹ 13 crore was paid beyond the appointed day as defined in the Micro,
Small and Medium Enterprises Development Act 2006.
Trade payables ageing schedule for the years ended as on March 31, 2022 and March 31, 2021 is as follows :
in ₹ crore
Particulars Not due Outstanding for following periods from due date of payment Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Outstanding dues to MSME 3 – – – – 3
– – – – – –
Others 2,131 535 – – – 2,666
1,318 236 1 4 3 1,562
Total trade payables 2,134 535 – – – 2,669
1,318 236 1 4 3 1,562
Name of struck off company Nature of Transactions during the Balance outstanding Relationship with the
transactions year March 31, 2022 as at March 31, 2022 struck off company
Compulease Networks Private Limited Payables – (1) – Vendor
(1)
Less than ₹ 1 crore
Name of struck off company Nature of Transactions during the Balance outstanding as Relationship with the
transactions year March 31, 2021 at March 31, 2021 struck off company
Mysodet Private Limited Payables 1 – Vendor
Compulease Networks Private Limited Payables – (1) – Vendor
(1)
Less than ₹ 1 crore
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2.15 Other liabilities the contract and the expected net cost of continuing with
in ₹ crore the contract. Before a provision is established, the Company
recognizes any impairment loss on the assets associated
Particulars As at March 31, with that contract.
2022 2021
Non-current Provision for post-sales client support and other provisions
in ₹ crore
Accrued defined benefit plan
liability (Refer to Note 2.21) 332 274 Particulars As at March 31,
Others 2022 2021
Deferred income 9 16 Current
Deferred income – Others
government grants 19 14
Post-sales client support and others 920 661
Withholding taxes and others – 345 Total provisions 920 661
Total non-current other
liabilities 360 649 The movement in the provision for post-sales client
Current support is as follows :
Accrued defined benefit plan in ₹ crore
liability 2 3
Unearned revenue 5,179 3,145 Particulars Year ended March 31, 2022
Balance at the beginning 661
Others
Provision recognized /
Withholding taxes and others 2,190 1,666
(reversed) 343
Deferred income –
Provision utilized (152)
government grants 10 2
Exchange difference 28
Total current other liabilities 7,381 4,816
Balance at the end 880
Total other liabilities 7,741 5,465
2.16 Provisions Provision for post-sales client support represents cost associated
with providing post-sales support services which are accrued
Accounting policy at the time of recognition of revenues and are expected to be
A provision is recognized if, as a result of a past event, the utilized over a period of one year.
Company has a present legal or constructive obligation that
is reasonably estimable, and it is probable that an outflow of 2.17 Income taxes
economic benefits will be required to settle the obligation.
Accounting policy
Provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current Income tax expense comprises current and deferred income tax.
market assessments of the time value of money and the risks Income tax expense is recognized in net profit in the Statement
specific to the liability. of Profit and Loss except to the extent that it relates to items
recognized directly in equity, in which case it is recognized in
a. Post-sales client support equity or other comprehensive income. Current income tax for
The Company provides its clients with a fixed-period post-sales current and prior periods is recognized at the amount expected
support on its fixed-price, fixed-timeframe contracts. Costs to be paid to or recovered from the tax authorities, using the
associated with such support services are accrued at the time tax rates and tax laws that have been enacted or substantively
related revenues are recorded in the Statement of Profit and enacted by the Balance Sheet date. Deferred income tax assets
Loss. The Company estimates such costs based on historical and liabilities are recognized for all temporary differences
experience and estimates are reviewed on a periodic basis for any arising between the tax bases of assets and liabilities and their
material changes in assumptions and likelihood of occurrence. carrying amounts in the financial statements. Deferred tax
assets are reviewed at each reporting date and are reduced
b. Onerous contracts to the extent that it is no longer probable that the related tax
Provisions for onerous contracts are recognized when the benefit will be realized.
expected benefits to be derived by the Company from a contract Deferred income tax assets and liabilities are measured using
are lower than the unavoidable costs of meeting the future tax rates and tax laws that have been enacted or substantively
obligations under the contract. Provisions for estimated losses, if enacted by the Balance Sheet date and are expected to apply
any, on incomplete contracts are recorded in the period in which to taxable income in the years in which those temporary
such losses become probable based on the estimated efforts or differences are expected to be recovered or settled. The effect
costs to complete the contract. The provision is measured at the of changes in tax rates on deferred income tax assets and
present value of the lower of the expected cost of terminating liabilities is recognized as income or expense in the period that
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includes the enactment or the substantive enactment date. The foreign tax expense is due to income taxes payable
A deferred income tax asset is recognized to the extent that it overseas, principally in the United States. In India, the Company
is probable that future taxable profit will be available against has benefited from certain income tax incentives that the
which the deductible temporary differences and tax losses Government of India had provided for export of software from
can be utilized. Deferred income taxes are not provided on the the units registered under the Special Economic Zones Act
undistributed earnings of subsidiaries and branches where it is (SEZs), 2005. SEZ units which began the provision of services
expected that the earnings of the subsidiary or branch will not be on or after April 1, 2005 are eligible for a deduction of 100% of
distributed in the foreseeable future. profits or gains derived from the export of services for the first
five years from the financial year in which the unit commenced
The Company offsets current tax assets and current tax liabilities,
the provision of services and 50% of such profits or gains for
where it has a legally enforceable right to set off the recognized
further five years. Up to 50% of such profits or gains is also
amounts and where it intends either to settle on a net basis,
available for a further five years subject to creation of a Special
or to realize the asset and settle the liability simultaneously.
Economic Zone re-investment Reserve out of the profit for the
Tax benefits of deductions earned on exercise of employee
eligible SEZ units and utilization of such reserve by the Company
share options in excess of compensation charged to income
for acquiring new plant and machinery for the purpose of its
are credited to equity.
business as per the provisions of the Income Tax Act, 1961.
Income tax expense in the statement of profit and loss comprises:
Deferred income tax for the year ended March 31, 2022 and
in ₹ crore
March 31, 2021, substantially relates to origination and reversal of
temporary differences.
Particulars Year ended March 31,
Infosys is subject to a 15% Branch Profit Tax (BPT) in the US to
2022 2021 the extent its US branch’s net profit during the year is greater
Current taxes 6,960 6,013 than the increase in the net assets of the US branch during the
Deferred taxes 300 416
year, computed in accordance with the Internal Revenue Code.
As at March 31, 2022, Infosys’ US branch net assets amounted to
Income tax expense 7,260 6,429
approximately ₹ 6,332 crore. As at March 31, 2022, the Company
has a deferred tax liability for branch profit tax of ₹ 158 crore (net
Income tax expense for the years ended March 31, 2022 and of credits), as the Company estimates that these branch profits
March 31, 2021 includes reversal (net of provisions) of ₹ 250 are expected to be distributed in the foreseeable future.
crore and ₹ 298 crore, respectively. These reversals pertains to
prior periods on account of adjudication of certain disputed Deferred income tax liabilities have not been recognized on
matters in favor of the Company and upon filing of return across temporary differences amounting to ₹ 9,618 crore and ₹ 9,670
various jurisdictions. crore as at March 31, 2022 and March 31, 2021, respectively,
associated with investments in subsidiaries and branches as it
A reconciliation of the income tax provision to the amount is probable that the temporary differences will not reverse in
computed by applying the statutory income tax rate to the the foreseeable future.
income before income taxes is summarized below:
Deferred income tax assets have not been recognized on
in ₹ crore accumulated losses of ₹ 1,345 crore and ₹ 1,014 crore as at
March 31, 2022 and March 31, 2021, respectively as it is probable
Particulars Year ended March 31,
that future taxable profit will be not be available against which
2022 2021 the unused tax losses can be utilized in the foreseeable future.
Profit before income taxes 28,495 24,477 Majority of the accumulated losses as at March 31, 2022 will
expire between financial years 2028 to 2030.
Enacted tax rates in India 34.94% 34.94%
Computed expected tax expense 9,957 8,553 The details of income tax assets and income tax liabilities as at
March 31, 2022 and March 31, 2021 are as follows :
Tax effect due to non-taxable
income for Indian tax purposes (2,849) (2,468) in ₹ crore
Overseas taxes 958 688
Particulars As at March 31,
Tax provision (reversals) (250) (298)
2022 2021
Effect of exempt non-operating
Income tax assets 5,585 5,287
income (478) (166)
Current income tax liabilities 2,179 1,737
Effect of non-deductible expenses 122 127
Net current income tax assets /
Impact of change in tax rate (104) – (liabilities) at the end 3,406 3,550
Others (96) (7)
Income tax expense 7,260 6,429
The applicable Indian corporate statutory tax rate for the years
ended March 31, 2022 and March 31, 2021 is 34.94% each.
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The gross movement in the current income tax assets / (liabilities) for the years ended March 31, 2022 and March 31, 2021 is as follows :
in ₹ crore
The movement in gross deferred income tax assets and (liabilities) (before set-off) for the year ended March 31, 2022 is as follows :
in ₹ crore
The movement in gross deferred income tax assets and (liabilities) (before set-off) for the year ended March 31, 2021 was as follows :
in ₹ crore
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The tax effects of significant temporary differences that resulted Revenues from customer contracts are considered for
in deferred income tax assets and liabilities are as follows : recognition and measurement when the contract has been
approved by the parties, in writing, to the contract, the parties to
in ₹ crore contract are committed to perform their respective obligations
Particulars As at March 31,
under the contract, and the contract is legally enforceable.
Revenue is recognized upon transfer of control of promised
2022 2021 products or services (“performance obligations”) to customers
Deferred income tax assets after set off 970 955 in an amount that reflects the consideration the Company has
Deferred income tax liabilities after set off (841) (511) received or expects to receive in exchange for these products
or services (“transaction price”). When there is uncertainty as
Deferred tax assets and deferred tax liabilities have been offset to collectability, revenue recognition is postponed until such
wherever the Company has a legally enforceable right to set off uncertainty is resolved.
current tax assets against current tax liabilities and where the The Company assesses the services promised in a contract and
deferred tax assets and deferred tax liabilities relate to income identifies distinct performance obligations in the contract.
taxes levied by the same taxation authority. The Company allocates the transaction price to each distinct
In assessing the reliability of deferred income tax assets, the performance obligation based on the relative standalone selling
management considers whether some portion or all of the price. The price that is regularly charged for an item when
deferred income tax assets will not be realized. The ultimate sold separately is the best evidence of its standalone selling
realization of deferred income tax assets is dependent upon price. In the absence of such evidence, the primary method
the generation of future taxable income during the periods used to estimate standalone selling price is the expected cost
in which the temporary differences become deductible. The plus a margin, under which the Company estimates the cost
management considers the scheduled reversals of deferred of satisfying the performance obligation and then adds an
income tax liabilities, projected future taxable income, and tax appropriate margin based on similar services.
planning strategies in making this assessment. Based on the level The Company’s contracts may include variable consideration
of historical taxable income and projections for future taxable including rebates, volume discounts and penalties. The Company
income over the periods in which the deferred income tax assets includes variable consideration as part of transaction price
are deductible, management believes that the Company will when there is a basis to reasonably estimate the amount of
realize the benefits of those deductible differences. The amount the variable consideration and when it is probable that a
of the deferred income tax assets considered realizable, however, significant reversal of cumulative revenue recognized will
could be reduced in the near term if estimates of future taxable not occur when the uncertainty associated with the variable
income during the carry forward period are reduced. consideration is resolved.
The Company’s Advanced Pricing Arrangement (APA) with the Revenue on time-and-material and unit of work-based contracts,
Internal Revenue Service (IRS) for US branch income tax expired are recognized as the related services are performed. Fixed price
in March 2021. The Company has applied for renewal of APA and maintenance revenue is recognized ratably either on a straight-
currently the US taxable income is based on the Company’s best line basis when services are performed through an indefinite
estimate determined based on the expected value method. number of repetitive acts over a specified period or ratably
using a percentage of completion method when the pattern
2.18 Revenue from operations of benefits from the services rendered to the customer and
Accounting policy Company’s costs to fulfil the contract is not even through the
period of contract because the services are generally discrete
The Company derives revenues primarily from IT services
in nature and not repetitive. Revenue from other fixed-price,
comprising software development and related services,
fixed-timeframe contracts, where the performance obligations
maintenance, consulting and package implementation, and
are satisfied over time is recognized using the percentage-of-
from licensing of software products and platforms across
completion method. Efforts or costs expended have been used
the Company’s core and digital offerings (together called as
to determine progress towards completion as there is a direct
“software-related services”). Contracts with customers are
relationship between input and productivity. Progress towards
either on a time-and-material, unit of work, fixed-price or on a
completion is measured as the ratio of costs or efforts incurred to
fixed-timeframe basis.
date (representing work performed) to the estimated total costs
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or efforts. Estimates of transaction price and total costs or efforts in estimating the standalone selling price. Where the license
are continuously monitored over the term of the contracts and is required to be substantially customized as part of the
are recognized in net profit in the period when these estimates implementation service the entire arrangement fee for license
change or when the estimates are revised. Revenues and the and implementation is considered to be a single performance
estimated total costs or efforts are subject to revision as the obligation and the revenue is recognized using the percentage-
contract progresses. Provisions for estimated losses, if any, on of-completion method as the implementation is performed.
uncompleted contracts are recorded in the period in which such Revenue from client training, support and other services arising
losses become probable based on the estimated efforts or costs due to the sale of software products is recognized as the
to complete the contract. performance obligations are satisfied. ATS revenue is recognized
ratably on a straight line basis over the period in which the
The billing schedules agreed with customers include periodic
services are rendered.
performance-based billing and / or milestone based progress
billings. Revenues in excess of billing are classified as unbilled Contracts with customers includes subcontractor services or
revenue while billing in excess of revenues are classified as third-party vendor equipment or software in certain integrated
contract liabilities (which we refer to as "unearned revenues"). services arrangements. In these types of arrangements, revenue
from sales of third-party vendor products or services is recorded
In arrangements for software development and related
net of costs when the Company is acting as an agent between
services and maintenance services, by applying the revenue
the customer and the vendor, and gross when the Company is
recognition criteria for each distinct performance obligation,
the principal for the transaction. In doing so, the Company first
the arrangements with customers generally meet the criteria for
evaluates whether it controls the good or service before it is
considering software development and related services as distinct
transferred to the customer. The Company considers whether
performance obligations. For allocating the transaction price, the
it has the primary obligation to fulfil the contract, inventory
Company measures the revenue in respect of each performance
risk, pricing discretion and other factors to determine whether
obligation of a contract at its relative standalone selling price. The
it controls the goods or service and therefore is acting as a
price that is regularly charged for an item when sold separately is
principal or an agent.
the best evidence of its standalone selling price. In cases where
the Company is unable to determine the standalone selling price, The incremental costs of obtaining a contract (i.e., costs
the Company uses the expected cost plus margin approach in that would not have been incurred if the contract had not
estimating the standalone selling price. For software development been obtained) are recognized as an asset if the Company
and related services, the performance obligations are satisfied as expects to recover them.
and when the services are rendered since the customer generally
Certain eligible, nonrecurring costs (e.g. set-up or transition
obtains control of the work as it progresses.
or transformation costs) that do not represent a separate
Certain cloud and infrastructure services contracts include performance obligation are recognized as an asset when
multiple elements which may be subject to other specific such costs (a) relate directly to the contract; (b) generate
accounting guidance, such as leasing guidance. These contracts or enhance resources of the Company that will be used in
are accounted in accordance with such specific accounting satisfying the performance obligation in the future; and (c) are
guidance. In such arrangements where the Company is expected to be recovered.
able to determine that hardware and services are distinct
Capitalized contract costs relating to upfront payments to
performance obligations, it allocates the consideration to these
customers are amortized to revenue and other capitalized costs
performance obligations on a relative standalone selling price
are amortized to expenses over the respective contract life
basis. In the absence of standalone selling price, the Company
on a systematic basis consistent with the transfer of goods or
uses the expected cost-plus margin approach in estimating
services to customer to which the asset relates. Capitalized costs
the standalone selling price. When such arrangements are
are monitored regularly for impairment. Impairment losses are
considered as a single performance obligation, revenue
recorded when present value of projected remaining operating
is recognized over the period and measure of progress is
cash flows is not sufficient to recover the carrying amount of
determined based on promise in the contract.
the capitalized costs.
Revenue from licenses where the customer obtains a “right
The Company presents revenues net of indirect taxes in its
to use” the licenses is recognized at the time the license
Statement of Profit and Loss.
is made available to the customer. Revenue from licenses
where the customer obtains a “right to access” is recognized Revenue from operations for the year ended March 31, 2022 and
over the access period. March 31, 2021 is as follows :
Arrangements to deliver software products generally have
in ₹ crore
three elements: license, implementation and Annual Technical
Services (ATS). When implementation services are provided in Particulars Year ended March 31,
conjunction with the licensing arrangement and the license 2022 2021
and implementation have been identified as two distinct
Revenue from software services 103,615 85,669
separate performance obligations, the transaction price for
such contracts are allocated to each performance obligation of Revenue from products and
the contract based on their relative standalone selling prices. platforms 325 243
In the absence of standalone selling price for implementation, Total revenue from operations 103,940 85,912
the Company uses the expected cost plus margin approach
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The company has evaluated the impact of COVID-19 resulting on the Company’s Balance Sheet. Amounts are billed as work
from (i) the possibility of constraints to render services which progresses in accordance with agreed-upon contractual terms,
may require revision of estimations of costs to complete the either at periodic intervals (e.g., monthly or quarterly) or upon
contract because of additional efforts; (ii) onerous obligations; achievement of contractual milestones.
(iii) penalties relating to breaches of service level agreements,
The Company’s receivables are rights to consideration that
and (iv) termination or deferment of contracts by customers.
are unconditional. Unbilled revenues comprising revenues in
The company has concluded that the impact of COVID-19
excess of billings from time and material contracts and fixed
pandemic is not significant-based on these estimates. Due to the
price maintenance contracts are classified as financial asset
nature of the COVID-19 pandemic, the company will continue
when the right to consideration is unconditional and is due only
to monitor developments to identify significant uncertainties
after a passage of time.
relating to revenue in future periods.
Invoicing to the clients for other fixed price contracts is based on
Disaggregated revenue information
milestones as defined in the contract and therefore the timing of
The table below presents disaggregated revenues from contracts revenue recognition is different from the timing of invoicing to
with customers by offerings for the years ended March 31, 2022 the customers. Therefore, unbilled revenues for other fixed price
and March 31, 2021, respectively. The Company believes that this contracts (contract asset) are classified as non-financial asset
disaggregation best depicts how the nature, amount, timing because the right to consideration is dependent on completion
and uncertainty of our revenues and cash flows are affected by of contractual milestones.
industry, market and other economic factors.
Invoicing in excess of earnings are classified as “unearned revenue”.
in ₹ crore Trade receivables and unbilled revenues are presented net of
Particulars Year ended March 31, impairment in the Balance Sheet.
2022 2021 During the years ended March 31, 2022 and March 31, 2021, the
company recognized revenue of ₹ 2,831 crore and ₹ 1,861 crore
Revenue by offerings
arising from opening unearned revenue as of April 1, 2021 and
Core 43,410 43,810 April 1, 2020, respectively. During the years ended March 31, 2022
Digital 60,530 42,102 and March 31, 2021, ₹ 3,711 crore and ₹ 3,401 crore of unbilled
Total 1,03,940 85,912 revenue pertaining to other fixed-price and fixed-time frame
contracts as of April 1, 2021 and April 1, 2020, respectively has
been reclassified to trade receivables upon billing to customers
Digital services
on completion of milestones.
Digital services comprise of service and solution offerings of the
Remaining performance obligation disclosure
company that enable our clients to transform their businesses.
These include offerings that enhance customer experience, The remaining performance obligation disclosure provides the
leverage AI-based analytics and big data, engineer digital aggregate amount of the transaction price yet to be recognized
products and IoT, modernize legacy technology systems, as at the end of the reporting period and an explanation as
migrate to cloud applications and implement advanced to when the Company expects to recognize these amounts in
cybersecurity systems. revenue. Applying the practical expedient as given in Ind AS
115, the Company has not disclosed the remaining performance
Core services
obligation related disclosures for contracts where the revenue
Core services comprise traditional offerings of the company that recognized corresponds directly with the value to the customer
have scaled and industrialized over a number of years. These of the entity’s performance completed to date, typically those
primarily include application management services, proprietary contracts where invoicing is on time-and-material and unit
application development services, independent validation of work-based contracts. Remaining performance obligation
solutions, product engineering and management, infrastructure estimates are subject to change and are affected by several
management services, traditional enterprise application factors, including terminations, changes in the scope of
implementation, support and integration services. contracts, periodic revalidations, adjustment for revenue that has
not materialized and adjustments for currency fluctuations.
Products and platforms
The aggregate value of performance obligations that are
The Company also derives revenues from the sale of products
completely or partially unsatisfied as at March 31, 2022, other
and platforms including Infosys Nia®, Artificial Intelligence (AI)
than those meeting the exclusion criteria mentioned above, is
platform which applies next-generation AI and machine learning.
₹ 65,748 crore. Out of this, the Company expects to recognize
The percentage of revenue from fixed-price contracts for revenue of around 55% within the next one year and the
each of the years ended March 31, 2022 and March 31, 2021 remaining thereafter. The aggregate value of performance
is approximately 53%. obligations that are completely or partially unsatisfied as at
March 31, 2021 is ₹ 62,114 crore. The contracts can generally
Trade receivables and contract balances
be terminated by the customers and typically includes an
The timing of revenue recognition, billings and cash collections enforceable termination penalty payable by them. Generally,
results in receivables, unbilled revenue, and unearned revenue customers have not terminated contracts without cause.
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2.19 Other income, net Other income for the years ended March 31, 2022 and
Accounting policy March 31, 2021 is as follows :
Other income is comprised primarily of interest income, dividend in ₹ crore
income, gain / loss on investments and exchange gain / loss on
forward and options contracts and on translation of other assets Particulars Year ended March 31,
and liabilities. Interest income is recognized using the effective 2022 2021
interest method. Dividend income is recognized when the right Interest income on financial assets
to receive payment is established. carried at amortized cost
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For own use 1,062 942 The Company provides for gratuity, a defined benefit retirement
plan ("the Gratuity Plan") covering eligible Indian employees
Third-party items bought for service
of Infosys. The Gratuity Plan provides a lump-sum payment
delivery to clients 1,923 1,116
to vested employees at retirement, death, incapacitation
2,985 2,058 or termination of employment, of an amount based on the
Other expenses respective employee’s salary and the tenure of employment
with the Company. The Company contributes Gratuity liabilities
Power and fuel 93 99
to the Infosys Limited Employees’ Gratuity Fund Trust (the
Brand and marketing 444 288 Trust). Trustees administer contributions made to the Trusts and
Short-term leases 12 24 contributions are invested in a scheme with the Life Insurance
Corporation of India as permitted by Indian law.
Rates and taxes 205 192
Repairs and Maintenance 824 1,050 The Company operates defined benefit pension plan in
certain overseas jurisdictions, in accordance with the local
Consumables 29 22 laws. These plans are managed by third party fund managers.
Insurance 135 108 The plans provide for periodic payouts after retirement or for a
Provision for post-sales client lumpsum payment as set out in rules of each fund and includes
support and others 77 47 death and disability benefits.
Commission to non-whole time Liabilities with regard to these defined benefit plans are
directors 11 6 determined by actuarial valuation, performed by an external
Impairment loss recognized / actuary, at each Balance Sheet date using the projected unit
(reversed) under expected credit loss credit method. These defined benefit plans expose the Company
model 117 152 to actuarial risks, such as longevity risk, currency risk, interest rate
risk and market risk.
Auditor’s remuneration
Statutory audit fees 5 5 The Company recognizes the net obligation of a defined benefit
plan in its Balance Sheet as an asset or liability. Gains and losses
Tax matters – – through re-measurements of the net defined benefit liability
Other services – 1 / (asset) are recognized in other comprehensive income and
Contributions towards Corporate are not reclassified to profit or loss in subsequent periods. The
Social Responsibility (CSR) (Refer to actual return of the portfolio of plan assets, in excess of the yields
note 2.25) computed by applying the discount rate used to measure the
defined benefit obligation is recognized in other comprehensive
Towards CSR* 397 412
income. The effect of any plan amendments is recognized in net
Proposed transfer of CSR assets** – 283 profit in the Statement of Profit and Loss.
Others 141 54 2.21.2 Provident fund
2,490 2,743 Eligible employees of Infosys receive benefits from a provident
fund, which is a defined benefit plan. Both the eligible employee
* Figures for the year ended March 31, 2021 includes ` 37 crore which the
Company intends to spend in the future relating to and in addition to the and the Company make monthly contributions to the provident
amounts spent in the prior years fund plan equal to a specified percentage of the covered
** Consequent to the Companies (Corporate Social Responsibility Policy) employee’s salary. The Company contributes a portion to the
Amendment Rules, 2021 (“the Rules”), the Company is required to transfer Infosys Limited Employees’ Provident Fund Trust. The Trust
its CSR capital assets created prior to January 2021. Towards this the invests in specific designated instruments as permitted by Indian
Company had incorporated a controlled subsidiary ‘Infosys Green Forum’ law. The remaining portion is contributed to the government
under Section 8 of the Companies Act, 2013 .The carrying amount of the
capital asset amounting to ₹283 crore had been impaired and included as
administered pension fund. The rate at which the annual interest
CSR expense in the Standalone financial statements during the year ended is payable to the beneficiaries by the Trust is being administered
March 31, 2021 because the Company will not be able to recover the by the Government. The Company has an obligation to
carrying amount of the asset from its Subsidiary on account of prohibition make good the shortfall, if any, between the return from the
on payment of dividend by this Subsidiary. During the year ended March investments of the Trust and the notified interest rate.
31, 2022, the transfer has been completed on obtaining the required
approvals from regulatory authorities. 2.21.3 Superannuation
Certain employees of Infosys are participants in a defined
contribution plan. The Company has no further obligations to
the Plan beyond its monthly contributions which are periodically
contributed to a trust fund, the corpus of which is invested with
the Life Insurance Corporation of India.
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2.21.4 Compensated absences The amount for the years ended March 31, 2022 and
March 31, 2021 recognized in the Statement of Profit and Loss
The Company has a policy on compensated absences which
under employee benefit expense are as follows :
are both accumulating and non-accumulating in nature.
The expected cost of accumulating compensated absences is in ₹ crore
determined by actuarial valuation performed by an independent
actuary at each Balance Sheet date using projected unit credit Particulars Year ended March 31,
method on the additional amount expected to be paid / availed 2022 2021
as a result of the unused entitlement that has accumulated at the
Service cost 193 181
Balance Sheet date. Expense on non-accumulating compensated
absences is recognized in the period in which the absences occur. Net interest on the net defined benefit (7) (8)
Net gratuity cost 186 173
The Code on Social Security,2020 ("Code") relating to employee
benefits during employment and post employment benefits
received Presidential assent in September 2020. The Code has The amount for the years ended March 31, 2022 and March
been published in the Gazette of India. However, the date on 31, 2021 recognized in the statement of other comprehensive
which the Code will come into effect has not been notified. income are as follows :
The Company will assess the impact of the Code when it comes
in ₹ crore
into effect and will record any related impact in the period the
Code becomes effective. Particulars Year ended March 31,
a. Gratuity and pension 2022 2021
The following tables set out the funded status majorly of Remeasurements of the net defined
benefit liability / (asset)
the Indian gratuity plans and the amounts recognized in
the Company's financial statements as at March 31, 2022 Actuarial (gains) / losses 69 14
and March 31, 2021 : (Return) / loss on plan assets excluding
amounts included in the net interest on
in ₹ crore the net defined benefit liability / (asset) (21) (10)
Particulars As at March 31, 48 4
2022 2021
in ₹ crore
Change in benefit obligations
Year ended March 31,
Benefit obligations at the beginning 1,382 1,195 Particulars
2022 2021
Service cost 193 181
(Gain) / loss from change in – –
Interest expense 77 72 demographic assumptions
Transfer of obligation 3 3 (Gain) / loss from change in financial (33) 8
Remeasurements – assumptions
Actuarial (gains) / losses 69 14 (Gain) / loss from change in experience 102 6
assumptions
Benefits paid (257) (83)
69 14
Benefit obligations at the end 1,467 1,382
Change in plan assets The weighted-average assumptions used to determine
Fair value of plan benefit obligations as at March 31, 2022 and
assets at the beginning 1,391 1,338 March 31, 2021 are as follows :
Interest income 84 80
As at March 31,
Transfer of assets 3 – Particulars
2022 2021
Remeasurements – Return on Discount rate (1) 6.5% 6.1%
plan assets excluding amounts
Weighted average rate of increase in
included in interest income 21 10
compensation levels (2) 6.0% 6.0%
Contributions 235 45 Weighted average duration of defined
Benefits paid (257) (82) benefit obligation (3) 5.9 years 5.9 years
Fair value of plan assets at the end 1,477 1,391
Funded status 10 9
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The weighted-average assumptions used to determine net Maturity profile of defined benefit obligation :
periodic benefit cost for the year ended March 31, 2022 and
March 31, 2021 are as follows : in ₹ crore
Within 1 year 204
in %
1-2 year 214
Particulars Year ended March 31,
2-3 year 231
2022 2021
3-4 year 242
Discount rate 6.1 6.2
4-5 year 284
Weighted average rate of increase in
compensation levels 6.0 6.0 5-10 years 1,559
Assumptions regarding future mortality experience are set in The Company operates defined benefit pension plan in
accordance with the published statistics by the Life Insurance certain overseas jurisdictions, in accordance with local laws.
Corporation of India. As at March 31, 2022 and March 31, 2021, the defined benefit
obligation (DBO) is ₹ 610 crore and ₹ 541 crore, fair value of plan
(1)
In India, the market for high quality corporate bonds being not assets is ₹ 534 crore and ₹ 434 crore, resulting in recognition of a
developed, the yield of government bonds is considered as the discount net DBO of ₹ 76 crore and ₹ 107 crore, respectively.
rate. The tenure has been considered taking into account the past long-
term trend of employees’ average remaining service life which reflects the b. Superannuation
average estimated term of the post- employment benefit obligations.
The Company contributed ₹ 342 crore and ₹ 242 crore to the
(2)
The average rate of increase in compensation levels is determined by the
Company, considering factors such as, the Company’s past compensation Superannuation trust during the year ended March 31, 2022 and
revision trends and management’s estimate of future salary increases. March 31, 2021, respectively and the same has been recognized
(3)
Attrition rate considered is the management’s estimate based on the past in the Statement of Profit and Loss account under the head
long-term trend of employee turnover in the Company. employee benefit expense.
The sensitivity of significant assumptions used for valuation of c. Provident fund
defined benefit obligation is as follows :
Infosys has an obligation to fund any shortfall on the yield of
the trust’s investments over the administered interest rates
in ₹ crore
on an annual basis. These administered rates are determined
Impact from percentage point As at March 31, annually predominantly considering the social rather than
increase / decrease in 2022 2021 economic factors. The actuary has provided a valuation for
provident fund liabilities on the basis of guidance issued by
Discount rate 81 78
Actuarial Society of India.
Weighted average rate of increase in
compensation level 73 70
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The funded status of the defined benefit provident fund plan of The assumptions used in determining the present value
Infosys limited and the amounts recognized in the Company’s obligation of the defined benefit plan under the Deterministic
financial statements as at March 31, 2022 and March 31, Approach are as follows :
2021 is as follows :
Particulars As at March 31,
in ₹ crore 2022 2021
Particulars As at March 31, Government of India (GOI) bond yield (1) 6.50% 6.10%
2022 2021 Expected rate of return on plan assets 7.70% 8.00%
Change in benefit obligations Remaining term to maturity of portfolio 6 years 6 years
Benefit obligations at the beginning 8,287 7,366 Expected guaranteed interest rate 8.10% 8.50%
Service cost 656 423 (1)
In India, the market for high quality corporate bonds being not
Employee contribution 1,153 816 developed, the yield of government bonds is considered as the discount
rate. The tenure has been considered taking into account the past long-
Interest expense 516 606 term trend of employees’ average remaining service life which reflects the
Actuarial (gains) / loss 118 (26) average estimated term of the post- employment benefit obligations.
Benefits paid (1,426) (898) The breakup of the plan assets into various categories as at March
Benefit obligations at the end 9,304 8,287 31, 2022 and March 31, 2021 is as follows :
Change in plan assets
Particulars As at March 31,
Fair value of plan assets at the
2022 2021
beginning 8,140 7,117
Central and State government bonds 57% 54%
Interest income 507 596
Public sector undertakings and Private
Remeasurements – Return on plan sector bonds 37% 40%
assets excluding amounts included in
interest income 18 125 Others 6% 6%
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2.22 Reconciliation of basic and diluted shares used in effected prior to the approval of the financial statements by
computing earning per share the Board of Directors.
Accounting policy The following is a reconciliation of the equity shares used in the
Basic earnings per equity share is computed by dividing the net computation of basic and diluted earnings per equity share:
profit attributable to the equity holders of the Company by the
weighted average number of equity shares outstanding during Particulars Year ended March 31,
the period. Diluted earnings per equity share is computed by 2022 2021
dividing the net profit attributable to the equity holders of the Basic earnings per equity share
Company by the weighted average number of equity shares – weighted average number of
considered for deriving basic earnings per equity share and also equity shares outstanding 4,22,43,39,562 4,25,94,38,950
the weighted average number of equity shares that could have
Effect of dilutive common
been issued upon conversion of all dilutive potential equity
equivalent shares – share
shares. The dilutive potential equity shares are adjusted for the
options outstanding 52,06,766 36,53,564
proceeds receivable had the equity shares been actually issued at
fair value (i.e. the average market value of the outstanding equity Diluted earnings per equity
share – weighted average
shares). Dilutive potential equity shares are deemed converted
number of equity shares and
as at the beginning of the period, unless issued at a later date.
common equivalent shares
Dilutive potential equity shares are determined independently
outstanding 4,22,95,46,328 4,26,30,92,514
for each period presented.
The number of equity shares and potentially dilutive equity For the years ended March 31, 2022 and March 31, 2021, there
shares are adjusted retrospectively for all periods presented for were no options to purchase equity shares which had an
any share splits and bonus shares issues including for changes anti-dilutive effect.
in ₹ crore
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Legal proceedings
The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business. The Company’s
management reasonably expects that these legal actions, when ultimately concluded and determined, will not have a material and
adverse effect on the Company’s results of operations or financial condition.
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(1)
Wholly-owned subsidiary of Infosys Limited (23)
Wholly-owned subsidiary of Infosys Fluido UK, Ltd. (formerly Simplus UK, Ltd)
(2)
Majority-owned and controlled subsidiary of Infosys Limited (24)
Incorporated effective September 11, 2020.
(3)
Wholly-owned subsidiary of Infosys BPM Limited (25)
On October 1, 2020, Infy Consulting Company Limited acquired 100% of
(4)
Wholly-owned subsidiary of Infosys Consulting Holding AG voting interests in GuideVision s.r.o
(5)
Majority-owned and controlled subsidiary of
(26)
Wholly-owned subsidiary of GuideVision s.r.o.
Infosys Consulting Holding AG (27)
On October 9, 2020, Infosys Nova Holdings LLC, acquired 100% voting
(6)
Wholly-owned subsidiary of Panaya Inc. interest in Kaleidoscope Animations, Inc.
(7)
Wholly-owned subsidiary of Brilliant Basics Holding Limited.
(28)
Wholly-owned subsidiary of Kaleidoscope Animations, Inc.
(8)
Wholly-owned subsidiary of Infosys Consulting Pte. Ltd.
(29)
Merged with Infosys Poland Sp. z.o.o, effective October 21, 2020
(9)
Majority-owned and controlled subsidiary of Infosys Consulting Pte. Ltd.
(30)
On October 27, 2020, Infosys Nova Holding LLC, a wholly-owned
subsidiary of Infosys Limited, acquired 100% voting interest in Blue Acorn
(10)
Wholly-owned subsidiary of WongDoody Holding Company Inc. iCi Inc (formerly Beringer Commerce Inc) and Beringer Capital Digital Group
(WongDoody) Inc
(11)
Wholly-owned subsidiary of Fluido Oy (31)
Wholly-owned subsidiary of Blue Acorn iCi Inc
(12)
Wholly-owned subsidiary of Stater N.V (32)
Wholly-owned subsidiary of Beringer Commerce Holdings LLC
(13)
Wholly-owned subsidiary of Stater Duitsland B.V. (33)
Wholly-owned subsidiary of Beringer Capital Digital Group Inc.
(14)
Majority-owned and controlled subsidiary of Stater Participations B.V. (34)
Liquidated effective November 19,2020
(15)
Liquidated effective January 28, 2021. (35)
Incorporated, effective December 9, 2020
(16)
Wholly-owned subsidiary of Infosys Nova Holdings LLC (36)
Merged into Fluido Sweden AB (Extero), effective December 18, 2020
(17)
Wholly-owned subsidiary of Outbox Systems Inc. (37)
Merged into Stater Duitsland B.V., effective December 18, 2020
(18)
Wholly-owned subsidiary of Simplus ANZ Pty Ltd (38)
Merged with Stater N.V., effective December 23, 2020
(19)
Wholly-owned subsidiary of Simplus Australia Pty Ltd (39)
On December 29, 2020, Stater Participation B.V acquired non-controlling
(20)
Wholly-owned subsidiary of Infosys Public Services, Inc. interest of 28.01% of the voting interests in Stater Belgium NV/SA
(21)
Liquidated effective July 17, 2020 (40)
Incorporated on December 30, 2020.
(22)
On June 1, 2020, Fluido Oy, acquired 100% of the voting interests in (41)
Under liquidation
Infosys Fluido UK, Ltd. (formerly Simplus UK, Ltd)
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(42)
Liquidated effective March 9,2021 (53)
Liquidated effective November 23, 2021
(43)
Incorporated on March 23, 2021 (54)
Wholly-owned subsidiary of Infosys Limited, merged with WongDoody
(44)
On March 28, 2021 Infosys Limited and Infosys Germany Holding Gmbh Inc, effective December 31, 2021
registered Infosys Automotive and Mobility GmbH & Co. KG, a partnership (55)
Wholly-owned subsidiary of WongDoody Holding Company Inc.
firm. (WongDoody), merged with WongDoody Inc, effective December 31, 2021
(45)
Liquidated effective April 27,2021 (56)
Wholly-owned subsidiary of Infosys Limited, effective December 31, 2021
(46)
Incorporated on August 4, 2021 (57)
Merged with Beringer Commerce Holdings LLC, effective January 1, 2022
(47)
Liquidated effective July 20, 2021 (58)
Merged with Beringer Capital Digital Group Inc, effective January 1, 2022
(48)
Liquidated effective September 1, 2021 (59)
Merged with Blue Acorn iCi Inc, effective January 1, 2022
(49)
Liquidated effective September 2, 2021 (60)
Incorporated on February 20, 2022
(50)
Incorporated on August 31, 2021 (61)
On March 17, 2022, Infosys Limited acquired non-controlling interest of
(51)
On December 14, 2021, Infosys Consulting Pte. Ltd., a wholly-owned 0.01% of the voting interests in Infosys BPM Limited.
subsidiary of Infosys Limited acquired 100% of voting interests in Infosys (62)
On March 22, 2022, Infosys Consulting Pte. Ltd., a wholly-owned
(Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) subsidiary of Infosys Limited acquired 100% of voting interests in Infosys
Sdn. Bhd.) Germany GmbH (formerly Kristall 247. GmbH (“Kristall”))
(52)
Liquidated effective December 16, 2021
Infosys has provided guarantee for performance of certain contracts entered into by its subsidiaries.
• Michael Gibbs
Company Secretary
• Kiran Mazumdar-Shaw
• D. Sundaram A. G. S. Manikantha
• D. N. Prahlad (resigned as a member of the Board effective
April 20, 2020)
• Uri Levine (appointed as an independent director effective
April 20, 2020)
• Bobby Parikh (appointed as an independent director
effective July 15, 2020)
• Dr. Punita Kumar-Sinha (retired as member of the Board
effective January 13, 2021)
• Chitra Nayak (appointed as an independent director effective
March 25, 2021)
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The details of amounts due to or due from related parties as at Particulars As at March 31,
March 31, 2022 and March 31, 2021 are as follows :
2022 2021
in ₹ crore Infosys Consulting Ltda. 1 1
Particulars As at March 31, Infy Consulting B.V. 2 2
2022 2021 Brilliant Basics Limited – 4
Investment in debentures Infosy Fluido Oy – 1
EdgeVerve(1) – 536 Panaya Ltd 1 –
– 536 McCamish Systems LLC 6 4
Trade receivables Infosys Consulting Pte Limited 1 –
Brilliant Basics Limited – 1 Infosys Automotive and Mobility 156 –
Infosys China 6 11 Infosys Poland sp. z o o 2 1
Infosys Mexico 1 2 Fluido Denmark A/S 1 1
Infosys BPM Limited 7 9 Infosys Luxembourg S.à.r.l 1 –
Infosys BPO Americas 12 7 Infosys Consulting S.R.L. 1 –
Infy Consulting Company Ltd. 3 3 Infosys Green Forum 2 –
Infosys Public Services 95 54 Infosys Consulting (Belgium) NV 3 –
Infosys Shanghai 1 1 WongDoody, Inc. 3 –
Infosys Sweden 16 7 Infosys Public Services 4 –
Infosys Fluido Oy 1 2 Simplus Philippines, Inc. 1 –
Infosys Consulting Ltda. – 1 EdgeVerve – 3
Infosys McCamish Systems LLC 76 46 220 182
Panaya Ltd 1 1 Unbilled revenues
Infosys Compaz Pte. Ltd 8 12 EdgeVerve 64 77
Stater Nederland B.V. – 1 Infosys Consulting Ltda 4 –
Outbox System,Inc. dba Simplus – 3 Beringer Commerce Inc. 1 –
Infosys Luxembourg S.à.r.l 28 24 Portland Group Pty Ltd 2 –
Infosys Chile SPA 2 – Infosys Automotive and Mobility 201 –
Infosys Middle East FZ-LLC 11 18 Infosys Austria GmbH 2 –
268 203 Infosys (Czech Republic) Limited s.r.o. 2 –
Loans Infy Consulting Company Ltd 4 –
Infosys China (2) – 21 Infosys Consulting S.R.L. 1 –
Infosys Shanghai(2) – 75 Infosys Technologies (Sweden) AB. 1 –
– 96 Infosys China 9 –
Prepaid expense and other assets Infosys Turkey 2 –
Panaya Ltd. 203 236 Infosys Consulting Pte Limited 5 –
GuideVision, s.r.o. 1 1 McCamish Systems LLC 115 –
204 237 Infosys Mexico 2 –
Other financial assets Stater Nederland B.V. 4 5
Infosys BPM Limited 7 145 419 82
Infosys Consulting GmbH 3 2 Trade payables
Infosys China 12 9 Infosys China 28 6
Infosys Shanghai 3 2 Infosys BPM Limited 152 121
Infy Consulting Company Ltd. 7 5 Infosys (Czech Republic) Limited s.r.o. 18 12
Infosys Management Consulting Pty Infosys Mexico – 8
Limited 1 1 Infosys Sweden 69 39
Infosys Consulting AG 2 1
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The details of the related parties transactions entered into Particulars Year ended March 31,
by the Company for the years ended March 31, 2022 and
March 31, 2021 are as follows : 2022 2021
Infosys Public Services 11 32
in ₹ crore
Panaya Ltd. 140 131
Particulars Year ended March 31, Infosys Poland Sp Z.o.o 124 66
2022 2021 Infosys Consulting S.R.L. Romania 234 182
Capital transactions: Infosys Compaz Pte. Ltd 20 3
Financing transactions Infosys Consulting Ltda. 60 41
Equity Kallidus – 22
Infosys Consulting Brazil – 154 Kaleidoscope Animations 16 –
WongDoody Holding Company Brilliant Basics Limited 30 53
Inc – 21
Infosys Chile SpA 17 15
Infosys Nova Holdings LLC – 1,302
Infosys Middle East FZ-LLC 51 61
Infosys Luxembourg S.ã r.l. – 13
Fluido Oy 42 30
Infosys Limited Bulgaria – 2
Fluido Sweden AB (Extero) 52 31
Infosys Germany Holdings Gmbh – 2
Fluido Denmark 15 –
Infosys Green Forum 1 –
McCamish Systems LLC 3 7
Infosys Automotive and Mobility 15 –
GuideVision, s.r.o. 28 2
Infosys China – 36
GuideVision Polska SP.Z.O.O 6 1
Infosys Shanghai 110 –
HIPUS 2 1
Infosys BPM Limited 2 –
Simplus Australia Pty Ltd 28 1
Kallidus – (151)
Simplus Philippines, Inc. 11 1
128 1,379
Outbox System,Inc. dba Simplus 177 27
Debentures (net of repayment)
Simplus UK Ltd 17 –
EdgeVerve (536) (623)
WDW Communications, Inc. 24 108
(536) (623)
iCiDIGITAL LLC 52 3
Loans (net of repayment)
Blue Acorn LLC 19 –
Infosys China (21) (74)
Beringer Commerce Inc 47 –
Infosys Shanghai (76) 76
Mediotype LLC 2 –
Infosys Consulting Pte Ltd. – (277)
Infosys Automotive and Mobility 57 –
Infosys Consulting S.R.L. – (9)
GuideVision Deutschland GmbH 1 –
(97) (284)
GuideVision Suomi Oy 3 –
Revenue transactions:
GuideVision Magyarország Kft 5 –
Purchase of services
Infosys Austria GmbH 1 –
Infosys China 125 63
Infosys Limited Bulgaria 5 –
Infosys Management Consulting
Pty Limited 187 129 WongDoody, Inc. 265 9
Infy Consulting Company Limited 1,251 965 EdgeVerve 15 –
Infosys Consulting Pte. Ltd. 73 25 5,717 3,691
Portland Group Pty Ltd 21 33 Purchase of shared services including
facilities and personnel
Infosys (Czech Republic) Limited
s.r.o. 165 122 Brilliant Basics Limited 1 3
Infosys BPM Limited 2,001 1,321 Infosys BPM Limited 3 3
Infosys Sweden 49 47 WongDoody, Inc. 24 6
Infosys Shanghai 116 87 Infosys Green Forum 4 –
Infosys Mexico 149 72 Infosys Public Services – 3
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Particulars Year ended March 31, Particulars Year ended March 31,
2022 2021 2022 2021
Panaya Ltd. – 1 Portland Group Pty Ltd 3 –
Infosys Mexico 7 6 Infosys Consulting S.R.L. 1 –
WDW Communications, Inc. 23 14 iCiDIGITAL LLC 1 –
62 36 Infosys Consulting Pte. Limited 5 –
Interest income Stater Nederland B.V. 47 54
Infosys China – 3 2,436 1,947
Infosys Shanghai 1 4 Sale of shared services including
Infosys Consulting Pte Ltd. – 3 facilities and personnel
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in ₹ crore
in ₹ crore
Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, the Company was required to transfer
its CSR capital assets created prior to January 2021. Towards this the Company had incorporated a controlled subsidiary , ‘Infosys Green
Forum’ under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022 the Company has completed the transfer of
assets upon obtaining the required approvals from regulatory authorities, as applicable.
The carrying amount of the capital asset amounting to ` 283 crore has been impaired and included as CSR expense in the Standalone
financial statements for the year ending March 31, 2021 as the Company will not be able to recover the carrying amount of the asset from
its Subsidiary on account of prohibition on payment of dividend by this subsidiary.
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2.27 Ratios
The ratios for the years ended March 31, 2022 and March 31, 2021 are as follows :
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Consolidated Financial Statements under Indian Accounting Standards (Ind AS) for the
year ended March 31, 2022
Index
A Independent Auditor’s Report........................................................................................................................................................................................................256
B Consolidated Balance Sheet............................................................................................................................................................................................................264
C Consolidated Statement of Profit and Loss ...............................................................................................................................................................................266
D Consolidated Statement of Changes in Equity ........................................................................................................................................................................268
E Consolidated Statement of Cash Flows........................................................................................................................................................................................273
F Overview and notes to the consolidated financial statements .........................................................................................................................................275
1. Overview
1.1 Company overview ......................................................................................................................................................................................................................275
1.2 Basis of preparation of financial statements ......................................................................................................................................................................275
1.3 Basis of consolidation .................................................................................................................................................................................................................275
1.4 Use of estimates and judgments.............................................................................................................................................................................................275
1.5 Critical accounting estimates and judgments....................................................................................................................................................................275
1.6 Recent accounting pronouncements ...................................................................................................................................................................................276
2. Notes to the consolidated financial statements
2.1 Business combinations................................................................................................................................................................................................................277
2.2 Property, plant and equipment...............................................................................................................................................................................................278
2.3 Capital work-in-progress............................................................................................................................................................................................................280
2.4 Goodwill and other intangible assets....................................................................................................................................................................................281
2.5 Investments.....................................................................................................................................................................................................................................283
2.6 Loans..................................................................................................................................................................................................................................................286
2.7 Other financial assets...................................................................................................................................................................................................................286
2.8 Trade receivables...........................................................................................................................................................................................................................287
2.9 Cash and cash equivalents.........................................................................................................................................................................................................287
2.10 Other assets....................................................................................................................................................................................................................................288
2.11 Financial instruments..................................................................................................................................................................................................................288
2.12 Equity................................................................................................................................................................................................................................................297
2.13 Other financial liabilities............................................................................................................................................................................................................303
2.14 Trade payables...............................................................................................................................................................................................................................304
2.15 Other liabilities..............................................................................................................................................................................................................................305
2.16 Provisions........................................................................................................................................................................................................................................305
2.17 Income taxes..................................................................................................................................................................................................................................305
2.18 Revenue from operations..........................................................................................................................................................................................................309
2.19 Other income, net........................................................................................................................................................................................................................312
2.20 Expenses.........................................................................................................................................................................................................................................313
2.21 Leases...............................................................................................................................................................................................................................................313
2.22 Employee benefits......................................................................................................................................................................................................................315
2.23 Reconciliation of basic and diluted shares used in computing earnings per share...........................................................................................319
2.24 Contingent liabilities and commitments ...........................................................................................................................................................................319
2.25 Related party transactions.......................................................................................................................................................................................................320
2.26 Segment reporting......................................................................................................................................................................................................................327
2.27 Function-wise classification of Consolidated Statement of Profit and Loss..........................................................................................................329
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• We tested the effectiveness of controls relating to the (a) identification of distinct performance obligations, (b)
determination of whether the Group is acting as a principal or an agent and (c) determination of whether fixed price
maintenance revenue for certain contracts is recognized on a straight-line basis or using the percentage of completion
method.
• We selected a sample of contracts with customers and performed the following procedures:
– Obtained and read contract documents for each selection, including master service agreements, and other documents
that were part of the agreement.
– Identified significant terms and deliverables in the contract to assess management’s conclusions regarding the (i)
identification of distinct performance obligations (ii) whether the Group is acting as a principal or an agent and (iii)
whether fixed price maintenance revenue is recognized on a straight-line basis or using the percentage of completion
method
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• We tested the effectiveness of controls relating to (1) recording of efforts or costs incurred and estimation of efforts
or costs required to complete the remaining contract performance obligations and (2) access and application controls
pertaining to time recording, allocation and budgeting systems which prevents unauthorised changes to recording of
efforts incurred.
• We selected a sample of fixed price contracts with customers measured using the percentage-of-completion method and
performed the following:
– Evaluated management’s ability to reasonably estimate the progress towards satisfying the performance obligation
by comparing actual efforts or costs incurred to prior year estimates of efforts or costs budgeted for performance
obligations that have been fulfilled.
– Compared efforts or costs incurred with Group’s estimate of efforts or costs incurred to date to identify significant
variations and evaluate whether those variations have been considered appropriately in estimating the remaining costs
or efforts to complete the contract.
– Tested the estimate for consistency with the status of delivery of milestones and customer acceptances and sign off
from customers to identify possible delays in achieving milestones, which require changes in estimated costs or efforts
to complete the remaining performance obligations.
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Information Other than the Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the preparation of the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business
Responsibility Report, Corporate Governance and Shareholder’s Information, but does not include the consolidated financial statements,
standalone financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information, consider
whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained during
the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company
and its subsidiary companies which are companies incorporated in India, has adequate internal financial controls system in place and
the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the
Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events
or conditions may cause the Group to cease to continue as a going concern.
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• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group to express an
opinion on the consolidated financial statements.
Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial statements may be influenced.
We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our
work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial statements.
We communicate with those charged with governance of the Company and such other entities included in the consolidated financial
statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the
audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in
our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
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iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company and its subsidiary companies incorporated in India.
iv) (a) The respective Managements of the Company and its subsidiaries which are companies incorporated in India,
whose financial statements have been audited under the Act, have represented to us that, to the best of their
knowledge and belief, no funds (which are material either individually or in the aggregate) have been advanced
or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the
Company or any of such subsidiaries to or in any other person or entity, including foreign entity (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company or
any of such subsidiaries (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
(b) The respective Managements of the Company and its subsidiaries which are companies incorporated in India,
whose financial statements have been audited under the Act, have represented to us that, to the best of their
knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by
the Company or any of such subsidiaries from any person or entity, including foreign entity (“Funding Parties”),
with the understanding, whether recorded in writing or otherwise, that the Company or any of such subsidiaries
shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances
performed by us on the Company and its subsidiaries which are companies incorporated in India whose financial
statements have been audited under the Act, nothing has come to our notice that has caused us to believe that
the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any
material misstatement.
v) As stated in Note 2.12.3 to the consolidated financial statements
a. The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance
with Section 123 of the Act, as applicable.
b. The interim dividend declared and paid by the Company during the year and until the date of this report is in
compliance with Section 123 of the Act.
c. The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of
the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section
123 of the Act, as applicable.
2. With respect to the matters specified in paragraphs 3(xxi) and 4 of the Companies (Auditor’s Report) Order, 2020 (the “Order”/
“CARO”) issued by the Central Government in terms of Section 143(11) of the Act, to be included in the Auditor’s report, according
to the information and explanations given to us, and based on the CARO reports issued by us for the Company and its subsidiaries
included in the consolidated financial statements of the Company, to which reporting under CARO is applicable, we report that
there are no qualifications or adverse remarks in these CARO reports.
Sanjiv V. Pilgaonkar
Partner
Place: Bengaluru (Membership No.039826)
Date: April 13, 2022 UDIN: 22039826AGZRHG8850
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Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of sub-section 3 of Section 143
of the Companies Act, 2013 (the “Act”)
In conjunction with our audit of the consolidated financial statements of the Company as of and for the year ended March 31, 2022, we
have audited the internal financial controls over financial reporting of INFOSYS LIMITED (hereinafter referred to as the “Company”) and
its subsidiary companies, which are companies incorporated in India, as of that date.
Auditor’s Responsibility
Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company and its subsidiary
companies, which are companies incorporated in India, based on our audit. We conducted our audit in accordance with the Guidance
Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered
Accountants of India (“ICAI”) and the Standards on Auditing, prescribed under Section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over
financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over
financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining
an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend
on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
internal financial controls system over financial reporting of the Company and its subsidiary companies, which are companies
incorporated in India.
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Opinion
In our opinion and to the best of our information and according to the explanations given to us, the Company and its subsidiary
companies, which are companies incorporated in India, have in all material respects, an adequate internal financial controls system
over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2022,
based on the criteria for internal financial control over financial reporting established by the respective companies considering
the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the ICAI.
Sanjiv V. Pilgaonkar
Partner
Place: Bengaluru (Membership No.039826)
Date: April 13, 2022 UDIN: 22039826AGZRHG8850
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The accompanying notes form an integral part of the Consolidated financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
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The accompanying notes form an integral part of the Consolidated financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
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268
Consolidated Statement of Changes in Equity
in ₹ crore
Particulars Equity Other equity Total equity Non- Total
share attributable controlling equity Introduction
Reserves and surplus Other comprehensive income
capital to equity interest
(1)
Capital Capital Securities Retained General Share Special Other Equity Exchange Effective Other items holders
reserve redemption premium earnings reserve options Economic reserves(3) instruments differences portion of other of the
reserve outstanding Zone Re- through other on of cash comprehensive Company
account investment comprehensive translating flow income / (loss)
Reserve (2) income the hedges
financial
Approaching
value creation
statements
of a foreign
operation
Balance as at April
1, 2020 2,122 54 111 282 56,309 1,158 297 4,070 6 39 1207 (15) (190) 65,450 394 65,844
review
Strategy
Changes in equity
for the year ended
March 31, 2021
Profit for the period – – – – 19,351 – – – – – – – – 19,351 72 19,423
Remeasurement
of the net defined
value
benefit liability /
Delivering
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through other
comprehensive
income net* (Refer to
Governance
Exchange
differences on
translation of
foreign operations – – – – – – – – – – 124 – – 124 6 130
Fair value changes
on investments*
Financial
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statements
expense (Refer to
Transfer on account
of options not
exercised – – – – – 3 (3) – – – – – – – – –
Effect of
modification
value
of share-based
Delivering
payment
awards(Refer to Note
2.12) – – – – – – 85 – – – – – – 85 – 85
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Income tax benefit
arising on exercise of
stock options – – – 45 – – – – – – – – – 45 – 45
Governance
Dividends paid to
non-controlling
interest of subsidiary – – – – – – – – – – – – – – (20) (20)
Payment towards
acquisition of
reports
Financial
Zone Re-investment
statements
Consolidated
269
270
Consolidated Statement of Changes in Equity (contd.)
in ₹ crore
Particulars Equity Other equity Total equity Non- Total
share attributable controlling equity
Reserves and surplus Other comprehensive income Introduction
capital to equity interest
(1)
Capital Capital Securities Retained General Share Special Other Equity Exchange Effective Other items holders
reserve redemption premium earnings reserve options Economic reserves(3) instruments differences portion of other of the
reserve outstanding Zone Re- through other on of cash comprehensive Company
account investment comprehensive translating flow income / (loss)
Reserve (2) income the hedges
financial
Approaching
value creation
statements
of a foreign
operation
Balance as at April
1, 2021 2,124 54 111 600 62,643 2,715 372 6,385 6 158 1331 10 (158) 76,351 431 76,782
review
Strategy
Changes in equity
for the year ended
March 31, 2022
Profit for the period – – – – 22,110 – – – – – – – – 22,110 36 22,146
Remeasurement
of the net defined
value
benefit liability /
Delivering
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through other
comprehensive
income* (Refer to
Governance
Exchange
differences on
translation of foreign
operations – – – – – – – – – – 229 – – 229 (1) 228
Fair value changes
on investments*
Financial
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expense (Refer to
Transaction costs
relating to buyback* – – – – – (24) – – – – – – – (24) – (24)
Amount transferred
to capital
redemption reserve
upon buyback – – 28 – – (28) – – – – – – – – – –
value
Transfer on account
Delivering
of options not
exercised (Refer to
Note 2.12) – – – – – 1 (1) – – – – – – – – –
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Transfer on account
of exercise of stock
options – – – 218 – – (218) – – – – – – – – –
Governance
Financial
statements
Consolidated
Transfer to general
reserve – – – – (10) – – – 10 – – – – – – –
Transferred to
Special Economic
Zone Re-investment
BRSR
271
utilization – – – – 1,100 – – (1,100) – – – – – – – –
Balance as at March
31, 2022 2,098 54 139 200 61,313 1,061 606 8,339 16 254 1,560 2 (292) 75,350 386 75,736
* Net of tax
272
#
Including tax on buyback of ₹ 1,893 crore
(1)
Net of treasury shares 1,37,25,712
(2)
The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of the Income-tax Act, 1961. The reserve should be
utilized by the Group for acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income-tax Act, 1961.
(3)
Under the Swiss Code of Obligation, a few subsidiaries of Infosys Lodestone are required to appropriate a certain percentage of the annual profit to legal reserve, which may be used only to cover losses or Introduction
for measures designed to sustain the Company through difficult times, to prevent unemployment or to mitigate its consequences.
The accompanying notes form an integral part of the Consolidated financial statements.
As per our report of even date attached
Approaching
value creation
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
review
Strategy
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Governance
reports
Statutory
Financial
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statements
Consolidated
BRSR
in ₹ crore
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The accompanying notes form an integral part of the Consolidated financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
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are committed to perform their respective obligations under c. Business combinations and intangible assets
the contract, and the contract is legally enforceable. The Group Business combinations are accounted for using Ind AS 103,
assesses the services promised in a contract and identifies Business Combinations. Ind AS 103 requires the identifiable
distinct performance obligations in the contract. Identification of intangible assets and contingent consideration to be fair valued
distinct performance obligations to determine the deliverables in order to ascertain the net fair value of identifiable assets,
and the ability of the customer to benefit independently from liabilities and contingent liabilities of the acquiree. Estimates
such deliverables, and allocation of transaction price to these are required to be made in determining the value of contingent
distinct performance obligations involves significant judgment. consideration, value of option arrangements and intangible
Fixed-price maintenance revenue is recognized ratably on a assets. These valuations are conducted by external valuation
straight-line basis when services are performed through an experts. These measurements are based on information
indefinite number of repetitive acts over a specified period. available at the acquisition date and are based on expectations
Revenue from fixed-price maintenance contract is recognized and assumptions that have been deemed reasonable by the
ratably using a percentage-of-completion method when the Management (Refer to Notes 2.1 and 2.4.2).
pattern of benefits from the services rendered to the customer
and the Group’s costs to fulfil the contract is not even through d. Property, plant and equipment
the period of the contract because the services are generally Property, plant and equipment represent a significant proportion
discrete in nature and not repetitive. The use of a method of the asset base of the Group. The charge in respect of periodic
to recognize the maintenance revenues requires judgment depreciation is derived after determining an estimate of an
and is based on the promises in the contract and nature asset’s expected useful life and the expected residual value at
of the deliverables. the end of its life. The useful lives and residual values of Group’s
assets are determined by the Management at the time the asset
The Group uses the percentage-of-completion method
is acquired and reviewed periodically, including at each financial
in accounting for other fixed-price contracts. Use of the
year end. The lives are based on historical experience with similar
percentage-of-completion method requires the Group to
assets as well as anticipation of future events, which may impact
determine the actual efforts or costs expended to date as a
their life, such as changes in technology (Refer to Note 2.2).
proportion of the estimated total efforts or costs to be incurred.
Efforts or costs expended have been used to measure progress
e. Impairment of goodwill
towards completion as there is a direct relationship between
input and productivity. The estimation of total efforts or costs Goodwill is tested for impairment on an annual basis and
involves significant judgment and is assessed throughout the whenever there is an indication that the recoverable amount of a
period of the contract to reflect any changes based on the latest Cash Generating Unit (CGU) is less than its carrying amount. For
available information. the impairment test, goodwill is allocated to the CGU or groups
of CGUs which benefit from the synergies of the acquisition and
Provisions for estimated losses, if any, on incomplete contracts which represent the lowest level at which goodwill is monitored
are recorded in the period in which such losses become probable for internal management purposes.
based on the estimated efforts or costs to complete the contract.
The recoverable amount of CGUs is determined based on higher
b. Income taxes of value-in-use and fair value less cost to sell. Key assumptions
in the cash flow projections are prepared based on current
The Company’s two major tax jurisdictions are India and
economic conditions and comprises estimated long-term growth
the U S, though the Company also files tax returns in other
rates, weighted average cost of capital and estimated operating
overseas jurisdictions.
margins (Refer to Note 2.4.1).
Significant judgments are involved in determining the provision
for income taxes, including amount expected to be paid / 1.6 Recent accounting pronouncements
recovered for uncertain tax positions. The Ministry of Corporate Affairs (MCA) notifies new standards
In assessing the realizability of deferred income tax assets, the or amendments to the existing standards under Companies
Management considers whether some portion or all of the (Indian Accounting Standards) Rules as issued from time to time.
deferred income tax assets will not be realized. The ultimate On March 23, 2022, the MCA amended the Companies (Indian
realization of deferred income tax assets is dependent upon Accounting Standards) Amendment Rules, 2022, as below.
the generation of future taxable income during the periods Ind AS 16, Property Plant and equipment – The amendment
in which the temporary differences become deductible. The clarifies that excess of net sale proceeds of items produced over
Management considers the scheduled reversals of deferred the cost of testing, if any, shall not be recognized in the profit or
income tax liabilities, projected future taxable income and tax- loss but deducted from the directly attributable costs considered
planning strategies in making this assessment. Based on the level as part of cost of an item of property, plant, and equipment. The
of historical taxable income and projections for future taxable effective date for adoption of this amendment is annual periods
income over the periods in which the deferred income tax assets beginning on or after April 1, 2022. The Group has evaluated
are deductible, the Management believes that the Group will the amendment and there is no impact on its consolidated
realize the benefits of those deductible differences. The amount financial statements.
of the deferred income tax assets considered realizable, however,
could be reduced in the near term if estimates of future taxable
income during the carry forward period are reduced (Refer to
Notes 2.17 and 2.24).
276 Infosys Integrated Annual Report 2021-22
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Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets Proposed acquisition
– The amendment specifies that the ‘cost of fulfilling’ a contract On March 22, 2022, Infosys Consulting Pte. Ltd. (a wholly-owned
comprises the ‘costs that relate directly to the contract’. Costs subsidiary of Infosys Limited) entered into a definitive agreement
that relate directly to a contract can either be incremental costs to acquire oddity, a Germany-based digital marketing,
of fulfilling that contract (examples would be direct labour, experience, and commerce agency, for a total consideration
materials) or an allocation of other costs that relate directly of up to EUR 50 million (approximately ₹ 420 crore), which
to fulfilling contracts (an example would be the allocation of includes earn-out and bonuses. This acquisition is expected to
the depreciation charge for an item of property, plant and strengthen the Group’s creative, branding and experience design
equipment used in fulfilling the contract). The effective date capabilities. To consummate this transaction, Infosys Consulting
for adoption of this amendment is annual periods beginning Pte. Ltd. has simultaneously acquired Infosys Germany GmBH
on or after April 1, 2022, although early adoption is permitted. (formerly Kristall 247. GmBH).
The Group has evaluated the amendment and the impact is not
expected to be material. Acquisitions during the year ended March 31, 2021
During the year ended March 31, 2021, the Group completed
2. Notes to the consolidated financial statements three business combinations to complement its digital offerings
and end-to-end customer experience offerings to customers by
2.1 Business combinations acquiring 100% voting interests in
Accounting policy
(i) Kaleidoscope Animations, Inc., a US-based Product Design
Business combinations have been accounted for using the and Development Services focused primarily on medical
acquisition method under the provisions of Ind AS 103, devices on October 9, 2020,
Business Combinations.
(ii) GuideVision, s.r.o., a ServiceNow Elite Partner in Europe on
The purchase price in an acquisition is measured at the fair value October 1, 2020, and,
of the assets transferred, equity instruments issued and liabilities
incurred or assumed at the date of acquisition, which is the date (iii) Beringer Commerce Inc. and Beringer Capital Digital Group
on which control is transferred to the Group. The purchase price Inc., collectively known as Blue Acorn iCi, an Adobe Platinum
also includes the fair value of any contingent consideration. partner in the US, and a leader in digital customer experience,
Identifiable assets acquired and liabilities and contingent commerce and analytics on October 27, 2020.
liabilities assumed in a business combination are measured The purchase price allocated to assets acquired and liabilities
initially at their fair value on the date of acquisition. Contingent assumed based on the determination of fair values at the dates of
consideration is remeasured at fair value at each reporting date acquisition is as follows :
and changes in the fair value of the contingent consideration are
recognized in the Consolidated Statement of Profit and Loss. in ₹ crore
The interest of non-controlling shareholders is initially Component Acquiree’s Fair value Purchase
measured either at fair value or at the non-controlling interests’ carrying adjustments price
proportionate share of the acquiree’s identifiable net assets. amount allocated
The choice of measurement basis is made on an acquisition-by- Net assets(1) 137 – 137
acquisition basis. Subsequent to acquisition, the carrying amount
Intangible assets –
of non-controlling interests is the amount of those interests at
initial recognition plus the non-controlling interests’ share of Vendor relationships – 266 266
subsequent changes in equity of subsidiaries. Customer contracts
and relationships – 179 179
Business combinations between entities under common control
is accounted for at carrying value of the assets and liabilities in Brand – 57 57
the Group’s Consolidated financial statements. Software – 33 33
The payments related to options issued by the Group over the Deferred tax
non-controlling interests in its subsidiaries are accounted as liabilities on
financial liabilities and initially recognized at the estimated intangible assets – (23) (23)
present value of gross obligations. Such options are subsequently Total 137 512 649
measured at fair value in order to reflect the amount payable
Goodwill 758
under the option at the date at which it becomes exercisable.
In the event that the option expires unexercised, the Total purchase price 1,407
liability is derecognized. (1)
Includes cash and cash equivalents acquired of ₹ 80 crore
Transaction costs that the Group incurs in connection with
a business combination such as finder’s fees, legal fees, due The excess of the purchase consideration paid over the fair
diligence fees, and other professional and consulting fees are value of net assets acquired has been attributed to goodwill.
expensed as incurred. Goodwill majorly includes the value expected from increase in
revenues from various new streams of business, addition of new
customers, and estimated synergies which does not qualify as
an intangible asset.
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Goodwill amounting to ₹ 520 crore is not tax-deductible. Depreciation methods, useful lives and residual values are
Goodwill pertaining to these business combinations is reviewed periodically, including at each financial year end. The
allocated to all the operating segments as more fully useful lives are based on historical experience with similar assets
described in Note 2.4.1. as well as anticipation of future events, which may impact their
life, such as changes in technology.
The purchase consideration of ₹ 1,407 crore includes cash of
₹ 1,307 crore and contingent consideration with an estimated fair Advances paid towards the acquisition of property, plant and
value of ₹ 100 crore as on the date of acquisition. equipment outstanding at each Balance Sheet date is classified
as capital advances under other non-current assets and the cost
At the acquisition date, the key inputs used in determination
of assets not ready to use before such date are disclosed under
of the fair value of the contingent consideration are the
‘Capital work-in-progress’. Subsequent expenditures relating
probabilities assigned towards achievement of financial
to property, plant and equipment is capitalized only when it is
targets and discount rates ranging from 12% to 13.5%. The
probable that future economic benefits associated with these
undiscounted value of the contingent consideration as of March
will flow to the Group and the cost of the item can be measured
31, 2022 was ₹ 72 crore.
reliably. Repairs and maintenance costs are recognized in the
Additionally, these acquisitions have retention payouts payable Consolidated Statement of Profit and Loss when incurred. The
to the employees of the acquiree over the next one to two years, cost and related accumulated depreciation are eliminated from
subject to their continuous employment with the Group, along the financial statements upon sale or retirement of the asset and
with the achievement of financial targets for the respective the resultant gains or losses are recognized in the Consolidated
years. Retention bonus is recognized in employee benefit Statement of Profit and Loss.
expenses in the Consolidated Statement of Profit and Loss over
the period of service. Impairment
Fair value of trade receivables acquired is ₹ 108 crore as of Property, plant and equipment are evaluated for recoverability
acquisition date and as of March 31, 2022, the amount has been whenever events or changes in circumstances indicate that their
substantially collected. carrying amounts may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e. the higher of
The transaction costs of ₹ 11 crore related to the acquisition have the fair value less cost to sell and the value-in-use) is determined
been included in the Consolidated Statement of Profit and Loss on an individual asset basis unless the asset does not generate
for the year ended March 31, 2021. cash flows that are largely independent of those from other
assets. In such cases, the recoverable amount is determined for
2.2 Property, plant and equipment the Cash Generating Unit (CGU) to which the asset belongs.
Accounting policy If such assets are considered to be impaired, the impairment to
Property, plant and equipment are stated at cost, less be recognized in the Consolidated Statement of Profit and Loss
accumulated depreciation and impairment, if any. Costs directly is measured by the amount by which the carrying value of the
attributable to acquisition are capitalized until the property, assets exceeds the estimated recoverable amount of the asset.
plant and equipment are ready for use, as intended by the An impairment loss is reversed in the Consolidated Statement of
Management. The charge in respect of periodic depreciation is Profit and Loss if there has been a change in the estimates used
derived at after determining an estimate of an asset’s expected to determine the recoverable amount. The carrying amount
useful life and the expected residual value at the end of its life. of the asset is increased to its revised recoverable amount,
The Group depreciates property, plant and equipment over provided that this amount does not exceed the carrying amount
their estimated useful lives using the straight-line method. The that would have been determined (net of any accumulated
estimated useful lives of assets are as follows : depreciation) had no impairment loss been recognized for the
asset in prior years.
Buildings (1) 22–25 years
Plant and machinery (1)(2)
5 years
Office equipment 5 years
Computer equipment (1)
3–5 years
Furniture and fixtures (1) 5 years
Vehicles(1) 5 years
Leasehold improvements Lower of useful life of the asset
or lease term
(1)
Based on technical evaluation, the Management believes that the
useful lives as given above best represent the period over which the
Management expects to use these assets. Hence, the useful lives for these
assets are different from the useful lives as prescribed under Part C of
Schedule II of the Companies Act 2013.
(2)
Includes solar plant with a useful life of 20 years.
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The changes in the carrying value of property, plant and equipment for the year ended March 31, 2022 are as follows :
in ₹ crore
Particulars Land – Buildings (1) Plant and Office Computer Furniture Leasehold Vehicles Total
Freehold machinery equipment equipment and improvements
fixtures
Gross carrying
value as at April 1,
2021 1,399 10,565 3,296 1,371 7,639 2,149 1,188 44 27,651
Additions 32 599 256 68 1,542 140 79 – 2,716
Deletions* – (1) (349) (15) (672) (17) (46) – (1,100)
Translation
difference – 61 7 3 18 6 13 – 108
Gross carrying
value as at March
31, 2022 1,431 11,224 3,210 1,427 8,527 2,278 1,234 44 29,375
Accumulated
depreciation as at
April 1, 2021 – (3,675) (2,425) (1,043) (5,636) (1,580) (700) (32) (15,091)
Depreciation – (417) (245) (120) (1,055) (210) (181) (5) (2,233)
Accumulated
depreciation on
deletions* – – 330 14 671 16 37 – 1,068
Translation
difference – (8) (4) (1) (14) (5) (12) – (44)
Accumulated
depreciation as at
March 31, 2022 – (4,100) (2,344) (1,150) (6,034) (1,779) (856) (37) (16,300)
Carrying value as
at April 1, 2021 1,399 6,890 871 328 2,003 569 488 12 12,560
Carrying value as
at March 31, 2022 1,431 7,124 866 277 2,493 499 378 7 13,075
* During the year ended March 31, 2022, certain assets which were old and not in use having gross book value of ₹ 316 crore (net book value : Nil) were retired.
The changes in the carrying value of property, plant and equipment for the year ended March 31, 2021 were as follows :
in ₹ crore
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Particulars Land – Buildings (1) Plant and Office Computer Furniture Leasehold Vehicles Total
Freehold machinery equipment equipment and improvements
fixtures
Depreciation – (386) (290) (123) (954) (222) (185) (6) (2,166)
Accumulated
depreciation on
deletions – – 10 15 199 18 33 2 277
Translation
difference – (5) – (1) 4 4 2 – 4
Accumulated
depreciation as at
March 31, 2021 – (3,675) (2,425) (1,043) (5,636) (1,580) (700) (32) (15,091)
Carrying value as
at April 1, 2020 1,318 6,732 1,040 331 1,791 693 513 17 12,435
Carrying value as at
March 31, 2021 1,399 6,890 871 328 2,003 569 488 12 12,560
(1)
Buildings include ₹ 250 being the value of five shares of ₹ 50 each in Mittal Towers Premises Co-operative Society Limited.
The aggregate depreciation has been included under depreciation and amortization expense in the Consolidated Statement of Profit
and Loss.
2.3 Capital work-in-progress
in ₹ crore
The capital work-in-progress ageing schedule for the years ended March 31, 2022 and March 31, 2021 is as follows :
in ₹ crore
For capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan, the project-wise details
of when the project is expected to be completed as of March 31, 2022 and March 31, 2021 are as follows :
in ₹ crore
Particulars To be completed in
Less than 1 year 1-2 years 2-3 years More than 3 Total
years
Projects in progress
NG-SZ-SDB1 89 – – – 89
– – – – –
BN-SP-RETRO 30 – – – 30
– – – – –
KL-SP-SDB1 – 27 – – 27
– – – – –
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Particulars To be completed in
Less than 1 year 1-2 years 2-3 years More than 3 Total
years
BH-SZ-MLP 116 – – – 116
– 67 – – 67
IN-OS-SDB – – – – –
407 – – – 407
MY-SZ-SDB8 – – – – –
160 – – – 160
Total capital work-in-progress(1) 235 27 – – 262
567 67 – – 634
(1)
There are no subsidiaries in the Group having more than 10% of the total capital work-in-progress.
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The recoverable amount of a CGU is the higher of its fair value Research costs are expensed as incurred. Software product
less cost to sell and its value-in-use. The fair value of a CGU is development costs are expensed as incurred unless technical
determined based on the market capitalization. Value-in-use and commercial feasibility of the project is demonstrated, future
is determined based on discounted future cash flows. The key economic benefits are probable, the Group has an intention and
assumptions used for the calculations are as follows : ability to complete and use or sell the software and the costs can
be measured reliably. The costs which can be capitalized include
in % the cost of material, direct labour, overhead costs that are directly
Particulars As at March 31,
attributable to preparing the asset for its intended use.
The changes in the carrying value of acquired intangible assets for the year ended March 31, 2022 are as follows :
in ₹ crore
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The changes in the carrying value of acquired intangible assets for the year ended March 31, 2021 were as follows :
in ₹ crore
2.5 Investments
in ₹ crore
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in ₹ crore
Particulars Year ended March 31, 2022 Year ended March 31, 2021
Gross Tax Net Gross Tax Net
Net gain / (loss) on
Non-convertible debentures (13) 1 (12) (5) 1 (4)
Certificates of deposit 2 (1) 1 (3) 1 (2)
Government securities (60) 22 (38) (114) 18 (96)
Equity and preference securities 119 (23) 96 136 (17) 119
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Note : Certain quoted investments are classified as Level 2 in the absence of active market for such investments.
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Particulars As at March 31, * Restricted deposits represent deposits with financial institutions to settle
employee-related obligations as and when they arise during the normal
2022 2021 course of business.
Non-current # Classified as financial asset as right to consideration is unconditional and
is due only after a passage of time.
Security deposits (1) 47 49
Unbilled revenues (1)# 695 399
Rental deposits (1) 186 217
Net investment in sublease of
right-of-use asset (Refer to Note
2.21)(1) 322 350
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The trade receivables ageing schedule for the years ended as on March 31, 2022 and March 31, 2021 is as follows :
in ₹ crore
Particulars Not due Outstanding for following periods from due date of payment Total
Less than 6 6 months to 1-2 years 2-3 years More than
months 1 year 3 years
Undisputed trade receivables – considered
good 17,394 5,561 230 11 35 21 23,252
15,693 3,956 35 33 3 36 19,756
Undisputed trade receivables – credit
impaired – 1 3 62 34 4 104
2 2 94 40 10 1 149
Disputed trade receivables – considered good – – – – – – –
– 1 3 – – – 4
Disputed trade receivables – credit impaired – – – 4 – 5 9
– – – – 4 – 4
17,394 5,562 233 77 69 30 23,365
15,695 3,959 132 73 17 37 19,913
Less : Allowance for credit loss 667
619
Total trade receivables 22,698
19,294
Cash on hand – – Cash and cash equivalents as at March 31, 2022 and March 31,
2021 include restricted cash and bank balances of ₹ 471 crore
Others
and ₹ 504 crore, respectively. The restrictions are primarily on
Deposits with financial account of bank balances held by irrevocable trusts controlled
institutions 3,530 4,645 by the Company and bank balances held as margin money
Total cash and cash equivalents 17,472 24,714 deposits against guarantees.
Balances with banks in unpaid The deposits maintained by the Group with banks and
dividend accounts 36 33 financial institutions comprise time deposits, which can be
withdrawn by the Group at any point without prior notice or
penalty on the principal.
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(i) Financial assets or financial liabilities, at fair value 2.11.4 Fair value of financial instruments
through profit or loss In determining the fair value of its financial instruments, the
This category includes derivative financial assets or liabilities Group uses a variety of methods and assumptions that are
which are not designated as hedges. based on market conditions and risks existing at each reporting
date. The methods used to determine fair value include
Although the Group believes that these derivatives constitute discounted cash flow analysis, available quoted market prices
hedges from an economic perspective, they may not qualify and dealer quotes. All methods of assessing fair value result
for hedge accounting under Ind AS 109, Financial Instruments. in general approximation of value, and such value may never
Any derivative that is either not designated as hedge, or actually be realized.
is so designated but is ineffective as per Ind AS 109, is
categorized as a financial asset or financial liability, at fair value Refer to table ‘Financial instruments by category’ below for the
through profit or loss. disclosure on carrying value and fair value of financial assets and
liabilities. For financial assets and liabilities maturing within one
Derivatives not designated as hedges are recognized initially at year from the Balance Sheet date and which are not carried at fair
fair value and attributable transaction costs are recognized in value, the carrying amounts approximate fair value due to the
net profit in the Consolidated Statement of Profit and Loss when short maturity of those instruments.
incurred. Subsequent to initial recognition, these derivatives are
measured at fair value through profit or loss and the resulting 2.11.5 Impairment
exchange gains or losses are included in other income. Assets /
The Group recognizes loss allowances using the expected credit
liabilities in this category are presented as current assets / current
loss (ECL) model for the financial assets and unbilled revenue
liabilities if they are either held for trading or are expected to be
which are not fair valued through profit or loss. Loss allowance
realized within 12 months after the Balance Sheet date.
for trade receivables and unbilled revenues with no significant
(ii) Cash flow hedge financing component is measured at an amount equal to
lifetime ECL. For all other financial assets, ECLs are measured at
The Group designates certain foreign exchange forward
an amount equal to the 12-month ECL, unless there has been a
and options contracts as cash flow hedges to mitigate
significant increase in credit risk from initial recognition in which
the risk of foreign exchange exposure on highly probable
case those are measured at lifetime ECL.
forecast cash transactions.
The Group determines the allowance for credit losses based on
When a derivative is designated as a cash flow hedging
historical loss experience adjusted to reflect current and estimated
instrument, the effective portion of changes in the fair value
future economic conditions. The Group considers current and
of the derivative is recognized in other comprehensive income
anticipated future economic conditions relating to industries the
and accumulated in the cash flow hedging reserve. Any
Group deals with and the countries where it operates.
ineffective portion of changes in the fair value of the derivative
is recognized immediately in the net profit in the Consolidated The amount of ECLs (or reversal) that is required to adjust the loss
Statement of Profit and Loss. If the hedging instrument no longer allowance at the reporting date to the amount that is required
meets the criteria for hedge accounting, then hedge accounting to be recorded is recognized as an impairment gain or loss in the
is discontinued prospectively. If the hedging instrument expires Consolidated Statement of Profit and Loss.
or is sold, terminated or exercised, the cumulative gain or loss
on the hedging instrument recognized in cash flow hedging
reserve till the period the hedge was effective remains in the
cash flow hedging reserve until the forecasted transaction
occurs. The cumulative gain or loss previously recognized in
the cash flow hedging reserve is transferred to the net profit
in the Consolidated Statement of Profit and Loss upon the
occurrence of the related forecasted transaction. If the forecasted
transaction is no longer expected to occur, then the amount
accumulated in cash flow hedging reserve is reclassified to net
profit in the Consolidated Statement of Profit and Loss.
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in ₹ crore
Particulars Amortized Financial assets / liabilities at Financial assets / liabilities at Total Total fair
cost fair value through profit or loss fair value through OCI carrying value
Designated Mandatory Equity Mandatory value
upon initial instruments
recognition designated
upon initial
recognition
Assets
Cash and cash equivalents (Refer to
Note 2.9) 17,472 – – – – 17,472 17,472
Investments (Refer to Note 2.5)
Equity and preference securities – – 24 194 – 218 218
Compulsorily convertible
debentures – – 7 – – 7 7
Tax-free bonds and government
bonds 2,122 – – – – 2,122 2,447(1)
Liquid mutual fund units – – 2,012 – – 2,012 2,012
Non-convertible debentures – – – – 4,213 4,213 4,213
Government securities – – – – 8,171 8,171 8,171
Other investments – – 152 – – 152 152
Certificates of deposit – – – – 3,429 3,429 3,429
Trade receivables (Refer to Note 2.8) 22,698 – – – – 22,698 22,698
Loans (Refer to Note 2.6) 282 – – – – 282 282
Other financials assets (Refer to Note
2.7)(3) 10,044 – 123 – 20 10,187 10,096 (2)
Total 52,618 – 2,318 194 15,833 70,963 71,197
Liabilities
Trade payables 4,134 – – – – 4,134 4,134
Lease liabilities (Refer to Note 2.21) 5,474 – – – – 5,474 5,474
Financial liability under option
arrangements (Refer to Note 2.13) – – 655 – – 655 655
Other financial liabilities (Refer to Note
2.13) 15,061 – 181 – 3 15,245 15,245
Total 24,669 – 836 – 3 25,508 25,508
(1)
On account of fair value changes including interest accrued
(2)
Excludes interest accrued on tax-free bonds and government bonds carried at amortized cost of ₹ 91 crore
(3)
Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones
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The carrying value and fair value of financial instruments by categories as at March 31, 2021 were as follows :
in ₹ crore
Particulars Amortized Financial assets / liabilities at Financial assets / liabilities at Total Total fair
cost fair value through profit or loss fair value through OCI carrying value
Designated Mandatory Equity Mandatory value
upon initial instruments
recognition designated
upon initial
recognition
Assets
Cash and cash equivalents (Refer to
Note 2.9) 24,714 – – – – 24,714 24,714
Investments (Refer to Note 2.5)
Equity and preference securities – – 11 167 – 178 178
Compulsorily convertible
debentures – – 7 – – 7 7
Tax-free bonds and government
bonds 2,152 – – – – 2,152 2,536 (1)
Liquid mutual fund units – – 1,500 – – 1,500 1,500
Non-convertible debentures – – – – 4,827 4,827 4,827
Government securities – – – – 5,467 5,467 5,467
Other investments – – 74 – – 74 74
Trade receivables (Refer to Note 2.8) 19,294 – – – – 19,294 19,294
Loans (Refer to Note 2.6) 191 – – – – 191 191
Other financials assets (Refer to Note
2.7)(3) 7,363 – 163 – 25 7,551 7,459 (2)
Total 53,714 – 1,755 167 10,319 65,955 66,247
Liabilities
Trade payables 2,645 – – – – 2,645 2,645
Lease liabilities (Refer to Note 2.21) 5,325 – – – – 5,325 5,325
Financial liability under option
arrangements (Refer to Note 2.13) – – 693 – – 693 693
Other financial liabilities (Refer to Note
2.13) 9,877 – 217 – – 10,094 10,094
Total 17,847 – 910 – – 18,757 18,757
(1)
On account of fair value changes including interest accrued
(2)
Excludes interest accrued on tax-free bonds and government bonds carried at amortized cost of ₹ 92 crore
(3)
Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones
For trade receivables and trade payables and other assets and payables maturing within one year from the Balance Sheet date, the
carrying amounts approximate the fair value due to the short maturity of these instruments.
Fair value hierarchy
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices).
Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
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The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2022 is as follows :
in ₹ crore
During the year ended March 31, 2022, tax- free bonds and non-convertible debentures of ₹ 576 crore were transferred from Level 2 to
Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, tax-free bonds and non-convertible debentures of
₹ 965 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.
The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2021 was as follows :
in ₹ crore
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During the year ended March 31, 2021, tax-free bonds and non- focus is to foresee the unpredictability of financial markets
convertible debentures of ₹ 107 crore were transferred from Level and seek to minimize potential adverse effects on its financial
2 to Level 1 of fair value hierarchy, since these were valued based performance. The primary market risk to the Group is foreign
on quoted price. Further, tax-free bonds and non-convertible exchange risk. The Group uses derivative financial instruments
debentures of ₹ 1,177 crore was transferred from Level 1 to to mitigate foreign exchange-related risk exposures. The Group’s
Level 2 of fair value hierarchy, since these were valued based on exposure to credit risk is influenced mainly by the individual
market observable inputs. characteristic of each customer and the concentration of risk
from the top few customers.
A one percentage point change in the unobservable inputs used
in the fair valuation of Level 3 assets and liabilities does not have
Market risk
a significant impact in its value.
The Group operates internationally and a major portion of the
Majority of investments of the Group are fair valued based on business is transacted in several currencies and consequently,
Level 1 or Level 2 inputs. These investments primarily include the Group is exposed to foreign exchange risk through its sales
investment in liquid mutual fund units, tax-free bonds, fixed and services in the United States and elsewhere, and purchases
maturity plan securities, certificates of deposit, commercial from overseas suppliers in various foreign currencies. The Group
papers, quoted bonds issued by government and quasi- holds derivative financial instruments such as foreign exchange
government organizations and non-convertible debentures. forward and options contracts to mitigate the risk of changes
The Group invests after considering counterparty risks based on in exchange rates on foreign currency exposures. The Group is
multiple criteria including Tier I capital, Capital Adequacy Ratio, also exposed to foreign exchange risk arising on intercompany
credit rating, profitability, NPA levels and deposit base of banks transaction in foreign currencies. The exchange rate between
and financial institutions. These risks are monitored regularly as the Indian rupee and foreign currencies has changed
per its risk management program. substantially in recent years and may fluctuate substantially in
the future. Consequently, the results of the Group’s operations
Financial risk management are adversely affected as the rupee appreciates / depreciates
Financial risk factors against these currencies.
The Group’s activities expose it to a variety of financial risks :
market risk, credit risk and liquidity risk. The Group’s primary
The foreign currency risk from financial assets and liabilities as at March 31, 2022 is as follows :
in ₹ crore
The foreign currency risk from financial assets and liabilities as at March 31, 2021 was as follows :
in ₹ crore
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The foreign exchange forward and options contracts mature If the hedge ratio for risk management purposes is no longer
within 12 months. The table below analyses the derivative optimal but the risk management objective remains unchanged
financial instruments into relevant maturity groupings based on and the hedge continues to qualify for hedge accounting, the
the remaining period as at the Balance Sheet date : hedge relationship will be rebalanced by adjusting either the
volume of the hedging instrument or the volume of the hedged
in ₹ crore item so that the hedge ratio aligns with the ratio used for risk
Particulars As at March 31,
management purposes. Any hedge ineffectiveness is calculated
and accounted for in the Consolidated Statement of Profit and
2022 2021 Loss at the time of the hedge relationship rebalancing.
Not later than one month 6,237 6,159
The reconciliation of cash flow hedge reserve for the years ended
Later than one month and not later March 31, 2022 and March 31, 2021 is as follows :
than three months 12,444 8,074
Later than three months and not later in ₹ crore
than one year 4,972 3,915 Year ended March 31,
23,653 18,148 Particulars
2022 2021
During the year ended March 31, 2022 and March 31, 2021, the Gain / (Loss)
Group has designated certain foreign exchange forward and
Balance at the beginning of the
options contracts as cash flow hedges to mitigate the risk of
period 10 (15)
foreign exchange exposure on highly probable forecast cash
transactions. The related hedge transactions for balance in cash Gain / (Loss) recognized in other
flow hedges as of March 31, 2022 are expected to occur and will comprehensive income during the
be reclassified to the Consolidated Statement of Profit and Loss period 102 (126)
within three months. Amount reclassified to profit or loss
during the period (113) 160
The Group determines the existence of an economic relationship
between the hedging instrument and the hedged item based Tax impact on above 3 (9)
on the currency, amount and timing of its forecasted cash flows. Balance at the end of the period 2 10
Hedge effectiveness is determined at the inception of the hedge
The Group offsets a financial asset and a financial liability when it
relationship, and through periodic prospective effectiveness
currently has a legally enforceable right to set off the recognized
assessments to ensure that an economic relationship exists
amounts and the Group intends either to settle on a net basis, or
between the hedged item and hedging instrument, including
to realize the asset and settle the liability simultaneously.
whether the hedging instrument is expected to offset changes in
cash flows of hedged items.
The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows :
in ₹ crore
Credit risk customers to which the Group grants credit terms in the normal
Credit risk refers to the risk of default on its obligation by the course of business. The Group uses the expected credit loss
counterparty resulting in a financial loss. The maximum exposure model to assess any required allowances; and uses a provision
to the credit risk at the reporting date is primarily from trade matrix to compute the expected credit loss allowance for
receivables amounting to ₹ 22,698 crore and ₹ 19,294 crore trade receivables and unbilled revenues. This matrix takes into
as at March 31, 2022 and March 31, 2021, respectively, and account credit reports and other related credit information to
unbilled revenues amounting to ₹ 12,509 crore and ₹ 8,121 crore the extent available.
as at March 31, 2022 and March 31, 2021, respectively. Trade The Group’s exposure to credit risk is influenced mainly
receivables and unbilled revenues are typically unsecured and by the individual characteristic of each customer and the
are derived from revenues from customers majorly located concentration of risk from the top few customers. Exposure
in the US and Europe. Credit risk has always been managed to customers is diversified and there is no single customer
by the Group through credit approvals, establishing credit contributing more than 10% of outstanding trade receivables
limits and continuously monitoring the creditworthiness of and unbilled revenues.
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The details in respect of percentage of revenues generated from Days sales outstanding was 67 days and 71 days as of March 31,
the top five customers and top 10 customers are as follows : 2022 and March 31, 2021, respectively.
in %
Credit risk on cash and cash equivalents is limited as the Group
generally invest in deposits with banks and financial institutions
Particulars Year ended March 31, with high ratings assigned by international and domestic credit
2022 2021 rating agencies. Ratings are monitored periodically and the
Group has considered the latest available credit ratings as at the
Revenue from top 5 customers 11.4 11.0
date of approval of these Consolidated financial statements.
Revenue from top 10 customers 19.3 18.1
Majority of investments of the Group are fair valued based on
Credit risk exposure Level 1 or Level 2 inputs. These investments primarily include
investment in liquid mutual fund units, tax-free bonds, fixed
The Group’s credit period generally ranges from 30-75 days. maturity plan securities, certificates of deposit, commercial
The allowance for lifetime ECL on customer balances for the years papers, quoted bonds issued by government and quasi-
ended March 31, 2022 and March 31, 2021 is ₹ 143 crore and ₹ 184 government organizations and non-convertible debentures.
crore, respectively. The Group invests after considering counterparty risks based on
multiple criteria including Tier I Capital, Capital Adequacy Ratio,
The movement in credit loss allowance on customer credit rating, profitability, NPA levels and deposit base of banks
balance is as follows : and financial institutions. These risks are monitored regularly as
per its risk management program.
in ₹ crore
The details regarding the contractual maturities of significant financial liabilities as at March 31, 2022 are as follows :
in ₹ crore
Particulars Less than 1 year 1-2 years 2-4 years 4-7 years Total
Trade payables 4,134 – – – 4,134
Other financial liabilities (excluding liability towards contingent
consideration) on an undiscounted basis (Refer to Note 2.13) 13,539 1,089 457 10 15,095
Financial liability under option arrangements – 72 80 503 655
Liability towards contingent consideration on an undiscounted
basis (Refer to Note 2.13) 68 25 39 – 132
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The details regarding the contractual maturities of significant financial liabilities as at March 31, 2021 were as follows :
in ₹ crore
Particulars Less than 1 year 1-2 years 2-4 years 4-7 years Total
Trade payables 2,645 – – – 2,645
Other financial liabilities (excluding liability towards contingent
consideration) (Refer to Note 2.13) 9,239 411 197 30 9,877
Financial liability under option arrangements – 615 78 – 693
Liability towards contingent consideration on an undiscounted
basis (Refer to Note 2.13) 76 67 38 – 181
2.12 Equity should be utilized by the Company for acquiring new plant
Accounting policy and machinery for the purpose of its business in terms of the
provisions of the Sec 10AA (2) of the Income-tax Act, 1961.
Ordinary shares
Other components of equity
Ordinary shares are classified as equity. Incremental costs
directly attributable to the issuance of new ordinary shares, share Other components of equity include currency translation,
options and buyback are recognized as a deduction from equity, remeasurement of net defined benefit liability / asset, equity
net of any tax effects. instruments fair valued through other comprehensive income,
changes on fair valuation of investments and changes in fair
Treasury shares
value of derivatives designated as cash flow hedges, net of taxes.
When any entity within the Group purchases the Company’s
Currency translation reserve
ordinary shares, the consideration paid including any directly
attributable incremental cost is presented as a deduction from The exchange differences arising from the translation of financial
total equity, until they are cancelled, sold or reissued. When statements of foreign subsidiaries with functional currency other
treasury shares are sold or reissued subsequently, the amount than the Indian Rupee is recognized in other comprehensive
received is recognized as an increase in equity, and the resulting income and is presented within equity.
surplus or deficit on the transaction is transferred to / from
Cash flow hedge reserve
the securities premium.
When a derivative is designated as a cash flow hedging
Description of reserves instrument, the effective portion of changes in the fair value of
Capital redemption reserve the derivative is recognized in other comprehensive income and
accumulated in the cash flow hedging reserve. The cumulative
In accordance with Section 69 of the Indian Companies Act, 2013, gain or loss previously recognized in the cash flow hedging
the Company creates a capital redemption reserve equal to the reserve is transferred to the Consolidated Statement of Profit and
nominal value of the shares bought back as an appropriation Loss upon the occurrence of the related forecasted transaction.
from the general reserve.
Retained earnings 2.12.1 Equity share capital
in ₹ crore, except as otherwise stated
Retained earnings represent the amount of accumulated
earnings of the Group. Particulars As at March 31,
2022 2021
Securities premium
Authorized
The amount received in excess of the par value has been
classified as securities premium. Amounts have been utilized for Equity shares, ₹ 5 par value
bonus issue and share buyback from share premium account. 4,80,00,00,000 (4,80,00,00,000) equity
shares 2,400 2,400
Share options outstanding account
Issued, subscribed and paid-up
The share options outstanding account is used to record the fair
value of equity-settled, share-based payment transactions with Equity shares, ₹ 5 par value(1) 2,098 2,124
employees. The amounts recorded in share options outstanding 4,19,30,12,929 (4,24,51,46,114) equity
account are transferred to securities premium upon the exercise shares fully paid-up(2)
of stock options and transferred to the general reserve on 2,098 2,124
account of stock options not exercised by employees.
Note : Forfeited shares amounted to ₹ 1,500 (₹ 1,500).
Special Economic Zone Re-investment Reserve
(1)
Refer to Note 2.23 for details of basic and diluted shares.
The Special Economic Zone Re-investment Reserve has been (2)
Net of treasury shares 1,37,25,712 (1,55,14,732)
created out of the profit of the eligible SEZ unit in terms of the
provisions of Sec 10AA (1) (ii) of Income-tax Act, 1961. The reserve
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The Company has only one class of shares referred to as equity less capital expenditure as per the Consolidated Statement
shares having a par value of ₹ 5. Each holder of equity shares is of Cash Flows prepared under IFRS. Dividend and buyback
entitled to one vote per share. The equity shares represented by include applicable taxes.
American Depositary Shares (ADSs) carry similar rights to voting
Buyback completed in September 2021
and dividends as the other equity shares. Each ADS represents
one underlying equity share. In line with the Capital Allocation Policy, the Board, at its
meeting held on April 14, 2021, approved the buyback of equity
In the event of liquidation of the Company, the holders of equity
shares, from the open market route through the Indian stock
shares will be entitled to receive any of the remaining assets
exchanges, amounting to ₹ 9,200 crore (Maximum Buyback Size,
of the Company in proportion to the number of equity shares
excluding buyback tax) at a price not exceeding ₹ 1,750 per share
held by the shareholders, after distribution of all preferential
(Maximum Buyback Price), subject to shareholders’ approval in
amounts. However, no such preferential amounts exist currently,
the ensuing Annual General Meeting (AGM).
other than the amounts held by irrevocable controlled trusts.
For irrevocable controlled trusts, the corpus would be settled in The shareholders approved the proposal of buyback of equity
favour of the beneficiaries. shares recommended by its Board of Directors in the AGM
held on June 19, 2021.
For details of shares reserved for issue under the employee stock
option plan of the Company, refer to the note below. The buyback was offered to all eligible equity shareholders of
the Company (other than the Promoters, the Promoter Group
In the period of five years immediately preceding March 31, and Persons in Control of the Company) under the open market
2022 route through the stock exchange. The buyback of equity shares
Bonus issue through the stock exchange commenced on June 25, 2021 and
was completed on September 8, 2021. During this buyback
The Company has allotted 2,18,41,91,490 fully-paid-up shares period, the Company had purchased and extinguished a total of
of face value ₹ 5 each during the quarter ended September 30, 5,58,07,337 equity shares from the stock exchange at a volume
2018, pursuant to the bonus issue approved by the shareholders weighted average buyback price of ₹ 1,648.53 per equity share
through postal ballot. The bonus shares were issued by comprising 1.31% of the pre-buyback paid-up equity share
capitalization of profits transferred from the general reserve. capital of the Company. The buyback resulted in a cash outflow
A bonus share of one equity share for every equity share held, of ₹ 9,200 crore (excluding transaction costs and tax on buyback).
and a bonus issue, viz., a stock dividend of one American The Company funded the buyback from its free reserves,
Depositary Share (ADS) for every ADS held, respectively, has been including Securities Premium, as explained in Section 68 of the
allotted. Consequently, the ratio of equity shares underlying the Companies Act, 2013.
ADSs held by an American Depositary Receipt holder remains
unchanged. Options granted under the stock option plan have In accordance with Section 69 of the Companies Act, 2013, as at
been adjusted for bonus shares, wherever appropriate. March 31, 2022, the Company has created a capital redemption
reserve of ₹ 28 crore equal to the nominal value of the above
The bonus shares once allotted shall rank pari passu in all shares bought back as an appropriation from the general reserve.
respects and carry the same rights as the existing equity
shareholders and shall be entitled to participate in full, in The Company’s objective, when managing capital, is to safeguard
any dividend and other corporate action, recommended and its ability to continue as a going concern and to maintain an
declared after the new equity shares are allotted. optimal capital structure so as to maximize shareholder value.
In order to maintain or achieve an optimal capital structure, the
Capital Allocation Policy and buyback Company may adjust the amount of dividend payment, return
Effective fiscal 2020, the Company expects to return capital to shareholders, issue new shares or buy back issued
approximately 85% of the free cash flow cumulatively over shares. As at March 31, 2022, the Company has only one class of
a five-year period through a combination of semi-annual equity shares and has no debt. Consequent to the above capital
dividends and / or share buyback and / or special dividends, structure, there are no externally imposed capital requirements.
subject to applicable laws and requisite approvals, if any. Free
cash flow is defined as net cash provided by operating activities
Promoter name No. of shares % of total shares % change during the year
Sudha Gopalakrishnan 9,53,57,000 2.27 –
Rohan Murty 6,08,12,892 1.45 –
S. Gopalakrishnan 4,18,53,808 0.99 –
Nandan M. Nilekani 4,07,83,162 0.97 –
Akshata Murty 3,89,57,096 0.93 –
Asha Dinesh 3,85,79,304 0.92 –
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Promoter name No. of shares % of total shares % change during the year
Sudha N. Murty 3,45,50,626 0.82 –
Rohini Nilekani 3,43,35,092 0.82 –
Dinesh Krishnaswamy 3,24,79,590 0.77 –
Shreyas Shibulal 2,37,04,350 0.56 (0.71)
N. R. Narayana Murthy 1,66,45,638 0.40 –
Nihar Nilekani 1,26,77,752 0.30 –
Janhavi Nilekani 85,89,721 0.20 (27.74)
Kumari Shibulal 52,48,965 0.12 (41.00)
Deeksha Dinesh 76,46,684 0.18 –
Divya Dinesh 76,46,684 0.18 –
Meghana Gopalakrishnan 48,34,928 0.11 –
Shruti Shibulal 27,37,538 0.07 –
S. D. Shibulal 58,14,733 0.14 168.36
Promoters Group
Gaurav Manchanda 1,37,36,226 0.33 –
Milan Shibulal Manchanda 69,67,934 0.17 (50.00)
Nikita Shibulal Manchanda 69,67,934 0.17 –
Bhairavi Madhusudhan Shibulal 66,79,240 0.16 2.61
Shray Chandra 7,19,424 0.02 –
Tanush Nilekani Chandra 33,56,017 0.08 331.59
The percentage shareholding above has been computed considering the outstanding number of shares of 4,20,67,38,641 as at March 31, 2022.
2.12.3 Dividend During the year ended March 31, 2022, on account of the final
The final dividend on shares is recorded as a liability on the dividend for fiscal 2021 and interim dividend for fiscal 2022,
date of approval by the shareholders and interim dividends the Company has incurred a net cash outflow of `12,655 crore
are recorded as a liability on the date of declaration by the (excluding dividend paid on treasury shares).
Company’s Board of Directors. Income tax consequences The Board of Directors, in their meeting on April 13, 2022,
of dividends on financial instruments classified as equity recommended a final dividend of ₹ 16 per equity share for the
will be recognized according to where the entity originally financial year ended March 31, 2022. This payment is subject to
recognized those past transactions or events that generated the approval of shareholders in the AGM of the Company to be
distributable profits. held on June 25, 2022 and if approved, would result in a net cash
The Company declares and pays dividends in Indian rupees. outflow of approximately ₹ 6,709 crore (excluding dividend paid
Companies are required to pay/distribute dividend after on treasury shares).
deducting applicable withholding income taxes. The
remittance of dividends outside India is governed by Indian
law on foreign exchange and is also subject to withholding tax
at applicable rates.
The amount of per share dividend recognized as distribution
to equity shareholders in accordance with the Companies Act,
2013 is as follows :
in ₹
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The details of shareholders holding more than 5% shares as at March 31, 2022 and March 31, 2021 are as follows :
The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2022 and March 31, 2021 are as follows :
2.12.4 Employee Stock Option Plan (ESOP) 2015 Stock Incentive Compensation Plan ("the 2015 Plan")
Accounting policy On March 31, 2016, pursuant to the approval by the shareholders
The Group recognizes compensation expense relating to share- through postal ballot, the Board was authorized to introduce,
based payments in net profit based on estimated fair values of offer, issue and allot share-based incentives to eligible employees
the awards on the grant date. The estimated fair value of awards of the Company and its subsidiaries under the 2015 Plan. The
is recognized as an expense in the Statement of Profit and Loss maximum number of shares under the 2015 Plan shall not
on a straight-line basis over the requisite service period for each exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity
separately vesting portion of the award as if the award was shares which are held by the trust towards the 2011 Plan as at
in-substance, multiple awards with a corresponding increase to March 31, 2016). The Company expects to grant the instruments
share options outstanding account. under the 2015 Plan over the period of 4 to 7 years. The plan
numbers mentioned above would further be adjusted for the
Infosys Expanded Stock Ownership Program September 2018 bonus issue.
2019 ("the 2019 Plan")
The equity-settled and cash-settled RSUs and stock options
On June 22, 2019, pursuant to the approval by the shareholders would vest generally over a period of four years and shall be
in the AGM, the Board has been authorized to introduce, offer, exercisable within the period as approved by the nomination and
issue and provide share-based incentives to eligible employees remuneration committee. The exercise price of the RSUs will be
of the Company and its subsidiaries under the 2019 Plan. The equal to the par value of the shares and the exercise price of the
maximum number of shares under the 2019 Plan shall not exceed stock options would be the market price as on the date of grant.
5,00,00,000 equity shares. To implement the 2019 Plan, up to
4,50,00,000 equity shares may be issued by way of secondary Controlled trust holds 1,37,25,712 and 1,55,14,732 shares as at
acquisition of shares by the Infosys Expanded Stock Ownership March 31, 2022 and March 31, 2021, respectively, under the 2015
Trust. The Restricted Stock Units (RSUs) granted under the 2019 Plan. Out of these shares, 2,00,000 equity shares each have been
Plan shall vest based on the achievement of defined annual earmarked for welfare activities of the employees as at March 31,
performance parameters as determined by the administrator 2022 and March 31, 2021.
(nomination and remuneration committee). The performance
parameters will be based on a combination of relative Total
Shareholder Return (TSR) against selected industry peers
and certain broader market domestic and global indices and
operating performance metrics of the Company as decided by
the administrator. Each of the above performance parameters
will be distinct for the purposes of calculation of quantity of
shares to vest based on performance. These instruments will
generally vest between a minimum of one to maximum of three
years from the grant date.
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The summary of grants during the years ended March 31, 2022 and March 31, 2021 is as follows :
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Share-based payment arrangements that were modified during the year ended March 31, 2021 were as follows :
During the year ended March 31, 2021, the Company issued ADS-settled RSU and ESOP awards as replacement for outstanding stock
appreciation rights awards. The replacement was pursuant to SEBI Circular ‘Framework for issue of Depository Receipts - Clarifications’
dated December 18, 2020 which allows non-resident Indians to hold depository receipts. The awards were granted after necessary
approvals from the nomination and remuneration committee. All other terms and conditions of the replaced awards remain the same
as the original award.
The replacement awards was accounted as a modification and the fair value on the date of modification of ₹ 85 crore is recognized as
equity with a corresponding adjustment to financial liability.
The activity in the 2015 and 2019 Plans for equity-settled, share-based payment transactions during the years ended March 31, 2022 and
March 31, 2021 is as follows :
Particulars Year ended March 31, 2022 Year ended March 31, 2021
Shares arising Weighted average Shares arising Weighted average
out of options exercise price (₹) out of options exercise price (₹)
2015 Plan : RSUs
Outstanding at the beginning 80,47,240 4.52 87,80,898 3.96
Granted 15,90,423 5.00 26,60,611 5.00
Exercised 25,69,983 4.07 37,83,462 3.55
Modification to equity-settled awards – – 8,71,900 –
Forfeited and expired 8,34,705 4.63 4,82,707 4.13
Outstanding at the end 62,32,975 4.82 80,47,240 4.52
Exercisable at the end 6,53,775 4.51 1,51,685 3.36
2015 Plan : ESOPs
Outstanding at the beginning 10,49,456 535 11,00,330 539
Granted – – – –
Exercised 3,48,612 529 2,39,272 534
Modification to equity-settled options – – 2,03,026 –
Forfeited and expired – – 14,628 566
Outstanding at the end 7,00,844 557 10,49,456 535
Exercisable at the end 7,00,844 557 10,02,130 536
2019 Plan : RSUs
Outstanding at the beginning 30,50,573 5.00 20,91,293 5.00
Granted 28,50,629 5.00 15,96,408 5.00
Exercised 7,55,557 5.00 3,70,170 5.00
Forfeited and expired 1,86,707 5.00 2,66,958 5.00
Outstanding at the end 49,58,938 5.00 30,50,573 5.00
Exercisable at the end 6,92,638 5.00 2,33,050 5.00
During the years ended March 31, 2022 and March 31, 2021, the weighted average share price of options exercised under the 2015 Plan on
the date of exercise was ₹ 1,705 and ₹ 1,097, respectively.
During the years ended March 31, 2022 and March 31, 2021, the weighted average share price of options exercised under the 2019 Plan on
the date of exercise was ₹ 1,560 and 1,166, respectively.
The summary of information about equity-settled RSUs and ESOPs outstanding as at March 31, 2022 is as follows :
Range of exercise prices per 2019 Plan – Options outstanding 2015 Plan – Options outstanding
share (₹) No. of shares Weighted Weighted No. of shares Weighted Weighted
arising out of average average arising out of average average
options remaining exercise price options remaining exercise price
contractual life (₹) contractual life (₹)
0 - 5 (RSU) 49,58,938 1.43 5.00 62,32,975 1.47 4.82
450 - 600 (ESOP) – – - 7,00,844 0.65 557
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The summary of information about equity-settled RSUs and ESOPs outstanding as at March 31, 2021 was as follows :
Range of exercise prices per 2019 Plan – Options outstanding 2015 Plan – Options outstanding
share (₹) No. of shares Weighted Weighted No. of shares Weighted Weighted
arising out of average average arising out of average average
options remaining exercise price options remaining exercise price
contractual life (₹) contractual life (₹)
0 - 5 (RSU) 30,50,573 1.48 5.00 80,47,240 1.67 4.52
450 - 600 (ESOP) – – – 10,49,456 1.83 535
As at March 31, 2022 and March 31, 2021, 2,65,561 and 3,87,088 cash-settled options were outstanding, respectively. The carrying value of
liability towards cash-settled, share-based payments was ₹ 13 crore and ₹ 7 crore as at March 31, 2022 and March 31, 2021, respectively.
The fair value of the awards are estimated using the Black-Scholes Model for time and non-market-performance-based options and
Monte Carlo simulation model is used for TSR-based options.
The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected
term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the
observed market prices of the Company’s publicly traded equity shares during a period equivalent to the expected term of the options.
Expected volatility of the comparative company has been modelled based on historical movements in the market prices of their publicly
traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each
peer entity and the indices as a whole or between each entity in the peer group.
The fair value of each equity-settled award is estimated on the date of grant using the following assumptions :
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The trade payables ageing schedule for the years ended as on March 31, 2022 and March 31, 2021 is as follows :
in ₹ crore
Particulars Not due Outstanding for following periods from due date of payment Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Trade payables 3,299 835 – – – 4,134
2,386 246 4 4 5 2,645
Total trade payables 3,299 835 – – – 4,134
2,386 246 4 4 5 2,645
Name of struck off company Nature of Transactions during Balance outstanding Relationship with the
transactions the year ended as at March 31, 2022 struck off company
March 31, 2022
Compulease Networks Private Limited Payables –* – Vendor
Evineon Technologies Private Limited Payables –* – Vendor
in ₹ crore
Name of struck off company Nature of Transactions during Balance outstanding Relationship with the
transactions the year ended as at March 31, 2021 struck off company
March 31, 2021
Compulease Networks Private Limited Payables –* – Vendor
Mysodet Private Limited Payables 1 – Vendor
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2.15 Other liabilities present value of the lower of the expected cost of terminating
in ₹ crore the contract and the expected net cost of continuing with the
contract. Before a provision is established, the Group recognizes
Particulars As at March 31, any impairment loss on the assets associated with that contract.
2022 2021
Non-current Provision for post-sales client support and other provisions
in ₹ crore
Others
Withholding taxes and others – 364 Particulars As at March 31,
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taxable income in the years in which those temporary differences Particulars Year ended March 31,
are expected to be recovered or settled. The effect of changes
in tax rates on deferred income tax assets and liabilities is 2022 2021
recognized as income or expense in the period that includes Effect of non-deductible expenses 162 148
the enactment or the substantive enactment date. A deferred Impact of change in tax rate (94) –
income tax asset is recognized to the extent that it is probable
that future taxable profit will be available against which the Others (217) 117
deductible temporary differences and tax losses can be utilized. Income tax expense 7,964 7,205
Deferred income taxes are not provided on the undistributed The applicable Indian corporate statutory tax rate for the years
earnings of subsidiaries and branches where it is expected that ended March 31, 2022 and March 31, 2021 is 34.94% each.
the earnings of the subsidiary or branch will not be distributed in
the foreseeable future. The foreign tax expense is due to income taxes payable overseas
principally in the United States. In India, the Group has benefited
The Group offsets current tax assets and current tax liabilities, from certain tax incentives that the Government of India had
where it has a legally enforceable right to set off the recognized provided for export of software and services from the units
amounts and where it intends either to settle on a net basis, registered under the Special Economic Zones (SEZs) Act, 2005.
or to realize the asset and settle the liability simultaneously. SEZ units which began the provision of services on or after April
Tax benefits of deductions earned on exercise of employee 1, 2005 are eligible for a deduction of 100% of profits or gains
share options in excess of compensation charged to income derived from the export of services for the first five years from
are credited to equity. the financial year in which the unit commenced the provision
Income tax expense in the Consolidated Statement of Profit of services and 50% of such profits or gains for a further five
and Loss comprises : years. Up to 50% of such profits or gains is also available for a
further five years subject to creation of a Special Economic Zone
in ₹ crore Re-Investment Reserve out of the profit of the eligible SEZ units
Particulars Year ended March 31, and utilization of such reserve by the Group for acquiring new
plant and machinery for the purpose of its business as per the
2022 2021
provisions of the Income-tax Act, 1961.
Current taxes 7,811 6,672
Deferred income tax for the years ended March 31, 2022 and
Deferred taxes 153 533 March 31, 2021 substantially relates to origination and reversal of
Income tax expense 7,964 7,205 temporary differences.
Income tax expense for the years ended March 31, 2022 and Infosys is subject to a 15% Branch Profit Tax (BPT) in the US to
March 31, 2021 includes reversal (net of provisions) of ₹ 268 the extent its US branch’s net profit during the year is greater
crore and ₹ 348 crore, respectively. These reversals pertains to than the increase in the net assets of the US branch during the
prior periods on account of adjudication of certain disputed year, computed in accordance with the Internal Revenue Code.
matters in favor of the Company and upon filing of return across As at March 31, 2022, Infosys’ US branch net assets amounted to
various jurisdictions. approximately ₹ 6,332 crore. As at March 31, 2022, the Company
A reconciliation of the income tax provision to the amount has a deferred tax liability for Branch Profit Tax of ₹ 158 crore (net
computed by applying the statutory income tax rate to the of credits), as the Company estimates that these branch profits
income before income taxes is summarized below : are expected to be distributed in the foreseeable future.
Deferred income tax liabilities have not been recognized on
in ₹ crore temporary differences amounting to ₹ 9,618 crore and ₹ 9,670
Particulars Year ended March 31, crore as at March 31, 2022 and March 31, 2021, respectively,
associated with investments in subsidiaries and branches as it
2022 2021
is probable that the temporary differences will not reverse in
Profit before income taxes 30,110 26,628 the foreseeable future.
Enacted tax rates in India 34.94% 34.94%
Deferred income tax assets have not been recognized on
Computed expected tax expense 10,522 9,305 accumulated losses of ₹ 4,487 crore and ₹ 3,726 crore as at March
Tax effect due to non-taxable income 31, 2022 and March 31, 2021, respectively, as it is probable that
for Indian tax purposes (2,949) (2,569) future taxable profit will be not available against which the
unused tax losses can be utilized in the foreseeable future.
Overseas taxes 984 705
Tax provision (reversals) (268) (348)
Effect of exempt non-operating
income (52) (34)
Effect of unrecognized deferred tax
assets 72 10
Effect of differential tax rates (196) (129)
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The details of expiration of unused tax losses as at March 31, The details of income tax assets and income tax liabilities as at
2022 are as follows : March 31, 2022 and March 31, 2021 are as follows :
in ₹ crore in ₹ crore
The movement in gross deferred income tax assets / (liabilities) (before set-off) for the year ended March 31, 2022 is as follows :
in ₹ crore
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The movement in gross deferred income tax assets / liabilities (before set-off) for the year ended March 31, 2021 was as follows :
in ₹ crore
The tax effects of significant temporary differences that resulted in which the temporary differences become deductible. The
in deferred income tax assets and liabilities are as follows : Management considers the scheduled reversals of deferred
income tax liabilities, projected future taxable income, and tax-
in ₹ crore planning strategies in making this assessment. Based on the level
of historical taxable income and projections for future taxable
Particulars As at March 31,
income over the periods in which the deferred income tax assets
2022 2021 are deductible, the Management believes that the Group will
Deferred income tax assets after realize the benefits of those deductible differences. The amount
set-off 1,212 1,098 of the deferred income tax assets considered realizable, however,
Deferred income tax liabilities after could be reduced in the near term if estimates of future taxable
set-off (1,156) (875) income during the carry forward period are reduced.
Deferred tax assets and deferred tax liabilities have been offset The Company’s Advanced Pricing Arrangement (APA) with
wherever the Group has a legally enforceable right to set off the Internal Revenue Service (IRS) for the US branch's income
current tax assets against current tax liabilities and where the tax expired in March 2021. The Company has applied for
deferred tax assets and deferred tax liabilities relate to income renewal of APA and currently, the US taxable income is based
taxes levied by the same taxation authority. on the Company’s best estimate determined based on the
expected value method.
In assessing the reliability of deferred income tax assets, the
Management considers whether some portion or all of the
deferred income tax assets will not be realized. The ultimate
realization of deferred income tax assets is dependent upon
the generation of future taxable income during the periods
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2.18 Revenue from operations efforts are continuously monitored over the term of the contracts
Accounting policy and are recognized in the net profit in the period when these
estimates change or when the estimates are revised. Revenues
The Group derives revenues primarily from IT services comprising
and the estimated total costs or efforts are subject to revision as
software development and related services, maintenance,
the contract progresses. Provisions for estimated losses, if any, on
consulting and package implementation, licensing of software
incomplete contracts are recorded in the period in which such
products and platforms across the Group’s core and digital
losses become probable based on the estimated efforts or costs
offerings (together called as “software related services”)
to complete the contract.
and business process management services. Contracts with
customers are either on a time-and-material, unit-of-work, fixed- The billing schedules agreed with customers include periodic
price or on a fixed-timeframe basis. performance-based billing and / or milestone-based progress
billings. Revenues in excess of billing are classified as unbilled
Revenues from customer contracts are considered for
revenue while billing in excess of revenues are classified as
recognition and measurement when the contract has been
contract liabilities (which we refer to as "unearned revenues").
approved by the parties, in writing, to the contract, the parties
to the contract are committed to perform their respective In arrangements for software development and related
obligations under the contract, and the contract is legally services and maintenance services, by applying the revenue
enforceable. Revenue is recognized upon transfer of control recognition criteria for each distinct performance obligation,
of promised products or services (“performance obligations”) the arrangements with customers generally meet the criteria
to customers in an amount that reflects the consideration for considering software development and related services as
the Group has received or expects to receive in exchange for distinct performance obligations. For allocating the transaction
these products or services (“transaction price”). When there is price, the Group measures the revenue in respect of each
uncertainty as to collectability, revenue recognition is postponed performance obligation of a contract at its relative standalone
until such uncertainty is resolved. selling price. The price that is regularly charged for an item
when sold separately is the best evidence of its standalone
The Group assesses the services promised in a contract and
selling price. In cases where the Group is unable to determine
identifies distinct performance obligations in the contract.
the standalone selling price, the Group uses the expected cost
The Group allocates the transaction price to each distinct
plus margin approach in estimating the standalone selling
performance obligation based on the relative standalone selling
price. For software development and related services, the
price. The price that is regularly charged for an item when sold
performance obligations are satisfied as and when the services
separately is the best evidence of its standalone selling price.
are rendered since the customer generally obtains control of the
In the absence of such evidence, the primary method used to
work as it progresses.
estimate standalone selling price is the expected cost plus a
margin, under which the Group estimates the cost of satisfying Certain cloud and infrastructure services contracts include
the performance obligation and then adds an appropriate multiple elements which may be subject to other specific
margin based on similar services. accounting guidance, such as leasing guidance. These contracts
are accounted in accordance with such specific accounting
The Group’s contracts may include variable consideration
guidance. In such arrangements where the Group is able to
including rebates, volume discounts and penalties. The Group
determine that hardware and services are distinct performance
includes variable consideration as part of transaction price
obligations, it allocates the consideration to these performance
when there is a basis to reasonably estimate the amount of
obligations on a relative standalone selling price basis. In the
the variable consideration and when it is probable that a
absence of standalone selling price, the Group uses the expected
significant reversal of cumulative revenue recognized will
cost-plus margin approach in estimating the standalone
not occur when the uncertainty associated with the variable
selling price. When such arrangements are considered as a
consideration is resolved.
single performance obligation, revenue is recognized over
Revenue on time-and-material and unit-of-work-based contracts, the period and measure of progress is determined based on
are recognized as the related services are performed. Fixed- promise in the contract.
price maintenance revenue is recognized ratably either on a
Revenue from licenses where the customer obtains a “right
straight-line basis when services are performed through an
to use” the licenses is recognized at the time the license
indefinite number of repetitive acts over a specified period or
is made available to the customer. Revenue from licenses
ratably using a percentage-of-completion method when the
where the customer obtains a “right to access” is recognized
pattern of benefits from the services rendered to the customer
over the access period.
and the Group’s costs to fulfil the contract is not even through
the period of contract because the services are generally discrete Arrangements to deliver software products generally have
in nature and not repetitive. Revenue from other fixed-price, three elements : License, implementation and Annual Technical
fixed-timeframe contracts, where the performance obligations Services (ATS).When implementation services are provided in
are satisfied over time is recognized using the percentage- conjunction with the licensing arrangement and the license
of-completion method. Efforts or costs expended are used to and implementation have been identified as two distinct
determine progress towards completion as there is a direct separate performance obligations, the transaction price for
relationship between input and productivity. Progress towards such contracts are allocated to each performance obligation of
completion is measured as the ratio of costs or efforts incurred the contract based on their relative standalone selling prices.
to date (representing work performed) to the estimated total In the absence of standalone selling price for implementation,
costs or efforts. Estimates of transaction price and total costs or the Group uses the expected cost plus margin approach in
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estimating the standalone selling price. Where the license on a systematic basis consistent with the transfer of goods or
is required to be substantially customized as part of the services to customer to which the asset relates. Capitalized costs
implementation service, the entire arrangement fee for license are monitored regularly for impairment. Impairment losses are
and implementation is considered to be a single performance recorded when present value of projected remaining operating
obligation and the revenue is recognized using the percentage- cash flows is not sufficient to recover the carrying amount of
of-completion method as the implementation is performed. the capitalized costs.
Revenue from client training, support and other services arising
The Group presents revenues net of indirect taxes in its
due to the sale of software products is recognized as the
Consolidated Statement of Profit and Loss.
performance obligations are satisfied. ATS revenue is recognized
ratably on a straight-line basis over the period in which the Revenue from operations for the years ended March 31, 2022 and
services are rendered. March 31, 2021 are as follows :
Contracts with customers includes subcontractor services or
in ₹ crore
third-party vendor equipment or software in certain integrated
services arrangements. In these types of arrangements, revenue Particulars Year ended March 31,
from sales of third-party vendor products or services is recorded 2022 2021
net of costs when the Group is acting as an agent between the
Revenue from software services 1,13,536 93,387
customer and the vendor, and gross when the Group is the
principal for the transaction. In doing so, the Group first evaluates Revenue from products and platforms 8,105 7,085
whether it controls the good or service before it is transferred to Total revenue from operations 1,21,641 1,00,472
the customer. The Group considers whether it has the primary
The Group has evaluated the impact of COVID-19 pandemic
obligation to fulfil the contract, inventory risk, pricing discretion
resulting on (i) the possibility of constraints in our ability to
and other factors to determine whether it controls the goods or
render services which may require revision of estimations of
service and therefore, is acting as a principal or an agent.
costs to complete the contract because of additional efforts;
The incremental costs of obtaining a contract (i.e., costs (ii) onerous obligations; (iii) penalties relating to breaches of
that would not have been incurred if the contract had not service level agreements, and (iv) termination or deferment
been obtained) are recognized as an asset if the Group of contracts by customers. The Group has concluded that the
expects to recover them. impact of COVID-19 pandemic is not significant and based on
these estimates. Due to the nature of the COVID-19 pandemic,
Certain eligible, non-recurring costs (e.g. set-up or transition
the Group will continue to monitor developments to identify
or transformation costs) that do not represent a separate
significant uncertainties relating to revenue in future periods.
performance obligation are recognized as an asset when
such costs (a) relate directly to the contract; (b) generate Disaggregated revenue information
or enhance resources of the Group that will be used in
The table below presents disaggregated revenues from contracts
satisfying the performance obligation in the future; and (c) are
with customers by geography and offerings for each of our
expected to be recovered.
business segments. The Group believes that this disaggregation
Capitalized contract costs relating to upfront payments to best depicts how the nature, amount, timing and uncertainty of
customers are amortized to revenue and other capitalized costs our revenues and cash flows are affected by industry, market and
are amortized to expenses over the respective contract life other economic factors.
For the years ended March 31, 2022 and March 31, 2021 :
in ₹ crore
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Particulars Financial Retail(2) Communication Energy , Manufacturing Hi-Tech Life Others (5) Total
Services (1) (3)
Utilities, Sciences(4)
Resources
and Services
Revenue by offerings
Digital 20,391 10,857 9,310 8,412 8,240 5,817 4,925 1,452 69,404
15,547 7,695 6,478 6,077 4,567 4,160 3,020 1,143 48,687
Core 18,511 6,877 5,872 6,072 5,096 4,219 3,592 1,998 52,237
17,036 7,050 6,150 6,462 4,880 4,400 3,850 1,957 51,785
Total 38,902 17,734 15,182 14,484 13,336 10,036 8,517 3,450 1,21,641
32,583 14,745 12,628 12,539 9,447 8,560 6,870 3,100 1,00,472
(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 Healthcare
(5)
Others include operating segments of businesses in India, Japan, China, Infosys Public Services and other enterprises in Public Services
* Geographical revenues is based on the domicile of customer.
Core services Invoicing to the clients for other fixed-price contracts is based on
milestones as defined in the contract and therefore, the timing
Core services comprise traditional offerings of the Group that
of revenue recognition is different from the timing of invoicing
have scaled and industrialized over a number of years. These
to the customers. Therefore, unbilled revenues for other fixed-
primarily include application management services, proprietary
price contracts (contract asset) are classified as non-financial
application development services, independent validation
asset because the right to consideration is dependent on the
solutions, product engineering and management, infrastructure
completion of contractual milestones.
management services, traditional enterprise application
implementation, and support and integration services. Invoicing in excess of earnings are classified as unearned revenue.
Trade receivables and unbilled revenues are presented net of
Products and platforms
impairment in the Consolidated Balance Sheet.
The Group also derives revenues from the sale of products and
platforms including Finacle® – core banking solution, Edge Suite During the years ended March 31, 2022 and March 31, 2021, the
of products, Infosys NIA® - Artificial Intelligence (AI) platform Company recognized revenue of ₹ 3,551 crore and ₹ 2,489 crore
that applies next-generation AI and machine learning, Panaya® arising from opening unearned revenue as of April 1, 2021 and
platform, Skava® platform, Stater digital platform, and Infosys April 1, 2020, respectively.
McCamish – insurance platform. During the years ended March 31, 2022 and March 31, 2021,
The percentage of revenue from fixed-price contracts for ₹ 4,047 crore and ₹ 3,822 crore of unbilled revenue pertaining
each of the year ended March 31, 2022 and March 31, 2021 to other fixed-price and fixed-time frame contracts as of April
is approximately 53%. 1, 2021 and April 1, 2020, respectively, have been reclassified
to trade receivables upon billing to customers on the
Trade receivables and contract balances completion of milestones.
The timing of revenue recognition, billings and cash collections
results in receivables, unbilled revenue, and unearned revenue
on the Group’s Consolidated Balance Sheet. Amounts are billed
as work progresses in accordance with agreed-upon contractual
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Remaining performance obligation disclosure at the exchange rate prevalent at the date of transaction.
The remaining performance obligation disclosure provides the The related revenue and expense are recognized using
aggregate amount of the transaction price yet to be recognized the same exchange rate.
as at the end of the reporting period and an explanation as to Transaction gains or losses realized upon settlement of foreign
when the Group expects to recognize these amounts in revenue. currency transactions are included in determining net profit
Applying the practical expedient as given in Ind AS 115, the for the period in which the transaction is settled. Revenue,
Group has not disclosed the remaining performance obligation- expense and cash-flow items denominated in foreign currencies
related disclosures for contracts where the revenue recognized are translated into the relevant functional currencies using the
corresponds directly with the value to the customer of the exchange rate in effect on the date of the transaction.
entity’s performance completed to date, typically those contracts
where invoicing is on time-and-material and unit of work-based The translation of financial statements of the foreign subsidiaries
contracts. Remaining performance obligation estimates are to the presentation currency is performed for assets and
subject to change and are affected by several factors, including liabilities using the exchange rate in effect at the Balance Sheet
terminations, changes in the scope of contracts, periodic date and for revenue, expense and cash-flow items using the
revalidations, adjustment for revenue that has not materialized average exchange rate for the respective periods. The gains or
and adjustments for currency fluctuations. losses resulting from such translation are included in currency
translation reserves under other components of equity. When
The aggregate value of performance obligations that are a subsidiary is disposed of, in full, the relevant amount is
completely or partially unsatisfied as at March 31, 2022, other transferred to net profit in the Consolidated Statement of Profit
than those meeting the exclusion criteria mentioned above, and Loss. However, when a change in the parent’s ownership
is ₹ 74,254 crore. Out of this, the Group expects to recognize does not result in loss of control of a subsidiary, such changes are
revenue of around 55% within the next one year and the recorded through equity.
remaining thereafter. The aggregate value of performance
obligations that are completely or partially unsatisfied as at Other comprehensive income, net of taxes, includes translation
March 31, 2021 is ₹ 69,890 crore. The contracts can generally differences on non-monetary financial assets measured at
be terminated by the customers and typically includes an fair value at the reporting date, such as equities classified as
enforceable termination penalty payable by them. Generally, financial instruments and measured at fair value through other
customers have not terminated contracts without cause. comprehensive income (FVOCI).
Goodwill and fair value adjustments arising on the acquisition
2.19 Other income, net of a foreign entity are treated as assets and liabilities of the
Accounting policy foreign entity and translated at the exchange rate in effect at
Other income is comprised primarily of interest income, dividend the Balance Sheet date.
income, gain / loss on investment and exchange gain / loss on Government grant
forward and options contracts and on translation of other assets
and liabilities. Interest income is recognized using the effective The Group recognizes government grants only when there is
interest method. Dividend income is recognized when the right reasonable assurance that the conditions attached to them shall
to receive payment is established. be complied with, and the grants will be received. Government
grants related to assets are treated as deferred income and are
Foreign currency – Accounting policy recognized in net profit in the Consolidated Statement of Profit
and Loss on a systematic and rational basis over the useful life of
Functional currency the asset. Government grants related to revenue are recognized
The functional currency of Infosys, Infosys BPM, controlled on a systematic basis in net profit in the Consolidated Statement
trusts, EdgeVerve and Skava is the Indian rupee. The functional of Profit and Loss over the periods necessary to match them with
currencies for other subsidiaries are their respective local the related costs which they are intended to compensate.
currencies. These financial statements are presented in Indian Other income for the years ended March 31, 2022 and March 31,
rupees (rounded off to crore; one crore equals ten million). 2021 is as follows :
Transactions and translations
in ₹ crore
Foreign-currency denominated monetary assets and liabilities
are translated into the relevant functional currency at Particulars Year ended March 31,
exchange rates in effect at the Balance Sheet date. The gains 2022 2021
or losses resulting from such translations are recognized in Interest income on financial assets
the Consolidated Statement of Profit and Loss and reported carried at amortized cost
within exchange gains / (losses) on translation of assets and
liabilities, net, except when deferred in Other Comprehensive Tax-free bonds and government
bonds 152 143
Income as qualifying cash flow hedges. Non-monetary assets
and non-monetary liabilities denominated in a foreign currency Deposit with bank and others 851 1,052
and measured at fair value are translated at the exchange rate
prevalent at the date when the fair value was determined. Non-
monetary assets and non-monetary liabilities denominated in a
foreign currency and measured at historical cost are translated
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Particulars Year ended March 31, Particulars Year ended March 31,
2022 2021 2022 2021
Interest income on financial assets Insurance 164 134
carried at fair value through other
Provision for post-sales client
comprehensive income
support and others 78 39
Non-convertible debentures
Commission to non-whole-time
and certificates of deposit and
directors 11 6
government securities 642 409
Impairment loss recognized /
Income on investments carried at fair
(reversed) under expected credit
value through profit or loss
loss model 170 190
Dividend income on liquid mutual
Contributions towards Corporate
funds – 11
Social Responsibility* 426 439
Gain / (loss) on liquid mutual
Others 352 231
funds and other investments 177 74
3,424 3,286
Income on investments carried at fair
value through other comprehensive * Figures for the year ended March 31, 2021 include ₹ 37 crore which the
income 1 82 Company intends to spend in the future relating to and in addition to the
amounts spent in the prior years.
Interest income on income tax refund – 4
Exchange gains / (losses) on foreign Consequent to the Companies (Corporate Social Responsibility
currency forward and options Policy) Amendment Rules, 2021 (“the Rules”), the Company was
contracts 88 556 required to transfer its CSR capital assets created prior to January
Exchange gains / (losses) on
2021. Towards this, the Company had incorporated a controlled
translation of assets and liabilities 186 (346) subsidiary ‘Infosys Green Forum’ under Section 8 of the
Companies Act, 2013. During the year ended March 31, 2022, the
Miscellaneous income, net 198 216 Company has completed the transfer of assets upon obtaining
Total other income 2,295 2,201 the required approvals from regulatory authorities, as applicable.
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leasehold improvements undertaken over the lease term, costs recoverable amount is determined for the Cash Generating Unit
relating to the termination of the lease and the importance (CGU) to which the asset belongs.
of the underlying asset to Infosys’s operations taking into
The lease liability is initially measured at amortized cost at the
account the location of the underlying asset and the availability
present value of the future lease payments. The lease payments
of suitable alternatives. The lease term in future periods is
are discounted using the interest rate implicit in the lease or,
reassessed to ensure that the lease term reflects the current
if not readily determinable, using the incremental borrowing
economic circumstances.
rates in the country of domicile of the leases. Lease liabilities
Certain lease arrangements includes the options to extend or are remeasured with a corresponding adjustment to the related
terminate the lease before the end of the lease term. ROU assets right-of-use asset if the Group changes its assessment if whether
and lease liabilities includes these options when it is reasonably it will exercise an extension or a termination option.
certain that they will be exercised.
Lease liability and ROU asset have been separately presented in
The ROU assets are initially recognized at cost, which comprises the Balance Sheet and lease payments have been classified as
the initial amount of the lease liability adjusted for any lease financing cash flows.
payments made at or prior to the commencement date of
the lease plus any initial direct costs less any lease incentives. The Group as a lessor
They are subsequently measured at cost less accumulated Leases for which the Group is a lessor is classified as a finance
depreciation and impairment losses. or operating lease. Whenever the terms of the lease transfer
ROU assets are depreciated from the commencement date on a substantially all the risks and rewards of ownership to the lessee,
straight-line basis over the shorter of the lease term and useful the contract is classified as a finance lease. All other leases are
life of the underlying asset. classified as operating leases.
ROU are evaluated for recoverability whenever events or changes When the Group is an intermediate lessor, it accounts for its
in circumstances indicate that their carrying amounts may not interests in the head lease and the sublease separately. The
be recoverable. For the purpose of impairment testing, the sublease is classified as a finance or operating lease by reference
recoverable amount (i.e. the higher of the fair value less cost to to the ROU asset arising from the head lease.
sell and the value-in-use) is determined on an individual asset For operating leases, rental income is recognized on a straight
basis unless the asset does not generate cash flows that are line basis over the term of the relevant lease.
largely independent of those from other assets. In such cases, the
The changes in the carrying value of ROU assets for the year ended March 31, 2022 are as follows :
in ₹ crore
The changes in the carrying value of ROU assets for the year ended March 31, 2021 were as follows :
in ₹ crore
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The break-up of current and non-current lease liabilities as at The movement in the net investment in sublease in ROU
March 31, 2022 and March 31, 2021 is as follows : asset during the years ended March 31, 2022 and March 31,
2021 is as follows :
in ₹ crore
in ₹ crore
Particulars As at March 31,
2022 2021 Particulars Year ended March 31,
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actuarial risks, such as longevity risk, currency risk, interest rate notified. The Company will assess the impact of the Code when it
risk and market risk. comes into effect and will record any related impact in the period
the Code becomes effective.
The Group recognizes the net obligation of a defined benefit
plan in its Balance Sheet as an asset or liability. Gains and losses
2.22.1 Gratuity and Pension
through re-measurements of the net defined benefit liability
/ (asset) are recognized in other comprehensive income and The funded status majorly of the Indian gratuity plans and the
are not reclassified to profit or loss in subsequent periods. The amounts recognized in the Group’s financial statements as at
actual return of the portfolio of plan assets, in excess of the yields March 31, 2022 and March 31, 2021 is as follows :
computed by applying the discount rate used to measure the
defined benefit obligation is recognized in other comprehensive in ₹ crore
income. The effect of any plan amendments is recognized in net Particulars As at March 31,
profit in the Consolidated Statement of Profit and Loss.
2022 2021
Provident fund Change in benefit obligations
Eligible employees of Infosys receive benefits from a provident Benefit obligations at the beginning 1,624 1,402
fund, which is a defined benefit plan. Both the eligible employee Service cost 219 207
and the Company make monthly contributions to the provident
fund plan equal to a specified percentage of the covered Interest expense 89 84
employee’s salary. The Company contributes a portion to the Transfer of obligation – 3
Infosys Limited Employees’ Provident Fund Trust. The trust Remeasurements – Actuarial (gains)
invests in specific designated instruments as permitted by Indian / losses 81 30
law. The remaining portion is contributed to the government-
administered pension fund. The rate at which the annual interest Benefits paid (291) (98)
is payable to the beneficiaries by the trust is being administered Translation difference – (4)
by the Government of India. The Company has an obligation Benefit obligations at the end 1,722 1,624
to make good the shortfall, if any, between the return from the
investments of the trust and the notified interest rate. Change in plan assets
Fair value of plan assets at the
In respect of Indian subsidiaries, eligible employees receive beginning 1,610 1,522
benefits from a provident fund, which is a defined contribution
plan. Both the eligible employee and the respective companies Interest income 96 92
make monthly contributions to this provident fund plan Remeasurements – Return on plan
equal to a specified percentage of the covered employee’s assets excluding amounts included in
salary. Amounts collected under the provident fund plan are interest income 24 11
deposited in a government-administered provident fund. The Contributions 267 78
Companies have no further obligation to the plan beyond its
monthly contributions. Benefits paid (286) (93)
Fair value of plan assets at the end 1,711 1,610
Superannuation
Funded status (11) (14)
Certain employees of Infosys, Infosys BPM and EdgeVerve are
participants in a defined contribution plan. The Group has no The amounts for the years ended March 31, 2022 and March 31, 2021
further obligations to the plan beyond its monthly contributions, recognized in the Consolidated Statement of Profit and Loss under
which are periodically contributed to a trust fund, the corpus of employee benefit expense are as follows :
which is invested with the Life Insurance Corporation of India.
Compensated absences in ₹ crore
The Group has a policy on compensated absences which Particulars Year ended March 31,
are both accumulating and non-accumulating in nature. The 2022 2021
expected cost of accumulating compensated absences is Service cost 219 207
determined by actuarial valuation performed by an independent
Net interest on the net defined
actuary at each Balance Sheet date using projected unit credit
benefit liability / (asset) (7) (8)
method on the additional amount expected to be paid / availed
as a result of the unused entitlement that has accumulated at the Net gratuity cost 212 199
Balance Sheet date. Expense on non-accumulating compensated
absences is recognized in the period in which the absences occur.
The Code on Social Security, 2020 ("the Code") relating to
employee benefits during employment and post-employment
benefits received Presidential assent in September 2020. The
Code has been published in the Gazette of India. However,
the date on which the Code will come into effect has not been
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The amounts for the years ended March 31, 2022 and March 31, 2021 term trend of employees’ average remaining service life which reflects the
recognized in the Consolidated Statement of Other Comprehensive average estimated term of the post- employment benefit obligations.
Income are as follows : (2)
The average rate of increase in compensation levels is determined by the
Company, considering factors such as, the Company’s past compensation
revision trends and the Management’s estimate of future salary increases.
in ₹ crore
(3)
Attrition rate considered is the Management’s estimate based on the past
Particulars Year ended March 31, long-term trend of employee turnover in the Company.
2022 2021 The sensitivity of significant assumptions used for valuation of
Remeasurements of the net defined defined benefit obligation is as follows :
benefit liability / (asset)
in ₹ crore
Actuarial (gains) / losses 81 30
Impact from percentage point increase / decrease As at March
(Return) / loss on plan assets in 31, 2022
excluding amounts included in
the net interest on the net defined Discount rate 81
benefit liability / (asset) (24) (11) Weighted average rate of increase in compensation
57 19 levels 73
Sensitivity to significant actuarial assumptions is computed by
in ₹ crore varying one actuarial assumption used for the valuation of the
Particulars Year ended March 31, defined benefit obligation by one percentage, keeping all other
actuarial assumptions constant. In practice, this is not probable,
2022 2021
and changes in some of the assumptions may be correlated.
(Gain) / loss from change in
demographic assumptions – – The Company contributes all ascertained liabilities towards
gratuity to the Infosys Limited Employees’ Gratuity Fund Trust.
(Gain) / loss from change in financial
In case of Infosys BPM and EdgeVerve, contributions are made to
assumptions (46) 14
the Infosys BPM Employees’ Gratuity Fund Trust and EdgeVerve
(Gain) / loss from experience Systems Limited Employees Gratuity Fund Trust, respectively.
adjustment 127 16 Trustees administer contributions made to the trust as at March
81 30 31, 2022 and March 31, 2021, the plan assets have been primarily
invested in insurer-managed funds.
The weighted-average assumptions used to determine Actual return on assets for the years ended March 31, 2022 and
benefit obligations as at March 31, 2022 and March 31, March 31, 2021 were ₹ 120 crore and ₹ 103 crore, respectively.
2021 are as follows :
The Group expects to contribute ₹ 226 crore to the gratuity
Particulars As at March 31, trusts during fiscal 2023.
2022 2021 The maturity profile of defined benefit obligation is as follows :
Discount rate (1)
6.5% 6.1% in ₹ crore
Weighted average rate of increase in Within 1 year 264
compensation levels (2) 6.0% 6.0%
1-2 year 268
Weighted average duration of defined
benefit obligation (3) 5.9 years 5.9 years 2-3 year 280
3-4 year 285
The weighted-average assumptions used to determine net
4-5 year 324
periodic benefit cost for the years ended March 31, 2022 and
March 31, 2021 are as follows : 5-10 years 1,697
The Group operates defined benefit pension plan in certain
in % overseas jurisdictions, in accordance with local laws. As at March
Particulars Year ended March 31, 31, 2022, and March 31, 2021, the defined benefit obligation
(DBO) is ₹ 926 crore and ₹ 814 crore, fair value of plan assets is
2022 2021
₹ 846 crore and ₹ 690 crore resulting in recognition of a net DBO
Discount rate 6.1 6.2 of ₹ 80 crore and ₹ 124 crore, respectively.
Weighted average rate of increase in 2.22.2 Provident fund
compensation levels 6.0 6.0
Infosys has an obligation to fund any shortfall on the yield of
Assumptions regarding future mortality experience are set in the trust’s investments over the administered interest rates
accordance with the published statistics by the Life Insurance on an annual basis. These administered rates are determined
Corporation of India. annually predominantly considering the social rather than
(1)
In India, the market for high-quality corporate bonds being not economic factors. The actuary has provided a valuation for
developed, the yield of government bonds is considered as the discount provident fund liabilities on the basis of guidance issued by the
rate. The tenure has been considered taking into account the past long- Actuarial Society of India.
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The funded status of the defined benefit provident fund Particulars As at March 31,
plan of Infosys Limited and the amounts recognized in the
Group’s financial statements as at March 31, 2022 and March 31, 2022 2021
2021 is as follows : Remaining term to maturity of
portfolio 6 years 6 years
in ₹ crore Expected guaranteed interest rate 8.10% 8.50%
Particulars As at March 31, (1)
In India, the market for high-quality corporate bonds being not
2022 2021 developed, the yield of government bonds is considered as the discount
rate. The tenure has been considered taking into account the past long-
Change in benefit obligations
term trend of employees’ average remaining service life, which reflects
Benefit obligations at the beginning 8,287 7,366 the average estimated term of the post- employment benefit obligations.
Service cost 656 423 The breakup of the plan assets into various categories as at March
Employee contribution 1,153 816 31, 2022 and March 31, 2021 is as follows :
Interest expense 516 606
Particulars As at March 31,
Actuarial (gains) / loss 118 (26) 2022 2021
Benefits paid (1,426) (898) Central and State government bonds 57% 54%
Benefit obligations at the end 9,304 8,287 Public sector undertakings and
Change in plan assets private sector bonds 37% 40%
Fair value of plan assets at the Others 6% 6%
beginning 8,140 7,117 The asset allocation for plan assets is determined based on the
Interest income 507 596 investment criteria prescribed under the relevant regulations.
Remeasurements – Return on plan As at March 31, 2022 the defined benefit obligation would be
assets excluding amounts included in affected by approximately ₹ 88 crore and ₹ 114 on account
interest income 18 125 of a 0.25% increase / decrease in the expected rate of
Contributions 1,819 1,200 return on plan assets.
Benefits paid (1,426) (898) The Group contributed ₹ 882 crore and ₹ 665 crore to the
Fair value of plan assets at the end 9,058 8,140 provident fund during the years ended March 31, 2022 and
March 31, 2021, respectively. The same has been recognized in
Net liability (246) (147)
the Consolidated Statement of Profit and Loss under the head
employee benefit expense.
The amounts for the years ended March 31, 2022 and March
31, 2021 recognized in the Consolidated Statement of Other The provident plans are applicable only to employees drawing a
Comprehensive Income are as follows : salary in Indian rupees.
The assumptions used in determining the present value Defined contribution plans 478 358
obligation of the defined benefit plan under the Deterministic Defined benefit plans 1,025 909
Approach are as follows : 63,986 55,541
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For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
in %
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(1)
Wholly-owned subsidiary of Infosys Limited (27)
On October 9, 2020, Infosys Nova Holdings LLC, acquired 100% voting
(2)
Majority-owned and controlled subsidiary of Infosys Limited interest in Kaleidoscope Animations, Inc.
(3)
Wholly-owned subsidiary of Infosys BPM Limited
(28)
Wholly-owned subsidiary of Kaleidoscope Animations, Inc.
(4)
Wholly-owned subsidiary of Infosys Consulting Holding AG
(29)
Merged with Infosys Poland Sp. z.o.o, effective October 21, 2020
(5)
Majority-owned and controlled subsidiary of Infosys Consulting Holding
(30)
On October 27, 2020, Infosys Nova Holding LLC, a wholly-owned
AG subsidiary of Infosys Limited, acquired 100% voting interest in Blue Acorn
iCi Inc (formerly Beringer Commerce Inc) and Beringer Capital Digital Group
(6)
Wholly-owned subsidiary of Panaya Inc. Inc
(7)
Wholly-owned subsidiary of Brilliant Basics Holding Limited. (31)
Wholly-owned subsidiary of Blue Acorn iCi Inc
(8)
Wholly-owned subsidiary of Infosys Consulting Pte. Ltd. (32)
Wholly-owned subsidiary of Beringer Commerce Holdings LLC
(9)
Majority-owned and controlled subsidiary of Infosys Consulting Pte. Ltd. (33)
Wholly-owned subsidiary of Beringer Capital Digital Group Inc.
(10)
Wholly-owned subsidiary of WongDoody Holding Company Inc. (34)
Liquidated effective November 19,2020
(WongDoody)
(35)
Incorporated, effective December 9, 2020
(11)
Wholly-owned subsidiary of Fluido Oy
(36)
Merged into Fluido Sweden AB (Extero), effective December 18, 2020
(12)
Wholly-owned subsidiary of Stater N.V
(37)
Merged into Stater Duitsland B.V., effective December 18, 2020
(13)
Wholly-owned subsidiary of Stater Duitsland B.V.
(38)
Merged with Stater N.V., effective December 23, 2020
(14)
Majority-owned and controlled subsidiary of Stater Participations B.V.
(39)
On December 29, 2020, Stater Participation B.V acquired non-controlling
(15)
Liquidated effective January 28, 2021. interest of 28.01% voting interests in Stater Belgium NV/SA
(16)
Wholly-owned subsidiary of Infosys Nova Holdings LLC (40)
Incorporated on December 30, 2020.
(17)
Wholly-owned subsidiary of Outbox Systems Inc. (41)
Under liquidation
(18)
Wholly-owned subsidiary of Simplus ANZ Pty Ltd (42)
Liquidated effective March 9,2021
(19)
Wholly-owned subsidiary of Simplus Australia Pty Ltd (43)
Incorporated on March 23, 2021
(20)
Wholly-owned subsidiary of Infosys Public Services, Inc. (44)
On March 28, 2021 Infosys Limited and Infosys Germany Holding Gmbh
(21)
Liquidated effective July 17, 2020 registered Infosys Automotive and Mobility GmbH & Co. KG, a partnership
(22)
On June 1, 2020, Fluido Oy, acquired 100% of the voting interests in firm.
Infosys Fluido UK, Ltd. (formerly Simplus UK, Ltd) (45)
Liquidated effective April 27,2021
(23)
Wholly-owned subsidiary of Infosys Fluido UK, Ltd. (formerly Simplus UK, (46)
Incorporated on August 4, 2021
Ltd) (47)
Liquidated effective July 20, 2021
(24)
Incorporated effective September 11, 2020. (48)
Liquidated effective September 1, 2021
(25)
On October 1, 2020, Infy Consulting Company Limited acquired 100% of (49)
Liquidated effective September 2, 2021
voting interests in GuideVision s.r.o
(50)
Incorporated on August 31, 2021
(26)
Wholly-owned subsidiary of GuideVision s.r.o.
(51)
On December 14, 2021, Infosys Consulting Pte. Ltd., a wholly-owned
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in ₹ crore
Additional information pursuant to para 2 of general instructions for the preparation of Consolidated Financial Statements
in ₹ crore
Name of entity Net assets Share in profit or loss Share in other Share in total
comprehensive income comprehensive income
as %age of Amount as %age of Amount as %age of Amount as %age of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss other total
comprehensive comprehensive
income income
Infosys Ltd. 83.20 69,306 87.55 21,235 104.35 (48) 87.51 21,187
Indian subsidiaries
Infosys BPM Limited 5.78 4,818 3.96 960 47.83 (22) 3.87 938
EdgeVerve Systems Limited 0.97 806 3.09 750 (10.87) 5 3.12 755
Infosys Green Forum 0.35 288 0.02 5 – – 0.02 5
Skava Systems Pvt. Ltd. 0.09 76 – – – – – –
Foreign subsidiaries
Brilliant Basics Holdings 0.07 62 0.48 116 – – 0.48 116
Limited
Brilliant Basics Limited – 1 0.01 2 – – 0.01 2
iCiDIGITAL LLC – – 0.01 3 – – 0.01 3
Blue Acorn LLC – – (0.04) (9) – – (0.04) (9)
Beringer Commerce Inc 0.15 123 (0.02) (5) – – (0.02) (5)
Simply Commerce LLC – – – – – – – –
Beringer Capital Digital Group – – 0.01 2 – – 0.01 2
Inc
Beringer Commerce Holdings – – – – – – – –
LLC
Mediotype LLC – – 0.07 17 – – 0.07 17
SureSource LLC – 1 0.06 14 – – 0.06 14
Infosys BPO Americas LLC 0.01 11 (0.28) (69) – – (0.28) (69)
Portland Group Pty Ltd 0.08 65 0.06 15 – – 0.06 15
Fluido Denmark A/S 0.01 5 – 1 – – – 1
Fluido Oy 0.14 115 0.03 8 – – 0.03 8
Fluido Norway A/S 0.03 26 0.07 17 – – 0.07 17
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Name of entity Net assets Share in profit or loss Share in other Share in total
comprehensive income comprehensive income
as %age of Amount as %age of Amount as %age of Amount as %age of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss other total
comprehensive comprehensive
income income
Fluido Slovakia s.r.o. 0.01 5 – 1 – – – 1
Fluido Sweden AB 0.01 5 0.05 11 – – 0.05 11
Infosys Fluido Ireland, Ltd. – (1) 0.01 3 – – 0.01 3
Infosys Fluido UK, Ltd. (0.02) (12) (0.04) (10) – – (0.04) (10)
GuideVision s.r.o. 0.06 50 0.09 22 – – 0.09 22
GuideVision Deutschland – 4 – (1) – – – (1)
GmbH
GuideVision Suomi Oy – 1 – 1 – – – 1
GuideVision Magyarország Kft – 1 (0.02) (4) – – (0.02) (4)
GuideVision Polska SP.Z.O.O – 1 (0.01) (3) – – (0.01) (3)
GuideVision UK Ltd – 2 0.01 2 – – 0.01 2
Infosys Germany Holding – 2 – – – – – –
GmbH
Infosys Chile SpA 0.02 15 0.02 5 – – 0.02 5
Infosys Americas Inc., – 1 – – – – – –
Infosys Austria GmbH – 4 0.01 2 – – 0.01 2
Infosys (Czech Republic) 0.13 106 0.08 19 – – 0.08 19
Limited s.r.o.
Infosys Limited Bulgaria – 1 – – – – – –
Infosys Technologies (China) 0.40 334 0.26 64 – – 0.26 64
Co. Limited
Infosys Technologies 0.80 666 (0.28) (68) – – (0.28) (68)
(Shanghai) Company Limited
HIPUS Co., Ltd. 0.11 89 0.12 28 – – 0.12 28
Infosys Public Services, Inc. 0.95 788 0.48 117 – – 0.48 117
USA
Infosys Consulting S.R.L. (0.01) (5) (0.03) (8) – – (0.03) (8)
(Argentina)
Infosys Management 0.05 44 0.04 10 – – 0.04 10
Consulting Pty Limited
Infosys Consulting (Belgium) – (3) 0.04 9 – – 0.04 9
NV
Infosys Consulting Ltda. 0.12 104 0.10 25 – – 0.10 25
Infosys Consulting AG 0.10 81 0.10 24 (17.39) 8 0.13 32
Infosys Consulting (Shanghai) – – – 1 – – – 1
Co., Ltd.
Infosys Consulting GmbH 0.08 68 0.12 29 – – 0.12 29
Infosys Consulting SAS 0.03 22 0.04 10 – – 0.04 10
Infy Consulting Company Ltd. 0.23 190 0.13 31 – – 0.13 31
Infosys Consulting Holding AG 0.51 423 0.29 70 – – 0.29 70
Infy Consulting B.V. 0.04 36 0.04 9 – – 0.04 9
Infosys Consulting S.R.L. 0.07 56 0.07 18 – – 0.07 18
(Romania)
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Name of entity Net assets Share in profit or loss Share in other Share in total
comprehensive income comprehensive income
as %age of Amount as %age of Amount as %age of Amount as %age of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss other total
comprehensive comprehensive
income income
Infosys Consulting Pte Limited (0.71) (590) 0.67 162 – – 0.67 162
Infosys Luxembourg S.a.r.l. 0.01 7 0.01 2 – – 0.01 2
Infosys Technologies S. de R. 0.42 354 0.25 62 – – 0.26 62
L. de C. V.
Infosys Nova Holdings LLC 3.30 2,745 (0.05) (12) – – (0.05) (12)
Infosys Poland Sp Z.o.o. 0.81 676 0.45 108 – – 0.45 108
Infosys South Africa (Pty) Ltd – – – – – – – –
Infosys Arabia Limited – 3 – – – – – –
Infosys Technologies (Sweden) 0.11 94 0.16 39 – – 0.16 39
AB.
Infosys Compaz Pte. Ltd 0.22 181 0.26 62 – - 0.26 62
Infosys Middle East FZ-LLC (0.02) (18) – 1 (4.35) 2 0.01 3
WDW Communications, Inc. – – (0.16) (38) – – (0.16) (38)
WongDoody Holding – – (0.01) (3) – – (0.01) (3)
Company Inc.
WongDoody, Inc. 0.22 180 0.44 106 – – 0.44 106
Kaleidoscope Animations 0.09 76 0.11 26 – – 0.11 26
Kaleidoscope Prototyping 0.01 13 0.02 6 – – 0.02 6
Panaya GmbH – (1) – – – – – –
Panaya Inc. 0.17 142 – 1 – – – 1
Panaya Ltd. (0.76) (629) 0.15 36 – – 0.15 36
Infosys McCamish Systems LLC 1.01 843 1.02 248 – – 1.02 248
Simplus Philippines, Inc. 0.01 9 0.02 4 – – 0.02 4
Simplus Australia Pty Ltd (0.04) (30) – (1) – – – (1)
Outbox systems Inc. dba 0.06 49 (0.13) (31) – – (0.13) (31)
Simplus (US)
Stater Belgium N.V./S.A. 0.10 80 0.04 10 – – 0.04 10
HypoCasso B.V. 0.03 24 0.03 8 – – 0.03 8
Stater Nederland B.V. 0.23 190 0.37 89 – – 0.37 89
Stater N.V. 0.73 606 0.81 197 – – 0.81 197
Stater Participations B.V. (0.29) (244) – – – – – –
Stater XXL B.V. – – – – – – – –
Infosys Automotive and (0.32) (270) (1.23) (297) (19.57) 9 (1.18) (288)
Mobility GmbH & Co. KG
Infosys Turkey Bilgi – (1) – (1) – – – (1)
Teknolojikeri Limited Sirketi
Infosys (Malaysia) SDN. BHD. 0.04 33 (0.02) (4) – – (0.02) (4)
Stater GMBH – (3) (0.01) (3) – – (0.01) (3)
Infosys Germany GmbH – – – – – – –
(formerly Kristall 247. GmbH
(“Kristall”))
Subtotal 100.00 83,300 100.00 24,256 100.00 (46) 100.00 24,210
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Name of entity Net assets Share in profit or loss Share in other Share in total
comprehensive income comprehensive income
as %age of Amount as %age of Amount as %age of Amount as %age of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss other total
comprehensive comprehensive
income income
Adjustment arising out of (8,182) (2,158) 228 (1,930)
consolidation
Controlled trusts 232 48 – 48
75,350 22,146 182 22,328
Non-controlling interests 386 (36) 1 (35)
Total 75,736 22,110 183 22,293
2.26 Segment reporting identifiable to that segment. Revenue for ‘all other segments’
Ind AS 108, Operating segments, establishes standards for the represents revenue generated by Infosys Public services and
way that public business enterprises report information about revenue generated from customers located in India, Japan
operating segments and related disclosures about products and China and other enterprises in Public services. Allocated
and services, geographic areas, and major customers. The expenses of segments include expenses incurred for rendering
Group’s operations predominantly relate to providing end-to- services from the Group’s offshore software development
end business solutions to enable clients to enhance business centers and onsite expenses, which are categorized in
performance. The Chief Operating Decision Maker evaluates relation to the associated efforts of the segment. Certain
the Group’s performance and allocates resources based on an expenses such as depreciation and amortization, which form
analysis of various performance indicators by business segments. a significant component of total expenses, are not specifically
Accordingly, information has been presented along business allocable to specific segments as the underlying assets are
segments. The accounting principles used in the preparation used interchangeably. The Management believes that it is not
of the financial statements are consistently applied to record practical to provide segment disclosures relating to those costs
revenue and expenditure in individual segments, and are as set and expenses, and accordingly these expenses are separately
out in the accounting policies. disclosed as “unallocated” and adjusted against the total
income of the Group.
Business segments of the Group are primarily enterprises in
Financial Services and Insurance, enterprises in Manufacturing, Assets and liabilities used in the Group’s business are not
enterprises in Retail, Consumer Packaged Goods and Logistics, identified to any of the reportable segments, as these are used
enterprises in the Energy, Utilities, Resources and Services, interchangeably between segments. The Management believes
enterprises in Communication, Telecom OEM and Media, that it is currently not practicable to provide segment disclosures
enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare relating to total assets and liabilities since a meaningful
and all other segments. The Financial services reportable segregation of the available data is onerous.
segments has been aggregated to include the Financial Business segment revenue information is collated based on
Services operating segment and Finacle operating segment individual customers invoiced or in relation to which the revenue
because of the similarity of the economic characteristics. is otherwise recognized.
All other segments represent the operating segments of
businesses in India, Japan, China, Infosys Public Services & other Disclosure of revenue by geographic locations is given in Note
enterprises in Public Services. 2.18 Revenue from operations.
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Business Segments
For the years ended March 31, 2022 and March 31, 2021 :
in ₹ crore
Significant clients
No client individually accounted for more than 10% of the revenues in the years ended March 31, 2022 and March 31, 2021.
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Section A: General Disclosure
I Company details
4. Registered office address Electronics City, Hosur Road, Bengaluru, Karnataka 560 100, India
Approaching
value creation
8. Website www.infosys.com
9. Financial year for which reporting is being done April 2021-March 2022
value
10. Name of the Stock Exchange(s) where shares are listed In India, we are listed on the
Delivering
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In the US, we are listed on the New York Stock Exchange (NYSE)
Governance
12. Name and contact details (telephone, email address) of the person who may be ARUNA C. NEWTON
contacted in case of any queries on the BRSR report Associate Vice President
Tel: 91 80 2852 0261
reports
Statutory
Email: arunacnewton@infosys.com
13. Reporting boundary - Are the disclosures under this report made on a standalone The disclosures under this report are made on a consolidated basis, unless otherwise
basis (i.e. only for the entity) or on a consolidated basis (i.e. for the entity and all the specified.
entities which form a part of its consolidated financial statements, taken together).
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
statements
BRSR
331
332
II Products / services
S. No. Description of main activity Description of business activity % of turnover of the entity
Introduction
1 Software and IT consulting Software application development and >90% of the turnover
(GICS classification – Information Technology – Software and maintenance, IT consulting
Services)
15. Products / services sold by the entity (accounting for 90% of the entity’s turnover)
Approaching
value creation
III Operations
16. Number of locations where plants and / or operations / offices of the entity are situated
value
National NA 51
247
370 / 442
International NA 196
Governance
a.
reports
Locations Number
Statutory
b. What is the contribution of exports as a percentage of the total turnover of the entity?
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
97.1%
Business to business
a. Employees Introduction
Differently-abled employees
371 / 442
3 Total employees (D + E) 1,026 752 73 274 27
Governance
Board of Directors 8 2 25
Financial
statements
BRSR
333
334
20. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)
Turnover rate in fiscal 2022 Turnover rate in fiscal 2021 Turnover rate in fiscal 2020
Male Female Total Male Female Total Male Female Total Introduction
Permanent employees 28.7% 26.1% 27.7% 11.3% 10.2% 10.9% 17.6% 17.0% 17.4%
Other than permanent employees We do not calculate turnover of contract staff as they are hired for a fixed contract period, by design.
This table represent Voluntary Attrition % (LTM – IT Services)
Approaching
value creation
Refer to Annexure 1 to the Board’s report for information on holding / subsidiary / associate companies / joint ventures.
22 (i) Whether CSR is applicable as per Section 135 of Companies Act, 2013:
Delivering
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(1)
Total equity attributable to equity holders of the Company
Governance
23. Complaints / grievances on any of the principles under the National Guidelines on Responsible Business Conduct
reports
Statutory
Infosys’ stakeholders include our investors, clients, employees, vendors / partners, government, and the community. A strong whistleblower policy and non-retaliation clause
is available to all our stakeholders. Our whistleblower policy is available at https://www.infosys.com/investors/corporate-governance/Documents/whistleblower-policy.pdf. For
details on investor complaints received and resolved, refer to the ‘Investor complaints’ available in the Corporate governance report of this Integrated Annual Report. For details on
employee grievances and resolution, refer to question 6 of principle 5. More details are available on our ESG microsite at https://www.infosys.com/about/corporate-responsibility/
social/employee-wellbeing/resolution-hubs.html.
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
BRSR
S. Material Indicate Rationale for identifying the risk / In case of risk, approach to adapt or mitigate Financial implications of the risk
No. issue whether risk opportunity (Indicate positive or negative
Introduction
identified or opportunity implications)
(R / O)
1. Rising Opportunity, risk Opportunity We are executing our four-pronged strategy to Positive : Given the shortage of digital
demand for • Increased revenue from higher strengthen our relevance to clients and drive talent, there is immense scope to
Approaching
value creation
global digital demand for digital services from accelerated value creation. One of the pillars of create a talent pool to accelerate the
professionals and our ability to and build a lifelong career with the Company.
Delivering
hire, attract, motivate, retain and We will continue to invest in advanced, anytime
train these personnel. anywhere learning systems such as our Lex
platform and in creating and harnessing up-to-
373 / 442
date content from internal and external sources.
Further, we are expanding our relationships
with universities around the world to curate
Governance
Financial
statements
BRSR
335
336
2. Increasing Opportunity, risk Opportunity At Infosys, in the past year, while our employees Positive : Minimize cybersecurity
instances of • Increasing revenue from operated efficiently as a remote and hybrid threats to Infosys and customers
cybersecurity cybersecurity service offerings workforce, we continued to remain vigilant through advanced cybersecurity
incidents and and solutions such as Cyber Watch, about the evolving cybersecurity threat solutions.
data breaches Cyber Intel, Cyber Hunt, Cyber Scan, landscape. To continue to have robust
Cyber Gaze, Cyber Compass, Cyber cybersecurity processes, the team has remained Introduction
Central and Managed Protection abreast of emerging cybersecurity events
Detection and Response (MPDR) globally so as to achieve higher compliance
and its continued sustenance. We continue to
modules of Cyber Next.
be certified against the Information Security
• Establish strong strategic Management System (ISMS) Standard ISO
partnerships with global 27001:2013. Additionally, we have also been
Approaching
value creation
practices and adoption of leading Driving a positive cybersecurity culture is a key
data privacy standards across all constituent of our robust cybersecurity strategy.
This is achieved through different information
global operations will result in
security awareness programs.
higher client confidence.
The data privacy office was constituted at
value
374 / 442
incidents.
We constantly assess our liabilities as processors
• Our reputation may be impacted and controllers and implement controls,
Governance
and we may incur financial where required, to mitigate the risks. We have
liabilities if privacy breaches and formulated and implemented policies and
incidents under General Data procedures to identify and report privacy
Protection Regulation (“GDPR”) breaches to the affected data subjects and / or
reports
adopted by the European Union regulators (as required) within the stipulated
Statutory
requirements.
wherever applicable, within the
stipulated time.
BRSR
Risk
value creation
4. Increasing Opportunity, risk Opportunity Refer to the Infosys ESG data book 2021-22 for Positive : Scope to improve Infosys’
value
375 / 442
events • Savings from use of lower-emission clients in their sustainability and low-
sources of energy (renewables) carbon journey.
Governance
Financial
337
338
Section B: Management and process disclosures
Disclosure question P1 P2 P3 P4 P5 P6 P7 P8 P9
Refer to
review
Strategy
376 / 442
2. Whether the entity has
translated the policy into Yes Yes Yes Yes Yes Yes Yes Yes Yes
Governance
GRI standard,
GRI standard, GRI standard,
ISO 45001,
4. Name of the national UNGC, CSR discloures
Universal
and international codes Corporate GRI standard, pursuant to
Declaration
/ certifications / labels Governance Universal Section 135 of
of Human GRI standard,
Voluntary Declaration the Companies
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
“Infosys is committed to make the business truly sustainable and socially responsible. The Company’s ESG roadmap is reflected in Infosys ESG Vision 2030 as an ongoing
aspiration to be a well-governed model organization for diverse talent with an inclusive workplace and community strategies to leverage technology for good.”
review
Strategy
Salil Parekh
Chief Executive Officer and Managing Director
Read Infosys ESG Report 2021-22 for information highlighting ESG related challenges, targets and achievements.
value
8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy(ies)
Delivering
The ESG committee of the Board oversees the Business Responsibility and progress on our ESG ambitions. Read more in the ESG committee section of the Corporate goverance report
in the Integrated Annual Report.
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9. Does the entity have a specified Committee of the Board / Director responsible for decision making on sustainability related issues? (Yes / No). If yes, provide details
Governance
Yes, the ESG committee of the Board. Read more in the ESG committee section of the Corporate goverance report in the Integrated Annual Report.
reports
Statutory
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
statements
BRSR
339
340
Indicate whether review was undertaken by
Frequency (Annually / Half yearly / Quarterly /
Director / Committee of the Board / Any other
Any other – please specify)
Subject for review committee
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Introduction
Performance against above policies and follow
Yes Annually
up action
10. Details of Review of
NGRBCs by the Company Compliance with statutory requirements of
relevance to the principles, and, rectification of We comply with all applicable laws of the land we operate in.
any non-compliance
Approaching
value creation
Yes. KPMG Assurance and Consulting Services LLP has provided a ‘reasonable assurance’ on GHG
policies by an external
Answer emissions and a ‘limited assurance’ on select non-financial sustainability disclosures based on GRI
agency? (Yes / No). If
standards and SASB standards.
yes, provide name of the
agency.
question(1) above is no
i.e. not all principles
The entity does not consider the principles
are covered by a policy,
material to its business (Yes / No)
reasons to be stated
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The entity is not at a stage where it is in a position
Governance
/ No)
statements
P1 – Whistleblower Policy, Code of Conduct and Ethics, Anti-Bribery and Anti-Corruption (ABAC) policy
P2 – Responsible Supply Chain Policy, Supplier Code of Conduct, Information Security Policy
P3 – Human Rights Statement, HR Policies, Diversity Policy
P4 – CSR Policy, Sustainability Policy
BRSR
P5 – Human Rights Statement, Supplier Code of Conduct, Responsible Supply Chain Policy
P6 – HSE Policy
P7 – Sustainability Policy
P8 – CSR Policy, Sustainability Policy
1. Percentage coverage by training and awareness programs on any or all the principles in the financial year
Total number of training and awareness Topics / principles covered under the
Segment % coverage by awareness programs
programs held training and its impact
Approaching
value creation
Engagement activities such as celebration of events related to environment, diversity, safety, health and wellness, also leverage the
Strategy
2. Details of fines / penalties / punishment / award / compounding fees / settlement amount paid in proceedings with regulators / law enforcement agencies / judicial
Delivering
None
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3. Of the instances given in table 3, details of the Appeal / Revision preferred in cases where monetary or non-monetary action has been impugned.
Governance
None
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to the policy.
reports
Yes. Our Code of Conduct and Ethics complies with the legal requirements of applicable laws and regulations, including anti-bribery, anti-corruption and ethical handling of conflicts
Statutory
of interest. Additionally, we also have an ABAC policy, which provides the requirements around ABAC in detail.
5. Number of Directors / KMPs / employees / workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery / corruption:
There have been no cases involving disciplinary action taken by any law enforcement agency for the charges of bribery / corruption against directors / KMP / employees / workers
that have been brought to our attention.
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
statements
None
BRSR
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators / law enforcement agencies / judicial
institutions, on cases of corruption and conflicts of interest
None
341
342
Leadership indicators
1. Awareness programs conducted for value chain partners on any of the principles during the financial year:
2. Does the entity have processes in place to avoid / manage conflicts of interest involving members of the Board? (Yes / No) If Yes, provide details of the same.
Yes. The Company receives an annual declaration (changes from time to time) from its Board members and KMP on the entities they are interested in and ensures requisite approvals
as required under the statute as well as the Company’s policies are in place before transacting with such entities / individuals.
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Strategy
PRINCIPLE 2:
value
Delivering
Businesses should provide goods and services in a manner that is sustainable and safe
Essential indicators
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1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to
total R&D and capex investments made by the company, respectively.
Governance
Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and
capex investments will be made available in our Business responsibility and sustainability report from fiscal 2023 onwards.
reports
Statutory
2a. Does the company have procedures in place for sustainable sourcing? (Yes / No)
Yes
As part of the onboarding process for suppliers, we require their response to an ESG commitment question and their acceptance of the Supplier Code of Conduct, which is based on
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
3. Describe the processes in place to safely collect, reuse, recycle and dispose after sale and at the end of life of your products.
BRSR
Not applicable
Leadership indicators
Introduction
1. Has the entity conducted Life Cycle Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? If yes, provide details in
the following format?
Approaching
value creation
We conduct LCA on our operations and we are committed to minimize our environmental impact. Detailed disclosure in this regard is available in the Environment section of Infosys
2. If there are any significant social or environmental concerns and / or risks arising from production or disposal of your products / services, as identified in the Life Cycle
Perspective / Assessments (LCA) or through any other means, briefly describe the same along-with action taken to mitigate the same
review
Strategy
Nil
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry).
Refer to the Waste management section in Infosys ESG Report 2021-22 and Principle 6 of the BRSR in the Integrated Annual Report.
value
Delivering
4. Of the products and packaging collected at end of life of products, amount (in metric tonnes) reused, recycled, and safely disposed, as per the following format:
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5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Governance
Financial
statements
BRSR
343
344
PRINCIPLE 3:
Businesses should respect and promote the wellbeing of all employees, including those in their value chains
Essential indicators
a. Details of measures for the well-being of employees Introduction
% of employees covered
Health insurance Accident insurance Maternity benefits Paternity benefits Day care facilities
Category Total (A)
Number Number Number Number Number % (F /
Approaching
value creation
% (B / A) % (C / A) % (D / A) % (E / A)
(B) (C) (D) (E) (F) A)
Male 1,57,132 1,57,132 100 1,57,132 100 – – 1,57,132 100 1,57,132 100
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Strategy
Female 1,04,672 1,04,672 100 1,04,672 100 1,04,672 100 – – 1,04,672 100
Total 2,61,804 2,61,804 100 2,61,804 100 1,04,672 100 1,57,132 100 2,61,804 100
Total 25,470 11,304 44 11,304 44 5,106 100 20,364 100 25,470 100
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(1)
Includes only employees whose base location is India
Governance
(2)
The health insurance and accident insurance is extended to the housekeeping and security staff working on our campuses in India. The health insurance and accident insurance of other contractors are
covered by their respective employers.
statements
ESI (1) 9 86 Y 8 94 Y
BRSR
Yes. The premises / offices of the entity are accessible to differently-abled employees and workers.
Introduction
Accessible infrastructure: Huge investments in physical infrastructure have led to enhancements, including accessible walkways and common areas, so that not just buildings, but
our whole campuses have become accessible.
Local transport allowance: As part of our commitment to facilitating accessibility and acknowledging the fact that every differently-abled person will have a separate accessible
commute requirement,we provide special transport allowance to employees in India.
We also provide loans for employees with disabilities to help them buy assistive devices.
Approaching
value creation
Excellence.
Accessibility Lab: The digital accessibility learning suite of programs and certifications enables engineers to gain a deeper understanding of digital accessibility requirements with a
view to build accessible solutions. Infosys’ Accessibility Testing Tool (iATT) was listed as one of the w3.org’s recommended tools. iATT is an intelligent accessibility compliance analyzer
with a robust rules engine and exhaustive features that enable intuitive data for accessibility analysis.
value
The Infyability ERG provides a great opportunity to strengthen communication and awareness, and importantly, workplace support and inclusion of employees with disabilities.
Delivering
Our employees with disabilities include locomotor, visual, hearing, speech, amputated limbs and autism spectrum disorders and work in mainstream business.
Read more at https://www.infosys.com/about/diversity-inclusion/people-disabilities.html.
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4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy.
Yes. The entity has an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016. The policy is available on our website, at
Governance
https://www.infosys.com/careers/discover/culture/documents/diversity-inclusion-policy.pdf.
5. Return to work and retention rates of employees that took parental leave.
Gender Return to work rate Retention rate* Return to work rate Retention rate*
Financial
statements
* Total number of employees, by gender, who were still employed 12 months after they returned to work post parental leave. The return to work rates dropped in fiscal 2022 owing to attrition.
BRSR
345
346
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes, give details of the mechanism in brief.
Infosys is committed to providing a safe and positive work environment. In keeping with this philosophy, the organization envisages an
open-door policy. Employees also have access to several forums where they can highlight matters or concerns faced at the workplace.
This is achieved through a well-established and robust grievance resolution mechanism comprising resolution hubs.
Permanent employees and other than Introduction
permanent employees Resolution hubs adhere to the principles of natural justice, confidentiality, sensitivity, non-retaliation and fairness while addressing
concerns. The concerns are handled with a lot of sensitivity, while delivering timely action and closure. A detailed investigation process
ensures fairness for all involved, with an opportunity to present facts and any material evidence. More details on “Resolution Hubs” are
available our website at https://www.infosys.com/about/corporate-responsibility/social/employee-wellbeing/resolution-hubs.html.
Approaching
value creation
7. Membership of employees and workers in association(s) or unions recognized by the listed entity:
We recognize our employees’ right to assemble, communicate and join associations of their choice in matters related to their employment within the purview of our policies and
procedures. We respect the rights of our employees to associate or not associate through internal employee resource groups and seek representation, to bargain or not bargain
collectively in accordance with local laws.
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Strategy
No. of employees
No. of employees / / workers in
Total employees Total employees
workers in respective respective
/ workers in / workers in
value
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Total permanent employees 3,14,015 7,668 2.44 2,59,619 9,517 4
Governance
Continuous learning and reskilling have always been central to our culture. Our training program can be broadly classified as the Foundation Training program, designed to enable
fresh graduates to become corporate professionals, and the Continuous Education program, aimed at reskilling / upskilling our existing employees, designed to meet business needs
of the organization and the career aspirations of employees.
Foundation Training programs are generally offered in classroom training mode. However, due to the COVID-19 pandemic, many employees could attend this training online,
courtesy our digital learning platform, Lex. The curriculum of our Foundation Training program comprises over 46 technology streams and is designed to prepare our talent for
dynamic business requirements.
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
Our Continuous Education program has the twin objectives of increasing fulfillment of skilled talent in client projects, and enriching the expertise of our global workforce in next-
generation digital technologies and methodologies. Lex, our in-house mobile first online learning platform, offers over 13,700 curated courses, which includes over 10,000 courses
procured from partners. Lex has many self-learning courses which can be used by employees anytime, anywhere. We also offer instructor-led training programs for our employees
across the globe. For more information, refer to the Enabling digital talent at scale section in the ESG Report.
BRSR
Embedding a Health, Safety and Environmental (HSE) culture in the organization necessitates competency development. Training needs are identified based on the nature of jobs,
which may have a significant impact on the environment or may pose occupational health and safety risks. Training includes awareness-building, mock drills, classroom sessions
and periodic demonstrations. HSE Management System (HSEMS) training is also a part of our employee induction programs. Job-specific and generic trainings are conducted for
contractual staff during induction and later through refresher training.
Total (A) No. (B) % (B / A) No. (C) % (C / A) Total (D) No. (E) % (E / D) No. (F) % (F / D) Introduction
Male 1,89,517 1,89,517 100 1,54,824 81.6 1,59,298 1,59,298 100 1,39,351 87.4
Female 1,24,498 1,24,498 100 1,03,022 82.7 1,00,321 1,00,321 100 82,741 82.6
Total 3,14,015 3,14,015 100 2,57,846 82.1 2,59,619 2,59,619 100 2,22,092 85.5
Approaching
value creation
100% of eligible employees have received performance and career development reviews.
review
Strategy
10a. Whether an occupational health and safety management system has been implemented by the entity? (Yes / No). If yes, the coverage of such system?
Infosys recognizes and accords highest priority to safety and well-being of its employees and other relevant interested parties. Our HSE Policy enunciates our philosophy and
commitment towards the management of key HSE aspects. Our HSEMS is certified to ISO 45001:2018 standard, and covers 80% of our India locations. At the remaining locations as
well as our overseas locations, we have implemented processes based on legal requirements / internal benchmarks and have also included them in the internal audits cycle. We have
established numerous interventions to address occupational health-related topics including emotional well-being, mental health, ergonomics, safety, lifestyle diseases and more.
value
Well-equipped occupational health centers are available in all our campuses in India. During the year, doctors and physios have helped employees and their dependents through
Delivering
virtual consultations leveraging our telemedicine portal. More details on “Occupational Health and Safety” are available our website at
https://www.infosys.com/about/corporate-responsibility/social/employee-wellbeing/occupational-health-safety.html.
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10b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the entity?
We identify occupational health and safety risks proactively, for all existing / new / modified activities, processes, products or services, and regulatory changes including routine and
Governance
non-routine activities. Risk assessment also includes quarterly evaluation of incidents that have occurred. Hazardous conditions present are identified and prioritized for elimination
and control. Once the identified hierarchy of controls is implemented, the risk assessment is revisited to assess the residual risks. As Infosys is an IT / ITES company, there are no
product risks but there are those related to the provision of services like ergonomics in work as well as those associated with the operation of utilities and employee commute.
Participation and consultation with relevant personnel involved in the activities is ensured during the process of risk assessments.
reports
Statutory
Risks are also assessed prior to and post the development of new buildings. Experience from previous projects and current operations are also considered. We continually monitor
our construction sites where infrastructure is being established.
More details on “Occupational Health and Safety” are available our website at
https://www.infosys.com/about/corporate-responsibility/social/employee-wellbeing/occupational-health-safety.html.
10c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks. (Y / N)
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Financial
statements
Yes. A process for incident management exists including incident reporting, investigation and implementation of appropriate corrective measures. Employees, contractual staff
and visitors are all expected to report incidents including near-miss and potential hazards in addition to accidents. Mechanisms have been implemented to report incidents which
includes an internal application (AHD), a global incident mail id and a location-specific mail id.
BRSR
More details on “Occupational Health and Safety” are available our website at
https://www.infosys.com/about/corporate-responsibility/social/employee-wellbeing/occupational-health-safety.html.
347
348
11. Details of safety-related incidents during the current fiscal
Employees 0.143 0
Lost Time Injury Frequency Rate (LTIFR) (per one million-person
hours worked)
Workers 0.780 0.932 Introduction
Employees 1 0
Total recordable work-related injuries
Workers 19 21
Employees 0 0
Approaching
value creation
No. of fatalities
Workers 1 0
Employees 0 0
High consequence work-related injury or ill-health
review
(excluding fatalities)
Strategy
Workers 0 0
* India operations
12. Describe the measures taken by the Company to ensure a safe and healthy work place.
value
More details on “Occupational Health and Safety” are available our website at
Delivering
https://www.infosys.com/about/corporate-responsibility/social/employee-wellbeing/occupational-health-safety.html.
13. Number of complaints on working conditions and health and safety made by employees and workers:
386 / 442
Fiscal 2022 Fiscal 2021
Governance
Filed during the year Pending resolution at the end of year Filed during the year Pending resolution at the end of year
Working conditions 6 0 13 0
Health and safety 0 0 13 0
reports
Statutory
Infosys offers world-class workplaces for its employess globally. These workplaces have well-appointed, safe and hygienic work spaces and ambient conditions. There were queries
on COVID-related medical support which were handled and resolved by the COVID helpdesk.
A compilation of our world-class building standards is available at https://www.infosys.com/sustainability/documents/infosys-esg-databook-2020-21.pdf#page=24.
statements
Our HSEMS is certified to ISO 45001:2018 standard. The scope of HSEMS is all activities, which are a part of our operations and employees working for and on behalf of the Company,
including deputees at client sites. Safety and well-being of our employees is accorded the highest priority. Our internal corporate certification audits and assessments team (CCAT)
conducts periodic assessments across Infosys locations annually.
Assessments for the year % of your plants and offices that were assessed (by entity or statutory authorities or third parties)
BRSR
Safety at the workplace is one of the highest priorities at Infosys. We have always focused on building a culture of safety, emphasizing individual responsibility. Systems have been
established, including work permits, training, LOTO (lockout / tagout), safety inspections, operational controls, monitoring, audits and assessments, and others. Gaps, learnings,
deviations and findings, if any, are identified, controls implemented and tracked for effective closure. Introduction
A process for incident management exists including incident reporting, investigation and implementation of appropriate corrective measures. Employees, contractual staff and
visitors are all expected to report incidents including near-miss and potential hazards in addition to accidents. Mechanisms have been implemented to report incidents.
Occupational health and safety committees are established at each campus / office. The committees are chaired by the respective center heads with representation from employees,
senior management and cross-functional teams. The committee functions in line with local legislations, globally. The representation of employees in the committees is 100%.
The OH&S committees are responsible for conducting investigation of reported incidents, assisting in the development and implementation of the OH&S best practices to minimize
Approaching
value creation
risks, and providing an opportunity to raise concerns and recommend solutions for various OH&S-related issues.
Yes
2. Provide the measures undertaken by the Company to ensure that statutory dues have been deducted and deposited by the value chain partners.
The Company conducts an audit of value chain partners to ensure timely deduction and deposit of statutory dues.
value
Delivering
3. Provide the number of employees / workers having suffered high consequence work-related injury / ill-health / fatalities (as reported in Q11 of Essential indicators above),
who have been are rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment
387 / 442
No. of employees / workers that are rehabilitated and placed
Total no. of affected employees / workers in suitable employment or whose family members have been
placed in suitable employment
Governance
Employees 0 0 0 0
reports
Statutory
Workers 1 0 0 0
4. Does the entity provide transition assistance programs to facilitate continued employability and the management of career endings resulting from retirement or
termination of employment? (Yes / No)
Yes. Infosys emphasizes life-long learning and for this, we have introduced immersive learning platforms that allow employees to continuously upgrade their skills in their areas of
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
statements
interest and continue to be available to employees, even after their retirement from Infosys, through Infosys Springboard. As a part of Infosys’ ESG Vision 2030, we have an ambition
to promote digital learning at scale. We have extended Infosys Springboard to enable continuous learning free of cost. This learning platform also addresses the learning needs of the
students, teachers, adults and professionals in a variety of domains including technical, behavioral, leadership and more. More details will be available in Infosys ESG Report 2021-22.
BRSR
349
350
5. Details on assessment of value chain partners
% of value chain partners (by value of business done with such partners) that
were assessed
Working conditions
We have assessed 40% of our top 25 suppliers through an independent, external ESG Introduction
assessment.
Health and safety
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of health and safety practices and working
conditions of value chain partners
Approaching
value creation
There were no significant risks / concerns arising from assessments of health and safety practices and working conditions of value chain partners.
review
Strategy
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
Essential indicators
value
Delivering
1. Describe the processes for identifying key stakeholder groups of the entity
Investors contributing capital are important stakeholders. We are privileged to share a strong relationship with investors based on a deep understanding of their expectations and
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our commitment to consistently fulfil them. Client value is a part of C-LIFE, a reflection of our commitment to our clients. Employees enable us to create value for our clients and for
the organization and in turn, they enjoy fulfilling careers. Suppliers are our key stakeholders who enable us to deliver business value. Respecting the law of the land is an integral
Governance
part of the Infosys Code of Conduct, making governments and regulators important stakeholders. Our commitment to inclusive growth ensures the community is at the center of
our sustainable business practices and this is why the Infosys Foundation was established in 1996 to work in the areas of education, healthcare, rural development, destitute care,
disaster relief and the promotion of art and culture.
Our stakeholders are our investors, clients, employees, suppliers, government / regulators and the community.
reports
Statutory
2. List stakeholder groups identified as key for your company as described in Section B, Q. 9, and the frequency of engagement with each stakeholder group.
statements
BRSR
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is
feedback from such consultations provided to the Board.
Consultation with stakeholders on E,S and G topics are delegated to the departments within the organization who are also responsible for engaging with stakeholders continually.
Introduction
Infosys has a presence across multiple geographies, industries, services and products. The universe of our material concerns is complex and multi-layered, one that is deeply
intertwined with the decisions we implement and the value we seek to create through our business. Within the domains of E, S and G, we are constantly thinking about the most
important issues and preparing for them through these consultations.
We determined our most material issues through a data-driven and consultative exercise. Material topics were shortlisted and prioritized based on their impact on our stakeholders
and our business.
Approaching
value creation
2. Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes / No). If so, provide details of instances
as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.
review
Strategy
Yes. We framed our ESG Vision 2030 on material topics from our stakeholder consultations. Material topics were shortlisted and prioritized based on their impact on our stakeholders
and our business. Our ESG priorities, as part of the Company’s ESG Vision 2030 can be accessed at
https://www.infosys.com/content/dam/infosys-web/en/about/corporate-responsibility/esg-vision-2030/esg-priorities.html.
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable / marginalized stakeholder groups.
value
Delivering
The Infosys Foundation was set up to support underprivileged sections of society, create opportunities and strive towards a more equitable society. The Foundation engages with the
community in a variety of areas that serve the vulnerable / marginalized stakeholder groups. For more information, visit https://www.infosys.com/infosys-foundation/ and read our
annual Foundation reports at https://www.infosys.com/infosys-foundation/about/reports.html.
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Governance
Essential indicators
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following format:
Financial
Employees
351
352
2. Details of employees and workers in terms of minimum wages paid:
All employees and contractors have been paid more than /= minimum wage in accordance with the laws of the land in the countries we operate.
(1)
Ratio of remuneration to MRE of individual member of Board
(2)
Overall MRE details including KMP and employees at Infosys Limited
4. Do you have a focal point (Individual / Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business? (Yes / No)
value
Yes
Delivering
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
Infosys is committed to providing a safe and positive work environment. In keeping with this philosophy, the organization envisages an open-door policy. Employees also have
390 / 442
access to several forums where they can highlight matters or concerns faced at the workplace. This is achieved through a well-established and robust grievance resolution
mechanism comprising resolution hubs.
Governance
Resolution hubs adhere to the principles of natural justice, confidentiality, sensitivity, non-retaliation and fairness while addressing concerns. The concerns are handled
with sensitivity, while delivering timely action and closure. A detailed investigation process ensures fairness for all involved, with an opportunity to present facts and any
material evidence.
More details are available on our website, at https://www.infosys.com/about/corporate-responsibility/social/employee-wellbeing/resolution-hubs.html.
reports
Statutory
Financial
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
BRSR
Filed during the Pending resolution Remarks Filed during the Pending Remarks
year at the end of year year resolution at the Introduction
end of year
by employees in by employees in
Forced labor / Involuntary labor Nil Nil Nil Nil Nil Nil
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Wages Nil Nil Nil Nil Nil Nil
(1)
Other human rights-related issues * 742 18 Nil 906 0 Nil
Governance
* Employees have the opportunity to report workplace grievances such as concerns on performance management (rating, role change, compensation and benefits), issues concerning manager or unit,
interpersonal conflicts, policy eligibility etc. to the Company’s grievance redressal committee (HEAR). A total of 742 concerns falling under these broad categories were reported in fiscal 2022 and
reviewed independently by the committee.
(1)
As on May 17, 2022
reports
Statutory
The details of workplace sexual harassment complaints in India, reported as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013, are as follows :
Financial
Disposal by conciliation 2
Disposed of due to other reasons (false / mala fide complaints, lack of evidence, anonymous and lack of sufficient material /
0
document / evidence)
BRSR
353
Number of cases pending for more than 90 days 0
354
• Mandatory onboarding sessions for new hires 40,750+ laterals and 60,405 freshers covered
Employee coverage through workshops or awareness programs conducted through the year
on sexual harassment • Awareness and communication extended to all employees – 12+ mailers
• Segmented sessions for leaders, managers, employees 1,110+ employees covered
Introduction
Warning / sensitization, suspension, transfer of work location, monetary impact, withholding of
Nature of action taken by the employer or District Officer
promotions / onsite opportunities, termination of employment, etc.
(1)
These cases pertain to inquiries done by the internal committees of the Company. During fiscal 2022, two complaints were received, involving respondents from third parties. These complaints were
addressed by the internal committees of the third parties.
Approaching
value creation
7. Measures taken to prevent adverse consequences to the complainant in discrimination and harassment cases
Retaliation is against our values. All complaints can be made without fear of reprisal and with the assurance that the Company stands with you. Threats, retribution, or retaliation
against any person who has in good faith reported a violation or a suspected violation of law, this Code or other Company policies, or against any person who is assisting in any
investigation or process with respect to such a violation is prohibited by the Company.
review
Strategy
Resolution hubs adhere to the principles of natural justice, confidentiality, sensitivity, non-retaliation and fairness while addressing concerns. The concerns are handled with
sensitivity, while delivering timely action and closure. A detailed investigation process ensures fairness for all involved, with an opportunity to present facts and any material
evidence.
8. Do human rights requirements form part of your business agreements and contracts? (Yes / No)
value
Yes
Delivering
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third parties)
Governance
Child labor
Discrimination at workplace work-life balance, training and education, occupational health and safety, environment
and more.
Wages
10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 9 above
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
statements
There were no significant risks / concerns arising from the human rights assessments.
BRSR
2. Details of the scope and coverage of any human rights due diligence conducted, including in the value chain.
We have commissioned a human rights assessment by an independent external agency covering our India operations, which represents more than 83% of our employee strength
Approaching
globally. The areas covered include child labor, forced labor, harassment, discrimination, work-life balance, training and education, occupational health and safety, environment and
value creation
3. Is the premise / office of the entity accessible to differently-abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016?
Yes. All our campuses have accessible workplaces and we build necessary accommodations for all our employees and visitors. Refer to response to question 3 of principle 3 in this
report.
value
% of value chain partners (by value of business done with such partners) that were
assessed
393 / 442
Sexual harassment
Discrimination at workplace
Governance
Child labor
40% of the top 25 suppliers were assessed during the year.
Forced labor / involuntary labor
reports
Wages
Statutory
5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above.
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
355
356
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
Essential indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format
Parameter Fiscal 2022 Fiscal 2021 Introduction
Energy intensity per rupee of turnover (Total energy consumption / turnover in Rupees) 5.35 GJ / ` cr 6.69 GJ / ` cr
Energy intensity (optional) – the relevant metric may be selected by the entity NA NA
review
Strategy
Note: Indicate if any independent assessment / evaluation / assurance has been carried Yes. Independent assurance has been carried out by KPMG Assurance and Consulting
out by an external agency? (Y / N) If yes, name of the external agency Services LLP
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India?
(Y / N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
value
Delivering
Not applicable
394 / 442
Parameter Fiscal 2022 (in kl) Fiscal 2021 (in kl)
Governance
statements
Water intensity per rupee of turnover (Water consumed / turnover) 10.79 kl / ` cr 12.88kl / ` cr
Water intensity (optional) – the relevant metric may be selected by the entity NA NA
Note: Indicate if any independent assessment / evaluation / assurance has been carried Yes. Independent assurance has been carried out by KPMG Assurance and Consulting
BRSR
out by an external agency? (Y / N) If yes, name of the external agency Services LLP
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format Introduction
Parameter Please specify unit Fiscal 2022 Fiscal 2021
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity, in the following format :
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Parameter Please specify unit Fiscal 2022 Fiscal 2021
Governance
Financial
statements
357
358
7. Does the entity have any project related to reducing greenhouse gas emission? If yes, provide details.
Taking advantage of unoccupied offices due to employees working from home, retrofit projects on lighting, air conditioning and UPS have been implemented in several
critical areas, which, in a normal scenario, would need a shutdown of buildings, inconveniencing employees as well as disrupting operations. Accelerated phase-out of R-22
refrigerant-based air-conditioning units has been initiated for improving energy efficiency and simultaneously, use of units with refrigerants which have zero ODP and low
GWP, thus enabling reduction of GHG emissions. Introduction
Energy-efficiency retrofits have helped us reduce connected load by 34.81 MW across Infosys since 2008. Retrofit projects were taken up for the following reasons: resource
conservation, end-of-life equipment, indoor environment quality improvement, and technology upgrade.
In fiscal 2022, our new buildings in Bengaluru, Mysuru, Thiruvananthapuram and Indianapolis were awarded the LEED Platinum certification from the US Green Building
Council. We also received IGBC (Indian Green Building Council) Platinum certification for our buildings in Chennai and Bhubaneswar. With this, we now have 45 projects
Approaching
at Infosys with the highest level of green building certification, spanning a total area of 28.61 million sq.ft. An additional 2.1 million sq.ft. of our projects is currently
value creation
8. Provide details related to waste management by the entity, in the following format:
Parameter Fiscal 2022 Fiscal 2021
review
Strategy
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Radioactive waste (F) 0.008 0
Governance
Other hazardous waste (Oil-soaked cotton waste, DG filters, paint cans, chemical cans,
paint residue, oil sludge, DG chimney soot, coolant oil and used oil) (G) 55.11 57.38
Other non-hazardous waste generated (Metal, wood, paper / cardboard, textile waste,
reports
kitchen oil, mixed waste, garden waste, glass waste, thermocol, rubber, STP sludge) (H) 6,882.24 6,097.60
Statutory
For each category of waste generated, total waste recovered through recycling, reusing or other recovery operations (in metric tonnes)
statements
Note: Indicate if any independent assessment / evaluation / assurance has been carried Yes. Independent assurance has been carried out by KPMG Assurance and Consulting
Approaching
value creation
out by an external agency? (Y / N) If yes, name of the external agency. Services LLP.
Our waste management approach is based on the philosophy of Reduce, Reuse and Recycle. We seek to uphold our ambition of zero waste to landfills through active minimization
combined with technology investment in recycling and streamlining systems and processes. With our efforts, we contribute to a circular economy and convert waste to resource.
Refer to the Waste management section of Infosys ESG Report 2021-22.
10. If the entity has operations / offices in / around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity
hotspots, forests, coastal regulation zones) where environmental approvals are required, please specify details in the following format:
value
Delivering
Our campuses are built on government-approved land in industrial zones and do not fall within or are adjacent to protected areas or high-biodiversity areas.
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year:
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Refer to Infosys - Corporate Responsibility | Approvals
Governance
Results
Whether conducted by
communicated in
Name and brief details of project EIA Notification No. Date independent external agency Relevant web-link
public domain (Yes
(Yes / No)
/ No)
reports
Statutory
environmental-clearance-
Kolkata campus 1628/EN/T-II-1/067/2019 17-09-2021 Yes Yes kolkata-sep2021.pdf (infosys.
com)
12. Is the entity compliant with the applicable environmental law / regulations / guidelines in India; such as the Water (Prevention and Control of Pollution) Act,
Air (Prevention and Control of Pollution) Act, Environment Protection Act and rules thereunder (Y / N). If not, provide details of all such non-compliances in
For the exclusive use of SAIBAL RAY of NL DALMIA INST OF MGMT STD & RSRC
Financial
Yes. We are compliant with the applicable environmental law / regulations / guidelines in India.
BRSR
359
360
Leadership indicators
1. Provide break-up of the total energy consumed into renewable and non-renewable sources, in the following format:
Parameter Fiscal 2022 Fiscal 2021
assurance has been carried out by an external agency? (Y / N) Yes. Independent assurance has been carried out by KPMG Assurance and Consulting Services LLP
If yes, name of the external agency
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Governance
reports
Statutory
Financial
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statements
BRSR
No treatment
(ii) To Groundwater
Approaching
value creation
(iii) To Seawater
review
Strategy
No treatment Waste water generated is treated in sewage treatment plants and reused for purposes like landscaping, HVAC
With treatment – please specify level of treatment applications and flushing. There is no discharge in any of these categories.
No treatment
Delivering
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(v) Others
No treatment
Governance
assurance has been carried out by an external agency? Yes. Independent assurance has been carried out by KPMG Assurance and Consulting Services LLP.
(Y / N) If yes, name of the external agency
3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): For each facility / plant located in areas of water stress, provide the following
information: (i) Name of the area (ii) Nature of operations (iii) Water withdrawal, consumption and discharge in the following format (ii) Nature of operations
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Financial
We recognize that we are working in countries which are water-stressed zones. We continue our efforts in water conservation through a combination of technology
statements
interventions, rainwater harvesting, recycling and reuse of waste water, communication and employee engagement. We have over the years succeeded in recharging
groundwater aquifers through the deep injection wells and lakes we have created and this has benefitted local communities as well.
The information on consumption provided above is a consolidation of our water consumption across the globe. Going forward, we will report details of water withdrawal
and consumption from water-stressed zones in the format prescribed by the BRSR.
BRSR
361
362
4. Please provide details of total Scope 3 emissions and its intensity for every rupee of turnover
Parameter Unit Fiscal 2022 Fiscal 2021
the entity
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential indicators above, provide details of significant direct and indirect impact of the entity
on biodiversity in such areas along with prevention and remediation activities.
Not applicable
value
Delivering
6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or reduce impact due to emissions /
effluent discharge / waste generated, please provide details of the same as well as outcome of such initiatives, as per the following format:
Details of the initiative (web link, if any, may be provided along with
Sr. No Initiative undertaken Outcome of the initiative
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summary)
Our vision for the environment is to “Serve the preservation of our planet by shaping and sharing technology solutions”.
Governance
We adopt, invent and encourage smarter ways to mitigate GHG emissions, reduce energy consumption and manage water and waste, to make our planet stronger by consistently
embracing clean tech in our operations and client solutions, thereby minimizing the impact on nature.
Refer to ESG Report 2021-22 to know more about initiatives and technology solutions to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste
reports
statements
BRSR
tackled without any major business continuity or employee safety impacts. The best example of this has been the unprecedented global COVID-19 pandemic over the past two
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the
entity in this regard.
None
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts.
value
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Governance
reports
Statutory
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Financial
statements
BRSR
363
364
PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a
manner that is responsible and transparent
Essential indicators
Introduction
1. a. Number of affiliations with trade and industry chambers / associations.
b. List the top 10 trade and industry chambers / associations you are a member of / are affiliated to, on the basis of no. of members.
Approaching
value creation
S. No. Name of the trade and industry chambers / associations Reach of trade and industry chambers / associations
(State / National)
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7 United States Green Building Council (USGBC) International
Governance
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity, based on adverse orders from
regulatory authorities
None
Financial
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statements
BRSR
Infosys’ approach to achieving our government, policy and community objectives focuses on engaging ecosystems at the national, regional and local levels. To this end, across each
of the Company’s key markets — including, but not limited to, the US, Canada, Europe, Australia and India, Infosys focuses on developing and maintaining partnerships with relevant
Introduction
government officials, business organizations, technology industry associations, educational institutions, and community organizations for the purpose of developing mutually-
beneficial partnerships. For more details refer to Infosys Integrated Annual Report 2021-22.
Approaching
value creation
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in the following format:
Delivering
Not applicable
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3. Describe the mechanisms to receive and redress grievances of the community.
Governance
The Infosys Foundation works closely with the community in identified areas of contribution in the domains of education, healthcare, destitute care, rural development, art and culture,
and disaster relief. Within its areas of work, the Foundation has robust mechanisms to assess the impact of projects on intended beneficiaries. These mechanisms range from one-on-
one and group discussions with beneficiaries to independent external assessments, among others, and provide ample opportunity to receive and redress grievances of the intended
beneficiaries.
reports
Statutory
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers
Financial
statements
Sourced directly from within the district and neighboring districts 72% 71%
BRSR
365
366
Leadership indicators
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential indicators above)
Not applicable
Introduction
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies
Note: In fiscal 2022, we have covered four aspirational districts. However, since 2015 we have in total covered 32 aspirational districts
3. Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized / vulnerable groups? (Yes / No)
value
Yes. Our responsible supply chain and supplier diversity policy guides our efforts.
Delivering
4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity (in the current fiscal), based on traditional knowledge
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Not applicable
5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related disputes wherein usage of traditional knowledge is involved
Governance
Not applicable
% of beneficiaries
No. of persons benefitted from CSR from vulnerable
S. No. CSR project
projects (1) and marginalised
groups(2)
Refer to Annexure 6 to the Board’s report for the annual report on CSR activities [Pursuant
Financial
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statements
to Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Around 73 lakh beneficiaries –
Responsibility Policy) Rules, 2014, as amended.
(1)
For projects which are under way eg: construction projects, we have included the number of persons expected to benefit from the project annually.
(2)
There is no project-wise tracking on these details available for fiscal 2022.
BRSR
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback. Introduction
We are committed to surpassing client expectations consistently. We have robust mechanisms to track and respond to customer complaints and feedback in the delivery of our
services. Our latest annual client survey indicates that a large set of clients are delighted with Infosys, sustaining the healthy positive client sentiment attained over the years. Client
sentiment around our resilience, agility, client centricity, excellence in execution, quality of deliverables, base delivery, tools, and methodologies, is extremely positive.
2. Turnover of products / services as a percentage of turnover from all products / services that carry information about Environmental and social parameters relevant to the
Approaching
value creation
3. Number of consumer complaints in respect of data privacy, advertising, cybersecurity, delivery of essential services, restrictive trade practices, unfair trade practices
review
Strategy
We do not have any consumer complaints in respect of data privacy, advertising, cybersecurity, delivery of essential services, restrictive trade practices, unfair trade practices.
Not applicable
value
Delivering
5. Does the entity have a framework / policy on cybersecurity and risks related to data privacy? (Yes / No) If yes, provide web-link of the policy.
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Yes. Infosys has a holistic and comprehensive cybersecurity framework – SEED, which is aligned to NIST’s CyberSecurity Framework (CSF) and is supported by supplementary policies,
processes, procedures and standards aimed at achieving and sustaining the enterprise-level information security objectives.
https://www.infosys.com/about/corporate-responsibility/governance/information-management.html
Governance
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cybersecurity and data privacy of
customers, re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on safety of products / services.
None
reports
Statutory
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Financial
statements
BRSR
367
368
Leadership indicators
1. Channels / platforms where information on products and services of the Company can be accessed
Refer to https://www.infosys.com/services.html
Introduction
2. Steps taken to inform and educate consumers, especially vulnerable and marginalised consumers, about safe and responsible usage of products and services.
Not applicable
3. Mechanisms in place to inform consumers of any risk of disruption / discontinuation of essential services.
Approaching
value creation
4. Does the Company display product information on the product over and above what is mandated as per local laws? Not applicable
review
Strategy
Did your entity carry out any survey with regard to consumer satisfaction relating to the major products / services of the entity, significant locations of the entity or the entity as a
whole? (Yes / No)
Yes. We carry out surveys to gauge consumer satisfaction for our major services.
Customer-focused excellence demands constant sensitivity to changing and emerging customer requirements and close attention to the voice of the customer. We interact with our
clients on a regular basis and across multiple platforms. In addition to various client interactions, we have adopted a formal and robust approach in the form of an annual Client Value
value
Delivering
Survey. The survey enables us to comprehensively understand the client’s expectations and needs and serves as one of the inputs for us to make investment decisions. The survey
framework includes a structured questionnaire and the feedback is collected through a web survey hosted by an independent organization. The survey is designed to provide the
following insights:
• Client expectations and fulfilment
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• Client disposition: Overall experience of working with Infosys – satisfaction, loyalty, advocacy, and value for money.
• Client priorities
Governance
• Service-line feedback
The account teams use this data to review their relationships with clients and design interventions that create a positive and visible impact on our clients. Various members across
levels engage with the clients to implement the improvement actions.
Our latest annual client survey indicates that a large set of clients, are delighted with Infosys, sustaining the healthy positive client sentiment attained over the years. Client sentiment
reports
around our resilience, agility, client centricity, excellence in execution, quality of deliverables, base delivery, tools, and methodologies, is extremely positive.
Statutory
Our digital narrative is resonating well and clients’ willingness to partner with Infosys has improved considerably over the years. Our clients are happy with their experience on our
cloud services, the execution approach, methodologies, and tools.
This reflects in us achieving ~57% digital revenues in fiscal 2022, growing at 41.2% in CC. Our digital revenues for fiscal 2022 is ` 69,404 crore. Within digital, cloud is growing faster
and with Cobalt, our cloud capabilities have seen significant traction with clients.
Financial
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statements
In fiscal 2022, there were no substantiated complaints received concerning breaches of customer privacy from outside parties and regulatory authorities. There was only one breach
BRSR
identified during the reporting period, outside the organization and where users were notified of the breach.
To
The Management of Infosys Limited
Infosys Limited,
44/97A, 3rd Cross,
Electronic City, Hosur Road,
Bengaluru 560100
Introduction
We (‘KPMG Assurance and Consulting Services LLP’, or ‘KPMG’) have been engaged by Infosys Limited (‘Infosys’ or ‘the Company’) for the
purpose of providing an independent assurance on the non-financial sustainability disclosures presented in the Integrated Report (‘the
Report’) for the reporting period covering 1st April 2021 to 31st March 2022 (“the Year” or “the Reporting Period’’). Our responsibility was
to provide assurance on the Report content as described in the scope, boundary, and limitations.
Reporting Criteria
The Company applies non-financial performance criteria for developing its report derived from the following:
• The International Integrated Reporting Council’s <IR> Framework.
• Global Reporting Initiative (GRI) Standards “in accordance - Comprehensive option”.
• SASB (Sustainability Accounting Standards Board) Standard for Software & IT Services.
• Principles of National Guidelines on Responsible Business Conduct as part of Business Responsibility and Sustainability Report (BRSR).
• ‘Reasonable Assurance’ as per International Federation of Accountants’ (IFAC) International Standard on Assurance Engagements
(ISAE) 3410, Assurance Engagements on Greenhouse Gas Statements, for the GHG emissions data.
– A reasonable assurance engagement in accordance with ISAE 3410 involves performing procedures to obtain evidence about the
quantification of emissions and related information in the Report.
– The nature, timing and extent of procedures selected depend on our judgment, including the assessment of the risks of material
misstatement of the GHG Statement whether due to fraud or error.
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• Following selected non-financial disclosures in ‘the Report’ were subjected to reasonable assurance:
• Energy: 302-1 , 302-2 , 302-3, 302-4. • Waste (2020): 306-3, 306-4, 306-5.
• Water (2018): 303-3, 303-4, 303-5. • Supplier Environmental Assessment: 308-1, 308-2
• Emissions: 305-5, 305-6, 305-7.
SASB Standard for Software and IT Services Industry: Sustainability Disclosure Topics & Accounting Metrics
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Limitations
The assurance scope excludes the following:
• Data related to Company’s financial performance.
• Data and information outside the defined reporting period.
• The Company’s statements that describe the expression of opinion, belief, aspiration, expectation, aim to future intention provided
by the Company, and assertions related to Intellectual Property Rights and other competitive issues.
• Data review was limited to the sites mentioned above.
• Strategy and other related linkages expressed in the Report.
• Mapping of the Report with reporting frameworks other than those mentioned in Reporting Criteria above.
• Aspects of the Report other than those mentioned under the scope above.
Assurance Procedures
Our assurance process involves performing procedures to obtain evidence about the reliability of specified disclosures. The nature,
timing, and extent of procedures selected depend on our judgment, including the assessment of the risks of material misstatement
of the selected sustainability disclosures whether due to fraud or error. In making those risk assessments, we have considered internal
controls relevant to the preparation of the Report to design assurance procedures that are appropriate in the circumstances.
Our assurance procedures also included:
• Assessment of the Company’s reporting procedures regarding their consistency with the respect to reporting criteria.
• Understanding the appropriateness of various assumptions, estimations, and materiality thresholds used by the Company for data
analysis.
• Evaluating the appropriateness of the quantification methods used to arrive at the sustainability disclosures presented in the Report.
• Review of systems and procedures used for quantification, collation, and analysis of sustainability disclosures included in the Report.
• Discussions with the personnel at the corporate and business unit level responsible for the data and information presented in the
Report.
• Assessment of data reliability and accuracy.
Appropriate documentary evidences were reviewed to support our conclusions on the information and data verified. Where such
documentary evidence could not be collected due to the sensitive nature of the information, our team reviewed the same with the
relevant authority at respective sites and at the corporate office.
Conclusions
We have reviewed the selected non-financial sustainability disclosures in the Integrated Report of Infosys Limited for the reporting
period from 01st April 2021 to 31st March 2022. We have provided our observations to the Company in a separate management letter.
These, do not, however, affect our conclusions regarding the Report. Based on our review and procedures performed and in line with the
boundary, scope, and limitations as described above, we conclude that:
Reasonable Assurance:
The selected non-financial sustainability disclosures which have been subjected to reasonable assurance procedures as defined under
the scope of assurance, are fairly stated, in all material aspects, and are in line with the reporting requirements of the GRI Standards.
Limited Assurance:
Nothing has come to our attention that causes us not to believe that the sustainability data and information subject to limited assurance,
as per the scope of assurance mentioned above, presented in the Report is appropriately stated, in material aspects, and in line with the
reporting requirements of the GRI Standards and SASB Standard for Software & IT Services.
Independence
The assurance was conducted by a multidisciplinary team including professionals with suitable skills and experience in auditing
environmental, social, and economic information as per the requirements of ISAE 3000 (Revised) and ISAE 341O standards .
Our work was performed in compliance with the requirements of the IFAC Code of Ethics for Professional Accountants, which
requires, among other requirements , that the members of the assurance team (practitioners) be independent of the assurance client,
in relation to the scope of this assurance engagement, including not being involved in writing the Report. The Code also includes
detailed requirements for practitioners regarding integrity, objectivity, professional competence , and due care, confidentiality,
and professional behavior. KPMG has systems and processes in place to monitor compliance with the Code and to prevent conflicts
regarding independence. The firm applies ISQC-1, and the practitioner complies with the applicable independence and other ethical
requirements of the IESBA Code.
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Responsibilities
Infosys Limited is responsible for developing the Report contents. The Company is also responsible for the identification of material
sustainability topics, establishing and maintaining appropriate performance management and internal control systems, and derivation
of performance data reported. This statement is made solely to the Management of Infosys Limited in accordance with the terms of our
engagement and as per the scope of assurance. Our work has been undertaken so that we might state to the Company those matters
for which we have been engaged to state in this statement and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Company for our work, for this report, or for the conclusions expressed in this
independent assurance statement. The assurance engagement is based on the assumption that the data and information provided to us
is complete and true. We expressly disclaim any liability or coresponsibility for any decision a person or entity would make based on this
assurance statement. Our report is released to Infosys Limited on the basis that it shall not be copied, referred to or disclosed, in whole or
in part, without our prior written consent. By reading this assurance statement, stakeholders acknowledge and agree to the limitations
and disclaimers mentioned above.
Sd/-
Anand S. Kulkarni
Technical Director
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Sd/-
Nandan M. Nilekani
Chairman
Enclosures:
1. Notice of the 41st Annual General Meeting
2. Instructions for participation through VC
3. Instructions for e-voting
Note: Attendees who require technical assistance to access and participate in the meeting through VC are requested to contact either of these helpline numbers:
+91 80 4156 5555 / +91 80 4156 5777
INFOSYS LIMITED
CIN: L85110KA1981PLC013115
Electronics City, Hosur Road
Bengaluru 560 100, India
Tel: 91 80 2852 0261
Fax: 91 80 2852 0362
investors@infosys.com
www.infosys.com
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Ordinary business
Item no. 1 – Adoption of financial statements
To consider and adopt the audited financial statements (including the consolidated financial statements) of the Company for the
financial year ended March 31, 2022 and the reports of the Board of Directors (“the Board”) and auditors thereon.
Explanation: Based on the terms of appointment, executive directors and the non-executive and non-independent chairman are subject
to retirement by rotation. Nandan M. Nilekani, who was initially appointed on August 24, 2017 and last appointed on June 22, 2019,
and whose office is liable to retire at the ensuing AGM, being eligible, seeks reappointment. Based on performance evaluation and the
recommendation of the nomination and remuneration committee, the Board recommends his reappointment.
To consider and if thought fit, to pass the following resolution as an ordinary resolution:
RESOLVED THAT, pursuant to the provisions of Section 152 and other applicable provisions of the Companies Act, 2013, the approval
of members of the Company, be and is hereby accorded to reappoint Nandan M. Nilekani (DIN: 00041245) as a director, who is liable
to retire by rotation.
Item no. 4 – Reappointment of Deloitte Haskins & Sells LLP, Chartered Accountants, as statutory auditors
of the Company
To consider and if thought fit, to pass the following resolution, as an ordinary resolution:
RESOLVED THAT pursuant to Sections 139, 141, 142 and all other applicable provisions, if any, of the Companies Act, 2013, read with
the Companies (Audit and Auditors) Rules, 2014, (including any statutory modification(s) or re-enactment thereof) and pursuant to
the recommendations of the audit committee and the Board of Directors of the Company, Deloitte Haskins & Sells LLP, Chartered
Accountants (Firm registration number: 117366 W/W-100018) (“Deloitte”) be and are hereby reappointed as the Statutory Auditors of
the Company for the second term of five consecutive years, who shall hold office from the conclusion of this 41st AGM till the conclusion
of the 46th AGM to be held in the year 2027, at such remuneration as may be determined by the Board of Directors of the Company
(including its committees thereof).
RESOLVED FURTHER THAT the Board of Directors of the Company, (including its committees thereof), be and are hereby authorized
to do all such acts, deeds, matters and things as may be deemed proper, necessary, or expedient, including filing the requisite forms
or submission of documents with any authority or accepting any modifications to the clauses as required by such authorities, for the
purpose of giving effect to this resolution and for matters connected therewith, or incidental thereto.
Special business
Item no. 5 – Reappointment of D. Sundaram as an independent director
To consider and if thought fit, to pass the following resolution as a special resolution:
RESOLVED THAT pursuant to the provisions of Sections 149, 152 and other relevant provisions of the Companies Act, 2013 and Rules
made thereunder (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), Articles of Association
of the Company, approval and recommendation of the nomination and remuneration committee, and that of the Board, D. Sundaram
(DIN: 00016304), who holds office as an independent director up to July 13, 2022 be and is hereby reappointed as an independent
director, not liable to retire by rotation, for a second term of five years with effect from July 14, 2022 up to July 13, 2027.
RESOLVED FURTHER THAT the Board be and is hereby authorized to delegate all or any of the powers to any committee of directors
with power to further delegate to any other officer(s) / authorized representative(s) of the Company to do all acts, deeds and things and
take all such steps as may be necessary, proper or expedient to give effect to this resolution.
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Item no. 6 – Reappointment of Salil S. Parekh, Chief Executive Officer and Managing Director of the
Company, and approval of the revised remuneration payable to him
To consider and if thought fit, to pass the following resolution as an ordinary resolution:
RESOLVED THAT pursuant to the provisions of Sections 196, 197, 198, 203, Schedule V and other applicable provisions, if any, of
the Companies Act, 2013 (“the Act”), the rules framed thereunder and the applicable provisions of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended from time to time and such other provisions as may be applicable, approval of
the members of the Company be and is hereby accorded for reappointment of Salil S. Parekh (“Salil”) (DIN: 01876159) as Chief Executive
Officer and Managing Director of the Company, effective July 1, 2022 to March 31, 2027, liable to retire by rotation and on such terms and
conditions including the remuneration as detailed in the attached explanatory statement.
RESOLVED FURTHER THAT the existing employment agreement between Salil and the Company dated December 2, 2017, and as
amended on July 26, 2019 (collectively “Existing Employment Agreement”) be hereby amended and superseded with a new employment
agreement (“New Employment Agreement”) subject to terms as detailed in the explanatory statement annexed hereto.
RESOLVED FURTHER THAT the Board of Directors of the Company (“the Board”) be and is hereby authorized to execute a New
Employment Agreement inter-alia containing the terms and conditions of reappointment and to alter such terms and conditions as
it may deem appropriate in relation to reappointment of Salil in the capacity of Chief Executive Officer and Managing Director of the
Company commencing from July 1, 2022 to March 31, 2027, on the recommendations of the nomination and remuneration committee
of the Company (“the Committee”) subject to terms as specified in the explanatory statement, and in compliance with the applicable
provisions of the Act and other applicable laws.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to settle any question, difficulty or
doubt, that may arise in giving effect to this resolution and to do all such acts, deeds and things as may be necessary, expedient and
desirable for the purpose of giving effect to this resolution.
Notes
1. Pursuant to the General Circulars 2/2022 and 19/2021, other circulars issued by the Ministry of Corporate Affairs (MCA) and Circular
SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022 issued by SEBI (hereinafter collectively referred to as “the Circulars”),
companies are allowed to hold AGM through VC, without the physical presence of members at a common venue. Hence, in
compliance with the Circulars, the AGM of the Company is being held through VC.
2. A member entitled to attend and vote at the AGM is entitled to appoint a proxy to attend and vote on his / her behalf and the proxy
need not be a member of the Company. Since the AGM is being held in accordance with the Circulars through VC, the facility for the
appointment of proxies by the members will not be available.
3. Participation of members through VC will be reckoned for the purpose of quorum for the AGM as per Section 103 of the Act.
4. Members of the Company under the category of Institutional Investors are encouraged to attend and vote at the AGM through VC.
Corporate members intending to authorize their representatives to participate and vote at the meeting are requested to send a
certified copy of the Board resolution / authorization letter to the Scrutinizer by email to evoting@infosys.com with a copy marked to
evoting@nsdl.co.in.
5. The Register of directors and key managerial personnel and their shareholding, maintained under Section 170 of the Act, and
the Register of Contracts or Arrangements in which the directors are interested, maintained under Section 189 of the Act, will be
available electronically for inspection by the members during the AGM. All documents referred to in the Notice will also be available
for electronic inspection without any fee by the members from the date of circulation of this Notice up to the date of AGM, i.e. June
25, 2022. Members seeking to inspect such documents can send an email to investors@infosys.com.
6. Members whose shareholding is in electronic mode are requested to notify any change in address or bank account details to their
respective depository participant(s) (DP). Members whose shareholding is in physical mode are requested to opt for the Electronic
Clearing System (ECS) mode to receive dividend on time in line with the Circulars. We urge members to utilize the ECS for receiving
dividends. Please refer to point no. 16 for the process to be followed for updating bank account details.
7. Members may note that the Board, at its meeting held on April 13, 2022, has recommended a final dividend of ₹ 16 per share.
The record date for the purpose of final dividend for fiscal 2022 is June 1, 2022. The final dividend, once approved by the members
in the ensuing AGM, will be paid on June 28, 2022 electronically through various online transfer modes to those members who have
updated their bank account details. For members who have not updated their bank account details, dividend warrants / demand
drafts / cheques will be sent to their registered addresses. To avoid delay in receiving dividend, members are requested to update
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their KYC with their depositories (where shares are held in dematerialized mode) and with the Company’s Registrar and Transfer
Agent (RTA) (where shares are held in physical mode) to receive dividend directly into their bank account on the payout date.
8. Members may note that the Income-tax Act, 1961, (“the IT Act”) as amended by the Finance Act, 2020, mandates that dividend paid or
distributed by a company on or after April 1, 2020 shall be taxable in the hands of members. The Company shall therefore be required
to deduct tax at source (“TDS”) at the time of making the payment of final dividend. To enable us to determine the appropriate TDS
rate as applicable, members are requested to submit relevant documents, as specified in the below paragraphs, in accordance with
the provisions of the IT Act.
For resident shareholders, taxes shall be deducted at source under Section 194 of the IT Act as follows:
Members having valid Permanent Account Number (PAN) 10%*or as notified by the Government of India
Members not having PAN / valid PAN 20% or as notified by the Government of India
* As per the Finance Act, 2021, Section 206AB has been inserted effective July 1, 2021, wherein higher rate of tax (twice the specified rate) would be applicable
on payment made to a shareholder who is classified as ‘Specified Person’ as defined under the provisions of the aforesaid Section.
However, no tax shall be deducted on the dividend payable to resident individual shareholders if the total dividend to be received by
them during financial year 2022-23 does not exceed ₹ 5,000, and also in cases where members provide Form 15G / Form 15H (Form
15H is applicable to resident individual shareholders aged 60 years or more) subject to conditions specified in the IT Act. Resident
shareholders may also submit any other document as prescribed under the IT Act to claim a lower / nil withholding of tax. PAN is
mandatory for members providing Form 15G / 15H or any other document as mentioned above.
For non-resident shareholders, taxes are required to be withheld in accordance with the provisions of Section 195 and other
applicable sections of the IT Act, at the rates in force. The withholding tax shall be at the rate of 20%** (plus applicable surcharge
and cess) or as notified by the Government of India on the amount of dividend payable. However, as per Section 90 of the IT Act,
non‑resident shareholders have the option to be governed by the provisions of the Double Tax Avoidance Agreement (DTAA),
read with Multilateral Instrument (MLI) between India and the country of tax residence of the shareholders, if they are more
beneficial to them. For this purpose, i.e. to avail the benefits under the DTAA read with MLI, non-resident shareholders will have to
provide the following:
• Copy of the PAN card allotted by the Indian income tax authorities duly attested by the shareholders or details as prescribed under
rule 37BC of the Income-tax Rules, 1962
• Copy of the Tax Residency Certificate for financial year 2022-23 obtained from the revenue or tax authorities of the country of tax
residence, duly attested by shareholders
• Self-declaration in Form 10F
• Self-declaration by the shareholders of having no permanent establishment in India in accordance with the applicable tax treaty
• Self-declaration of beneficial ownership by the non-resident shareholder
• Any other documents as prescribed under the IT Act for lower withholding of taxes if applicable, duly attested by the shareholders
In case of Foreign Institutional Investors / Foreign Portfolio Investors, tax will be deducted under Section 196D of the IT Act at the
rate of 20%** (plus applicable surcharge and cess) or the rate provided in relevant DTAA, read with MLI, whichever is more beneficial,
subject to the submission of the above documents, if applicable.
** As per the Finance Act, 2021, Section 206AB has been inserted effective July 1, 2021, wherein higher rate of tax (twice the specified rate) would be
applicable on payment made to a shareholder who is classified as ‘Specified Person’ as defined under the provisions of the aforesaid section. However, in
case a non-resident shareholder or a non-resident Foreign Portfolio Investor (FPI) / Foreign Institutional Investor (FII), higher rate of tax as mentioned in
Section 206AB shall not apply if such non-resident does not have a permanent establishment in India.
The aforementioned documents are required to be uploaded on the shareholder portal at https://www.infosys.com/investors/
shareholder-services/dividend-tax.html on or before June 9, 2022. Members are requested to visit https://www.infosys.com/investors/
shareholder-services/dividend-tax.html for more instructions and information on this subject. No communication would be accepted
from members after June 9, 2022 regarding tax-withholding matters. Shareholders may write to dividend.tax@infosys.com for any
clarifications on this subject.
TDS certificates in respect of tax deducted, if any, can be subsequently downloaded from the shareholder’s portal. Shareholders can
also check their tax credit in Form 26AS from the e-filing account at https://www.incometax.gov.in/iec/foportal or “View Your Tax
Credit” on https://www.tdscpc.gov.in.
9. Members are requested to address all correspondence, including dividend-related matters, to RTA, KFin Technologies Limited
(formerly known as Kfin Technologies Private Limited), Unit: Infosys Limited, Selenium Tower B, Plot 31-32, Financial District,
Nanakramguda, Serilingampally Mandal, Hyderabad 500 032.
10. Members wishing to claim dividends that remain unclaimed are requested to correspond with the RTA as mentioned above, or
with the Company Secretary, at the Company’s registered office or at investors@infosys.com. Members are requested to note that
dividends that are not claimed within seven years from the date of transfer to the Company’s Unpaid Dividend Account, will be
transferred to the Investor Education and Protection Fund (IEPF). Shares on which dividend remains unclaimed for seven consecutive
years shall be transferred to IEPF as per Section 124 of the Act, read with applicable IEPF rules.
11. In compliance with Section 108 of the Act, read with the corresponding rules, Regulation 44 of the LODR Regulations and in terms
of SEBI circular no. SEBI/HO/CFD/CMD/ CIR/P/2020/242 dated December 9, 2020, the Company has provided a facility to its members
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to exercise their votes electronically through the electronic voting (e-voting) facility provided by the National Securities Depository
Limited (NSDL). Members who have cast their votes by remote e-voting prior to the AGM may participate in the AGM but shall not be
entitled to cast their votes again. The manner of voting remotely by members holding shares in dematerialized mode, physical mode
and for members who have not registered their email addresses is provided in the ‘Instructions for e-voting’ section which forms
part of this Notice. The Board has appointed Hemanth, Holla & Co., Practicing Company Secretaries, as Scrutinizers to scrutinize the
e-voting in a fair and transparent manner.
12. Members holding shares either in physical or dematerialized form, as on cut-off date, i.e. as on June 18, 2022, may cast their
votes electronically. The e-voting period commences on Monday, June 20, 2022 (9:00 a.m. IST) and ends on Friday, June 24, 2022
(5:00 p.m. IST). The e-voting module will be disabled by NSDL thereafter. A member will not be allowed to vote again on any
resolution on which vote has already been cast. The voting rights of members shall be proportionate to their share of the paid-up
equity share capital of the Company as on the cut-off date, i.e. as on June 18, 2022. A person who is not a member as on the cut-off
date is requested to treat this Notice for information purposes only.
13. The facility for voting during the AGM will also be made available. Members present in the AGM through VC and who have not cast
their vote on the resolutions through remote e-voting and are otherwise not barred from doing so, shall be eligible to vote through
the e-voting system during the AGM.
14. Any person holding shares in physical form, and non-individual shareholders who acquire shares of the Company and become
members of the Company after the Notice is sent and holding shares as of the cut-off date, i.e. June 18, 2022, may obtain the login ID
and password by sending a request at evoting@nsdl.co.in. However, if he / she is already registered with NSDL for remote e-voting,
then he / she can use his / her existing user ID and password for casting the vote. In case of individual shareholders holding securities
in demat mode, who acquire shares of the Company and become members of the Company after the Notice is sent and holding
shares as of the cut-off date i.e. June 18, 2022, may follow steps mentioned in the Notice under ‘Instructions for e-voting’.
15. In compliance with the Circulars, the Integrated Annual Report 2021-22, the Notice of the 41st AGM, and instructions for e-voting
are being sent through electronic mode to those members whose email addresses are registered with the Company / depository
participant(s).
16. We urge members to support our commitment to environmental protection by choosing to receive the Company’s communication
through email. Members holding shares in demat mode, who have not registered their email addresses are requested to register
their email addresses with their respective DP, and members holding shares in physical mode are requested to update their email
addresses with the Company’s RTA, KFin Technologies Limited at einward.ris@kfintech.com, to receive copies of the Integrated
Annual Report 2021-22 in electronic mode. Members may follow the process detailed below for registration of email ID to obtain the
report and update of bank account details for the receipt of dividend.
17. Members may also note that the Notice of the 41st AGM and the Integrated Annual Report 2021-22 will also be available on the
Company’s website, https://www.infosys.com/investors/reports-filings/annual-report/Pages/annual-reports.aspx, websites of the
stock exchanges, i.e. BSE and NSE, at www.bseindia.com and www.nseindia.com, respectively, and on the website of NSDL,
https://www.evoting.nsdl.com.
18. Additional information, pursuant to Regulation 36 of the LODR Regulations, in respect of the directors seeking appointment /
reappointment at the AGM, forms part of this Notice.
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19. SEBI has mandated the submission of PAN, KYC details and nomination by holders of physical securities by March 31, 2023, and
linking PAN with Aadhaar by March 31, 2022 vide its circular dated November 3, 2021 and December 15, 2021. Shareholders are
requested to submit their PAN, KYC and nomination details to the Company’s registrars KFin Technologies Limited at
einward. ris@kfintech.com. The forms for updating the same are available at https://www.infosys.com/investors/shareholder-
services/investors-service.html.
Members holding shares in electronic form are, therefore, requested to submit their PAN to their depository participant(s).
In case a holder of physical securities fails to furnish these details or link their PAN with Aadhaar before the due date, our registrars
are obligated to freeze such folios. The securities in the frozen folios shall be eligible to receive payments (including dividend) and
lodge grievances only after furnishing the complete documents. if the securities continue to remain frozen as on December 31, 2025,
the registrar / the Company shall refer such securities to the administering authority under the Benami Transactions (Prohibitions)
Act, 1988, and / or the Prevention of Money Laundering Act, 2002.
20. As per the provisions of Section 72 of the Act, the facility for submitting nomination is available for members in respect of the shares
held by them. Members who have not yet registered their nomination are requested to register the same by submitting Form No.
SH-13. The form can be downloaded from the Company’s website at https://www.infosys.com/investors/shareholder-services/
documents/form-sh-13-14.pdf. Members are requested to submit these details to their DP in case the shares are held by them in
electronic form, and to the RTA, in case the shares are held in physical form.
21. The Scrutinizer will submit his report to the Chairman of the Company (“the Chairman”) or to any other person authorized by
the Chairman after the completion of the scrutiny of the e-voting (votes cast during the AGM and votes cast through remote
e-voting), not later than 48 hours from the conclusion of the AGM. The result declared along with the Scrutinizer’s report shall be
communicated to the stock exchanges, NSDL and RTA, and will also be displayed on the Company’s website, www.infosys.com.
22. Since the AGM will be held through VC in accordance with the Circulars, the route map, proxy form and attendance slip are not
attached to this Notice.
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Explanatory statement
Item no. 4 – Reappointment of Deloitte Haskins & Sells LLP, Chartered Accountants, as statutory auditors
of the Company
Deloitte Haskins & Sells LLP, Chartered Accountants (ICAI Firm Registration Number 117366W/W-100018), (hereinafter referred to as
Deloitte) were appointed as statutory auditors of the Company at the 36th AGM held on June 24, 2017 to hold office from the conclusion
of the said meeting till the conclusion of the 41st AGM to be held in the year 2022. In terms of the provisions of Section 139 of the
Companies Act, 2013, the Companies (Audit and Auditors) Rules, 2014, and other applicable provisions, the Company can appoint
or reappoint an audit firm as statutory auditors for not more than two (2) terms of five (5) consecutive years. Deloitte is eligible for
reappointment for a further period of five years. Based on the recommendations of the audit committee, the Board of Directors, at its
meeting held on April 13, 2022, approved the reappointment of Deloitte as the statutory auditors of the Company to hold office for a
second term of five consecutive years from the conclusion of the ensuing AGM until the conclusion of the 46th AGM to be held in the year
2027. The reappointment is subject to approval of the shareholders of the Company.
The proposed remuneration to be paid to Deloitte for audit services for the financial year ending March 31, 2023, is ` 9.5 Crore (Rupees
Nine Crore and Fifty Lakh) plus applicable taxes and out-of-pocket expenses. Besides the audit services, the Company would also
obtain certifications from the statutory auditors under various statutory regulations and certifications required by clients, banks,
statutory authorities, audit related services and other permissible non-audit services as required from time to time, for which they will
be remunerated separately on mutually agreed terms, as approved by the Board of Directors in consultation with the audit committee.
The above fee excludes the proposed remuneration to be paid to overseas audit firms for the purpose of statutory audit of overseas
subsidiaries and branches.
The Board of Directors and the audit committee shall approve revisions to the remuneration of the statutory auditors for the
remaining part of the tenure.
The Board of Directors, in consultation with the audit committee, may alter and vary the terms and conditions of appointment, including
remuneration, in such manner and to such extent as may be mutually agreed with the statutory auditors.
Considering the evaluation of the past performance, experience and expertise of Deloitte and based on the recommendation of the
audit committee, it is proposed to appoint Deloitte as statutory auditors of the Company for a second term of five consecutive years till
the conclusion of the 46th AGM of the Company in terms of the aforesaid provisions.
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D. Sundaram fulfills the requirements of an independent director as laid down under Section 149(6) of the Companies Act, 2013, and
Regulation 16 of the LODR Regulations.
The Company has received all statutory disclosures / declarations from D. Sundaram, including (i) consent in writing to act as director
in Form DIR-2, pursuant to Rule 8 of the Companies (Appointment & Qualification of Directors) Rules, 2014 (“the Appointment Rules”),
(ii) intimation in Form DIR-8 in terms of the Appointment Rules to the effect that he is not disqualified under sub-section (2) of Section
164 of the Act, and (iii) a declaration to the effect that he meets the criteria of independence as provided in sub-section (6) of Section
149 of the Companies Act, 2013. The Company has also received a notice under Section 160 of the Companies Act, 2013 from a member,
intending to nominate D. Sundaram to the office of independent director.
In the opinion of the Board and based on its evaluation, D. Sundaram fulfils the conditions specified in the Companies Act, 2013 and
Rules made thereunder and LODR Regulations for his reappointment as an independent director of the Company and he is independent
of the Management of the Company. A copy of the draft letter for the reappointment of D. Sundaram setting out the terms and
conditions is available for electronic inspection without any fee by the members.
The resolution seeks the approval of members for the reappointment of D. Sundaram as an independent director of the Company
effective July 14, 2022 up to July 13, 2027, pursuant to Sections 149, 152 and other applicable provisions of the Act and the Rules made
thereunder (including any statutory modification(s) or re-enactment(s) thereof) and his office shall not be liable to retire by rotation.
No director, key managerial personnel or their relatives except D. Sundaram, to whom the resolution relates, is interested in or
concerned, financially or otherwise, in passing the proposed resolution set out in item no. 5.
The Board recommends the resolution set forth in item no. 5 for the approval of members.
Item no. 6 – Reappointment of Salil S. Parekh, Chief Executive Officer and Managing Director of the
Company, and approval of the revised remuneration payable to him
Salil is currently the Chief Executive Officer and Managing Director (“CEO and MD”) of the Company. He was appointed as the CEO and
MD of the Company for a period of 5 (five) years effective January 2, 2018, till January 1, 2023.
Based on the strong performance of the Company and increase in shareholder value, under the leadership of Salil and other key factors
as elaborated below, the Committee considered it appropriate to recommend to the Board reappointment of Salil as CEO and MD of the
Company, commencing on July 1, 2022 and ending on March 31, 2027 (“the Proposed Term”) on the terms and conditions, including the
remuneration payable to Salil as contained in this explanatory statement.
Accordingly, the Board, based on the recommendation of the Committee, at its meeting held on May 21, 2022, has approved the
reappointment of Salil as CEO and MD of the Company for the Proposed Term on the terms and conditions including the remuneration
as stated in this explanatory statement, and for this purpose, has approved the execution of the New Employment Agreement for the
reappointment of Salil, effective July 1, 2022, subject to necessary approvals as may be required under applicable laws.
The key factors that were considered by the Committee for recommending the reappointment for the Proposed Term, on the terms and
conditions including the remuneration, are given below:
i. Under Salil’s leadership 1, the Company’s Total Shareholder Return (TSR) was an impressive 314%, the highest among peers 2, and
was well above the TSR (in INR) of benchmark indices of NIFTY at 77% and S&P 500 at 117%. The Company’s market capitalization
increased during his tenure by ~ `5,77,000 crore (~US $69 billion). In comparison, during the preceding four-year period, prior to the
appointment of Salil, the Company’s TSR was 30% as compared to the peers’ median TSR of 47%.
ii. The revenue growth of the Company under Salil’s leadership has accelerated and grown from `70,522 crore (fiscal 2018) to `1,21,641
crore (fiscal 2022), a CAGR of 15% (prior four years CAGR 9%) and the profits have also increased from `16,029 crore to
`22,110 crore.
iii. These results were delivered under the Navigating your Next strategy, led by Salil, comprising Scaling digital revenue, Accelerating
the core, Localization and Reskilling, which has resulted in an increased market share in a highly competitive environment. The
Company has executed its market-differentiating strategy by more than doubling the share of digital revenue from 25.5% (fiscal
2018) to 57.0 % (fiscal 2022) and is now considered a leading digital company with industry analysts rating it as a leader in 32
categories. The Company has signed large deals with a total value of ~ US $39 billion for the four-year period from fiscal 2019 to fiscal
2022. As part of its strategy execution, the Company also launched Infosys Cobalt™ – a set of services, solutions and platforms to
accelerate the cloud journey for enterprises 3.
iv. The strength and stability of leadership across the organization, increase in number of US $100 million clients from 20 in fiscal 2018
to 38 in fiscal 2022, strategic Mergers & Acquisitions, successful implementation of the new Capital Allocation Policy 4, path-breaking
ESG 2030 5 vision and seamless navigation of the uncertainties of the COVID-19 pandemic while converting challenges into business
opportunities have all been drivers of significant long-term shareholder value creation, under the leadership of Salil.
(1)
From January 2, 2018, to March 31, 2022
(2)
For purposes of this explanatory statement, the Company’s peers are Accenture plc, Cognizant Technology Solutions Corporation, DXC Technology Company,
Tata Consultancy Services Limited, Wipro Limited, Tech Mahindra, Capgemini, HCL Technologies Limited, International Business Machines Corporation, and
Atos SE (“peers”) as defined in Infosys Expanded Stock Ownership Program, 2019.
(3)
https://www.infosys.com/newsroom/press-releases/2020/infosys-cobalt-accelerating-enterprise-cloud.html
(4)
https://www.infosys.com/investors/corporate-governance/documents/capital-allocation-policy.pdf
(5)
https://www.infosys.com/content/dam/infosys-web/en/about/corporate-responsibility/esg-vision-2030/index.html
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v. In the interest of the Company and its stakeholders, securing the continuity and stability of the current leadership is critical.
Therefore, the Committee considered it appropriate to recommend to the Board the reappointment of Salil for another term as CEO
and MD commencing on July 1, 2022 and ending on March 31, 2027.
vi. The Committee has also recommended a revised compensation structure considering that Salil is not a first-time CEO and MD, as he
was at the time of his initial appointment. Salil is the CEO of Infosys, a globally listed entity and has demonstrated successful business
and overall performance since his appointment. This growth is accompanied by an increase in the total number of employees from
2,04,107 to 3,14,015 during his tenure. The Company competes with global peers, particularly in North America and Europe, with
almost 87% of the Company’s revenue coming from these geographies, and therefore, Salil’s remuneration has to be determined
keeping in view international benchmarks. Salil’s proposed total target remuneration vis-à-vis the remuneration most recently paid
to CEOs of the peers (based on publicly available information as analyzed by the Company’s external advisors Egon Zehnder) would
be around the median. For this analysis, the Company’s peers are Accenture plc, Cognizant Technology Solutions Corporation, DXC
Technology Company, Tata Consultancy Services Limited, Wipro Limited, Tech Mahindra, Capgemini, HCL Technologies Limited,
International Business Machines Corporation, and Atos SE as defined in the Infosys Expanded Stock Ownership Program, 2019.
vii. A summary comparison of his current remuneration terms and the proposed terms and conditions of his annual remuneration are as
follows (all numbers are in ` crore):
Category and performance metrics Current Proposed Vesting schedule in proposed terms
terms terms
Time-based RSU under the 2015 Plan 3.25 3.00 Equal vesting over three years
Performance equity grant – Long-term TSR metrics under 2015 Plan 0.00 5.00 Cliff vesting
(refer to clause (B).7 below)
The Company issues Restricted Stock Units (RSUs) and / or Performance-based Restricted Stock Units (PSUs) under the Infosys Limited 2015
Incentive Compensation Plan (“2015 Plan”) and the Infosys Expanded Stock Ownership Program (“2019 Plan”), respectively.
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Remuneration detail:
(A) Fixed compensation
1. Fixed cash compensation: An annual salary of INR Eight crore (₹8,00,00,000) will be payable as remuneration for his services (“the
Fixed Pay”). The Fixed Pay will be paid monthly in accordance with the Company’s normal payroll practices. Annual increments
to fixed cash compensation of up to 7% will be determined by the Board or Committee on an annual basis at its sole discretion.
However, while determining the annual increments, the Board or the Committee will consider factors like inflation, general increases
recommended for other executives and the business context.
2. Time-based RSUs: An annual grant of Restricted Stock Units (RSUs) covering the Company’s equity shares (“Shares”), having a value
equal to INR Three crore (₹3,00,00,000). Each time-based equity grant shall vest in three equal tranches on the first, second, and third
anniversary of the grant date.
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Quality of revenue Up to 50% Growth of digital revenue; Growth of cloud services; Total Contract Value
(TCV) from large deals; Revenue from new accounts; Growth of US $50 million
and US $100 million accounts; Other goals that may be decided by the Board
or its Committee from time to time.
Organization development goals Up to 50% Employee satisfaction scores; Leadership attrition; Succession plan for key
roles; and such other goals, including qualitative measures, that may be
decided by the Board or its Committee from time to time.
5. 2019 annual performance equity grant under the Infosys Expanded Stock Ownership Program 2019: An annual performance-
based RSU grant under the Infosys Expanded Stock Ownership Program 2019, covering Shares having a value equal to INR Ten crore
(₹10,00,00,000). These shares will vest annually based on the Company’s achievement of metrics as approved by shareholders in the
2019 Plan. These include relative TSR calculated against the peer group, relative TSR against the market’s global and domestic indices
and operating performance metrics of the Company. These grants will be issued under the 2019 Plan.
6. Performance equity grant – ESG metrics under the Infosys Limited 2015 Incentive Compensation Plan: An annual performance-
based RSU grant under the Infosys Limited 2015 Incentive Compensation Plan covering Shares having a value equal to INR Two crore
(₹2,00,00,000). These shares will vest annually based on the achievement of certain milestones related to Environmental, Social, and
Governance (ESG) priorities as determined by the Board or its Committee and in line with the ESG Vision 2030 10. These grants will be
issued under the 2015 Plan.
7. Performance equity grant – Long-term TSR metrics under the Infosys Limited 2015 Incentive Compensation Plan: An annual
grant covering Shares having a value equal to INR Five crore (₹5,00,00,000). The number of shares that will vest under the long-term
TSR-based PSU grant shall be calculated in two tranches: (i) the first vesting will happen after March 31, 2025, for all the grants made
during the financial years ending March 31, 2023, March 31, 2024, and March 31, 2025. These will vest based on the cumulative TSR for
the three-year period; (ii) the second vesting will happen on or after March 31, 2027, for the grants made during the financial years
ending March 31, 2026 and March 31, 2027. These will vest based on the cumulative TSR for the two-year cumulative period.
The RSUs granted under this category shall vest based on the following performance parameters with each having 50% weightage:
i. Relative TSR against a peer comparator group of not less than eight comparators which will be identified by the Committee from a
basket of the following 10 industry peers which include Indian and global companies such as Accenture, DXC technologies, Wipro,
TCS, Cognizant, IBM, Capgemini, Tech Mahindra, Atos and HCL.
In case of delisting of any of the above-mentioned peer group companies during the performance measurement period, the
Committee is entitled to include an additional peer set company to the comparator group.
ii. Relative TSR against broader market domestic and global indices comprising Nifty 50, S&P 500 and MSCI index.
Shares will vest based on the Company’s performance on Relative TSR in (i) and (ii) above as follows:
• If it ranks in the 75th percentile and above, then a maximum of 100% of the RSUs due for vesting will vest;
• If it ranks in the 50th to 75th percentile, then the RSUs due for vesting will vest proportionately on a linear scale between 60% to
100%, and the balance will lapse;
• If it ranks below the 50th percentile, then no RSUs due for vesting will vest.
For purposes of this section, value of a Share subject to an award of RSUs will be the closing trading price of the applicable Share on
the National Stock Exchange of India Limited on the grant date. The vesting and other terms of each grant made under this section
shall be subject to the Company’s 2015 Plan or 2019 Plan and any agreements evidencing the award under the respective plans, and
as determined by the Board or its Committee, in its sole discretion, from time to time.
All the RSUs and PSUs are subject to the achievement of milestones as set out in respective paragraphs above. Any RSUs or PSUs that
do not vest as a result of the failure of the Company to meet the milestones shall be forfeited. Further, for a grant to vest, Salil must
be employed with the Company on March 31 of the relevant financial year and RSUs and PSUs will continue to vest for a period of 90
days from the date of retirement as per the Company policy.
(10)
https://www.infosys.com/content/dam/infosys-web/en/about/corporate-responsibility/esg-vision-2030/index.html
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Nandan M. Nilekani
Chairman
Nandan M. Nilekani (Nandan) is the Chairman of Infosys Limited, Shareholding in the Company as on May 21, 2022:
which he co-founded in 1981, and EkStep, a not-for-profit
effort to create a learner-centric, technology-based platform Name Category No. of equity
to improve basic literacy and numeracy for millions of children. shares held
He was previously the Chairman of the Unique Identification Nandan M. Nilekani Director 40,783,162
Authority of India (UIDAI) in the rank of a Cabinet Minister. Rohini Nilekani Relative (Spouse) 34,335,092
Nandan received his bachelor’s degree from IIT, Bombay. Fortune Nihar Nilekani Relative (Son) 12,677,752
Magazine conferred on him the title of “Asia’s Businessman of Janhavi Nilekani Relative (Daughter) 8,589,721
the Year – 2003”. In 2005, he received the prestigious Joseph
Schumpeter Prize for innovative services in economy, economic Remuneration proposed to be paid: Nandan M. Nilekani
sciences and politics. In 2006, he was awarded the Padma voluntarily chose not to receive any remuneration for his services
Bhushan. The same year, he was named Businessman of the rendered to the Company.
Year by Forbes Asia. Time magazine listed him as one of the 100 Key terms and conditions of reappointment: As per the resolution
most influential people in the world in 2006 and 2009. Foreign at Item no. 3 of this Notice. Nandan M. Nilekani’s office as director
Policy magazine listed him as one of the Top 100 Global Thinkers shall be subject to retirement by rotation.
in 2010. He won The Economist Social & Economic Innovation
Award for his leadership of India’s unique identification initiative Date of first appointment to the Board, last drawn remuneration
(Aadhaar). In 2017, he received the Lifetime Achievement Award and number of Board meetings attended: Nandan M. Nilekani
from E&Y. CNBC-TV18 conferred the India Business Leader award was first appointed to the Board in 1981. He ceased to be a
for outstanding contribution to the Indian economy in 2017 member of the Board on July 9, 2009. He was unanimously
and he also received the 22nd Nikkei Asia Prize for Economic & appointed as a member and chairman of the Board effective
Business Innovation 2017. He is the author of Imagining India August 24, 2017. He voluntarily chose not to receive any
and co-authored with Viral Shah his second book, Rebooting remuneration for his services rendered to the Company. Details
India: Realizing a Billion Aspirations and his third book with Tanuj pertaining to his appointment, remuneration, and number of
Bhojwani, The Art of Bitfulness: Keeping Calm in the Digital World meetings attended are provided in the Corporate governance
released in January 2022. report of the Integrated Report 2021-22.
Age: 66 years
Nature of expertise in specific functional areas: Financial,
Diversity, Global Business, Cybersecurity, Strategy, Leadership,
Information Technology, Board Service and Governance, Sales
and Marketing, Mergers & Acquisitions, Risk Management, and
Sustainability and ESG
Disclosure of inter-se relationships between directors and key
managerial personnel: None
Listed entities (other than the Infosys Group) in which Nandan M.
Nilekani holds directorship and committee membership: Nil
Listed entities from which Nandan M. Nilekani has resigned in the
past three years: Nil
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D. Sundaram
Independent Director
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Salil S. Parekh
Chief Executive Officer and Managing Director
Salil has been the Chief Executive Officer and Managing Director Age: 57 years
of Infosys since January 2018 and has successfully led the
Nature of expertise in specific functional areas: Information
Company over the last four years.
Technology, Leadership, Strategy, Board service and governance,
Salil, as Chief Executive Officer and Managing Director, sets Financial, Diversity, Global business, Sales and marketing,
and evolves the strategic direction for the Company and its Cybersecurity, Mergers & Acquisition, Risk management and
portfolio of offerings, while nurturing a strong leadership team Sustainability & ESG
to drive its execution.
Disclosure of inter-se relationships between directors and key
Salil has more than 30 years of global experience in the IT managerial personnel: None
services industry with a strong track record of driving digital
Listed entities (other than the Infosys Group) in which Salil holds
transformation for enterprises, executing business turnarounds,
directorship and committee membership: Nil
and managing successful acquisitions. Earlier, Salil was a member
of the Group Executive Board at Capgemini, where he held Listed entities from which Salil has resigned in the
several leadership positions for 25 years. Salil was also a Partner past three years: Nil
at Ernst & Young and is widely credited for bringing scale and
Remuneration proposed to be paid: As per the resolution at Item
value to the Indian operations of the consultancy firm. He
no. 6 of this Notice read with explanatory statement thereto.
holds Master of Engineering degrees in Computer Science and
Mechanical Engineering from Cornell University, and a Bachelor Key terms and conditions of reappointment: As per
of Technology degree in Aeronautical Engineering from the the resolution at Item no. 6 of this Notice read with
Indian Institute of Technology, Bombay. explanatory statement thereto.
Date of first appointment to the Board, last drawn remuneration
and number of Board meetings attended: Salil was first
appointed to the Board on January 2, 2018, as Chief Executive
Officer and Managing Director. The details pertaining to his
appointment, remuneration, and number of meetings attended
are provided in the Corporate Governance report section of the
Integrated Annual Report 2021-22.
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Step 1: Access the VC portal by clicking this link System requirements for best VC experience
https://agm.onwingspan.com/InfosysAGM or you could also Internet connection: Broadband, wired or wireless (3G or 4G/LTE),
join the AGM by visiting the investor page on our Company’s with a speed of 5 Mbps or more
website, www.infosys.com Microphone and speakers: Built-in or USB plug-in or wireless
Step 2: Log in to join the VC session by using your DP ID and Client ID Bluetooth
/ Folio Number together with your PAN Browser
a) Members with NSDL account: 8-character DP ID followed Google Chrome: Version 90 or latest
by 8-digit Client ID Mozilla Firefox: Version 90 or latest
(For example, if your DP ID is IN300*** and Client ID is Microsoft Edge Chromium: Version 90 or latest
12******, then your user ID is IN300***12******). Safari: Version 12 or latest
b) Members with CDSL account: 16-digit Beneficiary ID (For Internet Explorer: Not Supported
example, if your Beneficiary ID is 12**************, then your Helpline numbers
user ID is 12**************). +91-80- 4156 5555
c) Members with physical folio: ITL + Folio Number registered +91-80- 4156 5777
with the Company
(For example, if your Folio Number is 0*****, then your user ID
is ITL0*****)
Note: Institutional / corporate shareholders are required to upload the Board Resolution / Authorization Letter authorizing its
representatives to attend the AGM through VC.
Step 3: Click ‘Enter’ to join the virtual AGM
Step 4: Members can post questions either through chat or the video feature available in the VC. Members can exercise these options once
the floor is open for shareholder queries.
Step 5: Members who have not cast their vote on the resolutions through remote e-voting and are otherwise not barred from doing so, shall
be eligible to vote through the e-voting system during the AGM by following the ‘Instructions for e-voting’.
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Individual shareholders 1. Existing users who have opted for Easi / Easiest can log in using their user ID and password. The option
holding securities in demat to reach the e-voting page will be made available without any further authentication. The URL for
mode with CDSL users to log in to Easi / Easiest are https://web.cdslindia.com/myeasi/home/login or
www.cdslindia.com and click on ‘New System Myeasi’.
2. After successful login on Easi / Easiest, the user will be also able to see the e-voting menu. The menu
will have links of the e-voting service provider (ESP) i.e. NSDL portal. Click on NSDL to cast your vote.
3. If the user is not registered for Easi / Easiest, the option to register is available at https://web.cdslindia.
com/myeasi/Registration/EasiRegistration
4. Alternatively, the user can directly access the e-voting page by providing demat account number and
PAN from a link in www.cdslindia.com home page. The system will authenticate the user by sending
OTP on registered mobile number and email as recorded in the demat account. After successful
authentication, the user will be provided links for the respective ESP i.e. NSDL, where the e-voting is in
progress.
Individual shareholders 1. You can also log in using the login credentials of your demat account through your depository
(holding securities in participant registered with NSDL / CDSL for the e-voting facility.
demat mode) logging in 2. Once logged in, you will be able to see the e-voting option. Once you click on the e-voting option, you
through their depository will be redirected to the NSDL / CDSL depository site after successful authentication, wherein you can
participants
see the e-voting feature.
3. Click on the options available against company name or e-voting service provider-NSDL and you will
be redirected to the e-voting website of NSDL for casting your vote during the remote e-voting period
or voting during the meeting.
Important note: Members who are unable to retrieve User ID / Password are advised to use “Forgot User ID” and “Forgot Password”
options available on the above-mentioned website.
Helpdesk for individual shareholders holding securities in demat mode for any technical issues related to login through
depository i.e. NSDL and CDSL
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B) Login method for e-voting and voting during the meeting for shareholders other than individual shareholders holding
securities in demat mode and shareholders holding securities in physical mode
1. Visit the e-voting website of NSDL. Open the web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a
personal computer or on a mobile phone.
2. Once the homepage of the e-voting system is launched, click on the icon ‘Login’, available under ‘Shareholder / Member’.
3. A new screen will open. You will have to enter your User ID, Password / OTP and a verification code as shown on the screen.
4. Alternatively, if you are registered for NSDL e-services i.e. IDeAS, you can log in at https://eservices.nsdl.com/ with your existing IDeAS
login. Once you log in to NSDL e-services using your login credentials, click on e-voting and you can proceed to Step 2 i.e. Cast your
vote electronically on NSDL e-voting system.
5. Your User ID details are given below:
6. Password details for shareholders other than individual shareholders are given below:
a) If you are already registered for e-voting, then you can use your existing password to log in and cast your vote.
b) If you are using NSDL e-voting system for the first time, you will need to retrieve the ‘initial password’ which was communicated
to you. Once you retrieve your ‘initial password’, you need to enter the ‘initial password’ for the system to prompt you to
change your password.
c) How to retrieve your ‘initial password’?
If your email ID is registered in your demat account or with the Company, your ‘initial password’ is communicated to you on your
email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the attachment i.e. a .pdf file. Open
the .pdf file. The password to open the .pdf file is your 8-digit Client ID for your NSDL account, or the last 8 digits of your Client ID
for CDSL account, or Folio Number for shares held in physical form. The .pdf file contains your ‘User ID’ and your ‘initial password’.
7. If you are unable to retrieve or have not received the ‘Initial password’ or have forgotten your password:
a) Click on ‘Forgot User Details / Password?’ (If you hold shares in your demat account with NSDL or CDSL) option available on
www.evoting.nsdl.com.
b) Physical User Reset Password? (If you hold shares in physical mode) option available on www.evoting.nsdl.com.
c) If you are still unable to get the password by the above two options, you can send a request to evoting@nsdl.co.in mentioning your
demat account number / Folio Number, your PAN, your name and your registered address.
d) Members can also use the OTP (One Time Password)-based login for casting their vote on the e-voting system of NSDL.
8. After entering your password, tick on “Agree with Terms and Conditions” by selecting on the check box.
9. Now, you will have to click on the ‘Login’ button.
10. After you click on the ‘Login’ button, the homepage of e-voting will open.
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Process for procuring user ID and password for e-voting for those shareholders whose email IDs are not registered with the
depositories / Company
1. Shareholders may send a request to evoting@nsdl.co.in for procuring user ID and password for e-voting.
2. If shares are held in physical mode, please provide Folio Number, name of member, scanned copy of the share certificate
(front and back), PAN (self-attested scanned copy of PAN card), Aadhaar (self-attested scanned copy of Aadhaar Card)
3. In case shares are held in demat mode, please provide DP ID and Client ID (16-digit DP ID + Client ID or 16-digit beneficiary ID), name
of member, client master or copy of consolidated account statement, PAN (self-attested scanned copy of PAN card), Aadhaar (self-
attested scanned copy of Aadhaar Card).
4. If you are an individual shareholder holding securities in demat mode, you are requested to refer to the login method explained at
Step 1 (A) i.e. Login method for e-voting and voting during the meeting for individual shareholders holding securities in demat mode.
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Information at a glance
Particulars Details
Time and date of AGM 4:00 p.m. IST, Saturday, June 25, 2022
Mode Video conference and other audio-visual means
Participation through video-conferencing https://agm.onwingspan.com/InfosysAGM
Helpline number for VC participation +91-80-4156 5555 / +91-80-4156 5777
Webcast and transcripts https://www.infosys.com/Investors/
Final dividend record date Wednesday, June 1, 2022
Final dividend payment date Tuesday, June 28, 2022
Information of tax on final dividend 2021-22 https://www.infosys.com/investors/shareholder-services/dividend-tax.html
Cut-off date for e-voting Saturday, June 18, 2022
E-voting start time and date 9:00 a.m. IST, Monday, June 20, 2022
E-voting end time and date 5:00 p.m. IST, Friday, June 24, 2022
E-voting website of NSDL https://www.evoting.nsdl.com/
Name, address and contact details of e-voting service Contact name:
provider Amit Vishal
Assistant Vice President
Pallavi Mhatre
Senior Manager
National Securities Depository Limited,
4th Floor, A Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel,
Mumbai 400013, India
Contact details:
Email ID:
AmitV@nsdl.co.in;
pallavid@nsdl.co.in;
evoting@nsdl.co.in;
Contact number: 1800 1020 990 / 1800 224 430
Name, address and contact details of Registrar and Contact name:
Transfer Agent Shobha Anand
Deputy Vice President
KFin Technologies Limited,
Tower B, Plot 31-32, Financial District, Nanakramguda, Serilingampally, Mandal, Hyderabad
500 032.
Contact details:
Email ID:
shobha.anand@kfintech.com;
einward.ris@kfintech.com;
Contact number: 1800-309-4001
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Safe Harbor
This Annual Report contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, that involve substantial risks and uncertainties. Forward-looking
statements generally relate to future events or our future financial or operating performance and are based on our current expectations,
assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate,
and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology
such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘should’ and similar expressions. Those statements
include, among other things, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking
to contain its spread, the discussions of our business strategy, including the localization of our workforce and investments to reskill our
employees and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, global
increase in wages including India and the US, change in the Indian regulations governing wages, restrictions on immigration in the US,
and corporate actions.
These statements are subject to known and unknown risks, uncertainties and other factors, which may cause actual results or outcomes
to differ materially from those implied by the forward-looking statements. Important factors that may cause actual results or outcomes
to differ from those implied by the forward-looking statements include, but are not limited to, those discussed in the “Outlook, risks and
concerns” section in this Annual Report, and are discussed in more detail in our Form 20-F filed with the US Securities and Exchange
Commission. In the light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the
forward-looking statements will be achieved. All forward-looking statements included in this Annual Report are based on information
and estimates available to us on the date hereof, and we do not undertake any obligation to update these forward-looking statements
unless required to do so by law.
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www.infosys.com
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Other Filings
This report may not be modified or altered in any way. The BLOOMBERG PROFESSIONAL service and BLOOMBERG Data are owned and distributed locally by Bloomberg Finance LP (“BFLP”) and its subsidiaries
in all jurisdictions other than Argentina, Bermuda, China, India, Japan and Korea (the (“BFLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg LP (“BLP”). BLP provides BFLP with all the global marketing
and operational support and service for the Services and distributes the Services either directly or through a non-BFLP subsidiary in the BLP Countries. BFLP, BLP and their affiliates do not provide investment advice,
and nothing herein shall constitute an offer of financial instruments by BFLP, BLP or their affiliates.
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Additional information
Ratio Analysis
Note: The above ratio calculations are based on consolidated IFRS INR financial statements.
(1)
Represents number of times
Consolidated cash and investments comprise of cash and cash equivalents, current and non-current investments excluding investments in unquoted
(2)
equity and preference shares, unquoted compulsorily convertible debentures and others. (Non - IFRS measure)
Infosys Limited 1
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Quarter ended June 30, 2022 20.1 Quarter ended June 30, 2022 15.6
Quarter ended June 30, 2021 23.7 Quarter ended June 30, 2021 18.6
Year ended March 31, 2022 23.0 Year ended March 31, 2022 18.2
ROE (PAT / average equity) (USD terms) Consolidated cash and investments / total assets(1)
(in %) (in %)
Quarter ended June 30, 2022 31.0 Quarter ended June 30, 2022 29.1
Quarter ended June 30, 2021 29.3 Quarter ended June 30, 2021 34.5
Year ended March 31, 2022 29.1 Year ended March 31, 2022 31.7
Quarter ended June 30, 2022 12.78 Quarter ended June 30, 2022 27.5
Quarter ended June 30, 2021 12.24 Quarter ended June 30, 2021 33.0
Year ended March 31, 2022 52.52 Year ended March 31, 2022 36.3
(1)
Consolidated cash and investments comprise of cash and cash equivalents, current and non-current investments excluding investments in unquoted equity
and preference shares, unquoted compulsorily convertible debentures and others. (Non - IFRS measure)
(2)
Represents number of times
2 Infosys Limited
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Particulars As at
June 30, 2022 March 31, 2022
Cash and cash equivalents 13,982 17,472
Current investments 8,111 6,673
Trade receivables 23,038 22,698
Property, plant and equipment 13,479 13,579
Non current investments 13,141 13,651
Other assets 48,228 43,812
Total assets 119,979 117,885
Total liabilites 45,858 42,149
Total equity 74,121 75,736
Total liabilities and equity 119,979 117,885
Infosys Limited 3
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(1)
Other income includes Finance Cost
Particulars As at
June 30, 2022 March 31, 2022
Cash and cash equivalents 1,771 2,305
Current investments 1,027 880
Trade receivables 2,917 2,995
Property, plant and equipment 1,708 1,793
Non current investments 1,664 1,801
Other assets 6,106 5,781
Total assets 15,193 15,555
Total liabilites 5,806 5,561
Total equity 9,387 9,994
Total liabilities and equity 15,193 15,555
4 Infosys Limited
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Shareholder information
Registered office
Electronics City, Hosur Road, Bengaluru 560 100, India
Tel.: +91-80-4116 7775, Fax: +91-80-2852-0754
Homepage: www.infosys.com
Infosys Limited 5
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* The Company/share transfer agent received high volumes of investor complaints in the last 2 days of quarter closure. All pending complaints were addressed
and resolved by July 5, 2022.
The company has attended to most of the investors’ grievances/correspondences within a period of 10 days from the date of receipt of
the same, during the quarter ended June 30,2022 except in cases that are constrained by disputes or legal impediments.
Legal Proceedings
There are some pending cases relating to disputes over title to shares, in which the company has been made a party. However, these
cases are not material in nature.
Financial results
Quarter ending September 30,2022 October 13,2022
Quarter ending December 31,2022 January 12,2023
Quarter ending March 31,2023 April 13,2023
6 Infosys Limited
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Investors’ correspondence
For queries relating to financial For queries relating to shares/dividends/
For investor correspondence:
statements: Compliances:
Jayesh Sanghrajka, Sandeep Mahindroo, A.G.S. Manikantha,
Deputy Chief Financial Officer; Financial Controller; Company Secretary;
Infosys Limited Infosys Limited, Infosys Limited,
Electronics City, Hosur Road, Electronics City, Hosur Road, Electronics City, Hosur Road,
Bangalore-560 100, India, Bangalore-560 100, India, Bangalore- 560 100, India.
Tel.: +91-80-2852-1705 Tel.: +91-80-3980-1018 Tel.: +91-80-4116-7775
Fax: +91-80-2852-0754 Fax: +91-80-2852-0362 Fax: +91-80-2852-0362
E-mail: jayesh.sanghrajka@infosys.com E-mail: sandeep_mahindroo@infosys.com E-mail: investors@infosys.com
Total 685,088,673
Note:
1 ADS = 1 equity share. USD has been converted into Indian rupees at the daily closing rates for high and low respectively. The number of ADSs outstanding as on
June 30,2022 was 59,73,90,828. The percentage of volume traded to the total float was 114.68%.
Infosys Limited 7
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