Integrated Annual Report 2022-23

NAVIGATING CHANGE AT THE PACE OF AI

The context surrounding on higher value work, boost people productivity and
an enterprise, created, rapidly create business value. From unlocking efficiencies
and influenced by multiple at scale and empowering the ecosystem to accelerating
inherently uncertain forces, can growth, cognitively capable companies are unshackling
significantly impact the fortunes intelligence from data for experimentation as well as
of a business. While this volatility the scale-out of AI to power greater efficacy and create
has come to be expected as normal, disruptive revenue streams.
not every business emerges from it having
Infosys is taking the AI-first approach to its own
tackled the situation with the same resilience.
transformation. We are bringing the power of AI, analytics,
Those that get a head start in preparing and taking
and cloud to accelerate our own enterprise transformation,
on the challenges are also the ones that come out of the
even as we build incremental value from micro-changes,
uncertainty with the ability to outperform in the recovery.
to improve client service, reimagine business processes,
That does not necessarily mean rethinking one’s business and boost productivity. Nearly 50,000 reusable intelligent
strategy, but rather rearticulating it to adapt. It’s really services, applied in over 25,000 instances, are amplifying
about being judicious where to lean in and where to pull our employees to boost their productivity.
back. In essence, it’s about protecting one’s capability
It is Infosys TopazTM – our AI-first services using generative
to innovate and propel forward while being deeply
AI – that’s making it all possible. Both for us and our clients.
disciplined when it comes to operations. Digitally
Today, 12,000+ AI use cases and 150+ pre-trained AI
transformed companies have a distinct advantage here.
models delivered by AI-first specialists and data strategists
They can drive frictionless business throughout the supply
are accelerating business value for enterprises the world
chain, serve customers at lower costs, and avoid resource-
over. All this, while ensuring uncompromising ethics, trust,
intensive IT upgrades, unlike the digitally disadvantaged
privacy and compliance, and security of data and AI.
who may have to wait for economic conditions to improve
before they can make progress. You’ll no doubt catch interesting glimpses of these exciting
possibilities and progress in this Integrated Annual Report.
Advanced technologies – especially AI in tandem with
It’s the same potential we see too, to help our clients
cloud – are creating performance opportunities that are
navigate change and move into a future filled with more
reshaping these dynamics in significant ways. They are
potential, and more shared advances.
helping companies to amplify human potential to take

Infosys Integrated Annual Report 2022-23 3

 BOOKING HOLDINGS: BOOSTING THE RISK-RESILIENCE OF
BUSINESS
E-commerce fraud has evolved and increased with up a Center of Excellence in Bucharest, Romania.
the surge in online commerce since the pandemic. The Center delivers services across critical business
Bad actors are launching more sophisticated attacks. functions in cybersecurity, fraud management
E-commerce losses to online payment fraud were and analytics and TRAC (Trust, Risk, Assurance and
estimated at US$41 billion globally in 2022, making Compliance). It also delivers services for financial
cybersecurity an utmost priority for all digital systems development and support, IT development
companies. and support, application security, risk management,
audit management and account security consultancy.
Booking Holdings is the world’s leading provider
Infosys TopazTM AI-first solution plays a key role here
of online travel and related services, offered to
in making these services truly cognitive. This initiative
consumers and local partners in more than 220
is driving improved speed to market, more innovative
countries and territories through six primary
thinking and consistently rewarding business
consumer-facing brands: Booking.com, Priceline,
outcomes for brands like Booking.com.
Agoda, Rentalcars.com, KAYAK and OpenTable.
Booking Holdings’ mission is to make it easier for Efforts at Infosys strengthen this collaboration to
everyone to experience the world. build innovative solutions in the travel domain.
Infosys is also looking to continuously upskill its
Across their operations, Booking Holdings’ brands
project team to build exceptional skill sets that can be
have always been keen to ensure comprehensive
leveraged to build these focused solutions.
security powered by next-gen technology. To realize
this, the company teamed up with Infosys to ramp

‘’Modern enterprises, with their digital footprint expanding past

traditional perimeters, are increasingly susceptible to cybersecurity
attacks. To be cyber-resilient, enterprises must embed security by
design and operational measures to adequately protect products and
services. To do this, they need to embrace AI-first threat management
solutions. We have successfully adopted this approach at Booking
Holdings and for our brands working collaboratively with Infosys.’’
Spencer Mott
Chief Security Officer – Booking Holdings & Booking.com

ACCELERATING THE AI-FIRST

JOURNEY FOR YOUR ENTERPRISE
4 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 5
 MOLINA HEALTHCARE: MAXIMIZING VALUE FROM CLOUD
INVESTMENTS
Digital transformation of enterprises today is also Molina Healthcare is committed to providing a wide
leading to data and AI transformation of businesses range of quality healthcare services to families and
bringing powerful capabilities to non-technical individuals who qualify for government-sponsored
users in the world of healthcare. Cloud remains a key programs. Today, running business operations,
foundational capability necessary to accelerate value including their mission critical systems, with data-
generation on this journey. and AI-powered capabilities on the cloud, has given
Molina Healthcare a first-mover advantage that few
Molina Healthcare, a FORTUNE 500 company,
ACCELERATING THE AI-FIRST provides managed healthcare services under the
others enjoy. Better business scalability and resilience
JOURNEY FOR YOUR ENTERPRISE Medicaid and Medicare programs and through
have improved the experience for their members.
Growth, for the business, is accelerated by adding
the state insurance marketplace. Through locally
more participants from new untapped states. Time to
operated health plans, Molina Healthcare serves
onboard these participants and costs to provide them
approximately 5.1 million Americans.
care have significantly reduced, thereby boosting
From first starting their cloud journey to enable profitability.
exponential efficiencies, Molina Healthcare has long
But perhaps, most significantly, this cloud-first
since evolved it to become a key driver of revenue
journey that Molina Healthcare is on has reinforced
for businesses through the creation of cognitive
the company’s ability to realize its purpose – to
capabilities. That’s why, leveraging Infosys CobaltTM –
improve the lives and well-being of its members,
cloud services and solutions, for Molina Healthcare,
while making a positive impact in the communities
has also meant creating a foundation with ready
they serve.
access for business users.

‘’Growing our cloud capabilities has been integral to our digital

transformation. We also know that continuing to strengthen these
capabilities is the way for us to become an AI-first enterprise that will
enable to service our members seamlessly. Infosys is a trusted partner
for us on this journey.’’
Amir Desai
CIO, Molina Healthcare

6 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 7
 SIEMENS: BOOSTING THE EFFICIENCIES OF WORKFORCE
LEARNING
As companies seek to extend market leadership, skills My Learning World is amplified with AI-powered
for their employees, especially in new technology algorithms that deliver a strong nudge framework
capabilities like generative AI, IoT, cybersecurity and to integrate learning actively into the performance
additive manufacturing, are becoming vital for long- culture of the organization. AI is also helping deeply
term success. Building efficiencies into the learning personalize the upskilling journey for learners. The
path for organization-wide upskilling and reskilling is cognitive core of My Learning World also allows
high on the list of focus areas for business leadership. leaders to track the progress that learners make and
continuously refocus efforts and content to deliver
With a rich history spanning over 175 years, Siemens
improved outcomes.
is a German multinational technology company
ACCELERATING THE AI-FIRST and one of the largest engineering companies in As the exploration of generative AI tools for the
JOURNEY FOR YOUR ENTERPRISE the world. Staying ahead of the technology curve is platform intensifies, the promise to make the learning
critical for Siemens to retain its leadership. This makes journey richer and more engaging is becoming real.
rapid and effective upskilling of its large, diverse and Some key generative AI-driven features include
geographically spread workforce imperative. automatic content generation, automatic creation
of learning objectives and AI-powered learning
Partnering with Infosys and leveraging Infosys
assistants. Applying AI to the data from this platform
Wingspan, AI-first learning and talent transformation
gives Siemens key insights into the learning habits
platform, Siemens has reimagined its approach to
and skill trends, enhances search quality and learning
upskilling and learning. Infosys Wingspan draws
experience. And the results are encouraging –
on Infosys TopazTM to bring in robust AI, including
My Learning World is the fourth most used platform
generative AI capabilities. With Infosys, Siemens’
across Siemens, recording six million hours of
enterprise learning has stepped firmly into the
learning in total in fiscal 2022.
digital age – leading to the inception of My Learning
World harnessing Infosys Wingspan. It is the single This AI-first journey to efficiently enhance their
entry point into digital learning and the gateway digital skill quotient is helping Siemens foster a
to personal upskilling and reskilling at scale for culture of lifelong learning. It is enabling them to
Siemens employees, with AI to monitor and predict build a resilient workforce that can adapt to rapid
learning, simultaneously acting as the digital brain technological changes in the industry.
of the company.

‘At Siemens, we want to support our people in staying relevant in

a permanently changing environment by continuously evolving
functional and technical skills. Digitalization, with an AI-first approach,
is at the core of our strategy for the future. We are excited to have found
an effective partner in Infosys who can support us to bring greater
efficiencies to our employees’ learning and growth journey with My
Learning World. This is an important partnership for Siemens, and we
look forward to continuing to build on these learning experiences for
our employees.”
Daniela Proust
Senior Vice President, Head of Global Learning and Growth at Siemens

8 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 9
 WSP: REDESIGNING BUSINESS OPERATIONS WITH INSIGHTS
Digitalization is both the force and the force underlying agile cloud-led technologies to equip
multiplier for the engineering sector to navigate various personas, including the project manager,
their next while planning, designing, managing, and with better insights for informed decision making.
engineering communities to thrive.
The project commenced by implementing a global
WSP is one of world’s leading engineering and blueprint to addresses challenges around unique
professional services firms, developing creative, industry-specific business processes, providing for a
comprehensive, and sustainable solutions for the robust business architecture and delivering intuitive
future. Equipped with an intimate understanding user experiences for all key stakeholders. Oracle ERP
of local intricacies, world-class talent and proactive cloud was chosen as the underlying cloud platform
leadership, the company plans, designs, and with bolt-on extensions and intelligent automation
engineers solutions to uniquely complex problems. to support insights-led business redesign. The
solution drew support from a strong automation, and
Their partnership with Infosys will be enabling WSP’s
embedded analytics backbone to deliver a unified
enterprise-wide internal digital transformation across
system with deep visibility and control.
all core processes including project and portfolio
management, sales, procurement, finance, and WSP, in partnership with Infosys, has completed the
human capital management. The outcome WSP first deployment in Canada, one of the key regions.
aspires to, is the creation of an agile, responsive, Plans are now afoot to implement in the US, UK and
and unified organization that works synergistically ultimately all global regions. This will enable WSP
across their various entities and markets. The goal is to continue to drive strong project management
to continue to improve win ratios, cash flows, drive with trackable schedule and budget adherence,
efficient project management, talent management, streamlined flow of talent, effective management
book closures and help onboard seamless integration of the sales pipeline, optimized pricing techniques
of new entities. This will require undertaking along with excellent risk management and controls.
large-scale business process transformation with

“From improving planning, to impacting operational efficiency and

personnel training, insights-driven digital transformation is key to our
strategy to smoothly solve complex engineering challenges. This also
offers a way to continuously improve and prepare for a wide range of
business scenarios. We are glad to have Infosys partner with us in these
MAKING endeavors.’’

BUSINESSES Chadi Habib

Chief Technology Officer and Head of Business Solutions, WSP

SMARTER
ACCELERATING THE AI-FIRST
JOURNEY FOR YOUR ENTERPRISE
10 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 11
 MS AMLIN: INSIGHTS TO NAVIGATE FROM RISK MANAGEMENT
TO STRATEGIC RESILIENCE
Organizations in the insurance industry have recently security, vulnerability management and governance,
been severely targeted by threat actors due to the along with risk and compliance management. The
huge volume of personally identifiable information platform-centric approach for security tools and
and sensitive customer financial data. To date, more controls are embedded with cognitive AI-modeled
than 100 million users have had their personally use cases and playbooks for advanced threat
identifiable information compromised in this sector, detection and response.
making cybersecurity an utmost priority.
Identity is now a crucial aspect of cybersecurity;
MS Amlin is a leading insurer and reinsurer and is part if compromised, it can trigger many lethal server
of the global top-10 insurance group MS&AD, with attacks. Infosys has, for MS Amlin, mitigated the risk of
three main legal entities’ operating in the Lloyd’s, UK, identify management by implementing SSO – single
Continental European and Bermudian markets. With a sign-on and reconciliation of privileged accounts.
300-year record, MS Amlin delivers quality service for Infosys has also helped implement multi-factor
businesses facing the most complex and demanding authentication and privilege access management
risks. Their areas of operation are mostly property & with industry-leading and best-of-breed products
casualty, marine and reinsurance markets. and solutions.
MS Amlin has chosen Infosys as their cybersecurity Network detection and response has also been
service provider to ensure comprehensive operationalized for MS Amlin to get deep and
security services powered by cognitive next-gen detailed insights on the anomalies in their
ACCELERATING THE AI-FIRST security operations. environment. 
JOURNEY FOR YOUR ENTERPRISE Infosys offers enterprise-wide security controls Working in collaboration with MS Amlin, Infosys has
to secure MS Amlin’s IT estate, including identity been able to protect the business from evolving
protection, network security, workplace and workload threats and elevate their security posture.

“Modern enterprises, with their digital footprint growing beyond

traditional perimeters, are becoming soft targets for cybersecurity
attacks. To be risk-resilient, enterprises must embed security by
design and embrace next-gen cognitive threat management
solutions. MS Amlin and Infosys Cybersecurity are working
collaboratively to establish next-gen security operations for
threat monitoring and incident response orchestration based on
AI hypothesis.”
Andy Hodgson
CISO, MS Amlin

12 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 13
 Contents
16 About this report

Corporate overview
18 About Infosys
19 Global presence
20 The Infosys Board of Directors
26 The Infosys leadership team

Performance overview
28 Business highlights
30 Chairman’s message
32 Letter to the Shareholder
34 Awards and recognitions

Approaching value creation

38 Our business context
40 Strategy
42 Value creation model

Delivering value
44 Financial Capital
46 Human Capital
48 Intellectual Capital
50 Natural Capital
52 Manufactured Capital
54 Social and Relationship Capital

Statutory reports
58 Board’s report
70 Annexures to the Board’s report
100 Management’s discussion and analysis
117 Corporate governance report
155 Investor contacts
157 Risk management report
161 Business Responsibility and Sustainability Report
205 CEO and CFO certification

Financial statements
206 Standalone
290 Consolidated

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14 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 15
About this report
An introduction to the report Our capitals
Infosys adopted the Global Reporting Initiative (GRI) Auditors’ reports The capitals, as described below, provide a holistic perspective of how short, medium and long-term value is created
principles to disclose performance on non-financial The Auditors’ Report for fiscal 2023 from Deloitte Haskins and preserved at Infosys. The capitals are simultaneously inter-dependent and mutually beneficial as they create
aspects of the business 15 years ago and became the & Sells LLP, Chartered Accountants (ICAI Firm Registration synergy across the organization. Our strategy and ESG framework  help to channel all inputs through the capitals to
first IT company to publish sustainability performance Number 117366W/ W-100018) does not contain any manifest into the most impactful outputs and outcomes for all stakeholders.
in accordance with the GRI G4 (comprehensive) criteria qualification, reservation or adverse remark. The Report is
in 2014. enclosed with the financial statements in this Integrated
This is the second Integrated Annual Report of Infosys Annual Report.
Limited. Our Integrated Annual Report provides a The Secretarial Auditors’ Report for fiscal 2023 from
comprehensive overview of our company’s performance Makarand M. Joshi of Makarand M. Joshi & Co., Company
and progress over the past year. It includes quantitative Secretaries, does not contain any qualification, reservation
and qualitative disclosures on material topics, such as Financial Capital Human Capital Intellectual Capital
or adverse remark. The Secretarial Auditors’ Report is
financial performance, environmental sustainability, social enclosed as Annexure 5 to the Board’s report. We obtain our Financial Capital through Nurturing talent for the future is Our Intellectual Capital is driven by
responsibility, and our relationship with our stakeholders. the funds generated from our business essential for our continued success. agility, flexibility, and innovation.
It also describes our strategy, leadership commitment and Independent assurance operations and financing activities. Our 5C model for Engagement – We are committed to working
Our strong performance on the back Connect, Collaborate, Celebrate, Care, with experts, academia, and other
culture that celebrates people, performance and purpose. Select non-financial sustainability disclosures in this
of meticulous execution over the years, and Culture, is designed to strengthen stakeholders to develop new products
Integrated Annual Report are verified by KPMG Assurance as reflected in the combination of and reinforce our culture so that it is and services that meet the needs
The Infosys Integrated Annual Report 2022-23 has been
and Consulting Services LLP. The Independent Assurance high growth and profitability, has led experienced uniformly and positively of our customers and communities.
prepared in accordance with the International Integrated
Statement for our BRSR disclosures is available as part of to building a strong, debt-free, and by employees – remote or in office. With iCETS, the Living Labs, and the
Reporting Framework, developed by the International
this Integrated Annual Report. liquid Balance Sheet. Our focus is on We have long-established paths for Infosys Innovation Network, we have
Integrated Reporting Council (IIRC), the GRI Standard and employee upskilling and reskilling, and a broad portfolio of solutions across
ensuring a sustainable and profitable
SASB Standard. This report also includes the Business Management’s review financial position. our efforts have been well rewarded, industry segments. The Infosys Prize
Responsibility and Sustainability Report (BRSR), prepared in This Integrated Annual Report has been reviewed and providing value to our people and us. and Aarohan Social Innovation awards
accordance with the guidelines issued by the Securities and approved, for publication, by the Management of the recognize outstanding achievements
Exchange Board of India (SEBI). We have also mapped our by researchers and scholars and provide
Company.
contribution to the Sustainable Development Goals (SDGs) a platform for innovators and social
entrepreneurs, respectively.
through the Infosys ESG Vision and ambitions. Feedback
The financial and statutory data disclosed in the Share your feedback about the report to
statutory sections of this report meet the requirements [email protected]
of the Companies Act, 2013 (including the rules made
thereunder) and applicable SEBI Regulations.
Natural Capital Manufactured Capital Social and Relationship
Climate action has been a key focus As strong advocates of environmental Capital
area for our Natural Capital. We have stewardship extending beyond
Our Social and Relationship Capital
been at the forefront of the ESG our boundaries, our Manufactured
guides us as we bring the interests
movement and became carbon- Capital includes our energy efficient
of our stakeholders to the fore. As
neutral in 2020 – 30 years ahead of the offices, data centers, innovation hubs,
enterprises focus on reshaping
timeline set by the Paris Agreement. digital studios, and our technology
their businesses to prepare for the
Today, we incorporate environmental infrastructure across the globe. With
digital era, we are helping our clients
considerations into everything that we the highest-rated green buildings
drive transformation and sustain
do, as we power the journey towards a on our campuses and investments
gain from their large-scale business
sustainable world for all. in collaborative tech infrastructure,
transformation efforts. Our Foundations
we offer productive, safe and healthy
focus on CSR efforts globally across
workplaces for employees, clients and
the domains of education, healthcare,
contractors.
women empowerment, sustainability,
rural development, art and culture,
and disaster relief. Our social ambition
focuses on serving the development
of people by shaping a future with
meaningful opportunities for all.

16 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 17
Corporate overview
About Infosys

https://www.infosys.com/investors/reports-filings/documents/global-presence2023.pdf
Our Purpose

Infosys began its operations in a small apartment office in Pune,

To amplify human potential

New Zealand
and create the next

India, in 1981. Today, we have offices across six continents.

opportunity for people,

Japan

Philippines

Australia
businesses and communities

South Korea

Taiwan

Singapore
Our Values

Hong Kong
Our Company’s Code of Conduct

China

Malaysia
stands on the strong foundation

For details of our global locations, visit 

set by our values, encapsulated in

India
the acronym C-LIFE.

Czech Republic

Mauritius
Lithuania

Romania
Armenia
Sweden
Finland

Croatia
Austria
Poland
Client value

Saudi Arabia UAE

Latvia

Qatar
Infosys is a global leader in next- pioneered the Global Delivery Model
To surpass client expectations
generation digital services and and became the first IT company

*as of May 29, 2023

consistently

Turkey
consulting. We enable clients in more from India to be listed on NASDAQ.

Israel

South Africa
than 56 countries to navigate their
Even as Infosys first turned carbon
digital transformation. Leadership by example

Norway
neutral in 2020 – 30 years ahead of
With over four decades of experience the 2050 timeline set by the Paris To set standards in our business
in managing the systems and Agreement, we articulated our ESG and transactions and be an
workings of global enterprises, Vision 2030, stating our commitment exemplar for the industry and
we expertly steer clients, as they to shape and share solutions that ourselves
navigate their digital transformation serve the development of businesses

Bulgaria
Spain
Slovakia
Switzerland
Serbia
Netherlands

Ireland
Belgium
Luxembourg
Germany
France

Liechtenstein
Malta
Italy
Hungary
UK
Denmark
powered by the cloud. We enable and communities. This reaffirms

Portugal
them with an AI-powered core, our long-standing commitments Integrity and transparency

No. of countries
empower the business with agile focused across core areas including To be ethical, sincere and open in

No. of offices
digital at scale and drive continuous climate change, technology for all our transactions
improvement with always-on good, diversity and inclusion,

274
learning through the transfer of energizing local communities, ethics Fairness

56
Puerto Rico

Brazil
digital skills, expertise, and ideas and transparency, data privacy and
To be objective and transaction-

Argentina
from our innovation ecosystem. information management.
We are deeply committed to being oriented, and thereby earn trust
and respect

Chile
a well-governed, environmentally
3,43,234

2022-23
61.8%
25.7%
9.9%
2.6%
Peru
sustainable organization where

Global presence*
Employees Excellence

Costa Rica
diverse talent thrives in an inclusive

Revenue by geography
Mexico
Canada
workplace.

USA
To strive relentlessly, constantly

Countries where we operate

Established in 1981, from a capital of
1,872 improve ourselves, our teams, our

Corporate overview
US$250, we have grown to become a services and products to become
company with a market capitalization
Active clients
the best
of approximately US$72.35 billion.

Rest of the World

`1,46,767 cr

North America
In our journey of over 40 years, we
have catalyzed India’s transformation Total revenues in fiscal 2023

Regions
into the global destination for

Europe

India
software services talent. We

18 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 19
Corporate overview
The Infosys Board of Directors
Note: The Board and Committee composition is as of March 31, 2023.

Nandan M. Nilekani Salil Parekh Bobby Parikh Chitra Nayak

Chairman Chief Executive Officer and Managing Director Independent Director Independent Director

Chairperson Chairperson
Audit Committee Environmental, Social and Governance Committee
Member Member
Risk Management Committee Corporate Social Responsibility Committee
Stakeholders Relationship Committee Risk Management Committee
Stakeholders Relationship Committee

D. Sundaram Michael Gibbs Govind Iyer Uri Levine

Lead Independent Director Independent Director Independent Director Independent Director*

Chairperson Chairperson Chairperson Member

Nomination and Remuneration Committee Stakeholders Relationship Committee Corporate Social Responsibility Committee Corporate Social Responsibility Committee
Risk Management Committee Cybersecurity Risk Sub-committee Environmental, Social and Governance Committee
Risk Management Committee
Member Member Member
Cybersecurity Risk Sub-committee
Audit Committee Audit Committee Nomination and Remuneration Committee
Stakeholders Relationship Committee Nomination and Remuneration Committee Environmental, Social and Governance Committee * Retired on April 19, 2023
Cybersecurity Risk Sub-committee Risk Management Committee Risk Management Committee
Cybersecurity Risk Sub-committee

20 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 21
The Infosys Board of Directors

Nandan M. Nilekani
Chairman and Non-Executive and D. Sundaram
Non-Independent Director (Promoter) Lead Independent Director

Age: 67 Age: 70
Nationality: Indian Nationality: Indian

Date of appointment Board memberships – Indian listed companies Areas of expertise Date of appointment Board memberships – Indian listed companies Areas of expertise
August 24, 2017 Infosys Limited: Non-Executive and • Financial July 14, 2017 Infosys Limited: Independent Director • Financial
Non-Independent Director • Diversity Date of reappointment Crompton Greaves Consumer Electricals Limited: • Diversity
Tenure on Board
Committee details (1)(2) • Global business Independent Director • Global business
5.6 years July 14, 2022
• Leadership GlaxoSmithKline Pharmaceuticals Limited: • Leadership
Member: Nil
Term ending date • Information Technology Tenure on Board Independent Director • Information Technology
Chairperson: Nil
• Cybersecurity 5.7 years • Cybersecurity
NA Committee details (1)(2)
• Board service & governance • Board service & governance
Shareholding • Sales & marketing Term ending date Member: 5 • Sustainability & ESG
4,07,83,162 shares (0.98%) • Sustainability & ESG July 13, 2027 Chairperson: 2 • Risk management
• Risk management • Mergers & Acquisitions
Shareholding
• Mergers & Acquisitions
Nil
Read full profile at: https://www.infosys.com/about/management-profiles/nandan-nilekani.html
Read full profile at: https://www.infosys.com/about/management-profiles/d-sundaram.html

Salil Parekh
Chief Executive Officer and Michael Gibbs
Managing Director Independent Director

Age: 58 Age: 65
Nationality: Indian Nationality: American

Date of appointment Board memberships – Indian listed companies Areas of expertise Date of appointment Board memberships – Indian listed Areas of expertise
January 02, 2018 Infosys Limited: Executive Director • Financial July 13, 2018 companies • Financial
• Diversity Infosys Limited: Independent Director • Diversity
Date of reappointment Committee details (1)(2) Date of reappointment
• Global business • Global business
July 01, 2022 Member: Nil July 13, 2021 Committee details (1)(2)
• Leadership • Leadership
Chairperson: Nil • Information Technology Member: 2 • Information Technology
Tenure on Board Tenure on Board
• Cybersecurity Chairperson: 1 • Cybersecurity
5.2 years 4.7 years
• Board service & governance • Board service & governance
Term ending date • Sales & marketing Term ending date • Sales & marketing
March 31, 2027 • Sustainability & ESG July 12, 2026 • Sustainability & ESG
• Risk management • Risk management
Shareholding • Mergers & Acquisitions Shareholding • Mergers & Acquisitions
7,86,658 shares (0.02%) Nil

Read full profile at: https://www.infosys.com/about/management-profiles/salil-parekh.html Read full profile at: https://www.infosys.com/about/management-profiles/michael-gibbs.html

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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 2. For the purposes of determination of committee details as per Regulation 26 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”), membership and chairpersonship of only the audit committee and the stakeholders relationship committee across all public companies are (“Listing Regulations”), membership and chairpersonship of only the audit committee and the stakeholders relationship committee across all public companies are
considered. considered.
3. Details are as of March 31, 2023. 3. Details are as of March 31, 2023.

22 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 23
The Infosys Board of Directors

Bobby Parikh Govind Iyer

Independent Director Independent Director

Age: 59 Age: 60
Nationality: Indian Nationality: Indian

Date of appointment Board memberships – Indian listed companies Areas of expertise Date of appointment Board memberships – Indian listed companies Areas of expertise
July 15, 2020 Infosys Limited: Independent Director • Financial January 12, 2023 Infosys Limited: Independent Director • Diversity
Biocon Limited: Independent Director • Diversity • Global business
Tenure on Board Tenure on Board Committee details (1)(2)
Indostar Capital Finance Limited: Independent • Global business • Leadership
2.7 years Director • Leadership 0.2 years Member: Nil • Cybersecurity
• Information Technology Chairperson: Nil • Board service & governance
Term ending date Committee details (1)(2) Term ending date
• Board service & governance • Sales & marketing
July 14, 2023 Member: 7 January 11, 2028
• Sales & marketing • Sustainability & ESG
Shareholding Chairperson: 4 • Sustainability & ESG • Risk management
Shareholding
6,887 shares (0.00%) • Risk management 991 shares (0.00%)
• Mergers & Acquisitions

Read full profile at: https://www.infosys.com/about/management-profiles/bobby-parikh.html Read full profile at: https://www.infosys.com/about/management-profiles/govind-iyer.html

Chitra Nayak Uri Levine

Independent Director Independent Director

Age: 60 Age: 58
Nationality: American Nationality: Israeli

Date of appointment Board memberships – Indian listed companies Areas of expertise Date of appointment Board memberships – Indian listed companies Areas of expertise
March 25, 2021 Infosys Limited: Independent Director • Diversity April 20, 2020 Infosys Limited: Independent Director • Diversity
• Global business • Global business
Tenure on Board Committee details (1)(2) Tenure on Board Committee details (1)(2)
• Leadership • Leadership
2 years Member: 1 • Information Technology 2.9 years Member: Nil • Information Technology
Chairperson: Nil • Cybersecurity Chairperson: Nil • Cybersecurity
Term ending date Term ending date
• Board service & governance • Board service & governance
March 24, 2024 April 19, 2023
• Sales & marketing • Sales & marketing
Shareholding • Sustainability & ESG Shareholding • Sustainability & ESG
Nil • Risk management Nil • Risk management
• Mergers & Acquisitions • Mergers & Acquisitions

Read full profile at: https://www.infosys.com/about/management-profiles/chitra-nayak.html Read full profile at: https://www.infosys.com/campaigns/profile-uri-levine.html

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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 2. For the purposes of determination of committee details as per Regulation 26 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”), membership and chairpersonship of only the audit committee and the stakeholders relationship committee across all public companies are (“Listing Regulations”), membership and chairpersonship of only the audit committee and the stakeholders relationship committee across all public companies are
considered. considered.
3. Details are as of March 31, 2023. 3. Details are as of March 31, 2023.

24 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 25
Corporate overview
The Infosys leadership team*

Salil Parekh Nilanjan Roy

Chief Executive Officer and Managing Chief Financial Officer
Director

Anand Swaminathan Anant Raghavendra Adya Anantharaman Radhakrishnan Andrew Groth Martha King Mohammed Rafee Tarafdar Narsimha Rao Mannepalli Rajeev Ranjan
Segment Head – Communication, Group Practice Engagement Chief Executive Officer & Industry Head – Financial Services, Chief Client Officer Chief Technology Officer, Co-Head of Delivery, Infosys Service Offering Head –
Media and Technology Manager – Cloud Services Managing Director – IBPM Healthcare, Insurance and Global Delivery Manufacturing, India & Japan
Life Sciences Business Units

Anup Kapoor Arun Kumar H.R. Ashiss Kumar Dash Balakrishna D.R. Rajesh Varrier Richard Lobo Ruchir Budhwar Satish H.C.
Global Head Operations – IBPM Head – Business Strategy, Planning Segment Head – Energy, Utilities, Service Offering Head – Energy, Service Offering Head and Head – Head, HR – Infosys Limited Industry Head, Manufacturing Co-Head of Delivery, Infosys
and Operations Resources and Services Utilities, Communications, Resources Americas Operations
& Services, AI and Automation

Deepak Bhalla Dennis Kantilal Gada Dinesh R. Hemant Lamba Shaji Mathew Sumit Virmani Sunil Kumar Dhareshwar Umashankar Lakshmipathy
Chief Risk Officer & Global Head – Industry Head, Financial Services Co-Head of Delivery, Infosys Head – Strategic Global Sourcing Group Head – Human Resources Chief Marketing Officer Global Head – Corporate Accounting Group Practice Engagement
Business Finance and Operations & Taxation and Group Head – Manager, Cloud and Infrastructure
Planning Facilities, Infrastructure and Security Services
*List as of May 29, 2023

Inderpreet Sawhney Jasmeet Singh Jayesh Sanghrajka Karmesh Gul Vaswani

Group General Counsel and Segment Head – Manufacturing Deputy Chief Financial Officer Segment Head – CPG, Logistics
Chief Compliance Officer & Retail

26 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 27
Performance overview
Business highlights

Women employees
Infosys achieved industry-
leading revenue growth of
15.4% with healthy operating
39.4%
Steady progress towards
margin of 21.0% for fiscal gender diversity goals
2023. Our ESG Vision 2030 and
ambitions continue to drive Digital skilling
Tech for Good
value for all our stakeholders.
114mn + 8.5mn
Carbon offset programs People are a part of our digital
Lives empowered via our Tech for skilling initiatives

Operating margin
Good solutions in e-governance,
education and healthcare 2,40,000+
Rural families continue to benefit

21.0%
Buyback completed

Robust operating margin ₹9,300cr Carbon neutrality

Revenues
at an average price of ₹ 1,539.06 Carbon neutral for
Basic earnings per share
4 years in a row
₹1,46,767cr ~50,000
(par value of ₹ 5 each)

57.63
Scope 1, 2 and 3 emissions
Return on equity
Fresh graduates hired globally
20.7% growth Y-o-Y
15.4% CC growth Y-o-Y
9.7% growth Y-o-Y
31.2%
Improved by 2.1% over Note:

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 under IFRS.
Digital revenues (2)
Comprise cash and cash equivalents, current and non-current investments excluding investments in unquoted equity and preference shares, and others.
(as a % of total revenue)
Consolidated cash and Free cash
62.2%
(1)
investments(2)

₹31,286cr ₹ 20,443cr Key trends

25.6% CC growth Y-o-Y
FCF conversion at 84.8% of net profit In ₹ crore, except per equity share data FY 2023 FY 2022 FY 2021 FY 2020 FY 2019
Continue to main strong
liquidity position Revenues (1)
1,46,767 1,21,641 1,00,472 90,791 82,675

Large deal TCV Net profit (1)(2)

24,095 22,110 19,351 16,594 15,404
(Total contract value in US$ billion) Basic earnings per share (in ₹)(1) 57.63 52.52 45.61 38.97 35.44

$ 9.8b Market capitalization

In US$ million, except per equity share data

5,92,394

FY 2023
8,02,162

FY 2022
5,82,880

FY 2021
2,73,214

FY 2020
3,24,448

FY 2019
Sustained momentum in large
deal wins continues Revenues (1)
18,212 16,311 13,561 12,780 11,799
Net profit (1)(2)
2,981 2,963 2,613 2,331 2,199
Basic earnings per share (in ₹)(1) 0.71 0.70 0.62 0.55 0.51
Number of US$ 50 million + clients
Market capitalization 72,351 104,706 79,760 34,966 47,614

75
Dividend per share (in ₹)

34.0
9.7% growth Y-o-Y
Strong client metrics with increase
of 11 clients Y-o-Y
Notes:
(1)

(2)
Based on IFRS consolidated financial statements
Attributable to owners of the Company

28 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 29
Performance overview
Chairman’s message
Navigating uncertainty
If there is one overriding theme that defines our current problems, but continually innovate and architect for
world, it is that it is suffused with uncertainty. The placid challenges that may emerge in the future. We build it
and the predictable are behind us as each new day brings for ourselves first, and then, deeply rooted in our own
new inputs and new events that derail the carefully-crafted experience, take it widely to our clients.
models we have constructed of the world around us. The
The awesome possibilities of generative AI, we know from
cocktail of inflation, interest rates, geopolitics, war, demand
our own journey to becoming an AI-first enterprise, is not
volatility, supply chain dislocations, the shift from efficiency
without its risks. The problems of AI hallucination, systemic
to resilience and security, all stirring quickly and without
biases, lack of explainability along with plenty of practical,
warning, is what’s before us. In any week, we may oscillate
ethical and intellectual property-related issues remain open
from caution to optimism and back to caution based on
and up for debate. We also know, from our experience,
the news of the day.
that the path to scaling AI enterprise-wide is non-linear.
Such times of intense uncertainty, great short-term Often, organizations, seeking to mine value from data and
pressure, and crunched resources require that companies AI models, successfully undertake pilots but fail to factor in
must become better, more efficient in their ability to be what it will take to scale value across the whole enterprise.
resilient in the present while also securing their future As demands increase, data volumes grow, and complexity
growth. This is easier said than done. The extreme volatility rises, companies find themselves unable to surmount the
that surrounds us creates so many probable future states, associated challenges and start to question the path to
that it simply isn’t prudent for businesses to plan to value. Navigating to value-at-scale from AI and retaining
succeed in any one anticipated future scenario. Instead, we the larger strategic vision while breaking down the tasks
need to develop the flexibility to be able to avoid limiting into sequential small wins, is not always intuitive or simple.
choices, reduce concentration risk, quickly adapt, and learn With our AI-first strategy, Infosys is guided by that road
to thrive in any new reality. map. We are also bringing to our global clients the ability
to accelerate business value and amplify human potential
The era of optionality is upon us.
using AI technologies with Infosys TopazTM.
Optionality can take various forms. In our IT infrastructure,
The digital transformation of every industry and every
it is the ability to dynamically reconfigure the way we
business, over the last several years, has laid the foundation
work – remotely, in office or hybrid. In the area of talent, it
to create optionality as we navigate the way forward.
is about building and deploying agile learning platforms
Our clients have always trusted us to assist them not only
so that our people can hone their skill sets to match
to make the right digital investments but to safeguard
new demand and new technologies. It is about having a
these investments for their future. Today, we are excited
digital-first and AI-first business architecture which can
by the opportunity and humbled by the responsibility we
be constantly configured. It is finding the right balance
have to enable them to bring all their digital capabilities
between retaining the core of a company and working
together to execute quickly and effectively for now, while
with partners on others. Optionality must be ingrained in
developing multiple options to amplify their competitive
strategy and execution.
advantage and market leadership in an uncertain future.
Our CEO, Salil Parekh, and his global leadership team, Our client relevance has never been so compelling, our
realized early on the value that advanced digital investment in employees as continuous and consistent,
technologies like AI and cloud, and more recently, and our purpose so keen. We are ready to co-create with
generative AI, can bring to imagine and execute for our clients and our entire ecosystem a flexible future that
multiple options in the future. They came together as puts people first and benefits the broader society even as
One Infosys to orchestrate teams that lead the charge to it propels business forward. After all, like many have said,
continually transform Infosys into an organization that truly imagination is our invisible power to create all things. Our
realizes human-machine synergies, from fundamentally future can be as bright as we imagine it to be.
rethinking organizational design to segmenting cognitive
tasks to get the right balance between people, technology, Bengaluru Nandan M. Nilekani
May 29, 2023 Chairman Nandan M. Nilekani
and process. Today, Infosys is steadily progressing towards Chairman
a future where we don’t just solve immediate business

30 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 31
Performance overview
Letter to the Shareholder
Dear shareholder,
Financial year 2023 was a strong year for our business. Our learning ecosystem enabled over 5.5 million learning
days for our employees during the year.
In FY23, we saw growth of over 15%, operating margins
of 21%, and free cash flow of US$2.5 billion. Our attrition Last year we returned US$3.1 billion to our shareholders –
reduced for each quarter of the year. US$1.7 billion as dividend and US$1.4 billion through our
share buyback program.
With the changing economic environment, we positioned
our Company to work with clients for their digital At the end of the financial year, we were the leading
transformation as well as their cost efficiency and company among our peers in total shareholder return over
automation programs, enabling us to support them in two the past five years.
critical areas of interest. We remain committed to the communities we live and
We have developed a strong set of capabilities in operate in. With the work of Infosys Foundation, we
generative artificial intelligence to enhance how we enable support a variety of social causes, including creating
our clients to derive value. These capabilities are available positive impact in healthcare, education, sustainability, and
to all our clients in the form of Infosys TopazTM. women empowerment. Our Infosys Springboard initiative
continues to help build digital skills by providing free
Our Cobalt capabilities for the cloud continue to resonate
learning programs to millions of people around the world.
with our clients. Our platforms, including Finacle for banks,
McCamish for insurance, Equinox for commerce, and Helix In the past few quarters, we have seen the global
for healthcare, are creating strong impact with clients. economy dealing with inflation, interest rate increases,
and changes in demand environment for companies in
During the year, we were recognized by Brand Finance
various industries. Our strength in digital, cloud, and in
among the top three most valuable IT services brands
automation, along with cost efficiency capabilities have
globally.
held us in good stead. These will continue to be critical in
We continue to deepen our engagement with our clients. the evolving economic environment.
The number of clients with over US$100 million in revenue
As I look ahead, given the trust of our clients, the
for the year was at 40. The number of clients with over
dedication of our employees, the strength of our
US$50 million in revenue for the year was at 75. Our large
capabilities, our One Infosys approach, and the guidance
deal intensity was strong during the year. We had 95 large
of our Board, I remain confident of our ability to serve our
deals with a value of US$9.8 billion in the year. We see
clients and continue to create impact for them.
our One Infosys approach helping support our clients by
bringing all our capabilities and the strength of our entire With my warmest regards,
employee-base to work for their benefit.
Sd/-
We recruited over 50,000 college graduates in the year and Bengaluru Salil Parekh
ended the year with over 3,40,000 employees. At the end May 29, 2023 Chief Executive Officer and Managing Director
of the year, 39% of our employees were women.

Salil Parekh
Chief Executive Officer and
Managing Director

32 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 33
Performance overview
Awards and recognitions
Won the FE CFO Awards 2023 in the Recognized as one of the “Most
Large Enterprises - Servicing Sector Honored” companies, receiving
category. multiple awards at the 2022 All-
Asia Executive Team Rankings from
Won Treasury Today Asia’s Top Institutional Investor
Treasury Team 2022 award at the
Adam Smith Awards Asia 2022

Positioned as a leader in HFS Top

10: Capital Markets Services, 2022

Infosys InStep Ranked as the ‘Best

ESG Business Internship Program’ in the 2023 Awarded HFS
Vault Firsthand Rankings OneOffice™ Award
Recognized as a constituent of the Awarded HFS OneOffice™ Award in the Ranked in the Top 3 IT Services in the Innovation
Dow Jones Sustainability World Sustainability category Brands in the world and among Ecosystem category
Index for 2022 the Top 150 Most Valued Brands by Infosys rated as “Most Noteworthy”
Brand Finance Global 500 2023 report Named in AVTAR Top 10 Best Company by DiversityInc, USA
Secured a place in CDP’s annual Recognized as a leader in Everest Companies for Women in India
‘A List’ for leadership in corporate – Sustainability Enablement list in 2022
transparency and performance on Technology Services PEAK Matrix®
Won the ‘Most
climate change Assessment
Outstanding Company Recognized as ‘GSI Innovation
Recognized among Kantar’s global 100
Ranked as a leader in HFS Top 10: in India – IT Services Partner of the Year 2022’ at
most valuable brands in 2022
Recognized as one of Sustainability Services, 2022 Sector’ in Asia’s Snowflake Summit
the 2023 World’s Most Outstanding Companies
Recognized as UK’s Best Workplaces™
Ethical Companies® by Infosys BPM won the Best CSR Poll 2022 by Asiamoney Winner of the 2022 Microsoft
in Tech 2022 by Great Place to Work®
Ethisphere Impact Award at the Corporate Social Security Modern Endpoint
Responsibility Summit & Awards 2023 Recognized among Mexico’s Best Recognized amongst India’s Best Management Partner of the Year
by UBS Forum HR leaders of 2022 by Great Place Workplaces™ for Women 2022 by Award
to Work® Great Place to Work®
Recognized as a top ESG performer in Recognized as the Top Service
2023 by Sustainalytics Provider Across Nordics in
Won the ICAI Sustainability the Whitelane Research and PA
Infosys topped the charts in the Reporting Awards 2021-22 for Gender Consulting IT Sourcing Study 2023
CRISIL ESG Leadership Rankings Equality
and was featured in the CRISIL
Sustainability Yearbook, 2022 for the Infosys recognized as the Champion
second consecutive year of Inclusion in the Most Inclusive
Companies Index (MICI) and featured
Secured an ‘AA’ rating on MSCI ESG in the “100 Best – Hall of Fame” by
Recognized in the LEADERSHIP
Assessment Won the Gold Award at the Recognized as a Global Top Avtar & Seramount, 2022
category in the Indian Corporate
Brandon Hall Group Excellence in Employer 2023 by the Top
Governance Scorecard Assessment by
Recognized by EcoVadis with a Gold Technology Awards Employers Institute for the 3rd
Institutional Investor Advisory Services
(IiAS) for the seventh year in a row medal for the seventh year in a row consecutive year

Honored at the Asset ESG Corporate

Awards 2022 with a ‘Platinum Recognized as a Top Employer in Infosys BPM won in the
Won the Economic
Award for excellence in ESG’, 22 countries across Europe, Middle Infosys received the Great Place to Work® Certification across five International Project of the Year
Times Best
‘Best Investor Relations Team’, ‘Best East, Asia Pacific, and North America regions including India, Australia, United Kingdom, Germany, USA, category with Telefonica UK, at
Organizations for
initiative in Diversity and Inclusion’, for best-in-class HR practices and Canada and Mexico. Infosys BPM received the Great Place to Work® the Global Sourcing Association
Women Award 2023
and ‘Best initiative in Environmental processes Certification in the Philippines (GSA) UK Awards 2022
Responsibility’

34 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 35
Awards and recognition

Infosys BPM recognized as: Infosys positioned as a leader in • Freight and Logistics Digital Services • System Integration (SI) Capabilities on
NelsonHall’s 2022-23 Amazon Web Services (AWS) 2022
• Leader & Star Performer in Everest • ServiceNow Services 2022
• Life Sciences Digital services 2022-23
Group Capital Markets Operations PEAK • End-to-End Cloud Infrastructure
• Utilities Digital Services 2022–2023 • System Integration (SI) Capabilities on
Matrix® Assessment 2023 Management Services 2022
Microsoft Azure 2022
• Leader in Everest Group Marketing • Supply Chain Transformation 2022 • Manufacturing Digital Services 2022–
2023 • Software Product Engineering Services
Services PEAK Matrix® Assessment 2023 • Mortgage & Loan Services 2022 2023
• Leader in the NelsonHall Financial • CPG Digital Services 2022-23
Infosys won the 2022 Marketing • Financial Services Cloud NEAT, BPaas • System Integration (SI) Capabilities on
Services Cloud, SaaS & BPaaS NEAT 2023 NEAT, and SaaS NEAT 2023 • Hybrid Enterprise Cloud Services 2022-
Excellence Gold Award from Google Cloud Platform (GCP) 2022
• Leader and Star Performer in Everest 2023
Information Technology Services • Workplace Communication and
Marketing Association (ITSMA) for Infosys BPM announced Group’s Finance and Accounting
Infosys ranked as a leader in HFS Infosys ranked as a leader in Collaboration (WCC) Services 2023
Infosys Cobalt as a winner in the Outsourcing (FAO) PEAK Matrix®
Horizons: the IDC MarketScape’s Vendor • Application and Digital Services (ADS)
Telecommunications Project of Assessment
Assessments in in Property & Casualty (P&C) Insurance
the Year category with BT-EE, at • LEADER in Nelson Hall NEAT: Supply • Cloud Native Transformation, 2022
the Global Sourcing Association 2023
Chain Transformation 2022 • Worldwide Cloud Professional Services
Infosys, along with client Lanxess (GSA) UK Awards 2022 • The Best Service Providers for Retail • Risk and Compliance in BFS IT Services
recognized as a winner in the • LEADER in Everest Group Financial Crime Banking, 2023 • Worldwide Intelligent Automation 2023
“Workplace of the Future” category & Compliance Operations – Services Services
• Digital Engineering Service Providers, • Application and Digital Services (ADS) in
in 2022 ISG Paragon Awards™ EMEA PEAK Matrix® Assessment 2022
2023 • Worldwide SAP Implementation Life and Annuity (L&A) Insurance 2023
• Leader in the 2022 Gartner® Magic Services 2022
• Metaverse Services Providers 2023 • Advanced Analytics and Insights (AA&I)
EdgeVerve named “Innovator” in Quadrant™ for Finance and Accounting
• Asia/Pacific SAP Implementation Services 2023
the Computer Vision Category Business Process Outsourcing
Services 2022
at the 2022 NASSCOM AI Game Infosys ranked as a leader in • Digital Transformation Consulting
Changer Award Infosys recognized as a leader in • Asia/Pacific Salesforce Implementation Services 2023
Constellation ShortList™
Forrester Wave™ Services 2022
• Blockchain Technology Services • Worldwide Manufacturing Service Life-
• Cloud Migration and Managed Service Cycle Management Strategic Consulting
Partners in Asia Pacific, Q4 2022 • Campaign to Commerce: Best-of-Breed
2022
Commerce Platforms
Infosys ranked among the Top 5 • Multicloud-Managed Services Providers, • EMEA Service Providers for Energy
Q1 2023 • Digital Transformation Services (DTX):
employers in India for the second Transition and New Business Models for
Global
year in a row, recognized for industry Oil and Gas Companies 2022
leading employee practices by Infosys positioned as a leader in the • Public Cloud Transformation Services:
• EMEA Industrial Internet of Things
LinkedIn Top Companies 2022 2022 Gartner® Magic Quadrant™ for Global
Service Providers for Oil and Gas
• AI-Driven Cognitive Applications Companies 2022
• Oracle Cloud Applications Services, • Customer Experience (CX) Operations • Worldwide Manufacturing Intelligence
Infosys Finacle positioned as a Leader Worldwide Services: Global Transformation 2023
Infosys Finacle won the ‘Best Core in The Everest Group PEAK Matrix® • SAP S/4HANA Application Services, • Metaverse Design and Services • Worldwide Manufacturing Intelligence
Banking System Initiative in for Wealth Management Products Worldwide
partnership with Bank Raya’ and Provider 2023 report • Innovation Services and Engineering Transformation Strategic Consulting
• IT Services for Communications Service 2023
‘Best Retail Bank in partnership • Learning Marketplaces
Providers, Worldwide
with Axis Bank’ at the Retail Banker EdgeVerve awarded the Gold GLOBEE • Microsoft End-to-End Service Providers • Worldwide Professional Services
International Asia Trail blazer Awards for Disruptor Company of the Firms for Mining Operational Process
Awards 2023 Year in Automation and Productivity Infosys recognized as a leader in ISG Optimization 2023
Provider Lens™ Infosys positioned as a leader
in Avasant’s RadarView™ • Asia/Pacific Intelligent Digital Workplace
assessments in Services 2023
• ServiceNow Ecosystem Partners in U.S.
and Australia 2022 Quadrant Report
• Salesforce Services 2022 Recognized as a leader in Everest’s
Infosys BPM and Rio Tinto • Power & Utilities Industry - Services and
• Internet of Things Services 2022 PEAK Matrix Assessment in
won the SSON North Solutions 2022 study in the US
America Impact Award • Digital Business Enablement and ESG • Cybersecurity Services 2022 • Data and Analytics (D&A) Services 2022
2023, in the Business Services in US, UK, Nordics, Germany, • Applied AI and Advanced Analytics
Resiliency category • Healthcare Payer Digital Services 2022
Australia and Brazil Services 2022
• Oracle Cloud Applications (OCA)
• Next-Gen ADM Services 2022 ISG • Digital Master’s 2022 Services for Europe
Provider lens™ study in US

36 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 37
Approaching value creation
Our business context
Technology is transforming • Proliferation of tech natives and large
enterprises responding by reinventing
grow, suppliers look forward to long- Our solutions are classified as digital and core.
businesses in every industry term relationships; communities seek
around the world in a profound and digital business models improved lives, while governments
fundamental way. In fiscal 2023, we • Intense competition for talent as and regulators expect good Digital
saw emerging technologies, like enterprises embrace new ways governance and legal compliance.
generative AI, 5G, Low Code No of working amid scarcity of niche Infosys continues to deliver value to
digital skills Experience Accelerate
Code, shape the future of industries. all its stakeholders through prudent
Responsible business approaches, • Focus on Environmental, Social and and responsible business decisions,
Governance (ESG) as a strategic theme Insight Assure
including embracing ESG, have services and operations.
gained traction. We continued to for all enterprise stakeholders
During fiscal 2023, Infosys extended Innovate
witness businesses attempting to Intense competition marks the
adoption of the integrated Enterprise
reimagine their cost structures, delivery of traditional services in
Risk Management framework across Infosys Cobalt is a set of services, solutions, and platforms for enterprises to accelerate
increase business resilience and a rapidly changing marketplace,
the organization, strengthening their cloud journey.
agility, personalize experiences especially with the emergence of
its risk management program
for customers and employees, new players in niche technology
significantly. While the Company Infosys Topaz is an AI-first offering to accelerate business value for global enterprises
and launch new and disruptive areas. Infosys’ industry expertise, end
tracks several risks to its business, the using generative AI.
products and services. Enterprises to-end service capability and digital Core
top risks and mitigation, along with
are leveraging models of the solutions, ability to scale, established
emerging risks, are available in the
digital era to extend the value of platforms, superior quality and
Risk management report. Application management services Infrastructure management services
existing investments and, in parallel, process execution, distributed agile
transform and future-proof their global delivery model, experienced
business. The need for professionals management team, talented Proprietary application development services Traditional enterprise application implementation
who are highly skilled in both professionals and track record are
traditional and digital technology often cited as clear differentiators. Independent validation solutions Support and integration services
areas are driving businesses to
build strategic technology and
Product engineering and management Business process management
IT partnerships to realize their
transformation journeys.
We are also in the third wave of Responsibility and Digital accelerators
AI evolution. The first was driven
responsiveness
by machine learning, the second
by deep learning and the third by As an early proponent of responsible Infosys Metaverse Foundry eases and fast-tracks enterprises’ exploration of the
foundation models that will enable business, Infosys has incorporated metaverse, including virtual and augmented environments, for their customers,
us to further fine-tune the necessities ESG goals into the entirety of its workplace, products and operations.
of specialized domains and tasks. operations. Infosys ESG Vision 2030 Center for Emerging
Technology Solutions
Infosys Center for Emerging Technology Solutions focuses on incubation of NextGen
articulates the Company’s ambitions
The future of the technology industry services and offerings by identifying and building technology capabilities to
to balance success as a business with
continues to be shaped by the accelerate innovation.
unwavering focus on exemplary
following trends:
governance and responsiveness to
• Accelerated demand for IT services the needs of stakeholders. Primary Key products and platforms
with digital going mainstream and stakeholders include investors,
growth pockets emerging in areas customers, employees, suppliers,
like cloud, AI, cybersecurity, IoT and communities, government and
immersive technologies regulatory bodies. The expectations
• Focus on cost takeouts to deal with of the Company’s investors include
the uncertain global environment sustainable business performance
• Greater leverage of general-purpose and good returns; customers want
AI technology long-term business value and
• Increase in enterprise spending on innovative solutions; employees are
hybrid, multi-cloud led transformation keen for opportunities to learn and

38 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 39
Approaching value creation
Strategy
Our strategic objective is to build a sustainable and resilient organization that remains
relevant to the agenda of our clients, while creating growth opportunities for our
employees, generating profitable returns for our investors and contributing to the
communities that we operate in.
Our clients and prospective clients Our Innovate-related services and
are faced with transformative solutions are boosted by workspaces
business opportunities due to that have been specifically
advances in software and computing redesigned for agile software
technology. These organizations Scale agile digital development, teams reskilled in Energize the core Reskill our people Expand localization
are dealing with the challenge Our revenue from digital technology agile methodologies, certified
Leveraging automation and AI, Continuous learning and reskilling With the objective of creating
of having to reinvent their core related services and solutions has scrum masters and capabilities in
we are winning and executing has always been integral to our differentiated talent pools and
offerings, processes and systems more than doubled in the last horizontal technologies such as
several engagements for our operating model. We operate our ecosystems in our markets, we
rapidly and position themselves as three years, and now comprises 5G, autonomous tech, product
clients to modernize their core reskilling program with the twin made significant investments in
“digitally enabled”. The journey to 62.2% of our total revenue. We are engineering, internet of things and
legacy technology and process objectives of increasing fulfillment expanding our local workforce in
the digital future requires not just an rated as a “leader” in 56 industry blockchain.
landscapes. We made significant of demand for digital skills in client the United States, UK, Europe, Japan,
understanding of new technologies analyst ratings across our digital Our Accelerate-related services investments in our “Live Enterprise” projects and for enriching the China, Canada and Australia. We
and new ways of working, but a deep offerings. These outcomes are a are aimed at rapidly transforming platform, including our Bot Factory expertise of our global workforce established innovation hubs, near-
appreciation of existing technology result of investments we have made our clients’ legacy technology of preconfigured automation bots in next generation technologies shore centers and digital design
landscapes, business processes to expand our digital footprint via landscapes and processes with digital and Live Enterprise Application and methodologies. We invested studios across geographies. Further,
and practices. Our strategy is to be reskilling of our employees, targeted technology. We invested in and Management Platform (LEAP), in, and scaled, our digital reskilling we expanded our university and
a navigator for our clients as they acquisitions, strong ecosystem built strong partnerships with cloud our platform for optimizing large program globally. Our programs now community college partnerships in
ideate, plan and execute on their partnerships, innovation experience hyperscalers such as AWS, GCP and scale application maintenance and also encompass latest courses on all these regions to aid internships,
journey to a digital future. centers across the world, intellectual Microsoft Azure, and SaaS providers. reengineering. generative AI landscape. recruitment, training and joint
In 2018, we embraced a four-pronged property development, reconfiguring research. In fiscal 2023, we recruited
Infosys Equinox, our flagship digital In fiscal 2023, we won a total Lex, our in-house developed,
strategy to strengthen our relevance our workspaces for agile software over 10,169 employees locally in our
commerce platform, is a set of core contract value of over US$ 9.8 anytime-anywhere-learning platform,
with clients and drive accelerated development and enhancing markets, of which 2,216 were fresh
microservices encompassing all billion in large deals, continuing offers over 14,800 courses curated
value creation: our brand. graduates.
digital commerce scenarios to help to demonstrate our capabilities for easy consumption on mobile
1. Scale agile digital During the fiscal, we completed the enterprises rapidly build and deploy and competitiveness in executing devices with advanced telemetry,
2. Energize the core acquisition of oddity to augment features across all touchpoints complex transformation programs. gamification and certification
our human experience capabilities and channels, without the friction In addition, investments in our own features. Over 3,25,000 of our
3. Reskill our people
in Europe. Through our academia associated with legacy platforms. internal systems, reimagination of our employees use Lex and are spending
4. Expand localization partnerships with Purdue, Trinity,
Our Automation and AI services internal processes and automation approximately 3.3 million training
We believe the investments we have RISD and eCornell, we have trained of software development processes days compared to 2.3 million in the
grew on the back of our alliances
made, and continue to make, in our over 7,500 employees in niche have helped increase our agility, last fiscal.
with leading Robotic Process
strategy will enable us to advise and digital skills. boost productivity and enhance our
Automation (RPA) solution providers, Our platforms are also being
help our clients as they tackle the competitiveness even in the current
Our Insight and data analytics AI infrastructure players like Nvidia enhanced with generative AI aspects.
current market conditions. Further, paradigm of remote working.
services and solutions were further and niche AI players, powered by
we have been able to successfully
strengthened with our Infosys our best-in-class solutions, IPs and
enable most of our employees
Applied AI solutions, coupled with frameworks. We have automated Looking ahead, and to continue staying relevant to the emerging needs of our clients, we prioritize:
worldwide to work remotely and
the Infosys Data Workbench. Our AI over 50,000 processes for our clients
securely – giving us the operational • Scaling our cloud capabilities, cybersecurity and human including increasing the levels of
platform, Infosys Applied AI, helps and have over 12,000 ready use cases
stability to deliver on client especially around cloud advisory, experience; automation in our service delivery;
enterprises adopt a comprehensive across industries.
commitments and ensuring our own data on cloud, cloud security, SaaS,
approach to scaling enterprise-grade • Strengthening our employee value • Delivering on our ESG
business continuity. Our Assure-related services, in PaaS, IaaS and private cloud;
AI for their businesses. Our Core AI proposition for the newer contexts commitments, while at the same
software testing and cybersecurity,
Over the last few years, we have Engineering will focus on identifying, • Expanding capabilities in key of work and workplace; time enabling our clients to realize
continued to grow with investments
executed on this strategy and fine tuning and deploying models, digital technology areas such • Running our operations in a their sustainability goals.
in Cyber Gaze, our cybersecurity
generated significant outcomes. API’s and platforms in a responsible as AI, product engineering, cost-effective and agile manner,
dashboard and suite of applications.
manner for building AI products.

40 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 41
Approaching value creation
Value creation model

Inputs Process and Strategy Outputs Outcomes Stakeholders

Financial Capital Financial Capital

Client offerings
`75,407 cr Net assets  Digital
15.4% Constant currency revenue growth • Profitable growth
• Sustained / long-term cash flow
`31,286 cr Consolidated cash and investments Products 9.7% Earnings per share growth
Platforms 31.2% Return on equity
Core solutions
Intellectual Capital Intellectual Capital
1,90,000 Employees trained in digital skills 62.2% Digital revenues • Diversified portfolio of solutions Investors
25.6% Constant currency digital revenue growth across industry segments
40 Industry-leading products, solutions and platforms • Innovation partner to clients
248 Startups in our innovation ecosystem 56 Digital leader ratings • Partner of choice for social and
Strategy 290 Artifacts published by the Infosys Knowledge Institute (IKI)
environmental solutions for the
community
Clients
27 Reports published by IKI
735 Patents in the portfolio

Ex
a

l
it a

p
ed
ig
lo

nd
gi
l c

ali
a

a
le

za
Human Capital Environment Human Capital

tio
Sc

• Top employer in 22 countries across

n
Employees
3,43,234 Total no. of employees ~50,000 Fresh graduates hired globally Europe, Middle East, Asia Pacific, and
North America.
16.31 Annual average training days per 1,35,355 Women in the workforce (39.4%) • Best-in-class employee experience
employee Social Governance and learning
• Safe and inclusive workplaces
`1,585 cr Investments in employee well-being
Our people and l
op

e
n Suppliers
the strong culture
E

r p

e
ie
e

of innovation
g

ur
t
z

k il
e lo
Natural and Manufactured Capital
h

Natural and Manufactured Capital r e

s
co

4th Consecutive year of being carbon neutral across scope 1,2,3 • Strong advocates of environmental
e

28.9 mn sq. ft. Highest rated green buildings stewardship extending beyond our
emissions
boundaries
`1,510 cr Capex spend on tech infrastructure
49.92% Reduction in scope 1 and 2 emissions over the • Productive, safe and healthy Communities
32 Climate change solutions BAU scenario workplaces for employees

>30% Client engagements include climate change solutions

Go-to-market business units

Social and Relationship Capital

Hi-Tech Social and Relationship Capital
Manufacturing 8.5 mn People enabled in digital skills Government /
`517 cr Global CSR spends • Positive impact on the communities Regulators
Life Sciences and Healthcare
1,872 Total no. of active clients 458 New client accounts in which we operate
Financial Services and Insurance • Trusted partner of choice for all
64,275 Employees in nearshore / tier-2 locations stakeholder groups
28 No. of nearshore / tier-2 locations Energy, Utilities, Resources and Services
2,40,000+ Rural families continue to benefit from our carbon
13 No. of carbon offset projects Communications, Telecom OEM and Media offset projects
Retail, Consumer Packaged Goods and Logistics
Public Services
Others including segments of businesses in India, Japan and China

42 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 43
Delivering value
Financial Capital
We obtain our Financial Capital through the funds generated from our business operations and Market capitalization Revenue growth Basic earnings per share
financing activities. Our strong performance on the back of meticulous execution over the years, In `
as reflected in the combination of high growth and profitability, has led to building a strong, In ` crore 45.61 52.52 57.63
debt-free, and liquid Balance Sheet. Our focus is on ensuring a sustainable and profitable financial
5,82,880 8,02,162 5,92,394
position. Our stakeholders expect us to deliver long-term growth riding on a solid strategy and
prudent business decisions. Our shareholders are looking for good returns on their investment and
In %
dividends, along with a steady buyback plan.
10.7 21.1 20.7
86% of free cash flow for fiscal 2020 to fiscal 2023 returned to shareholders in
line with the Capital Allocation Policy.

2021 2022 2023

Performance highlights 2021 2022 2023 2021 2022 2023

Free cash flows Return on equity Dividend per share

Material topics
20.7% 15.4% • Scale agile digital &
Energize the core
In ` crore
22,020 22,803 20,443
In % In `
27.0 31.0 34.0
Revenue growth CC Revenue growth 27.4 29.1 31.2
• Shareholders returns

21.0% 9.7% • High returns on equity

Operating margin Dividend per share growth UN SDG mapping

31.2% 9.7% 2021 2022 2023 2021 2022 2023 2021 2022 2023

Return on equity (ROE) EPS growth

Shareholder value creation Delivering value through Distribution of value
`31,695 cr AAA rating We constantly endeavor to fulfill the business strategy created through Capital
Robust working capital By CRISIL expectations of our investors through Our market-oriented four-pronged Allocation Policy
responsible business decisions strategy enables us to invest in During the five-year period of
and governance. Integrity and expanding our global digital fiscal 2020-24, Infosys expects to
transparency are top priorities in our footprint. This helps Infosys to be return approximately 85% of the
relationship with our investors. recognized as a partner of choice free cash flows generated through
Managing financial capital We are privileged to share a strong for digital transformation and also a combination of semi-annual
relationship with investors based increases our potential to attract dividends and / or share buyback
Infosys has a high cash-generating and strategic requirements and We also build financial assets and on a deep understanding of their larger total contract value (TCV) deals and / or special dividends, subject
business with access to capital unforeseen events while also earning create financial value by investing expectations and our commitment and clients. This enhances our ability to applicable laws and requisite
markets across the world. Our strong sufficient returns. in the startup ecosystem. These to creating value for them. Infosys to generate industry-leading growth approvals, if any.
credit rating allows us to raise debt investments enable us to access has been delivering industry-leading and profitability, thus generating
Our consolidated cash and Details of our Capital Allocation
at competitive rates in the future, innovation, which together with revenue growth through prudent shareholder value.
investments include deposits Policy are available at
if needed. The primary source of our services and solutions, deliver financial management and sound
in banks, investments in liquid https://www.infosys.com/investors/
funds is cash from operations and benefits to our clients. Most corporate governance – resulting
mutual funds, fixed maturity plan corporate-governance/documents/
income from short and long-term often, our investments comprise in share value appreciation, leading
securities, commercial paper, quoted capital-allocation-policy.pdf.
investments, among others. minority equity positions in startup to sustained value creation for
bonds issued by government and
organizations and / or venture investors. We maintain transparency
Our primary sources of liquidity semi-government organizations,
capital funds. in our disclosures and frequent
are cash and cash equivalents and non-convertible debentures and
the cash flow generated from our CDs or certificates of deposits – all Details of these investments are communication with investors
operations. We continue to remain such instruments issued by eligible available in the Financial Statements through channels such as quarterly
debt-free, and we maintain adequate financial institutions with high in this Integrated Annual Report. post-result calls, analyst meets, the
cash to meet our operational credit ratings. Annual General Meeting, and regular
one-to-one and group interactions.

44 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 45
Delivering value
Human Capital
Nurturing talent for the future is essential for our continued success. We have long established Our career framework, articulated as
Employee Value Infosys internship program
paths for employee upskilling and reskilling, and our efforts have been well-rewarded, providing Career Gambit, is a simple, intuitive
value to our people and us. Our people expect the Company to provide them ample opportunities Proposition framework that is focused on three InStep, Infosys’ flagship global
to learn and grow in their careers while enjoying work in safe workplaces, free of all discrimination We never cease to reinforce our important actions – Get, Set, Go. internship program, has 200+ partner
and bias. Employee well-being and interaction with a large, diverse and multicultural workforce are Employee Value Proposition (EVP). institutions in over 50 countries, more
Get: Access to world-class learning
added advantages. than 3,000 alumni members and
and personalized learning paths with
interns from over 50 nationalities.
Our 5C model for Engagement – Connect, Collaborate, Celebrate, Care, and digital readiness through Lex, our
InStep has been ranked as World’s #1
Our EVP continues to build on online learning platform, and Digital
Culture – is designed to strengthen and reinforce our culture so that it is Internship Program, five times in a
the three pillars of Quotient, a comprehensive score that
experienced uniformly and positively by employees, remote or in office. helps employees keep track of their
row by Vault Firsthand, a prestigious
career intelligence platform. InStep
digital capabilities.
has been instrumental in building
Performance highlights Material topics Set: Employees are encouraged to set strong academic partnerships
themselves up to win, acquiring Skill for Infosys with premier global
• Employee Value Tags and setting sights on specialized institutions, generating numerous
3,43,234 1,357 Proposition
• Employee health
careers through tools such as Digital
Specialist. Once they complete
patents and publications, along
with contributing to the overall
Employees globally Employees have voluntarily and wellness
disclosed their disability Inspiring you the required courses and gain six localization efforts.
• Diversity, Equity to build what’s next
and Inclusion months of experience in that skill set /
Localization
160+ 82% • Energizing local
communities
Inspiring our people with
meaningful work and passionate
teams, enabling them to find their
technology, they qualify for a Skill Tag.
Go: Multiple pathways into exciting To create a more diverse and inclusive
Nationalities in the workforce Employee satisfaction score
purpose and make an impact technology spaces through talent pool in our markets, we are
UN SDG mapping committed to creating a significant
Bridge programs, Accelerate and
Marketplace enhance employees’ number of local jobs in our key
1,90,000 ~50,000 mobility in this fast-paced technology markets in North America, Europe,
and APAC. We believe that this will
Employees trained in digital skills Fresh graduates hired globally world. These intelligent platforms
match the right opportunity to the help us to better serve our customers
right individual at the right time for and create an environment where
employees and business alike. everyone can thrive. We established
innovation hubs, nearshore centers
Making sure your These efforts have resulted in faster and digital design studios across
Employee health and Employee satisfaction Diversity, Equity and career never stands still growth, broader career options, geographies. In fiscal 2023, we
wellness 73% 75% 82% Inclusion Enabling our people with learning
increased talent mobility and sharper recruited over 10,169 employees
and progress in their careers while compensation differentiation. locally in our markets.
There is a stronger focus on individual As part of our ESG Vision 2030, shaping our collective future
and collective well-being in the we aim to achieve 45% female Our hybrid work model is about our
hybrid work model. Employees who representation in our workforce by people and their comfort. It offers
are comfortable and satisfied with 2030. In fiscal 2023, we had 1,35,355 the flexibility of working from home,
work add to the productivity and women, making 39.4% of the total working from office or a combination
success of the organization, while also workforce. of the two. The model operates
leading happier and fulfilling lives. according to different employee
% of women employees contexts: those in the same city as
Infosys’ Health Assessment & Lifestyle
2021 2022 2023 38.6 39.6 39.4 their office, those in other locations,
Enrichment (HALE) program is a
Navigating further, and other situations. As part of this
non-monetary employee benefit
together strategy, this year, we set up offices
and has been recognized as the best Our Talent Pulse report articulates
in Hubballi, Indore, Navi Mumbai,
internal brand with great recall and Ensuring our people
the Infosys advantage. Read more
experience Infosys in a Nagpur and Coimbatore, in India.
participation. creative, dynamic, rewarding at https://www.infosys.com/
Our employee well-being rates and inclusive environment careers/documents/talent-pulse-
reached an all-time high of 91% report-2023.pdf.
2020-21 2021-22 2022-23
among employees across locations.

46 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 47
Delivering value
Intellectual Capital
Our Intellectual Capital is driven by agility, flexibility, and innovation. We are committed to working
with experts, partners, academia, and other stakeholders to develop new products and services An Infosys company

that meet the needs of our customers and communities. We are also focused on strengthening our
Tech for Good solutions and providing an environment for startups to be incubated and innovation
Infosys Innovation Product innovation WongDoody
to be scaled. Network (IIN) Our digital platforms subsidiary, WongDoody, the design/marketing/
IIN is a well-orchestrated partnership EdgeVerve, helps our customers experience arm of Infosys, is driving
With iCETS, the Living Labs, and the Infosys Innovation Network, we create a connected enterprise innovation in the CMO/CDO/CXO
among select startups, universities,
have a broad portfolio of solutions across industry segments, while the hyperscalers and Infosys to incubate where humanity, AI, and automation space. Along with global studios,
Infosys Prize and Aarohan Social Innovation Awards provide a platform for and bring the best of emerging work together. EdgeVerve’s three WongDoody has developed new
innovators and social entrepreneurs, respectively. tech innovations from across the digital platforms, AssistEdge for practices and products for next gen
globe. Today, IIN boasts of 250 hyper automation, XtractEdge for problems. These include StudioNext,
Performance highlights startups and these have had over intelligent document processing, and a flexible inside marketing innovation
Material topics 400 client impressions. Infosys has TradeEdge for autonomous supply acceleration and augmentation
• Innovation and also established partnerships with chains, create connected enterprises practice; sustainability by design
Intellectual Property and orchestrate the confluence methods including EcoLight
62.2% 1,000+ • Products, platforms
and solutions
key client corporate venture capital
firms to bring their portfolio startups of AI and automation to amplify
human potential, deliver cognitive
audits so enterprises can build
planet-friendly digital products; an
Of our total revenue comes from digital Infosys Knowledge Institute assets onto the Infosys network. Over the
technology services and solutions • ESG solutions past 12 months, we’ve engaged with operations, and create a value emerging experiences platform that
numerous startups, universities and network of information, partners, brings the digital authenticity and
UN SDG mapping
100+ “Well known” hyperscalers across geographies
like the US, Finland, Israel, and India,
and resources for transformation and
exponential growth.
engagement of video games to the
automotive, manufacturing and retail
Client living labs Trademark for Infosys in India verticals; and the Sounding Board,
in spaces like AI, fintech, cloud, Read more at
cybersecurity, InsureTech, HealthTec, an agile insights solution designed
https://www.edgeverve.com/.
and more. to move faster and deeper to identify
735 Industry leader Intellectual Property (IP),
competitive advantage.  
Patents owned by Infosys Rating for iCETS platforms by analysts
patents and trademarks Infosys Marketplace
Infosys Marketplace is a one-stop
Center for Emerging
Infosys Knowledge Infosys actively innovates and
develops platforms, products and shop to see, try, and adopt innovative
Technology Solutions
Institute (IKI) tools, that constitute its collection and next-generation solutions from
iCETS-led technology platforms like With over 100+ client living labs,
Infosys Center for LEAP, Cortex, Cyber Next, Quality Infosys has helped its clients explore
IKI harnesses the intellectual capital of IP assets. These assets, which are Infosys and partners. The platform
of Infosys’ subject matter experts to provides hundreds of curated
Emerging Technology Assurance and Privacy Next are and develop art-of-the-possible
available on the Infosys Marketplace,
solutions across a wide range of
produce unique and fresh content are used to differentiate ourselves
Solutions (iCETS) contributing to differentiating Infosys emerging technology solutions.
and insights on the business in the market or as productivity- technologies and industry verticals to
services. Infosys’ vertical platforms accelerate the digital transformation
iCETS is the incubation unit at Infosys Infosys Living Labs brings our entire impact that technology can drive enhancing tools. We have 735
like Energy-as-a-Service are opening initiatives of global enterprises.
that offers a variety of emerging innovation ecosystem together to for prospects and clients. IKI also patents in the portfolio.
up new opportunities for Infosys and
technology services to clients. help clients meet their innovation-at- develops its proprietary data and Read more about Infosys Marketplace
client joint platform-led offerings. Over 840 trademarks registered
These services include building scale needs on multiple dimensions. insights through multiple large-scale at https://www.infosys.com/navigate-
(or pending) across 51 countries
next-generation platforms and Here, we proactively expand our surveys and quantitative analysis. your-next/live-enterprise-suite/
underscore the strength of our brand.
a variety of new-age innovation services and capabilities to meet These are published through its offerings/marketplace.html.
Living Labs growing and dynamic innovation flagship Radar maturity assessments, • “Well Known”: Infosys is regarded
services including incubation of
needs of clients leveraging joint the annual Tech Navigator report by Indian authorities as being a
emerging technology capabilities ESG solutions
Living labs innovation centers, experience on future trends and the ongoing “Well Known” trademark. This gives
(like generative AI, AR/VR/metaverse,
We collaborate with our clients to centers, IIN & industry living labs, TechCompass tech trends series. IKI us legal rights across sectors. Infosys continues to strengthen
quantum computing, cloud,
cybersecurity and data management) enable rapid prototyping, incubating complexity studio, and more. We also has collaborated with 500 clients • Most valuable brand: Infosys is its position in delivering practical,
under various Centers of Excellence and piloting of innovative solutions, monitor and publish Trend Trees of and created over 1,000 assets since recognized as one of the top 3 impactful,  and holistic ESG solutions
(CoE). Led by the CoE, iCETS has both through client and Infosys Horizon 3 technologies and business inception. For more information, visit most valuable IT services brands to its clients and community
been curating technology and living labs. trends and help our clients foresee https://infosys.com/iki. globally by Brand Finance. Infosys stakeholders. Over 30% of our
trends across business verticals and disruptions with Listening-Post-as-a- is now among the top 150 most client engagements include climate
contributing to thought leadership. Service (LPaaS). valuable brands in the world. change solutions.

48 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 49
Delivering value
Natural Capital
We have been at the forefront of climate action, starting well before international treaties and installations. Today, Infosys has a total visit to the Infosys Crescent campus
Waste management
global commitments came into place. Our environmental performance over the past decade installed capacity of 60 MW of solar in Bengaluru. The visit showcased
is a testimony to the fact that economic progress can go hand in hand with environmental PV plants across India, supplying the focused approach to net zero We seek to uphold our ambition
sustainability. Infosys became carbon-neutral in 2020 – 30 years ahead of the timeline set by renewable power to its campuses. design and innovative technologies of zero waste to landfills through
the Paris Agreement. Meeting stakeholder expectations, we are pioneers in our climate action implemented in the campus to active minimization combined with
Infosys also procures green power
commitments, and water and waste management. achieve energy conservation. technology investment in recycling
through third-party power purchase
and streamlining systems and
Today, we incorporate environmental considerations into everything that agreements. We have also procured Water stewardship processes.
green power through the green tariff
we do, as we power the journey towards a sustainable world for all. As a signatory to the CEO Water While there is a constant effort to
mechanism of DISCOMs in a few
locations, as an option, to augment Mandate, we commit to enhancing reduce waste generated through the
our operational water conservation
Performance highlights our clean energy mix. adoption of sustainable practices in
Material topics procedures and expanding our operations, the biggest differentiator
• Carbon neutrality
Carbon offsets community outreach. Infosys’ is the in-campus treatment of all
strategy to reduce water demand,
57.9% 2,40,000+ • Renewable energy
• Offsets for community
Empowering rural India
recycle 100% wastewater and
the organic waste (comprising food
waste, garden waste and STP sludge),
Of electricity for our India operations Rural families benefited through Unavoidable emissions are addressed focus on rainwater harvesting have following a true net-zero approach.
development
comes from renewable sources carbon offsets program through carbon offset projects to resulted in significant reduction in Organic waste contributes to an
• Advocacy for climate
action maintain carbon neutrality. Infosys our water intensity. average of 75% of the total waste
Carbon neutral for 100% • Water stewardship
• Zero waste to landfill
continues to identify projects that
have a high social impact – including
An important element of our water
management system is rainwater
generated at Infosys and effective
treatment and reuse has created a
4 years in a row Wastewater recycled
improving health and livelihoods circular economy for this stream of
within our campuses harvesting (RWH). We have
UN SDG mapping of rural families, creating rural jobs, waste within our campuses. Infosys’
established around 400 deep injection
thereby generating carbon offsets India centers are heading towards the
wells across India campuses, providing
for the Company. Our unique offset 2030 target of zero waste to landfills
28.9 mn sq.ft. 7 years program is certified to the highest
level (Gold Standard) in terms of
a combined recharge capacity of
around 20 million liters per day. We through the adoption of TRUE
Of highest-level green certified space Of CDP climate leadership Certification.
have also built 39 lakes across our
social impact, authenticity, and
campuses, holding 426 million liters of
Infosys’ climate commitments transparency. Biodiversity
rainwater storage capacity.
• As a part of our ESG Vision 2030, we have committed to maintaining This year, we added new cookstove A saga of greening
We have implemented state-of-the-
carbon neutrality across Scope 1, 2 and 3 emissions, every year projects in Rajasthan, and biogas
art membrane bio reactor (MBR) A significant and proven way to
projects in Maharashtra and
• Signatory to the Climate Pledge, with the ultimate goal of a sewage treatment plants across many tackle climate change is to increase
Karnataka. Our carbon offsets
Net Zero planet by 2040 of our India campuses which are green cover by planting trees. Infosys
program is spread across five states,
• Our goals are aligned to Science Based Targets (SBTi) capable of tertiary treatment. Infosys Mangaluru offers a striking example
and is expected to benefit more than
campuses continue to treat 100% of this, where barren land has been
2,40,000 rural families, and create
transformed into a lush green
Climate action strategy over 2,800 rural jobs.
of wastewater and use it within the
campus with thriving biodiversity
campuses for flushing, landscaping
We are working diligently towards Energy efficiency In the process, we have also set Advocacy for climate action and cooling tower makeup water of flora and fauna. The story of
requirement. this transformation, along with
this goal and built our carbon neutral new benchmarks in green building Infosys campus as case study for
Infosys has been a pioneer in documentation of the tree species in
program on three pillars – certification. Today, Infosys has international delegates Lake rejuvenation
building sustainable ecosystems the campus, was recently published
about 28.9 million sq.ft. of buildings
Energy efficiency in its campuses, keeping in mind With India assuming the G20 Infosys has envisioned to take as a book. With this, we hope to
with highest level of green building
To reduce emissions the expanding workforce. From presidency in December 2022, up a water stewardship role by inspire corporates, developers,
certification.
creating green campuses to using the first G20 Energy Transition implementing lake rejuvenation administrators and communities to
Renewable energy innovative technologies like radiant Renewable energy projects and increasing water holding adopt similar projects at scale. The
Working Group (ETWG) was held in
To avoid emissions cooling, Infosys has deployed one capacity of lakes by 10 billion liters in book will also serve as a repository of
Transition to clean energy is an Bengaluru in February 2023. Being
of the largest enterprise energy a frontrunner in environmental the next five years. Infosys plans to the endemic species in the Western
Carbon offsets conservation programs globally and important step towards emissions
sustainability and net zero approach work with local partners to improve Ghats for science aficionados.
To offset emissions achieved good reduction in resource avoidance. Infosys has adopted
to buildings, Infosys was selected water availability in the communities
intensity over the past 15 years. renewable energy across its
to host the G20 delegates for a site in which Infosys operates.
campuses with solar PV panels
on rooftops and ground mount

50 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 51
Delivering value
Manufactured Capital
Our Manufactured Capital includes our energy-efficient offices, data centers, innovation hubs, developed and made-in-India Data center efficiency InfosysIT digital operations provides
digital studios, and our technology infrastructure across the globe. Our infrastructure is modeled solution for the world, with patents in unified observability cutting across
InfosysIT has taken up data center
taking into consideration stakeholder expectations of our commitments towards climate change Europe and India. infrastructure and application
modernization as a strategic initiative.
mitigation, judicious use of natural resources and preserving our environment. stack, in addition to capacity usage
Central command center Density‑optimized hyperscale
and cost analysis. It also offers the
With the highest-rated green buildings on our campuses and investments The Infosys central command center
platforms, which provide cloud-scale
ability to ingest large volumes of
in collaborative tech infrastructure, we offer productive, safe, healthy and agility and enable efficient resource
in Bengaluru manages our smart data originating from all areas of
use, have been deployed to deliver
hybrid workplaces for employees, clients, partners and contractors. buildings, energy management
high-density server virtualization and
the infrastructure and application,
systems, solar PV plants, data center and analyze it using AI, ML and
consolidation across the enterprise.
efficiency, battery management DL algorithms to identify areas of
This initiative has delivered
systems, energy consumption for remediation and optimization.
significant power savings. In the
Performance highlights water and wastewater treatment
next phase, further consolidation of PolyCloud and OneStop
plants across Infosys campuses
data center and server rooms across
from one location. The command We have introduced the OneStop
Material topics
75 kWh/sq.m./p.a. Radiflux • Green buildings / infra /
center helps maintain operational
excellence, provides design
development centers is planned,
which is expected to deliver 1 MW of
unified provisioning platform
for endpoints, clouds, software,
Building EPI Radiant cooling solution patented
data center efficiency electrical load reduction.
in Europe and India insights for new infrastructure and and tools. The OneStop platform
• Workplace
ensures resilience through remote InfosysIT has made focused lets project managers request IT
transformation
management of buildings and investments in Data Center hardware and software in advance,
• Green IT
1.59 35 mn sq.ft. UN SDG mapping
campus Infra.  Infrastructure Management (DCIM)
tools to get accurate visibility across
enabling new hires to be productive
on Day One. The IT Genie intuitive
Weighted average PUE of data centres Of office space monitored Workplace transformation the entire data center IT and Facility app in the laptop helps users
through Infosys command center
The workplace has undergone stack, which is necessary to do self-configure basic applications,
a significant change due to the everything else. reducing interactions with the IT
68% pandemic, and the need to create
workplaces aligning to the new
Infrastructure as code
Support team.
Of internal IT application workload The PolyCloud digital backplane
migrated to public cloud normal working scenario is now more Infrastructure as code is a
provides an abstraction of managed
evident than ever. Infosys embarked transformational initiative towards
private clouds and public cloud
on workplace transformation to enabling continuous deployment,
services, empowering full stack
enable its employees to adapt continuous integration, and touch-
developers.
and excel in the new normal. The less management of the life cycle
High-performance principles of Infosys workplace of infrastructure components. Public cloud adoption
Radiant cooling Radiflux cooling solution This methodology overcomes
strategy are focused on productivity,
green buildings the traditional challenges such as
Currently, more than 68% of the
Infosys has been a pioneer in radiant While Infosys was keen to implement social connect, tech enabling, health internal IT application workload has
The lush green campuses of cooling technology. Our building radiant cooling on a large scale for all and wellness, sustainability and growing scale of infrastructure,
been migrated to public cloud. All
Infosys, equipped with world-class in Hyderabad was the first radiant its new buildings, there were a few design for all. The new workplace elastic demand, speed and
our employees have been enabled
infrastructure, provides a unique cooled commercial building in India. challenges that had to be addressed not only provides employees consistency of deployment and
for cloud-based collaboration for
experience for our employees. The building provided a global including, the non-availability of skills with a refreshing experience and the interdependency between
messaging, presence, video, and
With about 28.9 million sq.ft. case study comparing two cooling and the lack of commercially viable collaborative environment, but also teams. This initiative delivered
other requirements. The shift to
of the highest level of green technologies in a single building with options for the Indian market. The enables high productivity, fosters 1,200+ playbooks for automating
cloud helped in optimizing the on-
building certification, Infosys’ identical conditions. Data over the Infosys team therefore developed a innovation and helps to create and platform‑related processes across
premises data center footprint. This
leadership in high-performance past 12 years has shown that radiant radiant cooling solution, with high sustain a flourishing culture. hybrid cloud.
strategic shift also helped to scale up
buildings remains unrivaled. Our cooling is about 35% more efficient quality and high energy efficiency, AIOps-powered digital operations the infra on demand and provision
efforts include developing super- than conventional air conditioning. that is affordable and easy to install. Green IT IT services seamlessly for all the new
efficient new buildings, retrofitting Today, Infosys has implemented The radiant cooling solution – InfosysIT has deployed AIOps
InfosysIT has embedded sustainable hires inducted to the organization.
existing buildings, a sharp focus radiant cooling in over 5 million sq.ft. Radiflux – has twice the cooling platform with a wide range of
practices across the life cycles of The Internet-first approach helped
on innovation and continuous of office space across its buildings capacity compared with other radiant capabilities – like algorithmic noise
service design, operations, and to provide seamless service access in
monitoring to achieve the highest in India. cooling solutions available in the reduction, anomaly detection, root
disposal of IT assets. the current hybrid work environment.
levels of efficiency. Infosys’ building market today. Radiflux is a designed, cause analysis, and context-based
standards have set new global notification.
benchmarks.

52 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 53
Delivering value
Social and Relationship Capital
Our Social and Relationship Capital guides us to bring the interests of our stakeholders to the fore. empowerment, the Foundation has
As enterprises focus on reshaping their businesses in the digital era, we are helping our clients drive
Community tied up with Avanti Fellows, Yuva
transformation. Our social ambition focuses on serving the development of people by shaping Unstoppable, eVidyaloka, Unnati, and
a future with meaningful opportunities for all. We deliver on expectations of nurturing social Nirmaan for various efforts. Infosys Science Foundation
innovations and enabling employability through skill training of communities. Springboard
The Aarohan Social Innovation The Infosys Science Foundation
Our global CSR efforts address challenges across education, healthcare, Our ambition to serve the Awards launched by Infosys awards the Infosys Prize that
development of people by shaping a Foundation seeks to encourage and
women empowerment, science and research, environmental sustainability endeavors to elevate the prestige
future with meaningful opportunities reward individuals, teams and NGOs of science and research in India.
and more. for all sums up our work with the for social solutions that have the The award is given annually to
community. Technology serves as a potential to bring about a significant honor outstanding achievements
catalyst in community development. difference to the underprivileged of contemporary researchers and
Performance highlights Infosys Springboard is Infosys’ across India, at scale. In 2023, the scientists across six categories:
flagship digital learning platform that Infosys Foundation has committed Engineering and Computer
empowers people with skills to be up to `50 lakh per winner, with a Science, Humanities, Life Sciences,
86 8.5 mn Material topics successful in the 21st century. About
5.3 million learners across India have
total award purse of `2 crore. Read
more at https://www.infosys.com/
Mathematical Sciences, Physical
Sciences and Social Sciences. Each
Scientists honored with Learners enabled in digital skills • Client value registered on Infosys Springboard. infosys-foundation/aarohan-social- Prize carries a gold medal, a citation
the Infosys Prize since 2008 • Inclusive development innovation-awards.html. and a purse of US$100,000. The work
• Digital skilling
Tech for Good
of the winners of the Infosys Prize
91% `517 cr UN SDG mapping
Infosys is committed to using digital,
cloud and open-source technologies
Read the Infosys Foundation 2023
report at https://www.infosys.com/ 2022 tackles real world problems, like
Local hiring across geographies Global CSR spends infosys-foundation/about/reports.html. making healthcare and diagnostics
to drive societal impact in our more accessible, designing social
communities through partnerships Infosys Foundation USA policy to be inclusive, studying
that will enable our stakeholders to
114 mn + 3.8 mn harness the power of technology
In fiscal 2023, Infosys Foundation
USA remained committed to
neuroscience for better mental health
and presenting how our constitution
Lives empowered via Beneficiaries of everyday.
investing in programs that help protects democratic polity.
Tech for Good programs CSR projects in India
bridge the digital skills gap. This Read more at https://www.
year alone, the Foundation brought infosysprize.org/about-isf.html.
computer science and maker-
focused educational programming Suppliers
Creating value for our to 1.3 million students and 44,000
Infosys believes in and is committed
Infosys Foundation educators in the US.
customers to partnering with the highest quality
Infosys Foundation’s direct health The Foundation achieved diverse suppliers to ensure that
Digital transformation on our operating models to help Read more at https://www.infosys.
interventions have focused on significant impact through targeted we deliver best-of-breed business
navigate their next. com/navigate-your-next/digital-
We help our customers navigate bringing critical services to some of partnerships and equity-focused and IT solutions to our clients. As
operating-models.html.
their digital transformation journeys Details of our key customer services India’s poorest and strengthening the initiatives that deliver professional a signatory to the United Nations
through our suite of services and and solutions are available at Client satisfaction institutions that provide healthcare. development for educators; provide Global Compact, Infosys leverages
solutions. https://www.infosys.com/industries/. We helped All India Institute of afterschool coding programs the UNGC principles covering
Our latest annual client survey
Digital operating models indicates that most of our clients are Medical Sciences (AIIMS), New to children in marginalized human rights, labor, environment,
Our digital architecture drives
delighted with Infosys, sustaining the Delhi, procure best-in-class medical communities; spark imaginations in and anti-corruption as foundational
outcomes for enterprises across We use our native digital innovation
positive feedback gained over the equipment for the Mother and Child makerspaces, museums, and libraries principles for building and improving
five areas — Experience, Insight, expertise to partner with our
years. We have also been appreciated (MCH) Block. The Tech For Good and provide signature awards, its sustainable supply chain practices.
Innovate, Accelerate and Assure. Our clients to develop future-ready
for our relationship management, vision enabled us to procure a case namely the CS Teaching Excellence This year, we launched a dedicated
experience of helping many clients solutions. Further, the Infosys Living
client-centric approach, account management system for AIIMS, Awards and the Infy Makers Awards, ESG learning portal for our suppliers
through their digital transformation Labs enable clients to experience
management, base delivery and which includes a sophisticated 3D that spotlight exceptional talent and on Infosys Springboard. The portal
journeys has shown us that a Live emerging technologies to inspire
quality of deliverables. rendering of imaging data for better inclusivity. contains material on ESG learnings
Enterprise is one that is continuously innovation and incubate new visualization and forms the backbone Read more at https://www.infosys.org/ and best practices, and provides
investing in reinventing its operating possibilities. of all text and medical imaging data infosys-foundation-usa/impact.html. learners an opportunity to discuss,
model while reimagining customer
transmission and archiving. With ideate and engage on ESG topics.
transformations. Our clients count
a focus on education and women

54 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 55
 STATUTORY
REPORTS

56 Infosys Integrated Annual Report 2022-23 Infosys Integrated Annual Report 2022-23 57
Statutory reports
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, 2023. The consolidated performance of the Company and its
subsidiaries has been referred to wherever required.

1. Results of our operations and state of affairs

(In ` crore, except per equity share data)

Particulars Standalone Consolidated

For the year ended YoY For the year ended YoY
March 31, growth March 31, growth
2023 2022 (%) 2023 2022 (%)

Revenue from operations 1,24,014 1,03,940 19.3 1,46,767 1,21,641 20.7

Other income, net 3,859 3,224 19.7 2,701 2,295 17.7
Total income 1,27,873 1,07,164 19.3 1,49,468 1,23,936 20.6
Expenses
Cost of sales 85,762 69,629 23.2 1,02,353 81,998 24.8
Selling and marketing expenses 5,018 4,125 21.6 6,249 5,156 21.2
General and administration expenses 5,293 4,787 10.6 7,260 6,472 12.2
Total expenses 96,073 78,541 22.3 1,15,862 93,626 23.7
Profit / loss before finance cost and tax expenses 31,800 28,623 11.1 33,606 30,310 10.9
Finance cost 157 128 22.7 284 200 42.0
Profit before tax 31,643 28,495 11.0 33,322 30,110 10.7
Profit before tax (% of revenue) 25.5 27.4 22.7 24.8
Tax expense 8,375 7,260 15.4 9,214 7,964 15.7
Profit after tax 23,268 21,235 9.6 24,108 22,146 8.9
Profit after tax (% of revenue) 18.8 20.4 16.4 18.2
Total other comprehensive income / (loss), net of tax (268) (48) 514 182
Total comprehensive income for the year attributable to the 23,000 21,187 24,598 22,293
owners of the Company
Profit attributable to owners of the Company 23,268 21,235 24,095 22,110
Non-controlling interests – – 13 36
Earnings per share (EPS)
Basic 55.48 50.27 10.4 57.63 52.52 9.7
Diluted 55.42 50.21 10.4 57.54 52.41 9.8
1 crore = 10 million
Notes:
The above figures are extracted from the audited standalone and consolidated financial statements of the Company as per the Indian Accounting Standards
(Ind AS).
Equity shares are at par value of `5 per share.

58 Infosys Integrated Annual Report 2022-23

Financial position
(In ` crore, except equity share data)

Particulars Standalone Consolidated

As at March 31, As at March 31,
2023 2022 2023 2022
Net current assets 24,640 27,461 31,695 33,582
Property, plant and equipment (including capital work-in-progress) 11,931 11,795 13,634 13,491
Right-of-use assets 3,561 3,311 6,882 4,823
Goodwill and other intangible assets 214 243 8,997 7,902
Other non-current assets 33,549 31,601 25,422 24,484
Total assets 1,01,337 99,387 1,25,816 1,17,885
Non-current lease liabilities 3,553 3,228 7,057 4,602
Other non-current liabilities 2,597 1,877 3,778 3,944
Retained earnings – Opening balance 55,449 57,518 61,313 62,643
Add:
Profit for the year 23,268 21,235 24,095 22,110
Transfer from Special Economic Zone Re-investment Reserve on 1,397 1,012 1,464 1,100
utilization
Less:
Impact on adoption of amendment to Ind AS 37, Provisions, (9) 0 (19) 0
Contingent Liabilities and Contingent Assets
Dividends (13,675) (12,700) (13,632) (12,655)
Buyback of equity shares (including tax on buyback) (11,096) (8,822) (11,096) (8,822)
Transaction cost relating to buyback (net of tax) (5) – (5) –
Transfer to legal reserve – – (3) (10)
Amount transferred to capital redemption reserve upon buyback (21) – (21) –
Transfer to Special Economic Zone Re-investment Reserve (3,125) (2,794) (3,139) (3,054)
Changes in controlling stake of the subsidiaries – – – 1
Retained earnings – Closing balance 52,183 55,449 58,957 61,313
Equity share capital 2,074 2,103 2,069 2,098
Other reserves and surplus (1)
13,752 11,750 12,354 10,415
Other comprehensive income (264) 4 2,027 1,524
Non-controlling interest – – 388 386
Total equity 67,745 69,306 75,795 75,736
Total equity and liabilities 1,01,337 99,387 1,25,816 1,17,885
(1)
Excluding retained earnings

Infosys Integrated Annual Report 2022-23 59

Board’s report

Based on consolidated financial statements

Revenue distribution by geographical segments (in %) Revenue distribution by offerings (in %)

61.7 61.8 57.0 62.2

43.0 37.8

24.8 25.7

10.6 9.9
2.9 2.6

North America Europe Rest of the world India Digital Core

Revenue distribution by business segments (in %)

32.0 29.8

14.6 14.5 11.9 12.6 11.0 12.9

12.5 12.3
8.2 8.1 7.0 6.9
2.8 2.9

FS (1) Retail (2) COM (3) EURS (4) MFG (5) Hi-Tech (6) LS (7) Others (8)
2022 2023

(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

60 Infosys Integrated Annual Report 2022-23

Capital Allocation Policy Liquidity
Effective fiscal 2020, the Company expects to return Our principal sources of liquidity are cash and cash equivalents,
approximately 85% of the free cash flow cumulatively over a investments and the cash flow that we generate from our
five-year period through a combination of semi-annual dividends operations. We continue to be debt-free and maintain sufficient
and / or share buyback and / or special dividends, subject cash to meet our strategic and operational requirements. We
to applicable laws and requisite approvals, if any. Free cash understand that liquidity in the Balance Sheet has to balance
flow is defined as net cash provided by operating activities between earning adequate returns and the need to cover
less capital expenditure, as per the Consolidated Statement financial and business requirements. Liquidity enables us to be
of Cash Flows prepared under IFRS. Dividend and buyback agile and ready for meeting unforeseen strategic and business
include applicable taxes. needs, and opportunities.
In line with the Capital Allocation Policy, the Board, at its meeting As of March 31, 2023, we had ₹24,640 crore in working capital on
held on October 13, 2022, approved the buyback of equity a standalone basis, and ₹31,695 crore on a consolidated basis.
shares, from the open market route through the Indian stock
Consolidated cash and investments stand at ₹22,509 crore on a
exchanges, amounting to ₹9,300 crore (Maximum Buyback Size,
standalone basis and ₹31,286 crore on a consolidated basis as on
excluding buyback tax) at a price not exceeding ₹1,850 per share
March 31, 2023, as against `29,950 crore on a standalone basis,
(Maximum Buyback Price), subject to shareholders’ approval.
and `37,419 crore on a consolidated basis as on March 31, 2022.
The shareholders approved the proposal of buyback of equity
Consolidated cash and investments, on both standalone and
shares recommended by the Board of Directors by way of postal
consolidated basis, include deposits with banks and financial
ballot through e-voting and the result of which was declared
institutions with high credit ratings by international and
on December 3, 2022.
domestic credit rating agencies. As a result, liquidity risk of
The buyback was offered to all equity shareholders of the cash and cash equivalents is limited. Ratings are monitored
Company (other than the Promoters, the Promoter Group and periodically. Liquid assets also include investments in liquid
Persons in Control of the Company) under the open market route mutual fund units, target maturity funds units, certificates of
through the stock exchanges. The buyback of equity shares deposit (CDs), commercial paper (CP), quoted bonds issued by
through the stock exchanges commenced on December 7, 2022 government and quasi-government organizations, and non-
and was completed on February 13, 2023. During this buyback convertible debentures. CDs and CPs represent marketable
period, the Company purchased and extinguished a total of securities of banks, NBFCs and eligible financial institutions for a
6,04,26,348 equity shares from the stock exchanges at a volume specified time period with high credit rating given by domestic
weighted average buyback price of ₹1,539.06 per equity share credit rating agencies. G-secs are highly liquid and marketable
comprising 1.44% of the pre-buyback paid-up equity share instruments issued across tenure, backed by Government of
capital of the Company. The buyback resulted in a cash outflow India carrying a sovereign credit. Investments made in non-
of ₹9,300 crore (excluding transaction costs and tax on buyback). convertible debentures are issued by government-owned
The Company funded the buyback from its free reserves institutions and financial institutions with high credit rating. We
including Securities Premium Account as explained in Section 68 invest after considering counterparty risks based on multiple
of the Companies Act, 2013. criteria including Tier-I capital, capital adequacy ratio, credit
rating, profitability, NPA levels and deposit base of banks and
In accordance with Section 69 of the Companies Act, 2013, as at
financial institutions.
March 31, 2023, the Company has created a Capital Redemption
Reserve of ₹30 crore equal to the nominal value of the shares The details of these investments are disclosed under
bought back as an appropriation from the general reserve the ‘non-current and current investments’ section in the
and retained earnings. Standalone and Consolidated financial statements in this
Integrated Annual Report.
During the year ended March 31, 2023, the Company paid an
interim dividend of ₹16.5 per share and announced a final
dividend of ₹17.5 per share, subject to shareholders’ approval
in the ensuing AGM. After returning the above amounts,
the Company would have returned approximately 86% of
the cumulative free cash flow for fiscals 2020, 2021, 2022
and 2023 through dividends and buybacks, in line with the
Capital Allocation Policy.
The Capital Allocation Policy is available on our website, at
https://www.infosys.com/investors/corporate-governance/
documents/capital-allocation-policy.pdf.

Infosys Integrated Annual Report 2022-23 61

Board’s report

Capital expenditure on tangible assets

Standalone Consolidated

`1,318 crore
46.6%
`1,208 crore
48.7% `1,100 crore `1,174 crore
46.2% `2 crore 43.2%
`2 crore 0.1%
0.1% `1,281 crore
53.8% `1,542 crore
`1,267 crore `1,510 crore
51.2% 56.8%
53.3%

2023 Total - ` 2,477 crore 2022 Total - ` 2,381 crore

2023 Total - ` 2,830 crore 2022 Total - ` 2,716 crore
Infrastructure Infrastructure
Infrastructure Infrastructure
Computer equipment Computer equipment
Computer equipment Computer equipment
Vehicles
Vehicles

Leases

Standalone Consolidated

`847 crore
24.2%
`510 crore `449 crore
`306 crore 49.1%
57.9%
81.8%
`8 crore `6 crore
`68 crore 0.2% 0.7%
`371 crore 18.2%
42.1% `2,646 crore
`459 crore
75.6% 50.2%

2023 Total - ` 881 crore 2022 Total - ` 374 crore 2023 Total - ` 3,501 crore 2022 Total - ` 914 crore

Buildings Buildings Buildings

Buildings
Computer equipment Computer equipment Computer equipment
Computer equipment
Vehicles Vehicles

62 Infosys Integrated Annual Report 2022-23

Dividend
The Company recommended / declared dividend as under:

Fiscal 2023 Fiscal 2022

Dividend per Dividend payout Dividend per Dividend payout
share (in `) (in ` crore) share (in `) (in ` crore)
Interim dividend 16.50 6,943 15.00 6,308
Final dividend 17.50 (1) 7,260 (1) 16.00 6,731
Total dividend 34.00 31.00
Payout ratio (interim and final dividend) * 69.5% (2) 57.2%

Note:
The Company declares and pays dividend in Indian rupees. Companies are required to pay / distribute dividend after 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.
* Payout ratio is computed as a percentage of free cash flow prepared under IFRS.
(1)
Recommended by the Board of Directors at its meeting held on April 13, 2023. The payment is subject to the approval of the shareholders at the ensuing
AGM of the Company to be held on June 28, 2023. The record date for the purposes of the final dividend will be June 2, 2023 and payment will be made on
July 3, 2023.
(2)
Our present Capital Allocation Policy is to pay approximately 85% of the free cash flow cumulatively over a five-year period through a combination of semi-
annual dividends and / or share buyback and / or special dividends, subject to applicable laws and requisite approvals, if any. Free cash flow is defined as net
cash provided by operating activities less capital expenditure as per the Consolidated Statement of Cash Flows prepared under IFRS. Including buyback, the
Company has returned 86% of the cumulative free cash flow for the years ended March 31, 2020, 2021, 2022 and 2023.

Particulars of loans, guarantees or investments Board policies

Loans, guarantees and investments covered under Section 186 of The details of the policies approved and adopted by the Board
the Companies Act, 2013 form part of the Notes to the financial as required under the Companies Act, 2013 and Securities and
statements provided in this Integrated Annual Report. Exchange Board of India (SEBI) regulations are provided in
Annexure 8 to the Board’s report.
Transfer to reserves
We do not propose to transfer any amount to general reserve on
Material changes and commitments affecting
declaration of dividend. financial position between the end of the
financial year and date of the report
Fixed deposits
There have been no material changes and commitments which
We have not accepted any fixed deposits, including from the affect the financial position of the Company that have occurred
public, and, as such, no amount of principal or interest was between the end of the financial year to which the financial
outstanding as of the Balance Sheet date. statements relate and the date of this report.
Particulars of contracts or arrangements made 2. Business description
with related parties
Strategy
There were no contracts, arrangements or transactions entered Our clients and prospective clients are faced with transformative
into during fiscal 2023 that fall under the scope of Section business opportunities due to advances in software and
188(1) of the Companies Act, 2013. As required under the computing technology. These organizations are dealing with the
Companies Act, 2013, the prescribed Form AOC-2 is appended as challenge of having to reinvent their core offerings, processes
Annexure 2 to the Board’s report. and systems rapidly and position themselves as ‘digitally
enabled’ or ‘digital first’ organisations. The journey to the digital
Management’s discussion and analysis future requires not just an understanding of new technologies
In terms of the provisions of Regulation 34 of the SEBI (Listing and new ways of working, but a deep appreciation of existing
Obligations and Disclosure Requirements) Regulations, 2015 technology landscapes, business processes and practices. Our
(“Listing Regulations”), the Management’s discussion and analysis strategy is to be a navigator for our clients as they ideate, plan
is set out in this Integrated Annual Report. and execute their journey to a digital future.

Risk management report For details of our continued investments and outcomes
of our strategic initiatives, refer to the Strategy section of
In terms of the provisions of Section 134 of the Companies the Integrated Report.
Act, 2013, the Risk management report is set out in this
Integrated Annual Report.

Infosys Integrated Annual Report 2022-23 63

Board’s report

Organization 3. Human resources management

Our go-to-market business units and solutions are detailed in the Our employees are our most important assets. We are committed
Operating context section of the Integrated Report. to hiring and retaining the best talent and being among the
Infrastructure industry’s leading employers. For this, we focus on promoting a
collaborative, transparent and participative organization culture,
There has been a net movement of 3.02 million sq. ft. of physical
and rewarding merit and sustained high performance. Our human
infrastructure space during the year. The total available space as
resources management focuses on allowing our employees to
on March 31, 2023 stands at 56.86 million sq. ft. We have presence
develop their skills, grow in their career and navigate their next.
in 56 countries across 274 locations as on March 31, 2023.
Internal Committee (formerly Internal Complaints
Mergers and Acquisitions (M&A)
Committee)
Infosys has a systematic M&A approach aimed to strengthen
digital services capabilities, deepen industry expertise, and Infosys’ goal has always been to create an open and safe
expand geographical footprint. workplace for every employee to feel empowered, irrespective
of gender, sexual preferences, and other factors, and contribute
During the fiscal year ended March 31, 2023, the Group to the best of their abilities. Towards this, the Company has
completed two business combinations to complement its digital set up the Anti-Sexual Harassment Initiative (ASHI), which
offerings by acquiring 100% voting interests in: proudly completes 23 years of enabling a positive and safe work
a. oddity GmbH, oddity group services GmbH, oddity space environment for our employees. Our ASHI practices have set an
GmbH, oddity jungle GmbH, oddity code GmbH and oddity industry benchmark as it ranked first among 350+ companies
waves GmbH (collectively known as oddity), a Germany- that participated in an external survey on the best anti-sexual
based digital marketing, experience, and commerce harassment initiatives in 2017, 2019, 2020, 2021 and 2022.
agency, on April 20, 2022.  Infosys has constituted an Internal Committee (IC) in all the
b. BASE life science A/S, a consulting and technology firm in the development centers of the Company in India to consider and
Life Science industry in Europe, on September 1, 2022. resolve all sexual harassment complaints reported by women.
The IC has been constituted as per the Sexual Harassment of
These acquisitions are expected to strengthen the Group’s Women at Workplace (Prevention, Prohibition and Redressal)
creative, branding and experience design capabilities and Act, 2013, and the committee includes external members from
augment the Group’s life sciences expertise, scales its digital NGOs or with relevant experience. Investigations are conducted
transformation capabilities with cloud-based industry solutions and decisions made by the IC at the respective locations, and
and expand its presence across Europe. a senior woman employee is the presiding officer over every
case. Half of the total members of the IC are women. The role of
Subsidiaries
the IC is not restricted to mere redressal of complaints but also
We, along with our subsidiaries, provide consulting, technology, encompasses prevention and prohibition of sexual harassment.
outsourcing and next-generation digital services. At the In the last few years, the IC has worked extensively on creating
beginning of the year, we had 27 direct subsidiaries and awareness on relevance of sexual harassment issues in the
50 step-down subsidiaries. As on March 31, 2023, we have new normal by using new and innovative measures to help
28 direct subsidiaries and 70 step-down subsidiaries. Further, employees understand the forms of sexual harassment while
the Company does not have any material subsidiary. The changes working remotely. The details of sexual harassment complaints
in subsidiaries during the year are included in the Standalone that were filed, disposed of and pending during the financial
financial statements of the Company. year are provided in the Business Responsibility and Sustainability
During the year, the Board of Directors reviewed the affairs of the Report of this Integrated Annual Report.
subsidiaries. In accordance with Section 129(3) of the Companies Particulars of employees
Act, 2013, we have prepared the Consolidated financial statements
of the Company, which form part of this Integrated Annual The Company had 2,72,665 employees on standalone basis and
Report. Further, a statement containing the salient features of 3,43,234 employees on consolidated basis as of March 31, 2023.
the financial statements of our subsidiaries in the prescribed The percentage increase in remuneration, ratio of remuneration
format AOC-1 is appended as Annexure 1 to the Board’s report. of each director and key managerial personnel (KMP) (as required
The statement also provides details of the performance and under the Companies Act, 2013) to the median of employees’
financial position of each of the subsidiaries, along with the remuneration, and the list of top 10 employees in terms of
changes that occurred, during fiscal 2023. remuneration drawn, as required under Section 197(12) of
In accordance with Section 136 of the Companies Act, 2013, the Companies Act, 2013, read with Rule 5 of the Companies
the audited financial statements, including the Consolidated (Appointment and Remuneration of Managerial Personnel) Rules,
financial statements and related information of the Company 2014, form part of Annexure 3 to this Board’s report. The statement
and audited accounts of its subsidiaries, are available on our containing particulars of employees employed throughout
website, at www.infosys.com. the year and in receipt of remuneration of `1.02 crore or more
per annum and employees employed for part of the year and
in receipt of remuneration of `8.5 lakh or more per month, as
required under Section 197(12) of the Companies Act, 2013, read
with Rule 5 of the Companies (Appointment and Remuneration

64 Infosys Integrated Annual Report 2022-23

of Managerial Personnel) Rules, 2014, is provided in a separate of the RSUs will be equal to the par value of the shares and the
exhibit forming part of this report and is available on the website exercise price of the stock options would be the market price as
of the Company, at https://www.infosys.com/investors/reports- on the date of grant.
filings/Documents/exhibitboards-report2023.pdf. The Integrated
Consequent to the September 2018 bonus issue, all the then
Annual Report is being sent to the shareholders excluding
outstanding options granted under the stock option plan have
the aforesaid exhibit. Shareholders interested in obtaining
been adjusted for bonus shares.
this information may access the same from the Company
website. In accordance with Section 136 of the Companies Act, The total number of equity shares and American Depositary
2013, this exhibit is available for inspection by shareholders Receipts (ADRs) to be allotted to the employees of the Company
through electronic mode. and its subsidiaries under the 2015 Plan does not cumulatively
Notes: exceed 1% of the issued capital. For the shares and ADRs issued
under the 2019 Plan, the cumulative amount does not exceed
1. The employees mentioned in the aforesaid exhibit have / had permanent
employment contracts with the Company. 1.15% of the issued capital. The 2019 Plan and 2015 Plan are in
2. The employees are neither relatives of any directors of the Company,
compliance with SEBI (Share Based Employee Benefits and Sweat
nor hold 2% or more of the paid-up equity share capital of the Company Equity) Regulations, 2021, as amended from time to time, and
as per Rule 5 of the Companies (Appointment and Remuneration of there has been no material change to the plans during the fiscal.
Managerial Personnel) Rules, 2014.
The details of the 2019 Plan and 2015 Plan, including terms of
3. The details of employees posted outside India and in receipt of a
remuneration of `60 lakh or more per annum or `5 lakh or more a month reference, and the requirement specified under Regulation 14
can be made available on specific request. of the SEBI (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021, are available on the Company’s website, at
Employee stock options / Restricted Stock Units (RSUs) https://www.infosys.com/investors/reports-filings/Documents/
The Company grants share-based benefits to eligible employees disclosures-pursuant-SEBI-regulations2023.pdf.
with a view to attracting and retaining the best talent,
The details of the 2019 Plan and 2015 Plan form part of
encouraging employees to align individual performances with
the Notes to accounts of the financial statements in this
Company objectives, and promoting increased participation by
Integrated Annual Report.
them in the growth of the Company.
Infosys Expanded Stock Ownership Program 2019 4. Corporate governance
(“the 2019 Plan”)
Our corporate governance philosophy
On June 22, 2019, pursuant to approval by the shareholders in
Our corporate governance practices are a reflection of our value
the AGM, the Board has been authorized to introduce, offer,
system encompassing our culture, policies, and relationships
issue and provide share-based incentives to eligible employees
with our stakeholders. Integrity and transparency are key to our
of the Company and its subsidiaries under the 2019 Plan.
corporate governance practices to ensure that we gain and retain
The maximum number of shares under the 2019 Plan shall
the trust of our stakeholders at all times. Corporate governance
not exceed 5,00,00,000 equity shares. To implement the 2019
is about maximizing shareholder value legally, ethically
Plan, up to 4,50,00,000 equity shares may be issued by way of
and sustainably. At Infosys, the Board exercises its fiduciary
secondary acquisition of shares by the Infosys Expanded Stock
responsibilities in the widest sense of the term. Our disclosures
Ownership Trust. The RSUs granted under the 2019 Plan shall
seek to attain the best practices in international corporate
vest based on the achievement of defined annual performance
governance. We also endeavor to enhance long-term shareholder
parameters as determined by the administrator (the Nomination
value and respect minority rights in all our business decisions.
and Remuneration Committee). The performance parameters
will be based on a combination of relative Total Shareholder Our Corporate governance report for fiscal 2023 forms part of this
Return (TSR) against selected industry peers and certain broader Integrated Annual Report.
market domestic and global indices and operating performance
metrics of the Company as decided by the administrator. Board diversity
Each of the above performance parameters will be distinct for The Company recognizes and embraces the importance of a
the purposes of calculation of the quantity of shares to vest diverse Board in its success. We believe that a truly diverse Board
based on performance. These instruments will generally vest will leverage differences in thought, perspective, regional and
between a minimum of one and a maximum of three years industry experience, cultural and geographical background,
from the grant date. age, ethnicity, race, gender, knowledge and skills including
expertise in financial, diversity, global business, leadership,
2015 Stock Incentive Compensation Plan (“the 2015 Plan”) information technology, mergers and acquisitions, Board service
On March 31, 2016, pursuant to the approval by the shareholders and governance, sales and marketing, Environmental, Social and
through postal ballot, the Board was authorized to introduce, Governance (ESG), risk management and cybersecurity and other
offer, issue and allot share-based incentives to eligible employees domains, which will ensure that Infosys retains its competitive
of the Company and its subsidiaries under the 2015 Plan. advantage. The Board Diversity Policy adopted by the Board sets
The maximum number of shares under the 2015 Plan shall not out its approach to diversity.
exceed 2,40,38,883 equity shares (not adjusted for bonus issue).
These instruments will vest generally over a period of four years The policy is available on our website, at
and shall be exercisable within the period as approved by the https://www.infosys.com/investors/corporate-governance/
Nomination and Remuneration Committee. The exercise price documents/board-diversity-policy.pdf.

Infosys Integrated Annual Report 2022-23 65

Board’s report

Additional details on Board diversity are available in Directors and KMP

the Corporate governance report that forms part of this
Integrated Annual Report. Inductions
1. The shareholders at the 41st AGM held on June 25, 2022
Number of meetings of the Board reappointed Salil Parekh as CEO and MD effective July 1, 2022
The Board met eight times during the financial year. The meeting till March 31, 2027.
details are provided in the Corporate governance report that 2. The shareholders vide postal ballot concluded on March
forms part of this Integrated Annual Report. The maximum 31, 2023 approved the appointment of Govind Iyer, as an
interval between any two meetings did not exceed 120 days, as independent director effective January 12, 2023, for a term of
prescribed by the Companies Act, 2013. five (5) years till January 11, 2028.
Policy on directors’ appointment and remuneration 3. The Board, based on the recommendation of Nomination
The current policy is to have an appropriate mix of executive, and Remuneration Committee, appointed D. Sundaram
non-executive and independent directors to maintain the as Lead Independent Director of the Company, effective
independence of the Board and separate its functions of March 23, 2023.
governance and management. As of March 31, 2023, the Board 4. Based on the recommendations of the Nomination and
had eight members, consisting of an executive director, Remuneration Committee and the Audit Committee, the
a non-executive and non-independent director and six Board appointed Shaji Mathew as a Group Head of Human
independent directors. One of the independent directors of Resources and further designated as an executive officer
the Board is a woman. The details of Board and committee effective March 22, 2023, for the purpose of reporting under
composition, tenure of directors, areas of expertise and other the rules of the U.S. Securities and Exchange Commission and
details are available in the Corporate overview section that forms Key Managerial Personnel as defined under Ind AS 24, Related
part of this Integrated Annual Report. Party Disclosures.
The policy of the Company on directors’ appointment In the opinion of the Board, the independent directors
and remuneration, including the criteria for determining appointed during the year possess requisite integrity, expertise,
qualifications, positive attributes, independence of a director and experience and proficiency.
other matters, as required under sub-section (3) of Section 178 of
the Companies Act, 2013, is available on our website, at Retirements and resignations
https://www.infosys.com/investors/corporate-governance/ 1. Ravi Kumar S., President (KMP), has resigned effective
documents/nomination-remuneration-policy.pdf. October 11, 2022. The Board of Directors placed on record its
We affirm that the remuneration paid to the directors is as appreciation for the services rendered by him.
per the terms laid out in the Nomination and Remuneration 2. Mohit Joshi, President, resigned from the Company. He is on
Policy of the Company. leave from March 11, 2023 and will stay on leave till the last
Declaration by independent directors date with the Company i.e. June 9, 2023. The Board placed on
record its appreciation for the services rendered by him.
The Company has received necessary declaration from each
independent director under Section 149(7) of the Companies Act, 3. Krishnamurthy Shankar, Group Head of Human Resources
2013, that he / she meets the criteria of independence laid down in (KMP), retired on March 21, 2023. He led the development
Section 149(6), Code for independent directors of the Companies of a strong employee value proposition, helped build a
Act, 2013 and of the Listing Regulations. digital skills-based ecosystem and enabled digital career
paths for employees. The Board placed on record its sincere
Board evaluation appreciation for his contributions to the Company.
The Nomination and Remuneration Committee engaged Egon
4. Kiran Mazumdar-Shaw, Lead Independent Director, retired as
Zehnder, external consultants, to conduct Board evaluation
member of the Board of Directors on completion of tenure
for the year. The evaluation of all the directors, committees,
effective March 22, 2023. The Board placed on record their
Chairman of the Board, and the Board as a whole, was conducted
appreciation for Ms. Shaw’s invaluable contribution, guidance,
based on the criteria and framework adopted by the Board.
and strategic vision, that has helped the Company build and
The Board evaluation process was completed during fiscal 2023.
execute a resilient growth strategy.
The evaluation parameters and the process have been explained
in the Corporate governance report. 5. The Board took note of Uri Levine’s retirement as an
Independent Director effective April 19, 2023 upon
Familiarization program for independent directors completion of his term. The Board placed on record its sincere
All new independent directors inducted into the Board attend an appreciation for his contributions to the Company.
orientation program. The details of the training and familiarization
program are provided in the Corporate governance report. Further, Committees of the Board
at the time of the appointment of an independent director, the As on March 31, 2023, the Board had six committees: the Audit
Company issues a formal letter of appointment outlining his / her Committee, the Corporate Social Responsibility Committee, the
role, function, duties and responsibilities. The format of the letter Nomination and Remuneration Committee, the Risk Management
of appointment is available on our website, at Committee, the Stakeholders Relationship Committee, the
https://www.infosys.com/investors/corporate-governance/ Environment, Social and Governance (ESG) Committee.
Documents/appointment-independent-director.pdf.

66 Infosys Integrated Annual Report 2022-23

All committees comprise only independent directors, one of Listing on stock exchanges
whom is chosen as the chairperson of the committee. The Company’s shares are listed on BSE Limited and the National
Additionally, the Board had incorporated a Cybersecurity Risk Stock Exchange of India Limited, and its ADSs are listed on the
Sub-Committee of the Risk Management Committee. New York Stock Exchange (NYSE).

During the year, all recommendations made by the committees Investor Education and Protection Fund (IEPF)
were approved by the Board. During the year, the Company has transferred the unclaimed
A detailed note on the composition of the Board and its and un-encashed dividends of ₹2,43,11,422. Further, 4,47,153
committees is provided in the Corporate governance report, which corresponding shares on which dividends were unclaimed for
forms part of this Integrated Annual Report. seven consecutive years were transferred as per the requirements
of the IEPF Rules. The details of the resultant benefits arising out
Internal financial control and its adequacy of shares already transferred to the IEPF, year-wise amounts of
The Board has adopted policies and procedures for ensuring unclaimed / un-encashed dividends lying in the unpaid dividend
the orderly and efficient conduct of its business, including account up to the year, and the corresponding shares, which are
adherence to the Company’s policies, safeguarding of its assets, liable to be transferred, are provided in the Corporate governance
prevention and detection of fraud, error-reporting mechanisms, report and are also available on our website, at www.infosys.com/
accuracy and completeness of the accounting records, and timely IEPF. Details of shares / dividend transferred to IEPF can also be
preparation of reliable financial disclosures. For more details, obtained by accessing https://www.iepf.gov.in/IEPFWebProject/
refer to the ‘Internal control systems and their adequacy’ section SearchInvestorAction.do?method=gotoSearchInvestor\.
in the Management’s discussion and analysis, which forms part of
Members are requested to claim the dividend(s), which have
this Integrated Annual Report.
remained unclaimed/unpaid, by sending a written request to the
Cybersecurity Company at [email protected] or to the Company’s Registrar
At Infosys, as our employees operate efficiently as a hybrid and Transfer Agent KFin Technologies Limited at einward.ris@
workforce, we continued to remain vigilant on the evolving kfintech.com or at their address at KFin Technologies Limited,
cybersecurity threat landscape. In our endeavor to maintain a Unit: Infosys Limited, Selenium Tower B, Plot 31-32, Financial
robust cybersecurity posture, the team has remained abreast of District, Nanakramguda, Serilingampally Mandal, Hyderabad
emerging cybersecurity events globally, so as to achieve higher 500032. Members can find the details of Nodal officer appointed
compliance and its continued sustenance. We continue to be by the company under the provisions of IEPF at
certified against the Information Security Management System https://www.infosys.com/investors/shareholder-services/
(ISMS) Standard ISO 27001:2013. Additionally, we have also unclaimed-dividend-shares.html.
been attested on SSAE 18 SOC 1 and SOC 2 by an independent Directors’ responsibility statement
audit firm. During the year, our focus on our cybersecurity
The financial statements are prepared in accordance with
personnel training, reskilling, and building a security culture of
the Indian Accounting Standards (Ind AS) under the historical
collective onus, encouraging shift left, enabling the developer
cost convention on accrual basis except for certain financial
community with dedicated courses and resource kits went ahead
instruments, which are measured at fair values, the provisions
as planned, together with our overall initiatives on improving
of the Companies Act, 2013 and guidelines issued by SEBI.
cybersecurity processes, technologies and posture.
The Ind AS are prescribed under Section 133 of the Companies
Significant and material orders Act, 2013, read with Rule 3 of the Companies (Indian Accounting
There are no significant and material orders passed by the Standards) Rules, 2015 and relevant amendment rules issued
regulators or courts or tribunals impacting the going concern thereafter. Accounting policies have been consistently applied
status and the Company’s operations in future. except where a newly-issued accounting standard is initially
adopted or a revision to an existing accounting standard requires
Reporting of frauds by auditors a change in the accounting policy hitherto in use.
During the year under review, neither the statutory auditors nor The directors confirm that:
the secretarial auditor has reported to the Audit Committee, under
• In preparation of the annual accounts for the financial year
Section 143 (12) of the Companies Act, 2013, any instances of fraud
ended March 31, 2023 , the applicable accounting standards
committed against the Company by its officers or employees, the
have been followed and there are no material departures.
details of which would need to be mentioned in the Board’s report,
which forms part of this Integrated Annual Report. • They have selected such accounting policies and applied
them consistently and made judgments and estimates that
Annual return are reasonable and prudent so as to give a true and fair
In accordance with the Companies Act, 2013, the annual return view of the state of affairs of the Company at the end of the
in the prescribed format is available at https://www.infosys.com/ financial year and of the profit of the Company for that period.
investors/reports-filings/documents/annual-returns-2022-23.pdf. • They have taken proper and sufficient care towards the
maintenance of adequate accounting records in accordance
Secretarial standards with the provisions of the Companies Act, 2013 for
The Company complies with all applicable secretarial standards safeguarding the assets of the Company and for preventing
issued by the Institute of Company Secretaries of India. and detecting fraud and other irregularities.

Infosys Integrated Annual Report 2022-23 67

Board’s report

• They have prepared the annual accounts on a going The Company’s CSR Policy is available on our website, at
concern basis. https://www.infosys.com/investors/corporate-governance/
• They have laid down internal financial controls, which are Documents/corporate-social-responsibility-policy.pdf.
adequate and are operating effectively. The annual report on our CSR activities is appended as Annexure
• They have devised proper systems to ensure compliance with 6 to the Board’s report. Infosys also undertakes CSR initiatives
the provisions of all applicable laws, and such systems are outside of India, in US, Australia, and across Europe in UK,
adequate and operating effectively. Germany, France and Ukraine. The initiatives in the US are carried
out through Infosys Foundation USA. The said initiatives are over
5. Audit reports and auditors and above the statutory requirement.
Audit reports The highlights of the initiatives undertaken by the Company,
The Auditors’ Report for fiscal 2023 does not contain Infosys Foundation, and Infosys Foundation USA form part of this
any qualification, reservation, or adverse remark. Integrated Annual Report.
The Report is enclosed with the Financial statements in this
Integrated Annual Report. 7. Conservation of energy, research and
The Secretarial Auditors’ Report for fiscal 2023 does not contain
development, technology absorption, foreign
any qualification, reservation, or adverse remark. The Secretarial exchange earnings and outgo
Auditors’ Report is enclosed as Annexure 5 to the Board’s report,
The particulars, as prescribed under sub-section (3)(m) of Section
which forms part of this Integrated Annual Report.
134 of the Companies Act, 2013, read with the Companies
The Auditor’s certificate confirming compliance with conditions (Accounts) Rules, 2014, are enclosed as Annexure 7 to the Board’s
of corporate governance as stipulated under Listing Regulations, report, which forms part of this Integrated Annual Report.
for fiscal 2023 is enclosed as Annexure 4 to the Board’s report,
which forms part of this Integrated Annual Report.
Business Responsibility and Sustainability
Report (BRSR)
The Secretarial Auditor’s certificate on the implementation of
In November 2018, the Ministry of Corporate Affairs (MCA)
share-based schemes in accordance with SEBI (Share Based
constituted a Committee on Business Responsibility Reporting
Employee Benefits and Sweat Equity) Regulations, 2021, will be
(“the Committee”) to finalize business responsibility reporting
made available on request at the AGM, electronically.
formats for listed and unlisted companies, based on the framework
Auditors of the National Guidelines on Responsible Business Conduct
(NGRBC). Through its report, the Committee recommended that
Statutory auditor
BRR be rechristened BRSR, where disclosures are based on ESG
Deloitte Haskins & Sells LLP, Chartered Accountants (Firm parameters, compelling organizations to holistically engage with
registration number 117366W/W-100018) (“Deloitte”) was stakeholders and go beyond regulatory compliances in terms of
appointed as the statutory auditors of the Company, to hold business measures and their reporting.
office for the second term of five consecutive years from the
conclusion of the 41st AGM of the Company held on June 25, 2022, The BRSR disclosures form a part of this Integrated Annual
till the conclusion of the 46th AGM to be held in 2027, as required Report. The non-financial sustainability disclosures have been
under Section 139 of the Companies Act, 2013 read with the independently assured by KPMG.
Companies (Audit and Auditors) Rules, 2014.
Environmental, Social and Governance (ESG)
Secretarial auditor In October 2020, we launched our ESG Vision 2030. Our focus
Makarand M. Joshi & Co., Company Secretaries (FCS: 5533, is steadfast on leveraging technology to battle climate change,
CP: 3662), are appointed as secretarial auditor of the Company water management and waste management. On the social front,
for fiscal 2024, as required under Section 204 of the Companies our emphasis is on the development of people, especially in
Act, 2013 and Rules thereunder. the areas of digital skilling, improving diversity and inclusion,
facilitating employee wellness and experience, delivering
Cost records and cost audit technology for good and energizing the communities we work
Maintenance of cost records and requirement of cost audit in. We are also redoubling our efforts to serve the interests of all
as prescribed under the provisions of Section 148(1) of the our stakeholders, by leading through our core values and setting
Companies Act, 2013 are not applicable for the business activities benchmarks in corporate governance.
carried out by the Company.
The ESG Committee was constituted by the Board with effect
6. Corporate social responsibility (CSR) from April 14, 2021, to discharge its oversight responsibility on
matters related to organization-wide ESG initiatives, priorities,
Infosys has been an early adopter of CSR initiatives. The Company and leading ESG practices. The ESG Committee reports to the
works primarily through the Infosys Foundation, towards Board and meets every quarter to review progress on the ESG
supporting projects in the areas of education, healthcare, ambitions articulated in our ESG Vision 2030.
women empowerment, sustainability, rehabilitating the
destitute, preserving Indian art and culture, rural development
and disaster relief.

68 Infosys Integrated Annual Report 2022-23

 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, Thiruvananthapuram, Visakhapatnam – 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.

for and on behalf of the Board of Directors

Sd/- Sd/-
D. Sundaram Salil Parekh
Bengaluru Lead Independent Director Chief Executive Officer
April 13, 2023 and Managing Director

Infosys Integrated Annual Report 2022-23 69

 Annexures to the Board’s Report
70

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)

(In ₹ crore, except % of shareholding and exchange rate)

Sl. Name of the Country Financial Date of Exchange Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition rate/ capital and assets (excluding (Includes (Loss) for (Loss) after shareholding
ended Reporting surplus share capital inter- before taxation (1) taxation (1)
currency and reserves company taxation (1)
and surplus) transactions)
1 Infosys BPM India Mar 31, NA INR 34 4,404 6,631 2,193 2,620 7,529 1,122 276 846 100.00
Limited (2) 2023
2 Infosys US Dec 31, Dec 4, 1 USD = 175 925 4,710 3,610 – 3,691 339 65 274 100.00
McCamish 2022 2009 ₹82.73
Systems
LLC (3)
3 EdgeVerve India Mar 31, NA INR 1,312 155 2,248 781 405 3,446 1,268 338 930 100.00
Systems 2023
Limited
(EdgeVerve)
4 Infosys Germany Dec 31, NA 1 EUR = 15 (424) 5,685 6,094 – 2,509 (310) – (310) 100.00
Automotive 2022 ₹88.14
and Mobility
GmbH & Co.
KG
5 Infosys Public US Mar 31, NA 1 USD = 98 910 1,570 562 – 1,829 214 61 153 100.00
Services, Inc. 2023 ₹82.17
USA (Infosys
Public
Services)
6 Infy UK Mar 31, NA 1 GBP = 135 96 752 521 – 1,782 57 17 40 100.00
Infosys Integrated Annual Report 2022-23

Consulting 2023 ₹101.65

Company
Ltd (4)
7 Stater The Dec 31, NA 1 EUR = 8 143 424 273 – 1,260 (2) – (2) 75.00
Nederland Netherlands 2022 ₹88.14
B.V. (5)
8 Infosys China Dec 31, NA 1 RMB = 368 55 857 434 – 1,084 103 – 103 100.00
Technologies 2022 ₹11.91
(China) Co.
Limited
(Infosys
China)
Infosys Integrated Annual Report 2022-23

Sl. Name of the Country Financial Date of Exchange Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition rate/ capital and assets (excluding (Includes (Loss) for (Loss) after shareholding
ended Reporting surplus share capital inter- before taxation (1) taxation (1)
currency and reserves company taxation (1)
and surplus) transactions)
9 Infosys Poland Mar 31, Oct 1, 1 PLN = 4 802 1,258 452 87 1,048 107 23 84 100.00
Poland Sp. z 2023 2007 ₹19.17
o.o. (3)
10 WongDoody, US Dec 31, NA 1 USD = 1 287 439 151 – 963 149 31 118 100.00
Inc (6)(7) 2022 ₹82.73
11 Blue Acorn iCi US Dec 31, Oct 27, 1 USD = 6 168 286 112 – 638 37 (1) 38 100.00
Inc (formerly 2022 2020 ₹82.73
Beringer
Commerce
Inc) (8)
12 Outbox US Jan 31, Mar 13, 1 USD = 263 (167) 300 204 2 622 (45) (78) 33 100.00
systems Inc. 2023 2020 ₹81.93
dba Simplus
(US) (8)
13 Infosys Singapore Mar 31, Nov 16, 1 SGD = 13 223 498 262 – 604 42 5 37 60.00
Compaz PTE. 2023 2018 ₹61.79
Ltd (9)
14 Infosys Mexico Dec 31, NA 1 MXN = 65 364 565 136 – 538 61 15 46 100.00
Technologies 2022 ₹4.25
S. de R. L. de
C. V. (Infosys
Mexico)
15 Infosys China Dec 31, NA 1 RMB = 1,004 (408) 998 402 – 476 (89) – (89) 100.00
Technologies 2022 ₹11.91
(Shanghai)
Company
Limited
(Infosys
Shanghai)
16 Infosys Germany Dec 31, NA 1 EUR = 17 50 204 137 – 442 4 5 (1) 100.00
Consulting 2022 ₹88.14
GmbH (4)
17 Infosys Switzerland Dec 31, NA 1 CHF = 1 85 293 207 – 424 49 13 36 100.00
Consulting 2022 ₹89.6
AG (4)
18 Infosys Czech Mar 31, NA 1 CZK = 3 107 352 242 – 412 (9) (2) (7) 100.00
(Czech Republic 2023 ₹3.81
Republic)
Limited s.r.o (3)
71
72

Annexures to the Board's report

Sl. Name of the Country Financial Date of Exchange Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition rate/ capital and assets (excluding (Includes (Loss) for (Loss) after shareholding
ended Reporting surplus share capital inter- before taxation (1) taxation (1)
currency and reserves company taxation (1)
and surplus) transactions)
19 HIPUS Co., Japan Mar 31, Nov 16, 1 JPY = 32 80 1,438 1,326 – 349 31 10 21 81.00
Ltd (9) 2023 2018 ₹0.62
20 Infosys Brazil Dec 31, NA 1 BRL = 421 (324) 320 223 – 330 25 17 8 100.00
Consulting 2022 ₹15.65
Ltda.
21 Infosys Romania Dec 31, NA 1 RON = 17 50 164 97 – 318 18 5 13 100.00
Consulting 2022 ₹17.83
S.R.L.
22 Panaya Ltd. (10) Israel Dec 31, NA 1 USD = 256 (921) 368 1,033 – 315 35 5 30 100.00
2022 ₹82.73
23 Portland Australia Mar 31, Jan 4, 2012 1 AUD = 18 74 244 152 – 312 41 12 29 100.00
Group Pty 2023 ₹55.03
Ltd (3)
24 Stater N.V. (9) The Dec 31, May 23, 1 EUR = 38 612 994 344 – 290 162 22 140 75.00
Netherlands 2022 2019 ₹88.14
25 Fluido Oy (11) Finland Dec 31, Oct 11, 1 EUR = 5 125 206 76 – 286 15 2 13 100.00
2022 2018 ₹88.14
26 Kaleidoscope US Dec 31, Oct 9, 1 USD = – 99 119 20 – 264 23 5 18 100.00
Animations 2022 2020 ₹82.73
Inc(8)
27 Infosys Singapore Dec 31, NA 1 SGD = 2,886 50 4,586 1,650 – 227 24 (7) 31 100.00
Singapore 2022 ₹61.66
Pte. Ltd.
(Infosys
Singapore)
28 Infosys Sweden Dec 31, NA 1 SEK = 2 117 208 89 – 199 48 10 38 100.00
Technologies 2022 ₹7.92
(Sweden)
AB (Infosys
Infosys Integrated Annual Report 2022-23

Sweden)
29 Infosys Australia Dec 31, NA 1 AUD = 17 19 66 30 – 197 14 4 10 100.00
Management 2022 ₹56.17
Consulting
Pty. Limited (4)
30 Stater Belgium Dec 31, NA 1 EUR = 54 34 215 127 – 191 10 4 6 75.00
Belgium 2022 ₹88.14
N.V./S.A. (12)
31 GuideVision, Czech Dec 31, Oct 1, 1 CZK = – 66 117 51 – 175 22 6 16 100.00
s.r.o. (13) Republic 2022 2020 ₹3.65
Infosys Integrated Annual Report 2022-23

Sl. Name of the Country Financial Date of Exchange Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition rate/ capital and assets (excluding (Includes (Loss) for (Loss) after shareholding
ended Reporting surplus share capital inter- before taxation (1) taxation (1)
currency and reserves company taxation (1)
and surplus) transactions)
32 Infosys Luxembourg Mar 31, NA 1 EUR = 17 (3) 87 73 – 173 8 – 8 100.00
Luxembourg 2023 ₹89.44
S.a.r.l
33 BASE life Denmark Jun 30, Sep 1, 1 DKK = – 25 127 102 – 162 (22) (5) (17) 100.00
science A/S (14) 2023 2022 ₹12.01
34 Simplus Australia Jan 31, NA 1 AUD = 18 (32) 48 62 – 142 13 – 13 100.00
Australia Pty 2023 ₹57.44
Ltd (15)
35 Fluido Sweden Dec 31, NA 1 SEK = 11 3 40 26 – 122 14 3 11 100.00
Sweden AB 2022 ₹7.92
(Extero) (16)
36 Infosys BPO US Mar 31, NA 1 USD = 130 (93) 57 20 – 119 27 3 24 100.00
Americas 2023 ₹82.17
LLC. (3)
37 Infy The Dec 31, NA 1 EUR = 1 44 73 28 – 96 9 2 7 100.00
Consulting Netherlands 2022 ₹88.14
B.V. (4)
38 Infosys Malaysia Mar 31, Dec 14, 1 MYR = 29 (26) 68 65 – 92 (31) – (31) 100.00
(Malaysia) 2023 2021 ₹18.62
SDN. BHD.
(formerly
Global
Enterprise
International
(Malaysia)
Sdn. Bhd.) (17)
39 Infosys Dubai Dec 31, Jan 01, 1 AED = 1 (16) 47 62 – 89 (1) – (1) 100.00
Middle East 2022 2018 ₹22.53
FZ LLC (11)
40 HypoCasso The Dec 31, NA 1 EUR = 8 11 48 29 – 80 16 4 12 75.00
B.V. (5) Netherlands 2022 ₹88.14
41 Infosys Fluido UK Dec 31, NA 1 GBP = 4 (26) 15 37 – 80 (12) – (12) 100.00
U.K., Ltd. 2022 ₹99.53
(formerly
known as
Simplus U.K,
Ltd) (16)
42 Panaya Inc. US Dec 31, Mar 5, 1 USD = – 386 724 338 – 76 2 4 (2) 100.00
(Panaya) 2022 2015 ₹82.73
73
74

Annexures to the Board's report

Sl. Name of the Country Financial Date of Exchange Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition rate/ capital and assets (excluding (Includes (Loss) for (Loss) after shareholding
ended Reporting surplus share capital inter- before taxation (1) taxation (1)
currency and reserves company taxation (1)
and surplus) transactions)
43 Infosys Belgium Dec 31, NA 1 EUR = 3 (12) 44 53 – 72 – – – 100.00
Consulting 2022 ₹88.14
(Belgium)
NV (4)
44 Infosys France Dec 31, NA 1 EUR = 29 (12) 31 14 – 71 4 – 4 100.00
Consulting 2022 ₹88.14
SAS (4)
45 Simplus Philippines Jan 31, NA 1 PHP = 1 11 20 8 – 71 5 1 4 100.00
Philippines, 2023 ₹1.5
Inc. (18)
46 Fluido Norway Dec 31, NA 1 NOK = – 37 57 20 – 61 22 5 17 100.00
Norway 2022 ₹8.38
A/S (16)
47 oddity waves Germany Dec 31, Apr 20, 1 EUR = – 18 36 18 – 61 16 5 11 100.00
GmbH (19) 2022 2022 ₹ 88.14
48 Infosys Chile Chile Dec 31, NA 1 CLP = 7 18 35 10 – 60 11 3 8 100.00
SpA 2022 ₹0.09
49 Fluido Denmark Dec 31, NA 1 DKK = 3 (1) 23 21 – 59 – – – 100.00
Denmark 2022 ₹11.85
A/S (16)
50 oddity jungle Germany Dec 31, Apr 20, 1 EUR = – 12 37 25 – 56 (3) (1) (2) 100.00
GmbH (19) 2022 2022 ₹88.14
51 oddity Germany Dec 31, Apr 20, 1 EUR = – 21 41 20 – 55 2 1 1 100.00
GmbH (19) 2022 2022 ₹88.14
52 oddity space Germany Dec 31, Apr 20, 1 EUR = – 6 27 21 – 52 – – – 100.00
GmbH (19) 2022 2022 ₹88.14
53 Infosys Turkey Dec 31, NA 1 TRY = 7 (54) 53 100 – 42 (54) – (54) 100.00
Turkey Bilgi 2022 ₹4.42
Infosys Integrated Annual Report 2022-23

Teknolojileri
Limited
Sirketi
54 Infosys Green India Mar 31, NA INR 1 293 329 35 31 34 4 – 4 100.00
Forum (20) 2023
55 BASE life Switzerland Jun 30, Sep 1, 1 CHF= 1 15 30 14 – 31 1 – 1 100.00
science AG (21) 2023 2022 ₹89.58
56 Infosys Argentina Dec 31, NA 1 ARS = 10 (32) 53 75 – 29 (36) (9) (27) 100.00
Consulting 2022 ₹0.47
S.R.L. (22)
Infosys Integrated Annual Report 2022-23

Sl. Name of the Country Financial Date of Exchange Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition rate/ capital and assets (excluding (Includes (Loss) for (Loss) after shareholding
ended Reporting surplus share capital inter- before taxation (1) taxation (1)
currency and reserves company taxation (1)
and surplus) transactions)
57 Infosys Bulgaria Dec 31, NA 1 BGN = 2 – 7 5 – 26 1 – 1 100.00
Limited 2022 ₹45.07
Bulgaria
EOOD
58 Kaleidoscope US Dec 31, NA 1 USD = – 19 20 1 – 23 6 – 6 100.00
Prototyping 2022 ₹82.73
LLC(23)
59 GuideVision Hungary Dec 31, NA 1 HUF = – 2 5 3 – 20 1 – 1 100.00
Magyarország 2022 ₹0.22
Kft. (24)
60 oddity group Germany Dec 31, Apr 20, 1 EUR = – 1 10 9 – 19 (1) – (1) 100.00
services 2022 2022 ₹88.14
GmbH (19)
61 BASE life Germany Jun 30, Sep 1, 1 EUR = – (1) 10 11 – 18 (1) – (1) 100.00
science 2023 2022 ₹89.44
GmbH (21)
62 oddity code Germany Dec 31, Apr 20, 1 EUR = – 2 7 5 – 16 – – – 100.00
GmbH (19) 2022 2022 ₹88.14
63 Infosys Austria Dec 31, NA 1 EUR = 1 1 27 25 – 15 (2) (1) (1) 100.00
Austria GmbH 2022 ₹88.14
64 GuideVision Poland Dec 31, NA 1 PLN = – 1 4 3 – 14 – – – 100.00
Polska SP. Z 2022 ₹18.87
O.O. (24)
65 Infosys Fluido Ireland Dec 31, NA 1 EUR = 1 1 2 – – 13 7 – 7 100.00
Ireland, Ltd. 2022 ₹88.14
(formerly
known as
Simplus
Ireland, Ltd) (25)
66 BASE life Spain Jun 30, Sep 1, 1 EUR = – 1 14 13 – 13 1 – 1 100.00
science 2023 2022 ₹89.44
S.L. (21)(26)
67 Infosys Public Canada Mar 31, NA 1 CAD = 13 (1) 18 6 – 12 (1) – (1) 100.00
Services 2023 ₹60.67
Canada
Inc. (27)(28)
75
76

Annexures to the Board's report

Sl. Name of the Country Financial Date of Exchange Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition rate/ capital and assets (excluding (Includes (Loss) for (Loss) after shareholding
ended Reporting surplus share capital inter- before taxation (1) taxation (1)
currency and reserves company taxation (1)
and surplus) transactions)
68 Infosys Germany Dec 31, NA 1 EUR = – (1) 77 78 – 11 – – – 100.00
Financial 2022 ₹88.14
Services
GmbH
(formerly
known as
Panaya
GmbH) (29)
69 GuideVision UK Dec 31, NA 1 GBP = – 2 10 8 – 11 – – – 100.00
UK Ltd (24)(30) 2022 ₹99.53
70 Infosys Qatar Dec 31, NA 1 QAR = 8 4 14 2 – 9 3 – 3 100.00
Business 2022 `22.65
Solutions
LLC (31)
71 Fluido Slovakia Dec 31, NA 1 EUR = 1 5 7 1 – 8 1 – 1 100.00
Slovakia 2022 ₹88.14
s.r.o (16)
72 GuideVision Germany Dec 31, NA 1 EUR = – – 3 3 – 8 (4) – (4) 100.00
Deutschland 2022 ₹88.14
GmbH (24)
73 GuideVision Finland Dec 31, NA 1 EUR = – 2 3 1 – 8 1 – 1 100.00
Suomi Oy (24) 2022 ₹88.14
74 oddity Taiwan Dec 31, Apr 20, 1 TWD = – – 5 5 – 8 1 – 1 100.00
Limited 2022 2022 `2.69
(Taipei) (32)
75 BASE life UK Jun 30, Sep 1, 1 GBP = – 1 4 3 – 8 (1) – (1) 100.00
science 2023 2022 ₹101.65
Ltd. (21)
76 oddity China Dec 31, Apr 20, 1 RMB = 1 3 6 2 – 6 – – – 100.00
Infosys Integrated Annual Report 2022-23

(Shanghai) 2022 2022 ₹11.91

Co., Ltd. (32)
77 oddity code Serbia Dec 31, Apr 20, 1 RSD = – 2 4 2 – 6 1 – 1 100.00
D.O.O (33) 2022 2022 `0.75
78 BASE life Itlay Jun 30, Sep 1, 1 EUR = – (1) 5 6 – 6 – – – 100.00
science 2023 2022 ₹89.44
S.r.l. (21)
79 Infosys South South Africa Dec 31, NA 1 ZAR = 4 1 9 4 – 5 1 – 1 100.00
Africa (Pty) 2022 ₹4.87
Ltd (11)
Infosys Integrated Annual Report 2022-23

Sl. Name of the Country Financial Date of Exchange Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition rate/ capital and assets (excluding (Includes (Loss) for (Loss) after shareholding
ended Reporting surplus share capital inter- before taxation (1) taxation (1)
currency and reserves company taxation (1)
and surplus) transactions)
80 BASE life France Jun 30, Sep 1, 1 EUR = – 1 8 7 – 5 1 – 1 100.00
science 2023 2022 ₹89.44
S.A.S (21)
81 Stater Germany Dec 31, NA 1 EUR = – (6) 5 11 – 2 (4) – (4) 75.00
Gmbh (5)(34) 2022 ₹88.14
82 Stater XXL The Dec 31, NA 1 EUR = – – – – – 1 1 – 1 75.00
B.V. (5) Netherlands 2022 ₹88.14
83 Infosys Nova US Dec 31, NA 1 USD = 2,766 8 2,791 17 – – 23 – 23 100.00
Holdings LLC. 2022 ₹82.73
(Infosys Nova)
84 Infosys Switzerland Dec 31, Oct 22, 1 CHF = 162 347 614 105 – – 45 – 45 100.00
Consulting 2022 2012 ₹89.6
Holding
AG (Infosys
Lodestone)
85 Infosys Arabia Saudi Arabia Dec 31, NA 1 SAR = 3 1 4 – – – – – – 70.00
Limited (30)(35) 2022 ₹22
86 Stater The Dec 31, NA 1 EUR = – (260) 89 349 – – – – – 75.00
Participations Netherlands 2022 ₹88.14
B.V. (5)
87 Infosys Germany Dec 31, NA 1 EUR = 2 – 2 – – – – – – 100.00
Germany 2022 ₹88.14
Holding
Gmbh
88 Infosys Germany Dec 31, Mar 22, 1 EUR = – (48) 361 409 – – (29) – (29) 100.00
Germany 2022 2022 ₹88.14
GmbH
(formerly
Kristall
247. GmbH
(“Kristall”)) (36)
89 Brilliant UK Mar 31, NA 1 GBP = – 1 1 – – – – – – 100.00
Basics 2023 ₹101.65
Limited (30)(37)
90 Skava India Mar 31, Jun 2, INR – 81 93 12 81 – 7 2 5 100.00
Systems 2023 2015
Private
Limited
(Skava
Systems) (30)
77
78

Annexures to the Board's report

Sl. Name of the Country Financial Date of Exchange Share Reserves Total Total liabilities Investments Turnover(1) Profit / Provision Profit / % of
No. subsidiary period acquisition rate/ capital and assets (excluding (Includes (Loss) for (Loss) after shareholding
ended Reporting surplus share capital inter- before taxation (1) taxation (1)
currency and reserves company taxation (1)
and surplus) transactions)
91 Brilliant UK Mar 31, Sep 8, 1 GBP = – 63 63 – – – – – – 100.00
Basics 2023 2017 ₹101.65
Holdings
Limited
(Brilliant
Basics) (30)
92 Infosys US Mar 31, NA 1 USD = 1 – 1 – – – – – – 100.00
Americas 2023 ₹82.17
Inc., (Infosys
Americas) (30)
93 BASE life US Jun 30, Sep 1, 1 USD = – – – – – – – – – 100.00
science Inc. (21) 2023 2022 ₹82.17
94 Innovisor US Jun 30, Sep 1, 1 USD = – – – – – – – – – 100.00
Inc. (21) 2023 2022 ₹82.17
95 Infosys BPM UK Mar 31, NA 1 GBP = 1 – 1 – – – – – – 100.00
UK Limited (3) 2023 ₹101.65
96 Panaya Germany Dec 31, NA 1 EUR = – – – – – – – – – 100.00
Germany 2022 ₹88.14
GmbH (10)(38)
97 Simplus ANZ Australia Jan 31, NA 1 AUD = – – – – – – – – – 100.00
Pty Ltd.(18) 2023 ₹57.44
98 Infosys Norway Mar 31, NA 1 NOK = – – – – – – – – – 100.00
Norway (11)(39) 2023 ₹7.88

(1)
Converted at monthly average exchange rates (14)
On September 1, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (a wholly-
(2)
On March 17, 2022, Infosys Limited acquired non-controlling interest of 0.01% of the voting owned subsidiary of Infosys Limited) acquired 100% of voting interests in BASE life science A/S.
interests in Infosys BPM Limited (15)
Wholly-owned subsidiary of Simplus ANZ Pty Ltd
(3)
Wholly-owned subsidiary of Infosys BPM Limited (16)
Wholly-owned subsidiary of Fluido Oy
Infosys Integrated Annual Report 2022-23

(4)
Wholly-owned subsidiary of Infosys Consulting Holding AG (17)
On December 14, 2021, Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.), a wholly-
(5)
Wholly-owned subsidiary of Stater N.V. owned subsidiary of Infosys Limited acquired 100% of voting interests in Infosys (Malaysia) SDN.
BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.)
(6)
Effective December 31, 2021 WongDoody Holding Company Inc. and WDW Communications, Inc.
merged with WongDoody, Inc.
(18)
Wholly-owned subsidiary of Outbox Systems Inc.
(7)
Wholly-owned subsidiary of Infosys Limited, effective December 31, 2021
(19)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (a wholly-owned
subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.)) acquired 100% of
(8)
Wholly-owned subsidiary of Infosys Nova Holdings LLC voting interests in oddity space GmbH, oddity jungle GmbH, oddity waves GmbH, oddity group
(9)
Majority-owned and controlled subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys services GmbH, oddity code GmbH and oddity GmbH.
Consulting Pte. Ltd.) (20)
Incorporated on August 31, 2021
(10)
Wholly-owned subsidiary of Panaya Inc (21)
Wholly-owned subsidiary of BASE life science A/S
(11)
Wholly-owned subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (22)
Infosys Consulting S.R.L. (Argentina) (formerly a wholly-owned subsidiary of Infosys Consulting
(12)
Majority-owned and controlled subsidiary of Stater Participations B.V Holding AG) became the majority-owned and controlled subsidiary of Infosys Limited with effect
(13)
Wholly-owned subsidiary of Infy Consulting Company Limited from April 1, 2022
 (23)
Wholly-owned subsidiary of Kaleidoscope Animations, Inc. (32)
Wholly-owned subsidiary of oddity GmbH
Infosys Integrated Annual Report 2022-23

(24)
Wholly-owned subsidiary of GuideVision s.r.o. (33)
Wholly-owned subsidiary of oddity code GmbH
(25)
Wholly-owned subsidiary of Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd) (34)
Incorporated on August 4, 2021
(26)
Incorporated on September 6, 2022 (35)
Majority-owned and controlled subsidiary of Infosys Limited
(27)
Incorporated on July 8, 2022 (36)
On March 22, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.), a wholly-
(28)
Wholly-owned subsidiary of Infosys Public Services, Inc. owned subsidiary of Infosys Limited acquired 100% of voting interests in Infosys Germany
GmbH (formerly Kristall 247. GmbH (“Kristall”)).
(29)
Infosys Financial Services GmbH. (formerly Panaya GmbH) became a wholly-owned subsidiary of
Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.) with effect from February 23, 2023.
(37)
Wholly-owned subsidiary of Brilliant Basics Holding Limited.
(30)
Under liquidation
(38)
Incorporated effective December 15, 2022
(31)
Incorporated on February 20, 2022
(39)
Incorporated effective February 7, 2023.

Notes :
1. Investments exclude investments in subsidiaries
2. Proposed dividend from any of the subsidiaries is nil except for Infosys BPM Limited and EdgeVerve which proposed a final dividend of `2,34,000 per equity share (`10,000 par value) and `3.05 per equity
share (`10 par value), respectively, subject to approval of shareholders in ensuing Annual General Meeting of the Company.
3. Reserve and surplus includes Other comprehensive income and securities premium.

for and on behalf of the Board of Directors of Infosys Limited

D. Sundaram Salil Parekh Bobby Parikh

Lead Independent Director Chief Executive Officer Director
and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer
79
 Annexure 2 – Particulars of contracts / arrangements made with related parties
[Pursuant to Clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013,
and Rule 8(2) of the Companies (Accounts) Rules, 2014 – AOC-2]

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.

Details of contracts or arrangements or transactions not at arm’s length basis

There were no contracts or arrangements or transactions entered into during the year ended March 31, 2023, which were not
at arm’s length basis.

Details of material contracts or arrangement or transactions at arm’s length basis

There were no material contracts or arrangements or transactions entered into during the year ended March 31, 2023.

for and on behalf of the Board of Directors

Sd/- Sd/-
D. Sundaram Salil Parekh
Bengaluru Lead Independent Director Chief Executive Officer
April 13, 2023 and Managing Director

80 Infosys Integrated Annual Report 2022-23

 Annexure 3 – Particulars of employees
Infosys Integrated Annual Report 2022-23

We are a leading provider of consulting, technology, outsourcing and next-generation digital services. We enable clients across 56 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.
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 change in remuneration in fiscal 2023 as compared to fiscal 2022 is primarily on account of change in perquisite value of stock incentives granted in previous years
and exercised during the year, and higher stock incentives exercised in certain cases and change in cash compensation. The change in perquisite value of stock incentives
exercised during the year also includes the impact of change in share price during the period of exercise.

Information as per Rule 5 of Chapter XIII, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
3(a) Remuneration details of directors and KMP
Name Director Title % increase of Ratio of % increase of remuneration in Ratio of remuneration No. of
Identification remuneration remuneration fiscal 2023 as compared to fiscal to MRE (excluding RSUs
Number in fiscal 2023 to MRE (1) 2022 (excluding perquisite value perquisite value of stock granted
(DIN) as compared to of stock incentives exercised incentives exercised in fiscal
fiscal 2022 (1) during the year) during the year) 2023
Nandan M. Nilekani (2) 00041245 Non-executive and Non- – – – – –
independent Chairman
Kiran Mazumdar- 00347229 Lead Independent Director NA NA NA NA –
Shaw (3)
D. Sundaram (4) 00016304 Lead Independent Director 21 30 21 30 –
Michael Gibbs 08177291 Independent Director 41 29 41 29 –
Uri Levine (5) 08733837 Independent Director 47 26 47 26 –
Bobby Parikh 00019437 Independent Director 22 22 22 22 –
Chitra Nayak 09101763 Independent Director 48 28 48 28 –
Govind Iyer (6)
00169343 Independent Director NA NA NA NA –
Salil Parekh (7)
01876159 Chief Executive Officer (21) 627 38 287 3,53,953
and Managing Director
Nilanjan Roy (8) NA Chief Financial Officer 28 118 18 55 45,829
A.G.S. Manikantha (9) NA Company Secretary 1 17 15 12 2,750

MRE – Median Remuneration of Employees

Notes:
The remuneration details in the above table pertain to directors and KMP as required under the Companies Act, 2013. The table above additionally includes the % increase in remuneration excluding
perquisite value of stock incentives exercised during the year.
81
 The details in the above table are on accrual basis.
82

Annexures to the Board's report

The % increase of remuneration is provided only for those directors and KMP who have drawn remuneration from the Company for full fiscal 2023 and full fiscal 2022. The ratio of remuneration to MRE
is provided only for those directors and KMP who have drawn remuneration from the Company for the full fiscal 2023.
(1)
Remuneration to KMP 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. Accordingly, the value of stock incentives granted during the period is not included. The number of stock incentives granted in fiscal 2023 is mentioned separately in the above
table. Independent directors are not entitled to any stock incentives.
(2)
Nandan M. Nilekani voluntarily chose not to receive any remuneration for his services rendered to the Company.
(3)
Kiran Mazumdar-Shaw retired as Lead Independent Director effective March 22, 2023.
(4)
D. Sundaram was appointed as Lead Independent Director effective March 23, 2023.
(5)
Uri Levine to retire as Independent Director effective April 19, 2023.
(6)
Govind Iyer was appointed as Independent Director effective January 12, 2023.
(7)
a) Remuneration includes ₹30.60 crore pertaining to exercise of 1,24,783 Restricted Stock Units (RSUs) under the 2015 Plan and 73,962 RSUs under the 2019 Plan during fiscal 2023.
b) On the recommendation of the Nomination and Remuneration Committee, in accordance with the terms of his previous employment agreement, the Board approved
i) the grant of 84,361 performance-based RSUs under the 2015 Plan effective May 2, 2022
ii) the grant of 64,893 performance-based RSUs for fiscal 2023 under the 2019 Plan effective May 2, 2022. These will vest based on the Company’s achievement of certain performance criteria as laid
out in the 2019 Plan.
These RSUs will vest in line with the previous employment agreement.
c) On the recommendation of the Nomination and Remuneration Committee and as approved by the shareholders, in accordance with the terms of his revised employment agreement effective
July 1, 2022, the Board approved
i) the grant of 1,40,228 performance-based RSUs under the 2015 Plan effective August 1, 2022. These will vest based on the achievement of certain performance targets.
ii) the grant of 12,894 performance-based RSUs under the 2015 Plan effective August 1, 2022. These will vest based on the achievement of certain environment, social and governance milestones as
determined by the Board.
iii) the grant of 32,236 performance-based RSUs under the 2015 Plan effective August 1, 2022. These will vest based on the achievement of the Company's performance on cumulative relative TSR over
the years and as determined by the Board.
iv) the grant of 19,341 annual time-based RSUs for fiscal 2023 under the 2015 Plan effective February 1, 2023
These RSUs will vest in line with the revised employment agreement.
(8)
a) Remuneration includes ₹5.67 crore on account of exercise of 26,701 RSUs under the 2015 Plan and 10,667 RSUs under the 2019 Plan during fiscal 2023.
b) On the recommendation of the Nomination and Remuneration Committee, the Board approved
i) the grant of 5,616 annual performance-based RSUs under the 2015 Plan effective May 2, 2022
ii) the grant of 5,931 annual performance-based RSUs under the 2015 Plan effective February 1, 2023
iii) the grant of 11,282 annual time-based RSUs under the 2015 Plan effective February 1, 2023
iv) t he grant of 13,000 performance-based RSUs under the 2019 Plan effective June 1, 2022. These RSUs will vest based on the Company’s achievement of certain performance criteria as laid out in
the 2019 Plan.
v) the grant of 10,000 performance-based RSUs under the 2019 Plan effective March 31, 2023. These RSUs will vest based on the Company’s achievement of certain performance criteria as laid out in
the 2019 Plan.
Infosys Integrated Annual Report 2022-23

These RSUs will vest in line with the RSU award agreement.
(9)
a) Remuneration includes ₹0.46 crore on account of exercise of 1,000 RSUs under the 2015 Plan and 2,000 RSUs under the 2019 Plan during fiscal 2023.
b) On the recommendation of the Nomination and Remuneration Committee, the Board approved the grant of 1,000 and 1,750 performance-based RSUs under the 2019 Plan effective June 1, 2022 and
March 31, 2023, respectively. These RSUs will vest based on the Company’s achievement of certain performance criteria as laid out in the 2019 Plan.

The MRE was ₹9,00,012 and ₹8,14,332 in fiscal 2023 and fiscal 2022, respectively. The increase in MRE in fiscal 2023, as compared to fiscal 2022, is 10.52%.
The average annual increase in the salaries of employees was 9.9% in India, after accounting for promotions and other event-based compensation revisions. Employees
outside India received a wage increase in line with the market trends in the respective countries.
 3(b) Information as per Rule 5 of Chapter XIII, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
Infosys Integrated Annual Report 2022-23

Top 10 employees in terms of remuneration drawn during the year

Employee Designation Educational Age Experience Date of Location Remuneration in No. of RSUs granted Previous employment and
name qualification (in years) joining fiscal 2023 (In ₹) (1) in fiscal 2023 (2) designation
Mohit Joshi President BA(H), MBA 48 26 Dec 7, 2000 UK 57,32,10,914 (3) 31,000 ABN AMRO Bank, Manager
Salil Parekh CEO & MD B.Tech, ME 58 35 Jan 2, 2018 India 56,44,69,740 (4)
3,53,953 Capgemini, Director General
Martha G. King Chief Client Officer BS 59 38 Oct 12, 2020 US 23,28,65,457 53,986 Vanguard, Managing
Director
Karmesh Gul Segment Head – CPG, BE 51 30 Mar 3, 2003 UK 22,90,22,699 (5) 60,350 Accenture, Senior Manager
Vaswani Logistics and Retail
Inderpreet Group General Counsel and BA LLB, LLM 58 32 Jul 3, 2017 US 21,92,99,018 (6) 70,030 Wipro, Senior Vice President
Sawhney Chief Compliance Officer and General Counsel
Jasmeet Singh Segment Head, B.Tech, MBA 51 27 May 31, 2011 US 14,44,49,984 (7) 48,370 HCL America, Vice President
Manufacturing
Anand Segment Head – ACS, AICWA, 51 31 Apr 26, 1999 US 13,13,26,079 (8) 48,370 Rane Brake Linings Limited,
Swaminathan Communication, Media MS Manager Information
and Technology Technology
Krishnamurthy Group Head – Human BA, PGD 60 39 Oct 26, 2015 India 13,02,31,856 (9) 30,990 Philips India, Head of HR
Shankar Resources and Infosys
Leadership Institute
Frank Senior Vice President – BS, MBA 60 33 Oct 12, 2020 US 10,63,28,234 (10) 31,869 Vanguard, Principal
Satterthwaite Delivery, FSHIL
Nilanjan Roy Chief Financial Officer B.Com (H), 56 32 Mar 1, 2019 India 10,61,66,383 (11) 45,829 Bharti Airtel Limited, Global
CA Chief Financial Officer

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.
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
relevant overseas tax regulations as applicable. Accordingly, the value of stock incentives granted during the period is not included. Additionally, the number of stock incentives granted in fiscal 2023 is
included in the table above.
(2)
Includes equity-settled and cash-settled RSUs issued at par under the 2015 and 2019 Plans.
(3)
a) Remuneration includes ₹38.95 crore on account of exercise of 92,475 RSUs, 2,25,500 ESOPs under the 2015 Plan and 27,333 under the 2019 Plan during fiscal 2023.
b) Mohit Joshi resigned as President from the Company. He is on leave from March 11, 2023 and will stay on leave till the last date with the Company, that is, June 9, 2023.
(4)
Remuneration includes ₹30.60 crore on account of exercise of 1,24,783 RSUs under the 2015 Plan and 73,962 under the 2019 Plan during fiscal 2023.
(5)
Remuneration includes ₹12.87 crore on account of exercise of 28,275 RSUs, 62,400 ESOPs under the 2015 Plan and 14,333 RSUs under the 2019 Plan during fiscal 2023.
(6)
Remuneration includes ₹12.46 crore on account of exercise of 28,975 RSUs, 55,566 ESOPs under the 2015 Plan and 14,333 RSUs under the 2019 Plan during fiscal 2023.
(7)
Remuneration includes ₹7.96 crore on account of exercise of 17,125 RSUs, 33,700 ESOPs under the 2015 Plan and 12,000 RSUs under the 2019 Plan during fiscal 2023.
(8)
Remuneration includes ₹6.72 crore on account of exercise of 4,600 RSUs, 50,200 ESOPs under the 2015 Plan and 4,666 RSUs under the 2019 Plan during fiscal 2023.
(9)
a) Remuneration includes ₹8.09 crore on account of exercise of 22,425 RSUs, 28,500 ESOPs under the 2015 Plan and 10,000 RSUs under the 2019 Plan during fiscal 2023.
b) Krishnamurthy Shankar retired as Group Head – Human Resources and Infosys Leadership Institute effective March 21, 2023.
83

(10)
Remuneration includes ₹1.37 crore on account of exercise of 6,872 RSUs under the 2015 Plan and 2,352 RSUs under the 2019 Plan during fiscal 2023.
(11)
Remuneration includes ₹5.67 crore on account of exercise of 26,701 RSUs under the 2015 Plan and 10,667 RSUs under the 2019 Plan during fiscal 2023.
 Annexure 4: Independent Auditor’s certificate on corporate governance

REF:IL/2023-24/001
INDEPENDENT AUDITOR’S CERTIFICATE
TO THE MEMBERS OF INFOSYS LIMITED
CERTIFICATE ON CORPORATE GOVERNANCE

1. This certificate is issued in accordance with the terms of our engagement letter reference number IL/2022-23/17 dated July 15, 2022
and addendum dated March 30, 2023.
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, 2023, 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, 2023.
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.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

Sd/-
Sanjiv V. Pilgaonkar
Partner
Place: Bengaluru (Membership No. 039826)
Date: April 13, 2023 UDIN: 23039826BGXRYS6721

84 Infosys Integrated Annual Report 2022-23

 Annexure 5 – Secretarial audit report for the financial year ended March 31, 2023
Form No. MR-3
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 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

We have conducted the secretarial audit of the compliance with applicable statutory provisions and the adherence to good corporate
practices by Infosys Limited (“the Company”). The secretarial audit was conducted in a manner that provided us a reasonable basis for
evaluating the corporate conduct / statutory compliances and expressing our opinion thereon.

Auditor’s responsibility
Our responsibility is to express an opinion on the compliance of the applicable laws and maintenance of records based on audit. We
have conducted the audit in accordance with the applicable Auditing Standards issued by The Institute of Company Secretaries of India.
The Auditing Standards require that the Auditor shall comply with statutory and regulatory requirements and plan and perform the audit
to obtain reasonable assurance about compliance with applicable laws and maintenance of records.
Based on our 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, we hereby report that in our opinion, the Company has, during the audit period from April 01, 2022 to March 31, 2023
(“the audit period”) complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and
compliance mechanisms in place to the extent and in the manner reporting made hereinafter:
(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) The Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment and Overseas Direct Investment (External Commercial Borrowings are not applicable to the Company
during the Audit Period);
(v) The following regulations and guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (“the 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 (Issue of Capital and Disclosure Requirements) Regulations, 2018; (not applicable to the
Company during the audit period)
(d) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021;
(e) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021; (not applicable to
the Company during the audit period)
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the
Companies Act and dealing with client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021; (not applicable to the Company during
the audit period) and
(h) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018. (“the Buyback Regulations”)

Infosys Integrated Annual Report 2022-23 85

Annexures to the Board's report

We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and amendments
made thereunder (“the Listing Regulations”).
We further report that, with regard to the compliance system prevailing in the Company and on the examination of the relevant
documents and records in pursuance thereof, on test-check basis, the Company has generally complied with the following laws
applicable specifically to the Company:
• The Special Economic Zones Act, 2005 and the rules made thereunder; and
• Software Technology Parks of India Rules and Regulations

During the audit period, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines and Standards
etc. made thereunder.

We further report that

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors, and
Independent Directors. The changes in the composition of the Board of Directors that took place during the audit period were carried
out in compliance with the provisions of the Act and Listing Regulations.
Adequate notice was given to all directors to schedule Board meetings, agenda and detailed notes on agenda were sent at least seven
days in advance (a few meetings were convened at shorter notice for which necessary approvals were obtained as per applicable
provisions). A system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and
for meaningful participation at the meeting.
All decisions at Board meetings and Committee meetings are carried out unanimously as recorded in the minutes of the meetings of the
Board of Directors or Committees of the Board, as the case may be.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws, rules, regulations, and guidelines.
We further report that during the audit period,
• The Company bought back 6,04,26,348 fully paid-up equity shares of face value of `5/- at the average price of `1539.06/-(rounded
off to two decimals) each through the stock exchange mechanism as prescribed under the Buyback Regulations. The Company has
extinguished all the Equity Shares purchased under the Buyback.
• The Company has issued and allotted 22,47,751 Equity Shares of face value of `5/- each pursuant to 2015 Stock Incentive
Compensation Plan and the Infosys Expanded Stock Ownership Program 2019.

For Makarand M. Joshi & Co.

Company Secretaries

Sd/-
Makarand M. Joshi
Partner
FCS: 5533
CP: 3662
Place: Mumbai PR: 640/2019
Date: April 13, 2023 UDIN: F005533E000088990

This report is to be read with Annexure A which forms an integral part of this report.

86 Infosys Integrated Annual Report 2022-23

 Annexure A
To,
The Members,
Infosys Limited
Electronics City, Hosur Road
Bengaluru-560100, Karnataka, India

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the Management of the Company. Our responsibility is to express an opinion
on these secretarial records based on our audit.
2. We have followed the audit practices and processes 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 accurate facts are reflected in secretarial
records. We believe that the processes and practices we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company.
4. Wherever required, we 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
management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance of the future viability of the Company nor of the efficacy or effectiveness with
which the Management has conducted the affairs of the Company.

For Makarand M. Joshi & Co.

Company Secretaries

Sd/-

Makarand M. Joshi
Partner
FCS: 5533
CP: 3662
Place: Mumbai PR: 640/2019
Date: April 13, 2023 UDIN: F005533E000088990

Infosys Integrated Annual Report 2022-23 87

 Annexure 6 – Annual report on CSR activities
[Pursuant to Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended.]

1. Brief outline on CSR Policy of the Company:

Over the years, we have been focusing on sustainable business practices encompassing economic, environmental and social imperatives
that not only cover business, but also the communities around us. Our Corporate Social Responsibility (CSR) encompasses holistic
community development and institution building, while shaping and sharing solutions that serve the development of businesses and
communities. Our CSR Policy aims to provide a dedicated approach to community development in the areas of education, healthcare,
women empowerment, environmental sustainability, rehabilitating the destitute, preserving Indian art and culture, rural development
and disaster relief. We contribute to serve the development of people by shaping their future with meaningful opportunities, thereby
accelerating the sustainable development of society while preserving the environment, and making our planet a better place today and
for future generations.

Objectives
Our broad objectives, as stated in our CSR Policy, include:
• Making a positive impact on society through economic development with minimal resource footprint, and
• Taking responsibility for the actions of the Company while also encouraging a positive impact through supporting causes concerning
the environment, communities and our stakeholders.

Focus areas
• Promoting education and enhancing vocational skills
• Promoting healthcare including preventive healthcare
• Promoting gender equality by empowering women
• Environmental sustainability and ecological balance
• Destitute care and rehabilitation
• Protection of national heritage, restoration of historical sites and promotion of art and culture

CSR activities
Infosys Limited (“Infosys” or “the Company”) has been an early adopter of CSR initiatives. Infosys undertakes CSR initiatives both directly
as well as through Infosys Foundation (“the Foundation”). The Foundation was established in 1996 with a vision to boosting our CSR
initiatives. This was long before the Companies Act, 2013 mandated CSR activities to be undertaken by the Company.
Key highlights of the activities during the year are listed below:
• Support rapid operationalization of the Mother and Child Block at the All-India Institute of Medical Sciences (AIIMS) through
provision of medical equipment;
• In partnership with Ramakrishna Mission, providing schools across the country with STEM labs, online courses, and scholarships to
meritorious students;
• Installed household biogas units and high-efficiency biomass cookstoves for smoke-free kitchens, support organic farming, long-
term socio-economic and health benefits for the communities;
• Infosys Springboard, a digital literacy program powered by tech platform that enables students to acquire core digital skills, life skills
and become lifelong learners;
• Partner with the Rehabilitation and Welfare section of the Indian Army to provide educational grants to widows and children of army
personnel who lost their lives while in service;
• Providing job-readiness skills training and placement to unemployed youth in the UNXT program with Unnati.

2. Composition of CSR Committee:

Sl. Name of the director Designation / Nature of Number of meetings of CSR Number of meetings of CSR
No. directorship Committee held during the year Committee attended during the year
1 Govind Iyer (1) Chairperson NA NA
2 Chitra Nayak Member 4 4
3 Uri Levine Member 4 4
4 Kiran Mazumdar-Shaw (2)
Chairperson 4 4
(1)
Appointed as a member of the Committee effective January 13, 2023, and the Chairperson effective March 23, 2023
(2)
Ceased to be a Chairperson and member of the Committee due to retirement as Independent Director effective March 22, 2023

88 Infosys Integrated Annual Report 2022-23

3. Web link(s) for composition of CSR committee, CSR policy and CSR projects approved by the Board.
• 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, 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 11, 2023, has approved the annual
action plan / projects for fiscal 2024, the details of which are available on our website, at
https://www.infosys.com/investors/reports-filings/documents/annual-action-plan-fy24.pdf

4. Executive summary and web link(s) of Impact Assessment reports

Overview:
The Company fulfils its CSR ambitions and initiatives, both through its internal CSR volunteers & groups and through the Infosys
Foundation – a not-for-profit entity.
Given the scale and impact of the CSR projects, a robust methodology for documenting the objectives and corresponding measurement
criteria has been identified and implemented. This document includes:

Key objectives:
• Obtain insights into projects to determine the overall effectiveness and impact;
• Use measurable indicators to gauge progress of grantee organizations in meeting their intended milestones and long-term goals;
• Provide frameworks, metrics and tools for ongoing evaluation, monitoring, and design;
• Provide recommendations for decision-making for grants; and
• Serve as a guidepost for future projects.

Methodology:
Results will be measured through a process-outcome evaluation focused on generating appropriate evidence through four key channels:

1. Key informant interviews:

These are in-depth interviews with individuals who have first-hand knowledge about the projects, the underlying need, the people/
community served by the project, and the intended use of the grant. These interviews are conducted in two rounds – prior to the actual
site visit and then as a summative exercise to triangulate the nature of the findings.

2. Site visits:
These are in-person visits to the project or program sites and the surrounding communities to gather information based on a checklist of
program milestones. These visits and discussions facilitate the research team to come up with observations, and or draw conclusions.

3. Secondary data analysis:

This is a desk-based analysis of data from grantee organizations on the usage of grant, timelines, and monitoring data using
management information systems (MIS), photographs, press releases, among others.

4. End user surveys:

These are face-to-face, web-based, or telephone-based interactions with end users or beneficiaries of projects.
The data thus gathered from primary and secondary sources is analyzed and triangulated to present a comprehensive assessment of
project outcomes and implementation processes.
The executive summary includes details of 16 CSR projects considered for impact assessment, conducted by LEAD @ Krea University (1).
(1)
LEAD at Krea University (Leveraging Evidence for Access and Development) is research centre that is part of IFMR (The Institute for Financial Management and
Research) Society.

Infosys Integrated Annual Report 2022-23 89

Annexures to the Board's report

Executive summary of assessed grants:

Projects undertaken for impact assessment in the current year cover the broad areas of education, healthcare, destitute care, rural
development, and environmental sustainability as described below. These projects align with the ESG framework and support 10
of the UN SDG goals.

A. EDUCATION
• Focus on science and technology
• Centre of Excellence to recognize, encourage and foster world-class contributions to science and research

Sl. No. Beneficiary name Project description

1. Infosys Science Foundation (ISF), Karnataka Construction of a three-story 37,670 sq. ft. Centre of Excellence building on-campus,
with spaces to host public forums, seminars and prize ceremonies.

B. HEALTHCARE
• Enhancing medical infrastructure

Sl. No. Beneficiary name Project description

1. Sri Jayadeva Institute of Cardiovascular Construction of a four-story outpatient block within the hospital premises to address
Sciences & Research, Karnataka increased patient load and acute shortage of space, and along with provision of
medical equipment to provide affordable, high quality critical cardiac care facilities.

The block has a built-up area of over 1,70,000 sq. ft. and a capacity of 350 beds (100
ICCU beds and 250 general ward beds).
2. Kidwai Memorial Institute of Oncology, Construction of a five-story outpatient block within the hospital premises to address
Karnataka increased patient load and consolidate the eight outpatient departments spread
across various buildings on campus.

The building is approximately 75,000 sq. ft. and serves an estimated 2,500 cancer
patients daily.

C. DESTITUTE CARE
• Support for people affected by the COVID-19 pandemic
• Flood relief
• Infrastructure projects to address the needs of patients and their families
• Short-stay facilities for ex-servicemen and war widows
• Protection of wildlife and forest reserves

1. Relief efforts

Sl. No. Beneficiary name Project description

1. • Navy Welfare and Wellness Association • Implementation of flood relief efforts including immediate disaster relief to 6,975
(NWWA), Kerala households (Andhra Pradesh: 6,450 and Kerala: 525).
• Ramakrishna Kutir, Uttarakhand • Rehabilitation, infrastructure repair and reconstruction of 38 households and 2
• Seva Bharathi, Kerala care homes in Kerala and Uttarakhand and 126 schools in Andhra Pradesh.
• Sri Ramakrishna Sevashrama, • Distribution of stationery to 5,276 students in Andhra Pradesh.
Andhra Pradesh
2. • Nirmaan, Telangana COVID-19 pandemic relief efforts:
• Ullal Municipal Corporation, • Infrastructure capacity building of a public hospital and an electric crematorium.
Karnataka – A 25-bed pediatric intensive care unit was added to the existing hospital
in Hyderabad.
– The electric crematorium in Mangaluru is a cost-effective, time-efficient,
and environment-friendly facility.

90 Infosys Integrated Annual Report 2022-23

2. Infrastructure projects

Sl. Beneficiary name Project description

No.
1. Tata Memorial Centre, Maharashtra Construction of a 12-story stay facility for patients and their caregivers on the new
ACTREC campus. It has an area of 2,30,850 sq. ft. and is utilized by an estimated 300
patients each month.
2. National Cancer Institute, Haryana Construction of a long-term ten-level stay facility for patients and their caregivers
to access sustained medical care at AIIMS Jhajjar, a campus of AIIMS New Delhi.
The building has a total area of 2,71,250 sq. ft., with an estimated capacity to
accommodate 806 beds.
3. Sri Venkateswara Zoological Park, Andhra Construction of a protective wall for defense against trespassers, poachers, the
Pradesh spread of forest fires, smugglers and other external threats. The wall is eight
kilometers long, 2.4 meters high, and has a 900 mm high barbed wire fencing over
the wall.
4. Sri Chamarajendra Zoological Gardens, Construction of a 25,000 sq. ft. animal enclosure to house the members of an
Karnataka endangered species.
5. Rajya Sainik Sadan, Odisha Construction of a short-stay rest house for war widows, disabled soldiers, ex-
servicemen, and their families. It is a four-storey building with a built-up area of
approximately 11,800 sq. ft.

D. RURAL DEVELOPMENT
The project serves the long-term goal of helping girls from rural backgrounds achieve high standards in education.

Sl. Beneficiary name Project description

No.
1. Ramakrishna Mission, Karnataka Construction of a two-floor academic block at Sri Sarada Devi Vidya Kendra School
for girls to continue their education. The block consists of six classrooms, four
laboratories, two washrooms, an amphitheater, a library, a staff room, an indoor
sports hall, a cultural center and an underground water reservoir.

E. SUSTAINABILITY
The Foundation undertook a project of rejuvenating a water body of historical importance.

Sl. Beneficiary name Project description

No.
1. General Public; Department of Archeology, Rejuvenation of two water bodies, renovation of surrounding heritage structures,
Government of Karnataka construction of compound walls around the site, and implementation of a rainwater
harvesting system in Melukote. This will benefit about 90 lakh visitors in 10 years.
Detailed impact assessment reports can be accessed at
https://www.infosys.com/investors/reports-filings/documents/csr-impact-assessment-reports2022-23.pdf.
5. (a) Average net profit of the company as per sub-section (5) of Section 135: ₹21,842.00 crore
(b) Two percent of average net profit of the Company as per sub-section (5) of Section 135: ₹436.84 crore
(c) Surplus arising out of the CSR projects or programs or activities of the previous financial years: Nil
(d) Amount required to be set-off for the financial year, if any: Nil
(e) Total CSR obligation for the financial year [(b)+(c)-(d)]: ₹436.84 crore
6. (a) Amount spent on CSR projects (both ongoing project and other than ongoing project): ₹390.17 crore
(b) Amount spent in administrative overheads: ₹0.85 crore
(c) Amount spent on impact assessment, if applicable: ₹0.49 crore
(d) Total amount spent for the financial year [(a)+(b)+(c)]: ₹391.51 crore

Infosys Integrated Annual Report 2022-23 91

Annexures to the Board's report

(e) CSR amount spent or unspent for the financial year:

Amount unspent (In ₹ crore)

Total amount spent
Total amount transferred to unspent CSR Amount transferred to any fund specified under Schedule
for the financial year
account as per subsection (6) of Section 135 VII as per second proviso to sub-section (5) of Section 135
(In ₹ crore)
Amount (In ₹ crore) Date of transfer Name of the fund Amount Date of transfer
391.51 45.33 Refer to Note NA NA NA

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 Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended (“CSR Rules”).

(f) Excess amount for set-off, if any:

Sl. Particular Amount

No. (In ₹ crore)
(i) Two percent of average net profit of the company as per sub-section (5) of Section 135 436.84
(ii) Total amount spent for the financial year 391.51
(iii) Excess amount spent for the financial year [(ii)-(i)] Nil
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any Nil
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] Nil

7. Details of unspent CSR amount for the preceding three financial years:
Sl. Preceding Amount Balance amount Amount Amount transferred to a fund Amount Deficiency,
No. financial transferred to in unspent CSR spent in the as specified under Schedule remaining to if any
year(s) unspent CSR account under financial VII as per second proviso to be spent in
account under sub-section (6) year sub-section (5) of Section 135, succeeding
sub-section (6) of Section 135 (1) (In ₹ crore) if any financial years
of Section 135 (In ₹ crore) Amount Date of (In ₹ crore)
(In ₹ crore) (In ₹ crore) transfer
1 Fiscal 2020 – – – Nil NA Nil NA
2 Fiscal 2021 49.52 21.74 21.74 Nil NA Nil NA
3 Fiscal 2022 51.79 51.79 42.65 Nil NA 9.14 NA

Note:
(1)
Unspent balance as on April 1, 2022

92 Infosys Integrated Annual Report 2022-23

8. Details of capital assets created or acquired during the financial year:
The number of capital assets created / acquired: 23
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in
the financial year:

Sl. Short particulars of the Pin code Date of Amount Details of entity/ authority/ beneficiary of the
No. property or asset(s) of the creation of CSR registered owner
[including complete property amount
CSR Name Registered address
address and location of the or asset(s) spent (1)
Registration
property] (In ₹ crore)
Number,
if applicable
1 Construction of a girls’ hostel 620009 Feb 3, 2023 6.98 NA Indian Institute Indian Institute
building of Information of Information
Address: Indian Technology - Technology
Institute of Information Tiruchirappalli Tiruchirappalli,
Technology Tiruchirappalli, Karumandapam,
Karumandapam, Pirattiyur, Pirattiyur,
Tiruchirappalli, Tamil Nadu Tiruchirappalli,
Tamil Nadu - 620009
2 Infrastructure of a 560002 Mar 18, 2023 5.10 NA Victoria Hospital Institute of Nephro
modernized cath lab and a Urology at Victoria
vascular access center Hospital Campus,
Address: Institute of Nephro Bengaluru,
Urology at Victoria Hospital Karnataka - 560002
Campus, Bengaluru,
Karnataka
3 Facilitating COVID-19 relief 603001 Mar 28, 2023 1.50 NA Chengalpattu Chengalpattu Medical
efforts by providing essential Medical College College Hospital,
medical equipment Hospital Tamil Nadu – 603001
Address: Chengalpattu
Medical College Hospital,
Tamil Nadu
4 6,971 biogas units for smoke- NA Apr 1, 2022 to 8.39 NA Various Nagpur and Bhandara,
free kitchens to various Mar 31, 2023 beneficiaries Maharashtra
beneficiaries (Individual
(Individual households) households)
Address: Nagpur and
Bhandara, Maharashtra
5 4,000 improved cookstoves NA Apr 1, 2022 to 2.28 NA Various Udaipur, Rajasthan
to various beneficiaries Mar 31, 2023 beneficiaries
(Individual households) (Individual
Address: Udaipur, Rajasthan households)
6 37,200 improved cookstoves NA Apr 1, 2022 to 6.90 NA Various Latur, Osmanabad,
to various beneficiaries Mar 31, 2023 beneficiaries Solapur, Maharashtra
(Individual households) (Individual
Address: Latur, Osmanabad, households)
Solapur, Maharashtra
7 10,000 improved cookstoves NA Apr 1, 2022 to 3.19 NA Various Garo Hills, Meghalaya
to various beneficiaries Mar 31, 2023 beneficiaries
(Individual households) (Individual
Address: Garo Hills, households)
Meghalaya

Note:
(1)
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-assets2022-23.pdf.
Includes projects which have been completed in fiscal 2023.

Infosys Integrated Annual Report 2022-23 93

Annexures to the Board's report

9. Reasons for not spending two percent of the average net profit as per sub-section (5) of Section 135
During fiscal 2023, the Company has spent ₹391.51 crore on various projects. The unspent balance of ₹45.33 crore is towards various
ongoing projects and will be transferred to the unspent CSR account and spent in accordance with the CSR Rules.

Additional information – Global CSR activities

Over and above the requirements of the Companies Act, 2013, Infosys has expanded its CSR footprint globally. The details of the activities
of Infosys Foundation USA in fiscal 2023 are provided in the Corporate governance report. The expenditure made towards CSR in
Australia, Europe and through Infosys Foundation USA is as follows:

(In US$)
Focus area Amount
Teacher training 1,871,839
Advocacy and awareness 603,680
Research and curriculum 368,150
Classroom aids and technology 150,000
Student education 1,389,379
Humanitarian assistance in Eastern Europe 1,086,069
Operating expenses 237,762
Total 5,706,879

Sd/- Sd/-
Govind Iyer Salil Parekh
Bengaluru Chairperson, CSR Committee Chief Executive Officer
April 13, 2023 and Managing Director

94 Infosys Integrated Annual Report 2022-23

 Annexure 7 – Conservation of energy, research and development, technology
absorption, foreign exchange earnings and outgo
[Particulars pursuant to the Companies (Accounts) Rules, 2014]

Our focused approach on energy efficiency, renewable energy Green buildings: In fiscal 2023, our leased facility in Pune and our
and carbon offset projects over the years resulted in Infosys buildings in Bengaluru, Chennai and Hyderabad were awarded
achieving carbon neutrality for four years in a row since the Indian Green Building Council (IGBC) Platnium certification.
fiscal 2020, across all emissions, as per PAS 2060:2014 standards. As part of workplace transformation, buildings with interior
We continue to remain carbon neutral for fiscal 2023, aligning to retrofitting received IGBC’s Green Interiors rating, even though
global commitments, and supporting the global response to the they had already been certified as part of the campus green
threat of climate change. certification process. We now have 46 projects at Infosys with the
highest level of green building certification, spanning a total area
Resource conservation initiatives of 28.9 million sq.ft.
Conservation of natural resources (energy, water) is important Transformed workplace: As part of interior retrofits, several
to maintain ecological balance and make them available for buildings were transformed in fiscal 2023 to improve employee
future generations, and help protect the environment. Resource experience and productivity in the new hybrid working
conservation initiatives at Infosys have been focused, continuous environment. Sustainability has been one of the main principles
and imbibed in our operations and new infrastructure in design, giving importance to materials selection and
development. The introduction of highly efficient new equipment efficiency, among other aspects, so as to make our
buildings, major improvements in current buildings, intelligent workplaces employee friendly as well as environment friendly.
automation, water management plans, and waste treatment and
management projects have greatly reduced our environmental Water management: Reduce, recycle and reuse of water through
impact. We have been able to expand our business while keeping demand side measures and implementing efficient technology
resource intensity low. has enabled freshwater conservation. The state-of-the-art
sewage treatment plants of tertiary treatment capabilities enable
Increased adoption of renewable energy in our operations has zero discharge of wastewater from our campuses. We have
helped avoiding our emissions, and our high-impact carbon initiated lake rejuvenation projects near our campus, that will
offset projects have enabled us to offset unavoidable emissions. enhance water availability in the surroundings, with additional
Energy: Every new building at Infosys follows the industry expected benefits such as improved health, reduced flooding
best standards and practices for energy efficiency. Improving and enhance biodiversity.
energy efficiency can not only lower utility bills but also reduce Waste management: Infosys adopts the principles of Circular
greenhouse gas emissions significantly. Our two-pronged Economy, based on Refuse, Reduce, Reuse, Recycle and
strategy of constructing highly efficient new buildings and Repurpose approach. We seek to uphold our ambition of ‘zero
operational excellence in existing buildings has significantly waste to landfill’ through active minimization combined with
minimized the energy intensity. Smart automation continues technology investment in recycling and streamlining systems
to play a key role in remote operations management and build and processes. TRUE certification for zero waste, aimed at
resilience in the system. We strive to exceed expectations by diversion of all non-hazardous solid waste from landfill is being
establishing new standards and introducing creative systems into adopted by some of our campuses. We focused on diversion of
our structures, thus conserving energy. some of the identified waste going for incineration into co-
The capital investment in energy conservation projects was processing, which refers to the simultaneous recycling of mineral
`3 crore in fiscal 2023. materials and recovery of energy within one single industrial
process of cement production.
The visit of the G20 delegation (Energy Transition Working
Group) to Infosys campus, Bengaluru to witness energy Carbon offsets: After reducing and avoiding emissions to the
conservation techniques deployed on the campus, is a testimony maximum extent possible, there are unavoidable emissions
to our advocacy efforts beyond our boundary, and positively that need to be addressed through the carbon offset program.
impacting global climate action. Infosys continues to identify projects that have a high social
impact – improving health and livelihoods of rural families,
Renewable energy: We have a total capacity of 60 MW of solar PV, creating rural jobs, etc., and along the way, also generating
including rooftop and ground-mounted systems. We continue to carbon offsets for the Company. Our unique offset program
pursue green power purchase from third-party power producers is certified to the highest level (Gold Standard) in quality,
and engage with power distribution companies for enabling authenticity and transparency.
green tariff. We also work with governments to enable favorable
policies for scaling up green power by corporates in India. This year, we added new cookstove projects in Rajasthan,
We have also embarked on a journey to source green power for and biogas projects in Maharashtra and Karnataka. While the
some of our leased international locations. cookstove projects improve health of people in the households
through low-smoke, low-firewood use, the household biogas
units benefit the families by minimizing the fuel cost and utilizing

Infosys Integrated Annual Report 2022-23 95

Annexures to the Board's report

cattle manure. Our carbon offset program is spread across six To enable this, our core backend infrastructure was transformed
states in India, and has benefited 2,40,000 + rural families, and to host modern applications, using the scalability of cloud,
created over 2,800 rural jobs. security of on-premise infrastructure in a hybrid cloud
deployment using open source technologies with highly
Carbon neutral events: Infosys has envisioned to organize global
scalable container orchestration solutions like Kubernetes for
events to promote our best practices in carbon neutrality. All
microservices. Telemetry infrastructure using the ELK stack
measures are taken to promote environmental protection,
provided enhanced real-time visibility and enabled proactive
including the use of eco-friendly materials, no plastic, and
error detection and correction.
conservation of energy and water. A precise assessment
of the carbon emissions resulting from the event is done Modern, hybrid, and secure workplace: Our hybrid workplace
and the emissions are balanced out by our carbon offset ecosystem brings together technologies such as borderless
initiatives. In fiscal 2023, six events organized by Infosys were ODCs, virtual collaboration tools, and self-service applications
declared carbon neutral. to provide our employees much-needed flexibility to work
from anywhere. Our robust IT management system minimizes
Infosys Mangaluru campus | From barren land to a verdant
threats and prevents attacks, through a continuous cycle of
campus: One of the most significant and proven steps
vulnerability assessment and remediation, to safeguard our data
to tackle climate change is increasing the green cover
and brand reputation.
through tree plantation. Trees are effective in cleansing
the air, securing the soil and limiting erosion, resulting in Cloud-native application platform: As part of modernizing
improved water management. applications, some applications need to be exposed to
different user bases with varied authentication mechanisms.
We created a two-volume book that outlines the process
The cloud‑native application platform gives the capabilities in
of transforming a barren piece of land on the outskirts of
a ready-to-use architecture. This enables quick onboarding of
Mangaluru into a lush green campus with a diverse array of flora
applications with industry-standard security along with greater
and fauna. The book highlights the approach and methodology,
scalability and availability using the power of cloud.
and the scientific way in which greening of the campus was
achieved on a large scale within a brief span of time. The book
is expected to be a repository of the endemic species of the Energy-efficient IT infrastructure
Western Ghats, for academicians and the scientific community. We have adopted a multi-pronged strategy to make our
The book demonstrates the transformation that is possible, computer workload energy-efficient and environment-friendly.
and intends to inspire corporations, developers, administration Some of the measures implemented are:
and communities towards biodiversity preservation and Public cloud adoption: 68% of the internal IT applications have
green transformation. been migrated to the public cloud. All our employees have been
enabled for cloud-based collaboration platform for messaging,
Health, safety and environment presence, video, and other requirements.
The Health, Safety and Environmental Management System
Data center modernization: A strategic initiative launched by
(HSEMS) at Infosys reflects our commitment to protecting the
InfosysIT to modernize the data center IT landscape to make it
environment, providing an appropriate working environment,
future-ready, continues to yield high rewards. Density‑optimized
and protecting the health and safety of personnel, including
hyperscale platforms were deployed to enable high-density
employees, contractors and visitors. Infosys is ISO 14001:2015
server virtualization and consolidation across the enterprise.
and ISO 45001:2018 certified in line with our strategy. The
Hyperscale platforms are open-driven infrastructure innovations
HSEMS takes cognizance of interested parties and focuses on
that enable cloud-scale agility and efficient resource pooling and
compliance with applicable legislations in the regions where we
utilization. This initiative is expected to deliver power savings and
operate. It includes well-defined policies and procedures and
reduce the total cost of ownership for the organization.
also strives to keep interested parties well-informed, trained and
committed to our HSE process. InfosysIT has focused on investing in on Data Center
Infrastructure Management (DCIM) tools to get accurate visibility
Technology absorption across the entire data center IT and facility stack, which is the
Live Enterprise: An enterprise that senses, feels and responds in foundation for optimization initiatives.
real-time – this was the theme of our transformation journey of Enterprise storage: We provide around 1.8PB of storage capacity
the past three years. It had to be a mobile-first approach so that for employees, revenue projects, and internal requirements on
employees were connected to the organization wherever they all flash storage with fabric pool and storage grid technology.
were in the world and could access the organization’s assets Data is marked hot and cold based on policy. Cold data is
to learn and contribute. The response has been phenomenal automatically moved to cheaper, larger capacity storage,
– the InfyMe mobile app, with 250+ features, has been resulting in data tiering and savings in terms of data center
downloaded by more than 2,78,000 users, and more than 44,000 footprint, power consumption, and cooling.
users have rated it 4.7/5 on Google Play Store. With process
bursting, we have seen many of our key processes become faster Cloud-native development environment: The open source-based
and more responsive and the Live Enterprise platform has itself cloud-native development platform is built on Hyper Converged
been built on the latest open source stack. After the internal Infrastructure (HCI) and compute which has helped reduce data
success, we are also seeing interest for the platform among our center footprint and power and cooling consumption.
clients as seven clients have already been onboarded and many
more are in discussions.
96 Infosys Integrated Annual Report 2022-23
Awards and recognition – Information Systems
External award name Theme Award sponsor (Company)
IDG CIO 100 Global for 2022 For digital business growth through technology IDG / Foundry
innovation
CII Tata Communications Centre for digital For inspiring how IT leadership and stakeholders CII Tata Communications
transformation – CIO Excellence Awards reshape tech industry
2022
CII DX Award for 2022 For operational efficiency and digital experience CII
Data Quest Digital Leader Awards For ingenuity and unwavering dedication to Data Quest
improving the customer experience
CORE Media CIO Crown Award for Digital For being a Digital Transformation Pioneer CORE Media
Transformation Pioneer in 2022
BitStream Mediaworks Pvt. Ltd 7th Innovative Innovative IT project CIO Axis – BitStream Mediaworks Pvt. Ltd
CIO awards 2022
CIOAXIS CXO INSIGHTS Award 2022 Best IT transformers using Data, AI and ML, CIO Axis – BitStream Mediaworks Pvt. Ltd
automation

Research and development (R&D) expenditure – standalone Foreign exchange earnings and outgo
(In ` crore)
We have built an extensive direct marketing network around the
world, including North America, Europe and Asia‑Pacific. These
639 offices are staffed with sales and marketing specialists who sell
Revenue expenditure our services to large international clients.
529
Activity in foreign currency – standalone
16
Capital expenditure
12 (In ` crore)
1,21,605
655 Earnings
Total 1,01,854
541
70,534
R&D expenditure / 0.5 Expenditure
57,224
revenue (%) 0.5
2023 2022 Net foreign exchange 51,071
earnings (NFE) 44,630
Future plan of action
We will continue to collaborate with leading national and NFE / earnings (%) 42.0
international universities, product vendors and technology 43.8
startups. We are creating an ecosystem to co-create business
solutions on client-specific business issues. 2023 2022

for and on behalf of the Board of Directors

Sd/- Sd/-
D. Sundaram Salil Parekh
Bengaluru Lead Independent Director Chief Executive Officer
April 13, 2023 and Managing Director

Infosys Integrated Annual Report 2022-23 97

 Annexure 8 – Corporate policies
98

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
needed. During the year and at its meeting held on April 13, 2023, the Board revised and adopted some of the policies.
Key policies that have been adopted are as follows:

Name of the policy Brief description Web link

Whistleblower Policy The Company has adopted a whistleblower mechanism to report concerns https://www.infosys.com/investors/corporate-
(Policy on vigil mechanism) about unethical behavior, actual or suspected fraud, or violation of the governance/Documents/whistleblower-policy.pdf
Company’s Code of Conduct and Ethics. The policy was revised and adopted
effective January 12, 2022.
Code of Conduct and Ethics The Company has adopted the Code of Conduct and Ethics which forms the https://www.infosys.com/investors/corporate-
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.
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 13, 2023.
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-
accurate, timely and symmetric communications to our shareholders and the investor-relations.pdf
financial markets. The policy was revised and adopted effective April 13, 2023.
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-
Code on Fair Disclosures and Investor Relations. The policy was revised and materiality-disclosures.pdf
adopted effective April 14, 2021.
Recoupment Policy The policy deals with compensation clawback provisions if the Company https://www.infosys.com/investors/corporate-
Infosys Integrated Annual Report 2022-23

restates its financial statements. It allows the Company to recover any governance/Documents/recoupment-policy.pdf
incentive-based compensation received by an executive officer that is in
excess of what would have been payable based on the restated and corrected
financial statements. The policy was adopted effective January 14, 2016.
Nomination This policy formulates the criteria for determining qualifications, https://www.infosys.com/investors/corporate-
and Remuneration Policy competencies, positive attributes and independence for the appointment of governance/Documents/nomination-
a director (executive / non-executive) and also the criteria for determining remuneration-policy.pdf
the remuneration of the directors, KMP, senior management and other
employees. The policy was revised and adopted effective March 17, 2023.
Infosys Integrated Annual Report 2022-23

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.
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 related party transactions of the Group. The policy https://www.infosys.com/investors/corporate-
Transactions Policy was revised and adopted effective April 13, 2023. 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
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 Risk This Policy is to institutionalize a formal risk management function and https://www.infosys.com/investors/corporate-
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
of the Board of Directors, and pursuant to Regulation 21 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended.
The policy was revised and adopted effective April 13, 2023.
99
Statutory reports
Management’s discussion and analysis
Overview We offer end-to-end service offering capabilities in consulting,
software application development, integration, maintenance,
Infosys is a leading provider of consulting, technology, validation, enterprise system implementation, product
outsourcing and next-generation digital services, engineering, infrastructure management and business
enabling clients to create and execute strategies for their process management.
digital transformation.
We have built industry-specific domain and technology
Our purpose is to amplify human potential and create the next expertise, and capabilities in methodologies such as Design
opportunity for people, business and communities. We are Thinking and agile software development. These give us the
guided by our value system which motivates our attitudes and ability to articulate and demonstrate long-term value to our
actions. Our core values are Client value, Leadership by example, clients around the world, with whom we have deep, enduring
Integrity and transparency, Fairness, and Excellence (C-LIFE). and expansive relationships.
Our strategic objective is to build a sustainable organization We have invested in building proprietary intellectual property
that remains relevant to the agenda of our clients, while in software platforms and products, such as Infosys Cobalt™,
creating growth opportunities for our employees, generating Finacle®, McCamish, Panaya, Meridian, Helix, Infosys Equinox,
profitable growth for our investors and contributing to the Wingspan, the Edge suite of products, Stater, Infosys Applied AI,
communities that we operate in. There are numerous risks and CyberNext, Infosys Cortex and Infosys Live Enterprise Application
challenges affecting our business. These are discussed in the Risk Suite, which either amplify our own services or provide
management report section of the Integrated Annual Report. differentiated solutions for our clients’ business processes.
We have continued to invest in Infosys Cobalt™ – a set of
I. Industry structure and developments services, solutions and platforms for enterprises to accelerate
their cloud journey.
Technology is transforming businesses in every industry around
the world in a profound and fundamental way. In fiscal 2023, we Infosys Equinox, our flagship digital commerce platform, is a
saw emerging technologies, like generative AI, 5G, Low Code set of core microservices encompassing all digital commerce
No Code, shape the future of industries. Responsible business scenarios to help enterprises rapidly build and deploy features
approaches, including embracing ESG, have gained traction. across all touchpoints and channels, without the friction
We continued to witness businesses attempting to reimagine associated with legacy platforms.
their cost structures, increase business resilience and agility, We have perfected sophisticated service delivery and quality
personalize experiences for customers and employees, and control processes, standards and frameworks, which have
launch new and disruptive products and services resulted in a track record of performance excellence and client
For more information, refer to the Our business context section of satisfaction. Our Global Delivery Model effectively integrates
the Integrated Annual Report. global and local execution capabilities to deliver high-quality,
seamless, scalable and cost-effective services for large-scale
outsourcing of technology projects fuelled by automation,
II. Opportunities and threats intelligence and collaboration technologies.
Our strategy We have nurtured premier ecosystem alliances with enterprise
Our clients and prospective clients are faced with transformative software companies, cloud providers and innovative startup
business opportunities due to advances in software and companies to be able to offer holistic solutions to our clients.
computing technology. These organizations are dealing with the We have the ability to attract and retain high-quality
challenge of having to reinvent their core offerings, processes management and technology professionals, and sales personnel
and systems rapidly and position themselves as ‘digitally globally and at scale.
enabled’ or ‘digital first‘ organizations. The journey to the digital
future requires not just an understanding of new technologies Our internal research and development teams identify,
and new ways of working, but a deep appreciation of existing develop and deploy new offerings leveraging next-generation
technology landscapes, business processes and practices. Our technologies. We have invested extensively in infrastructure and
strategy is to be a navigator for our clients as they ideate, plan systems to enable learning and education across the enterprise at
and execute on their journey to a digital future. scale. These give us the ability to keep pace with ever-changing
technology and how they apply to customer requirements.
For details of our continued investments and outcomes of
our strategic initiatives, refer to the Strategy section of the We have a strong and well-recognized brand.
Integrated Annual Report. We have the financial strength to be able to invest in
personnel and infrastructure to support the evolving
Our strengths demands of customers.
We believe that we are well-positioned for the principal
We maintain high ethical and corporate governance standards
competitive factors in our business. With over four decades of
to ensure honest and professional business practices and protect
experience in managing the systems and workings of global
the reputation of the Company and our customers.
enterprises, we believe we are uniquely positioned to help
them steer through their digital transformation with our Digital
Navigation Framework.

100 Infosys Integrated Annual Report 2022-23

Our competition 5. Financial assets
We see intense competition in traditional services, a rapidly A. Investments
changing marketplace and the emergence of new players in On a standalone level, during the year, we invested additionally
niche technology areas. in our subsidiaries, for the purpose of acquisition of entities,
Read more in Our business context section in the operations and expansions.
Integrated Annual Report. Refer to Annexure 1 to the Board’s report for the statement
pursuant to Section 129(3) of the Companies Act, 2013, for
III. Financial condition the summary of the financial performance of our subsidiaries.
The audited financial statements and related information of
Refer to the Standalone and Consolidated financial statements in subsidiaries will be available on our website, at www.infosys.com.
this Integrated Annual Report for detailed schedules and notes.
We invest in the startup ecosystem to gain access to innovation
that, when combined with our services and solutions, can benefit
1. Equity share capital
our clients. These investments are typically minority equity
We have one class of shares – equity shares of par value ₹5 positions in startup companies and / or venture capital funds.
each. During the year, the movement in share capital was
primarily on account of buyback of 6,04,26,348 shares resulting Our investments comprise liquid mutual funds units, target
in a cash outflow of ₹9,300 crore (excluding transaction cost maturity-fund units, tax-free bonds, non-convertible debentures,
and tax on buyback). certificates of deposit, commercial paper, government
securities (G-secs) and quoted bonds issued by government
2. Other equity and quasi-government organizations. Certificates of deposit
and commercial papers represent marketable securities of
The movement in retained earnings was on account of profit banks, NBFCs and eligible financial institutions for a specified
earned during the year, payment of dividends and buyback of time period with high credit rating by domestic credit rating
equity. Decrease in securities premium is mainly due to buyback agencies. G-secs are highly liquid and marketable instruments
of equity shares and an increase on account of the exercise of issued across tenure, backed by the Government of India and
stock options. The Group has made an irrevocable election carries a sovereign credit. Investments made in non-convertible
to present the subsequent changes in fair value of certain debentures represent debt instruments issued by government-
instruments in other comprehensive income. aided institutions and financial institutions with high credit
The Company has created a Capital Redemption Reserve equal to rating. The majority of investments of the Company are fair
the nominal value of the shares bought back as an appropriation valued based on Level 1 or Level 2 inputs. The Company invests
from the general reserve and retained earnings. after considering counterparty risks based on multiple criteria
including Tier I capital, capital adequacy ratio, credit rating,
During the year, an amount has been transferred to the Special profitability, NPA levels and deposit base of banks and financial
Economic Zone Re-investment Reserve out of the profits of institutions. These risks are monitored regularly as per our
eligible SEZ units. The reserve should be utilised for acquiring risk management program.
new plant and machinery for the purpose of its business in the
terms of the Sec 10AA(2) of the Income-tax Act, 1961, that has B. Trade receivables
been created out of the profits of eligible SEZ units.
Days Sales Outstanding (DSO) has reduced to 62 days in
the current year from 67 days in the previous year due
3. Property, plant and equipment
to the Management’s strong focus on ensuring timely
Additions to gross block were mainly on computer equipment collection from clients.
and infrastructure.
C. Cash and cash equivalents
4. Goodwill and other intangible assets Our cash and cash equivalents comprise deposits with banks
On a consolidated basis, carrying value of goodwill as on March and financial institutions with high credit ratings assigned by
31, 2023 is ₹7,248 crore, which increased mainly on account of international and domestic credit rating agencies which can be
additions to goodwill amounting to ₹630 crore for oddity and withdrawn at any point of time without prior notice or penalty on
BASE life science group. During the previous year, the carrying principal. Ratings are monitored periodically.
value of goodwill was ₹6,195 crore.
On a consolidated basis, the carrying value of intangible assets D. Loans
as on March 31, 2023 is ₹1,749 crore, whereas on March 31, 2022, We provide loans to subsidiaries as per business requirement.
it was ₹1,707 crore. These primarily consist of intangible assets
acquired through business combinations amounting to ₹328 E. Other financial assets
crore for the year ended March 31, 2023. Restricted deposits represent amounts deposited with
Refer to Note 2.4.2 of the Consolidated financial statements financial institutions to settle employee-related obligations
for further details. as and when they arise during the normal course of business.
Unbilled revenues are classified as financial assets as right to
consideration is unconditional and is due only after passage

Infosys Integrated Annual Report 2022-23 101

Management’s discussion and analysis

of time. Foreign currency forward and options contracts are 10. Other liabilities
entered into to mitigate the risk of changes in exchange rates on Withholding and other taxes payable represent local taxes
foreign currency exposures. The counterparty for these contracts payable in various countries in which we operate. Invoicing
is generally a bank. in excess of revenues are classified as unearned revenues. We
provide for provident fund to eligible employees of Infosys,
6. Other assets which is a defined benefit plan as the Company has an obligation
Unbilled revenues are classified as non-financial asset where the to make good the shortfall, if any, between the return from
right to consideration is dependent on completion of contractual the investments of the trust and the notified interest rate. The
milestones. Unbilled increase is mainly attributable to complex Company operates the defined benefit pension plan in certain
and integrated large deals. Withholding taxes and others overseas jurisdictions, in accordance with local laws. These plans
represent credits that can be availed against local taxes payable are managed by third-party fund managers. We provide for
in various countries. Deferred contract cost mainly comprises gratuity, a defined benefit retirement plan (“the Gratuity Plan”),
the cost of obtaining a contract and the cost of fulfilling a covering eligible employees in India. The Gratuity Plan provides
contract recorded in accordance with Ind AS 115, Revenue from a lump sum payment to vested employees at retirement, death,
Contracts with Customers. incapacitation, or termination of employment, of an amount
based on the respective employee’s salary and the tenure of
7. Deferred tax assets / liabilities employment. We also operate defined benefit pension plan in
certain overseas jurisdictions, in accordance with the local laws.
Net deferred tax asset comprising deferred tax assets less
These plans are managed by third-party fund managers. The
deferred tax liabilities has decreased primarily on account
plans provide for periodic payouts after retirement and / or a
of temporary difference in the Special Economic Zone Re-
lumpsum payment as set out in rules of each fund and includes
investment Reserve, deferred tax liability on intangibles from
death and disability benefits.
business combination partially offset by deferred tax asset on
post-sales client support, allowances for trade receivables and
compensated absences. 11. Provisions
Provision for post-sales client support is towards likely
8. Income tax assets / liabilities cost for providing client support to fixed-price and
fixed‑timeframe contracts.
Our net profit earned from providing software development
and other services outside India is subject to tax in the country
where we perform the work. Most of our taxes paid in countries 12. Leases
other than India can be claimed as credit against our tax Additions mainly comprise lease of computers and building
liabilities in India. taken on lease in certain locations in India.

9. Financial liabilities
Liabilities for accrued compensation to employees include
the provision for bonus, accrued salaries, incentives and
retention bonus payable to the staff. Financial liability under
option arrangements represents redemption liability towards
Stater, Infosys Compaz and HIPUS acquisitions to purchase the
corresponding minority stake. Accrued expenses represent
amounts accrued for other operational expenses. Retention
monies represent monies withheld on contractor payments,
pending final acceptance of their work. Compensated absences
are both accumulating and non-accumulating in nature. The
expected cost of accumulating compensated absences is
determined by actuarial valuation. Other financial liability
includes financing arrangements entered into by the Company
with a third party towards deferred contract cost assets.

102 Infosys Integrated Annual Report 2022-23

IV. Results of our operations
The function-wise classification of the Standalone Statement of Profit and Loss is as follows:

(In ₹ crore)

Particulars Year ended March 31,

2023 % 2022 %
Revenue from operations 1,24,014 100.0 1,03,940 100.0
Cost of sales 85,762 69.2 69,629 67.0
Gross profit 38,252 30.8 34,311 33.0
Operating expenses
Selling and marketing expenses 5,018 4.0 4,125 4.0
General and administration expenses 5,293 4.3 4,787 4.6
Total operating expenses 10,311 8.3 8,912 8.6
Operating profit 27,941 22.5 25,399 24.4
Finance cost 157 0.1 128 0.1
Other income, net 3,859 3.1 3,224 3.1
Profit before tax 31,643 25.5 28,495 27.4
Tax expense 8,375 6.7 7,260 7.0
Profit for the year 23,268 18.8 21,235 20.4

The function-wise classification of the Consolidated Statement of Profit and Loss is as follows:

(In ₹ crore)

Particulars Year ended March 31,

2023 % 2022 %
Revenue from operations 1,46,767 100.0 1,21,641 100.0
Cost of sales 1,02,353 69.7 81,998 67.4
Gross profit 44,414 30.3 39,643 32.6
Operating expenses
Selling and marketing expenses 6,249 4.3 5,156 4.2
General and administration expenses 7,260 4.9 6,472 5.4
Total operating expenses 13,509 9.2 11,628 9.6
Operating profit 30,905 21.1 28,015 23.0
Finance cost 284 0.2 200 0.2
Other income, net 2,701 1.8 2,295 2.0
Profit before tax 33,322 22.7 30,110 24.8
Tax expense 9,214 6.3 7,964 6.6
Profit after tax 24,108 16.4 22,146 18.2
Non-controlling interests 13 0.0 36 0.0
Profit attributable to the owners of the Company 24,095 16.4 22,110 18.2

Infosys Integrated Annual Report 2022-23 103

Management’s discussion and analysis

1. Revenue
The growth in our revenues in fiscal 2023 from fiscal 2022 is as follows:

(In ₹ crore)
Particulars Standalone Consolidated
2023 2022 % change 2023 2022 % change
Revenue 1,24,014 1,03,940 19.3 1,46,767 1,21,641 20.7

The increase in revenues was primarily attributable to an increase in digital revenues, large deal wins and volume increases across
most of the segments.

The revenues from digital and core services for fiscals 2023 and 2022 are as follows:

(In ₹ crore)

Particulars Consolidated
2023 2022 % change
Digital 91,272 69,404 31.5
Core 55,495 52,237 6.2

Revenue growth in reported terms includes impact of currency Selling and marketing expenses
fluctuations. We, therefore, additionally report the revenue The selling and marketing expenses on standalone basis have
growth in constant currency terms, which represents the real remained unchanged as a percentage of revenue during fiscal
growth in revenue excluding the impact of currency fluctuations. 2023 at 4.0%, and have increased on consolidated basis during
We calculate constant currency growth by comparing current fiscal 2023 to 4.3% from 4.2% in fiscal 2022, mainly on account of
period revenues in respective local currencies converted to increase in branding and marketing expenses and travelling costs
INR using prior-period exchange rates and comparing the partially offset by decrease in employee benefit costs.
same to our prior-period reported revenues. Our revenues in
reported currency terms for fiscal 2023 is US$ 18,212 million, General and administration expenses
a growth of 11.7%. Our revenues for fiscal 2023 in constant
The general and administration expenses on standalone and
currency grew by 15.4%.
consolidated basis have reduced as a percentage of revenue
We added 458 new customers (gross) during fiscal 2023 as during fiscal 2023 to 4.3% from 4.6% in fiscal 2022, and 4.9%
compared to 451 new customers (gross) during fiscal 2022. during fiscal 2023 from 5.3% in fiscal 2022, respectively,
mainly on account of a decrease in employee benefit costs
On a consolidated basis, for the year ended March 31, 2023,
and consulting and professional expenses partially offset by
approximately 97.4% were export revenues whereas 2.6% were
increase in travel expenses.
domestic revenues, while for the year ended March 31, 2022,
97.1% were export revenues whereas 2.9% were domestic
revenues. Refer to the ‘Segmental profitability’ section in this 3. Other income and finance cost
report for more details on the analysis of segment revenues. Other income primarily includes income from investments, gain /
loss on investments, foreign exchange gain / loss on forward and
2. Expenditure options contracts and foreign exchange gain / loss on translation
of other assets and liabilities. In fiscal 2023, the Company
Cost of sales
received ₹1,463 crore of dividend from our subsidiary, which is
The cost of efforts, comprising employee cost and cost of reflected in the Standalone financial statements.
technical sub-contractors, has increased as a percentage of
revenue from 60.7% in fiscal 2022 to 61.6% in fiscal 2023 on a Interest income in fiscal 2023 has increased as compared to fiscal
standalone basis and from 57.6% in fiscal 2022 to 58.0% in fiscal 2022 primarily due to a increase in yield on investments. We use
2023 on a consolidated basis. The cost of efforts has increased foreign exchange forward and options contracts to hedge our
mainly on account of compensation increase, increase in exposure against movements in foreign exchange rates. Finance
headcount and higher onsite mix partially offset by decrease in cost is on account of leases. The lease payments are discounted
sub‑contractors cost. using the interest rate implicit in the lease or, if not readily
determinable, using the incremental borrowing rates in the
Third-party items bought for service delivery to clients include country of domicile of these leases.
software and hardware which are integral to our overall service
delivery to clients.

104 Infosys Integrated Annual Report 2022-23

4. Provision for tax 5. Segmental profitability
We have provided for our tax liability both in India and overseas. The Company’s operations predominantly relate to providing
The applicable Indian corporate statutory tax rate for both the end-to-end business solutions to enable clients to enhance
years ended March 31, 2023, and March 31, 2022 is 34.94%. performance of their business. Business segments of the
Company are primarily enterprises in Financial Services
Particulars Standalone Consolidated
and Insurance; enterprises in Manufacturing; enterprises in
Retail, Consumer Packaged Goods and Logistics; enterprises
2023 2022 2023 2022 in the Energy, Utilities, Resources and Services; enterprises
Income tax expense (In ₹ crore) 8,375 7,260 9,214 7,964 in Communication, Telecom OEM and Media; enterprises in
Effective tax rate (In %) 26.5 25.5 27.7 26.4 Hi‑Tech; enterprises in Life Sciences and Healthcare; and all other
segments. All other segments represent the operating segments
Effective tax rate is generally influenced by various factors, of businesses in India, Japan, China, Infosys Public Services and
including differential tax rates, non-deductible expenses, other enterprises in public services. This is discussed in detail
exempt non-operating income, overseas taxes, benefits from in Note 2.26 to the Consolidated financial statements in this
SEZ units, tax reversals and provisions pertaining to prior periods Integrated Annual Report.
primarily on account of adjudication of certain disputed matters,
filing of tax return and completion of assessments, across
various jurisdictions.

Business segments – Consolidated

(In ₹ crore)
Particulars Financial Retail Communication Energy, Utilities, Manufacturing Hi-Tech Life All other Total
Services Resources and Sciences segments
Services
Segmental revenues
2023 43,763 21,204 18,086 18,539 19,035 11,867 10,085 4,188 1,46,767
2022 38,902 17,734 15,182 14,484 13,336 10,036 8,517 3,450 1,21,641
Growth (%) 12.5 19.6 19.1 28.0 42.7 18.2 18.4 21.4 20.7
Segmental operating income
2023 10,843 6,396 3,759 5,155 3,113 2,959 2,566 339 35,130
2022 10,314 6,130 3,372 4,225 2,408 2,495 2,380 167 31,491
Growth (%) 5.1 4.3 11.5 22.0 29.3 18.6 7.8 103.0 11.6
Segmental operating margin (%)
2023 24.8 30.2 20.8 27.8 16.4 24.9 25.4 8.1 23.9
2022 26.5 34.6 22.2 29.2 18.1 24.9 27.9 4.8 25.9

The following graph sets forth our revenue by geography: 6. Liquidity

Our principal source of liquidity are cash and cash equivalents
(In ₹ crore)
and cash flow that we generate from operations. We have no
90,724 (61.8%) 75,058 (61.7%)
14,507 (9.9%) 12,869 (10.6%) outstanding borrowings. We believe our working capital is
3,861 (2.6%) 3,585 (2.9%) sufficient for our requirements.
37,675 (25.7%) 30,129 (24.8%)
Our growth has been financed largely through cash
Total Total
1,46,767 1,21,641 generated from operations.
Our cash flows are robust. Our operating cash flows have
decreased in fiscal 2023 as compared to fiscal 2022 mainly
2023 2022 on account of outflow in working capital and higher
income tax payments.
Growth in %
Consolidated cash and investments of ₹31,286 crore
North America - 20.9 Europe - 25.0 India - 7.7 Rest of the World -12.7 Total - 20.7
comprise cash and cash equivalents, current and non-current
investments excluding investments in unquoted equity and
Overall segment profitability has decreased primarily on account preference shares and others.
of decrease in utilization, increase in employee compensation
and higher spend on third-party software and travel partially
offset by benefit on account of cost optimization initiatives and
currency fluctuations.

Infosys Integrated Annual Report 2022-23 105

Management’s discussion and analysis

Capital Allocation Policy Net profit has increased from ₹22,110 crore to ₹24,095 crore
Refer to the Board’s report in this Integrated Annual Report on a consolidated basis and from ₹21,235 crore to ₹23,268
for details on our Capital Allocation Policy reviewed and crore on a standalone basis. Average net worth has not
approved on July 12, 2019. increased in line with increase in net profit on account of
share buyback and dividend.
7. Related party transactions • Market capitalization to revenue ratio is computed as market
These have been discussed in detail in Note 2.24 to the capitalization as on March 31st of the respective years by
Standalone financial statements in this Integrated Annual Report. revenue. The movement in this ratio is due to change in share
price as at the end of March 2023 and March 2022 and due to
8. Events occurring after Balance Sheet date buyback of equity shares.
There were no significant events that occurred after the Balance • Price earnings ratio is computed as market share price as on
Sheet date apart from the ones mentioned in ‘Material changes March 31st of the respective years by earnings per share. The
and commitments affecting financial position between the end movement in this ratio is due to change in share price as at
of the fiscal and date of the report’ in the Board’s report in this the end of March 2023 and March 2022.
Integrated Annual Report. • Cash and investments have decreased due to shareholder
payouts on account of buyback and dividend in line with our
9. Key financial ratios Capital allocation policy.
In accordance with the SEBI (Listing Obligations and Disclosure
Requirements) (Amendment) Regulations, 2018, the Company is V. Outlook, risks and concerns
required to give details of significant changes (change of 25% or
This section lists forward-looking statements that involve risks
more as compared to the immediately previous financial year) in
and uncertainties. Our actual results could differ materially
key sector-specific financial ratios.
from those anticipated in these statements as a result of certain
The Company has identified the following ratios as key financial factors. Our outlook, risks and concerns are as follows:
ratios:
I. Risks related to the markets in which we and our
Particulars Standalone Consolidated clients operate
2023 2022 2023 2022 • Spending on technology products and services by our clients
Market capitalization NA NA 4.0 6.6 and prospective clients fluctuates depending on many
to revenues (times) factors, including the economic, geo-political, monetary and
Price / Earnings (times) NA NA 24.8 36.3 fiscal policies and regulatory environment in the markets in
which they operate.
Days Sales – – 62 67
Outstanding(1) • An economic slowdown or other factors may affect the
economic health of the United States, the United Kingdom,
Cash and investment (2)
22.2 30.1 24.9 31.7 the European Union (EU), Australia or those industries where
as a % of total assets our revenues are concentrated.
Revenue growth (%) 19.3 20.9 20.7 21.1 • Our clients may operate in sectors which are adversely
Operating margin (%) 22.5 24.4 21.1 23.0 impacted by climate change, which could consequently
impact our business and reputation.
Net profit margin (%) 18.8 20.4 16.4 18.2
• Restrictions on visas, cost increases in obtaining such
Basic EPS (`) 55.48 50.27 57.63 52.52
visas, increases in required minimum wage levels for visa
(1)
The Company does not track DSO at a standalone level. dependent employees, inordinate delays in obtaining visas
(2)
Includes cash and cash equivalents and investments, excluding
due to the pandemic and / or increased enforcement in
investments in unquoted equity, preference shares, compulsorily different countries may affect our ability to compete for, and
convertible debentures and others. provide services to clients in work location countries, which
could adversely affect our business, results of operations and
Ratios where there has been a significant change from fiscal
financial condition.
2022 to fiscal 2023
• Our clients may be the subject of economic or other
Revenue growth, operating margin, net profit margin as sanctions by governments and regulators in key geographies
well as change in basic EPS have been explained in the that we operate in, limiting our ability to grow these
relevant sections above. relationships, and risking increased penalties and exposure of
• The details of return on net worth at standalone and our business to consequential sanctions.
consolidated levels are as follows: • A large part of our revenues is dependent on a limited
number of our clients, and the loss of any one of our major
Particulars Standalone Consolidated clients could significantly impact our business.
2023 2022 2023 2022
Return on net worth
(%) 34.0 30.2 32.0 29.1

106 Infosys Integrated Annual Report 2022-23

• Financial stability of our clients may be affected owing to V. Risks related to our contractual obligations
several factors such as demand and supply challenges, • Our failure to complete fixed-price and fixed-timeframe
currency fluctuations, regulatory sanctions, geo-political contracts, or transaction-based pricing contracts, within
conflicts and other macroeconomic conditions which may budget and on time, may negatively affect our profitability.
adversely impact our ability to recover fees for the services
• Our client contracts can typically be terminated without
rendered to them.
cause, which could negatively impact our revenues and
• Outbreaks of contagious diseases, viruses or pandemics, profitability.
such as the COVID-19 pandemic, could disrupt our business,
• Our client contracts are often conditional upon our
financial condition, and results of operations.
performance, which, if unsatisfactory, could result in lower
• We may not be able to provide end-to-end business solutions revenues than previously anticipated.
for our clients, which could lead to clients discontinuing their
• Some of our long-term client contracts contain
work with us, which in turn could harm our business.
benchmarking provisions which, if triggered, could result in
• Intense competition in the market for technology services lower future revenues and profitability under the contract.
could affect our win rates and pricing, which could reduce
• Our work with governmental agencies may expose us to
our market share and decrease our revenues and profits.
additional risks.
• Our engagements with clients are typically singular in nature
• Our inability to execute contracts and / or amendments with
and do not necessarily provide for subsequent engagements.
clients on a timely basis can impact our revenues and profits,
causing fluctuations in our reported results.
II. Risks related to the investments we make for our
growth VI. Risks related to our operations
• Our business will suffer if we fail to anticipate and develop • Our transition to a hybrid working model may expose us to
new services and enhance existing services in order to keep various risks.
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 or to regulators for damages caused by inadvertent
• We may be unable to recoup investment costs incurred in disclosure of confidential information and sensitive data.
developing our software products and platforms. • Our reputation could be at risk and we may be liable to our
• We may engage in acquisitions, strategic investments, clients for damages caused by cybersecurity incidents.
strategic partnerships or alliances or other ventures that may • Our reputation may be impacted, and we may incur financial
or may not be successful. liabilities if privacy breaches and incidents under General
• Goodwill that we carry on our Balance Sheet could give rise Data Protection Regulation (GDPR) adopted by the EU or
to significant impairment charges in the future. other data privacy regulations across the globe are attributed
to us or if we are not able to take necessary steps to report
III. Risks related to our cost structure such breaches and incidents to regulators and data subjects,
wherever applicable, within the stipulated time. Further, any
• Our expenses are difficult to predict and can vary
claim from our clients for losses suffered by them due to
significantly from period to period, which could cause
privacy breaches caused by our employees may impact us
fluctuations to our profitability.
financially and affect our reputation.
• Any inability to manage our growth could disrupt our
• We may be the subject of litigation which, if adversely
business, reduce our profitability and adversely impact our
determined, could harm our business and impact reputation,
ability to implement our growth strategy.
growth, profitability, and results of operations.
• Wage pressures and the hiring of employees and sub-
• Our insurance coverage may not be adequate to protect us
contractors either outside or in India may prevent us from
against all potential losses to which we may be subject, which
sustaining some of our competitive advantage and may
could adversely affect our business.
reduce our profits.
• The markets in which we operate are subject to the risk of
• We are investing substantial cash in creating physical and
earthquakes, floods, tsunamis, storms, pandemics and other
technological infrastructure, and our profitability could be
natural and man-made disasters.
reduced if our business does not grow proportionately.
• The safety of our employees, assets and infrastructure may
• Currency fluctuations and changes in interest rates may
be affected by untoward incidents beyond our control,
affect the results of our operations and yield on cash
impacting business continuity or reputation.
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, reputation and
• Our success depends in large part upon our Management profitability.
team and key personnel and our ability to attract and retain
them.

Infosys Integrated Annual Report 2022-23 107

Management’s discussion and analysis

• Our reputation, access to capital and longer-term financial VI. Internal control systems and their adequacy
stability could be at risk if we are unable to meet our stated
goals under our Environmental, Social and Governance (ESG) The CEO and CFO certification provided in the CEO and CFO
2030 vision. Certification section of the Integrated Annual Report discusses
the adequacy of our internal control systems and procedures.
• Negative media coverage and public scrutiny may divert
the time and attention of our Board and Management and
adversely affect our reputation and the prices of our equity VII. Material developments in human resources /
shares and American Depositary Shares (ADSs). industrial relations, including number of
VII. Risks related to legislation and regulatory people employed
compliance Our culture and reputation as a leader in consulting, technology,
• We have experienced, and may continue to experience, a outsourcing and next-generation digital services enable us to
shortage in the supply of IT workers, which could accentuate attract and retain some of the best talent.
due to enactment of restrictive legislations and regulations
on immigration in certain geographies which would Human resources management
adversely affect our business. At Infosys, we believe in amplifying human potential and
• New and changing regulatory compliance, corporate creating the next opportunity for people, businesses, and
governance and public disclosure requirements add communities. For over four decades, we have been a people
uncertainty to our compliance policies and increase our costs company that understands the immense potential of technology.
of compliance. As we look to the future, we recognize that the world is changing,
and we need to acknowledge our extraordinary potential to be a
• The intellectual property laws of India may not give sufficient
force for good. Our people are at the center of this vision, and it is
protection to software and the related intellectual property
our constant endeavor to make Infosys a place where people can
rights to the same extent as those in the United States. We
be their best selves.
may be unsuccessful in protecting our intellectual property
rights. We may also be subject to third-party claims of Our purpose is to inspire our people with meaningful work and
intellectual property infringement. passionate teams, enabling them to find purpose and make an
• Our net income would decrease if the Government of India indelible impact. We believe that talent transformation is an
reduces or withdraws tax benefits and other incentives it important focus area, and it begins with sensing employee needs
provides to us or when our tax holidays expire, reduce or and responding with a value proposition that delivers meaning,
terminate. purpose, and value for them. We are committed to building
• In the event that the Government of India or the government synergy between how we differentiate ourselves as a company
of another country changes its tax policies in a manner that and deliver on the expectations of our employees.
is adverse to us, our tax expense may materially increase,
reducing our profitability. Return to office and hybrid model of work
• We operate in jurisdictions that impose transfer pricing and It has been over two years since we at Infosys transitioned to
other tax-related regulations on us, and any failure to comply hybrid work, prioritizing safety and flexibility. This shift has
could adversely affect our profitability. enabled us to be more responsive to customer demands, more
resilient to disruptions, and more productive in our work,
• Changes in the policies of the Government of India or
characterized by empathy and flexibility.
political instability may adversely affect economic conditions
in India generally, which could impact our business and Today, our offices have integrated technology into their design to
prospects. deliver an experience far beyond the traditional way of working.
• Attempts to fully address concerns of activist shareholders At Infosys, our objective is to build and retain social capital
may divert the time and attention of our Management and among employees to enhance collaboration and innovation
Board of Directors and may impact the prices of our equity in a hybrid workplace. In addition, working from the office in a
shares and ADSs. hybrid model promotes ideation and self-learning, which fosters
• Our international expansion plans subject us to risks inherent self-development. Our approach to returning to work has been
to doing business internationally. balanced, with a focus on flexibility, employee safety and well-
being, and client commitments.
• Our ability to acquire companies organized outside India
may depend on the approval of the RBI and the Government
of India and failure to obtain this approval could negatively
impact our business.
• Indian laws limit our ability to raise capital outside India and
may limit the ability of others to acquire us, which could
prevent us from operating our business or entering into a
transaction that is in the best interests of our shareholders.

For more details on risk factors listed above and risks related to
ADSs, refer to our 20-F filing available at https://www.infosys.
com/investors/reports-filings/annual-report/annual-reports.html.

108 Infosys Integrated Annual Report 2022-23

Distinct-phased approach adopted in transitioning to hybrid work culture :

We adopted a multi-pronged approach to enable the transformational hybrid work model – under three the pillars of work, workspace
and workforce. The remote-to-hybrid transition was facilitated centrally as well as at the individual unit and Development Center (DC)
levels. Transition was enabled at the geo level aligning to the regional norms and policies of individual countries.

Workplace Hybrid Workforce

Campus | Collaboration | Distributed Office | Flexible | Remote
Campus facilities aligned to hybrid Make work on campus attractive and convenient
Collaboration spaces in DCs Flexibility and voice of employees
Distributed workplace Engaging new joiners
Digital experience

Purpose | Wellness | Experience

Articulate Purpose and EVP through managers and leaders
Physical, emotional and digital wellness
Human experience to build culture for the future

As we progress on a phased return to office, encouraging Initiatives to enhance our Employee Value Proposition
employees to work on a hybrid model, we are focused on Our Employee Value Proposition aims to inspire and enable
the following aspects: our employees to find purpose and make an indelible impact
Communication and change management, DC operations and through meaningful work and passionate teams; ensure that
logistics, employee support measures, employee DC transfer and our employees continuously learn and grow in their careers
satellite offices, and client requirements. and shape our collective future; and create opportunities for
every employee to navigate further, powered by our culture and
Supporting employees in transition to hybrid work: partnered by other employees with shared aspirations.
Infosys has taken a number of steps to support the transition
Employee careers and learning avenues:
to a hybrid work model. These include surveying employees
to understand their preferences, developing a location-level • Lex: Our in-house learning platform continues to be a
microsite, providing accommodation support, relaxing COVID significant driver of talent development at Infosys. With
restrictions, creating user-friendly dashboards to track the remote work firmly established, Lex has evolved to engage
adoption of the hybrid work model, conducting in-person employees through hybrid learning models.
freshers training , lateral induction, developing InfyMe Hoteling • Internal Marketplace: With reskilling gaining momentum,
application, conducting employee well-being programs, opening more employees are acquiring new skills and capabilities.
six satellite offices, establishing a 24*7 helpdesk, launching a Internal Marketplace serves as a vehicle to match employees
Talent Anywhere model, enhancing the employee experience, with opportunities to provide job rotation in work areas of
customizing the hybrid model to provide more flexibility to their choice and capability.
employees, aligning systems, processes, and policies, supporting • Bridge: helps employees to develop new skills and shift to
employees and families for the booster dose vaccination, new careers that typically require different qualifications.
complying with the local laws and regulations, establishing
effective employee communication and collaboration,
and enabling managers and leaders across locations to
successfully manage hybrid work.

Infosys Integrated Annual Report 2022-23 109

Management’s discussion and analysis

• Accelerate: This helps employees gain exposure to various providing a curated and customized experiential learning
roles and practical experience with new skills through for the participants; ASSURED, a sales leadership program in
involvement in short-term internal projects. Powered by partnership with Stanford is an exclusive, leadership initiative
an intelligent platform, it allows job creators to publish for leaders to strengthen their financial acumen; INSYNC
independent job modules (with client approvals) that their VIRTUAL COHORT, a three-week training module launched
job-seeking colleagues can volunteer to execute. Both job for sales leaders, in partnership with ETA, that covers
creators and seekers are incentivized for work well done. instructor-led webinars, self-learning courses and expert-led
• Learning and Career: This is a one-stop-portal for all webinars; SKILLUP SALES CERTIFICATIONS, customized sales
learning and career-related needs of employees with smart certifications from Cornell University, customized to enable
integration with other Infosys internal systems like Lex to our salesforce and prepare them for this next spurt of growth,
guide employees on their learning journeys. and EMPOWER, INCLUSION HABIT JOURNEY, an external-led
• Performance management: The framework focuses on bespoke program with immersive experience for leaders
deep engagement of key talent through regular driving the change.
conversations between managers and teams through check-
ins facilitated by a contemporary tool. It also strengthens Employee experience
focus on development through career conversations and We strive to create a world-class employee experience by
Integrated Development Plans (IDPs). designing consistent and best-in-class policies, processes,
• Faster and predictable careers: We embarked on a journey programs, and systems, by focusing on creating ‘Experience by
to enable business with a view on employees eligible for Design’. We collect employee feedback to improve our offerings
promotion / progression in the next few quarters. This helped and create positive experiences. We are committed to creating
business in engaging with key talent well ahead in their memorable moments that matter and using technology to
career journey and ensured that they experience accelerated drive the right behavior among managers and teams. A few
growth within the organization. initiatives in fiscal 2023:
• Digital Specialist: This has emerged as an aspirational
• Digitization: We have strengthened our people practices
track for high performers who want to work with niche
by using technology and automation to improve workforce
technologies in digital transformation projects. The career
efficiency, engagement, transformation, and innovation
track enables employees to see capability-driven growth that
is not dependent on tenure and augments a talent pool that • People analytics: Analytics played a critical role in planning
is continuously learning and generating value for us and our interventions during the last financial year. Advanced
clients. modeling tools, along with employee Pulse analytics and
manager dashboards, helped us improve our talent strategy
• Digital Quotient (DQ): This helps employees keep track of
and retention. We also leveraged analytics effectively in the
their digital skills. Those with a higher Digital Quotient have
move to hybrid work.
greater access to new opportunities and interesting projects.
• InTap: is our smart sourcing and interview management
• Platinum Club: A niche experience created for our top
application to attract and manage candidates and provide
performers, it is an exclusive group of highly skilled and high
best-in-class experience along with an efficient hiring
performing individuals. The program’s structure ensures
process.
diverse career experiences for those who qualify.
• Launchpad: We expanded the coverage of Launchpad to our
• Aspiration management: iAIM was launched as the new
entities and across the globe. This mobile app-based, self-
framework for capturing employee aspirations fiscal 2023.
service platform provides new hires a guided flow, which is
The framework is centred around four key principles of
digital, remote and seamless, during the onboarding process.
Connect, Converse, Converge and Close.
• Infosys Meridian: enables a remote-first workplace that
• Manager and leadership development: through key
mirrors the offline experience with its event management
structured interventions as part of our Global Delivery Talent
platform and breakout sessions capabilities.
effectiveness program has contributed tremendously to
the key learning and enablement of our leaders in Global • InfyMe: We continued to enrich our InfyMe app with
Delivery. A basket of offerings has been designed that more services that enables teams to operate, connect and
brings together external sessions, internal leader facetime, collaborate easily and it is particularly effective in the hybrid
mentoring, cross-skilling, best sharing of practices and working model.
collaboration across our various business segments and units. • iEngage: We use iEngage to inform, inspire, and build a
• SALESFLEX: The capability of our people and systems, which happier workplace. It helps us drive vertical engagement
is the backbone of our organization, has been completely between employee and unit leadership. Managers can use
re-imagined and revamped through our multi-pronged this to schedule engagement events, invite employees and
People Transformation Charter named SALESFLEX. Some track actions identified during such events.
of the key initiatives under SALESFLEX are HORIZON, a
sales-focused capability building intervention designed
exclusively for high-potential sales leaders, SYNERGY, a four-
week onboarding program for new sales employees; I AM
INFINITE, an exclusive, leadership initiative in partnership
with Stanford Business School and Cambridge University

110 Infosys Integrated Annual Report 2022-23

• Intelligent automation: We are making our systems smarter • Infosys Great Manager Program: Our flagship manager
with: enablement program, The Infosys Great Manager Program
1. Nudges to managers and employees, which are driving guides managers through a structured learning path to
the right behavior and guiding managers to take the right build and strengthen four key competencies to build future
decisions in matters like role change, retention etc. readiness – business acumen, digital mindset, leading people
and operational excellence. The program is self-paced and
2. Chatbots that are transforming query management, and
is entirely in the e-learning mode to achieve a wider and
3. Robotic Process Automation, which is being leveraged to broader reach among managers.
reduce manual work of our teams.
• Employee well-being: At Infosys, over the years, employee
well-being has developed into a more evolved and
• Employee discount programs: Infosys’ employee-centric
substantial model with the help of our program HALE.
initiatives, InfyGold+, offer exclusive discounts and deals on
(Health Assessment and Lifestyle Enrichment). Our wellness
various products and services, providing a valuable perk to
programs stand strong on the four pillars of physical well-
our employees and contributing to the Company’s efforts to
being, social well-being, emotional well-being, and safety.
attract and retain top talent.
• Power Teams include short and specific team intervention
Rewards and recognition modules with project as the nucleus. Apart from being an
• Infosys RISE (Real. Instant. Specific. Excite): underlines the excellent way to engage with employees, Power Teams aims
importance of a single platform to meet all the company’s to leverage the strengths of everyone to maximize project
reward and recognition needs. It allows managers to tailor output.
incentives that align with their team member’s unique skills
and personal circumstances. Accolades are recorded over Creating a positive work environment
time to provide a comprehensive view of an employee’s • Culture and values: The organization culture, driven by our
rewards while showcasing genuinely transformational core values (C-LIFE), is one of the main levers that drive our
progress in recognition and value. business. At Infosys, we work to build and sustain an inclusive,
• Infosys Stripes: A one-stop, gamified, point-based system non-discriminatory and equal opportunity workplace. Our
that tracks and rewards employee achievements across ESG ambition aims to strengthening diversity, equity and
functions and the organization through Infy Coins, Infy inclusion in the Company and achieving 45% representation
Points, badges and certificates. It allows employees to see for women in our workforce by 2030. Our workplace policies
their accomplishments, redeem their rewards and share their and investments focus on learning and development, and
achievements with colleagues. specific interventions for women to navigating their personal
• Early Career and Rewards (ECR): This program for campus and professional lives.
hires at Infosys aims to provide visibility on career and pay
growth in the Company over three years since joining. The – Orbit Next: A year-long program for our women managers
program allows employees to see a milestone-based career in India. It aims at building capabilities through reskilling
progression as well as pay increments during the program and honing leadership skills to prepare them for next-level
duration and then move to a career stream of their choice. roles.
• Sales Excellence and Stellar Awards: Sales Excellence – Restart with Infosys: A unique intervention we
Awards provides a platform to recognize and reward the relaunched to hire women after career breaks. The
best sales talent. Stellar Awards was instituted as a quarterly program offers flexible working formats, training, skill
recognition platform across each unit that will recognize building, and intense mentoring to give women the
individuals who have gone the extra mile and made support and confidence they need to return to their
significant contributions during the quarter. careers.
• Awards for Excellence (AFE): The AFE remains our largest – Women in Tech (TechCohere): This year, over 50 sessions
rewards and recognition platform for employees. This year and panel discussions were conducted by women
marked its 28th anniversary, and we received about 1,000 technologists. 11 white papers and 37 POVs authored by
nominations across geographies in over 20 categories. women technologists were published.
– Employee Resource Groups (ERGs): To strengthen
Employee care and connect
inclusion and belonging, we now have more than 12,000
• Employee engagement: We have a robust 5C (Connect, employees in various ERGs.
Collaborate, Celebrate, Care, Culture) employee engagement
framework that drives us to create best-in-class employee
experiences and supports our people to stay motivated and
always deliver their best.
• Manager Code: We have designed the Infosys manager
enablement framework to equip our leaders with the
capabilities to help their teams build technical, business and
people skills along with a digital mindset to accelerate their
development journeys. Managers also have a behaviour
code that encourages them to adhere to seven fundamental
principles that shape a good manager at Infosys.

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Management’s discussion and analysis

Awards: ASHI
• Infosys was recognized for the second consecutive year for The Company’s assurance to its employees towards providing
Excellence in HR Analytics at SHRM HR Excellence Awards a harassment-free workplace is reflected in our key initiative,
• HALE won the Best Health and Wellness Program 2023 by ASHI (Anti-Sexual Harassment Initiative). As per the Act in India,
India Today Group the Company has constituted Internal Committees (IC) in all the
• Iam the Future Women in Leadership Program by the development centers of the Company in India, for redressal of
Infosys Leadership Institute (ILI) won the Women Icons Asia sexual harassment matters reported by women employees. We
D&I Champions Award in the category of Advancement also have a strong governance mechanism in the form of GRB
of Women in 2022. This award celebrates and honors the (Grievance Redressal Body), to define, interpret and implement
accomplishments of the organization that has programs and the ASHI initiative and is accountable for administering the
initiatives to advance women in their workplace. policy centrally. GRB consists of external members, internal
senior members, and the Investigative Council. Here, we follow
• IamtheFuture Women in Leadership Program by ILI won the
a gender-neutral approach in redressal of all such complaints.
Brandon Hall Gold Award for DEI in 2022. This was awarded to
Upon receiving a sexual harassment complaint, an immediate
the program in recognition of being an excellent program in
acknowledgment is sent to the complainant and the complainant
advancing development of women in leadership roles.
is contacted within 24 hours, before it is taken up for a formal
• ILI won the Chief Learning Organization’s Learning Elite Silver redressal process in line with the POSH Act and the Company’s
Organization Award in 2022, with one of the key contributors policy on anti-harassment. We have stringent internal timelines
of this recognition being the impact of women in leadership of 45 days for closure of such concerns. The reports on ASHI
through the IamtheFuture program. grievances can be shared to [email protected] and India
employees can log reports on the ASHI webapp or InfyMe
NAM awards and recognition: mobile application. Complaints received are classified and
• Diversity Inc. Top 50 Companies for Diversity placed Infosys appropriate disciplinary action is taken ranging from a warning
as “Noteworthy” Company for Diversity in 2021 and 2022. to termination of employment, as the case may be.
• Infosys scored 100% on the Corporate Equality Index Score
(CEI) in 2022 for LGBTQ+ inclusion – up from 95% in 2021. Extending the initiative to contract staff
Our commitment to a positive and safe working environment is
Resolution hubs not restricted only to our employees, but also third parties, who
Infosys is committed to providing a safe and positive work provide services in our campuses. We conduct refresher sessions
environment. In keeping with this philosophy, the organization for such third-party employees to reinforce the message. These
envisages an open-door policy. Employees also have access sessions are covered in nine vernacular languages currently.
to several forums where they can highlight matters or Emergency / safety cards with important contact numbers
concerns faced at the workplace. This is achieved through a are also handed over to all Infosys employees and employees
well-established and robust grievance resolution mechanism of such third parties.
comprising resolution hubs. Resolution hubs adhere to the
principles of natural justice, confidentiality, sensitivity, non- Whistleblower Policy
retaliation and fairness, while addressing concerns. The concerns We framed the Whistleblower Policy to enable stakeholders
are handled with a lot of sensitivity yet ensuring timely action to raise concerns regarding any potential violations,
and closure. A detailed investigation process ensures fairness involving financial irregularities / breach of Infosys’ policies
for all involved, with an opportunity to present facts and or applicable laws – easily and without any fear of retaliation.
any material evidence. The complaints received under the ambit of this policy are
reviewed independently, while ensuring anonymity and
HEAR confidentiality of the reporting.
Infosys has a robust grievance redressal forum called HEAR
(Hearing Employees And Resolving) fostering healthy employee Human rights
relations and a positive work environment by giving our Infosys is a signatory to the UNGC and supports the protection
employees a neutral platform ‘to be heard’ and in building the and elevation of human rights in accordance with the UN
‘speak up culture’. An employee can raise a complaint on the Universal Declaration of Human Rights, the UN Guiding Principles
HEAR webapp or InfyMe mobile application or write to on Business and Human Rights, and the International Labor
[email protected]. HEAR addresses employee concerns in a Organization’s Declaration on Fundamental Principles and Rights
structured and layered manner with appellate forums for any at Work (the ILO Declaration). Our Human Rights Statement
appeals. All employees have access to the grievance redressal provides a broad framework to ensure that all employees are
process. We also conduct data analytics and studies to arrive treated with respect and dignity and ensure that we do not
at the best possible preventive mechanisms. A summary and condone human rights violations or abuses. Our Supplier Code of
the trends of workplace grievances are presented to the Audit Conduct helps us manage and address this important aspect of
Committee of the Board every quarter. sustainable business in our supply chains.

112 Infosys Integrated Annual Report 2022-23

Our salient human rights issues are: performance-tracking of past recruits. We have continued to
conduct interviews virtually across the globe and the team
1. Workplace diversity: A key tenet of the Code of Conduct
also enhanced the in-house applicant tracking system, which is
and Ethics is respecting each other through creating an equal
currently being used for hiring in India and China.
opportunity workplace, ensuring equal pay for equal work,
free of discrimination and harassment. During fiscal 2023, we received 53,42,299 employment
2. Positive work environment (Anti discrimination & applications, interviewed 3,89,183 applicants and extended
harassment): The organization envisages an open-door offers of employment to 1,14,374 applicants. These statistics do
policy. This is achieved through a well-established and robust not include our subsidiaries. We added 29,219 new employees,
grievance resolution mechanism comprising resolution hubs. net of attrition, during fiscal 2023.
3. Freedom of association: We respect the rights of our
employees to associate or not associate through internal Education, training and assessment (ETA)
employee resource groups and seek representation, to Infosys continues to make investments in developing human
bargain or not bargain collectively, in accordance with local potential for the organization, and the world at large. The
laws. Foundation Training Program, anchored across India, Mexico,
4. Health and safety: As a prerequisite for conducting business the US, the UK, Canada, Germany, Australia, Singapore, and
responsibly. Ozone, Infosys’ Health, Safety and Environmental Japan, continues to enable newly onboarded entry-level hires
Management System (HSEMS), has evolved into a robust to transform into corporate professionals. Comprising nearly
management system guided by requirements from multiple 50 technology streams, the curriculum has kept pace with the
stakeholders, including clients, internal customers, vendor dynamic business requirements and the preferred pedagogical
partners, law enforcement and regulatory bodies, and the approach of the current generation of talent. The curriculum
communities in which we operate. continues to be current as courses on generative AI and prompt
engineering have been introduced into the foundation program
5. Data privacy: With the Data Privacy Office (DPO) directly
to introduce the freshers to the latest technologies. During
reporting to the Board, Infosys ensures there is no conflict of
the COVID pandemic, the foundation training was conducted
interest in the DPO playing an effective role to ensure privacy
virtually, with trainings being conducted in online mode.
of our employees, candidates, visitors, customers, and other
However, keeping pace with the times, the training is back to in-
stakeholders, according to applicable data privacy regulations
person classroom training.
across the globe, including but not limited to GDPR, CCPA,
LGPD, both as a data controller and processor. Our Continuous Education Program is aimed at reskilling /
6. Sustainable development: In 2020, we launched our ESG upskilling our existing employees with the twin objectives
Vision 2030 to shape and share solutions that serve the of increasing fulfillment of skilled talents in client projects
development of businesses and communities. and enriching the expertise of our global workforce in next-
generation digital technologies and methodologies. We provide
Recruitment online self-learning, instructor-led virtual training opportunities
along with in-person classroom training opportunities to our
As of March 31, 2023, the Group employed 3,43,234 employees,
employees. We offer Bridge programs that help employees
of which 3,24,816 were professionals involved in service delivery
with training and internship opportunities to switch
to the clients, including trainees.
to a new career field.
We have built our global talent pool by recruiting freshers
Lex, our in-house learning platform, offers over 14,800 curated
from premier universities, colleges and institutes globally. We
courses, which includes over 10,000+ courses procured from
constantly attract and hire developers, architects, technical
vendor partners both for enterprise consumption and niche
leaders and project managers in areas of digital and cloud,
communities who have specific content requirements. About
and transformation. We have built robust relationships with
50,000 employees use Lex on weekdays with an average learning
top institutions in the country and recruit students who have
time of about 35-40 minutes, and 12,000 employees use Lex on
consistently shown high levels of achievement. We have
weekends with an average learning time of about 45-50 minutes.
continued upscaling our InfyTQ platform, which brings the best
of our Mysuru training to the hands of the learners across the The learning efforts of our employees helped us get laudable
country. This has sustained to amplify the learning experience external accolades from Brandon Hall, ATD Best, Training
of students who also undergo assessments to get the coveted Apex and NASSCOM who recognized Education, Training and
Infosys Certification. We also have been globally recognized for Assessment (ETA) as the Cloud Innovator of the Year.
our innovation in recruitment for our HackWithInfy, an online
coding contest, which also helps us attract the best of coders Infosys Wingspan, our configurable talent transformation
into our organization. platform for clients, is being used by several global organizations.
Infosys Wingspan has also been leveraged for the ESG initiative,
We also recruit students from campuses outside India, including Infosys Springboard. In alignment with ESG Vision 2030, Infosys
but not limited to the US, UK, Australia, Singapore, Japan, Springboard aims to empower over 10 million people with
Germany, Canada, Mexico, Mauritius and China. We rely on a digital and life skills by 2025. This program is led by a dedicated
rigorous selection process, involving evaluation of mathematical team of experts collaborating globally with curriculum partners,
and logical aptitude, coding ability and in-depth interviews, to non-profits, and a global network of leading educational
identify the best applicants. This selection process is continually institutions. About 12,000+ learning courses are available
assessed and refined based upon multiple factors, including and about 5.3 million learners across India have registered on

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Management’s discussion and analysis

Infosys Springboard. The platform is available in English and all way of working and overall workplace transformation. drive their
major Indian regional languages, including Urdu and Sanskrit. agile, DevOps, project to product ways of working shift, and
The Infosys Springboard team is working with state education overall workplace transformation.
departments in 10 states, one of which has leveraged this to
Quality has been leading the way in driving lean and automation
enable more than one lakh teachers in the regional language.
in the organization to enhance productivity and quality, which
has resulted in large optimization in projects. It deployed
VIII. Other details robust frameworks, tools and platforms across service lines
in a collaborative manner to drive hyper-productivity and
1. Quality engineering excellence. Last year, the Quality team created a
The Quality function at Infosys, in line with the organization’s holistic automation maturity model to help navigate projects
vision and strategy of ‘Navigate the Next’, has three towards increasing automation levels, from point tools towards
strategic imperatives: cognitive and autonomous operations.
• Differentiate Infosys’ services through superior performance The Quality team worked with cross-functional teams to drive
and quality. enterprise agility by simplifying many enterprise processes, thus
• Optimize Infosys’ client projects as well as internal functions reducing cost, improving agility in operations, and enhancing
for greater efficiency and agility. employee experience.
• De-risk Infosys’ operations by ensuring delivery excellence, Quality continues to drive best practices and sustenance
compliance and sustainability. through structured audits and assessment frameworks, focusing
Our Quality team has been driving the organization-wide agile on de-risking the organization, with augmented coverage of
transformation to scale our capabilities for agile digital in tune services, centers and subsidiaries. We continue to comply with
with the Company strategy, and we have been rated by HfS as international management system standards and models, viz.,
No.1 among all agile service providers. ISO 9001, ISO 27001, ISO 14001, ISO 45001, ISO 22 301, ISO 20000,
AS 9100 and ISO 27701.
Today, clients are striving to achieve business value at speed
from their digital transformations. A key requirement for this is to Infosys is the first IT company to comply with, and get assessed at
adopt a product-centric approach, capabilities and mindset. Last the enterprise level on SSAE18-SOC 3 report attestation. Infosys
year, we launched our Product Centric Value Delivery approach continued to comply with and get assessed at the enterprise
to help clients do exactly that, through a holistic transformation level for SSAE 18 SOC 2 type II & ISAE 3402 / SSAE 18 SOC 1 type
in the ways of working. The Quality team also consulted with II, including cloud platforms, and has received an independent
several large clients and helped them drive their agile and auditors’ assurance compliance report.
DevOps-driven transformation, shift from project to product

2. Infosys Center for Emerging Technology Solutions (iCETS)

114 Infosys Integrated Annual Report 2022-23

iCETS is the emerging technology solution incubation partner for clients with joint living labs, for example, AWS-Infosys living labs
Infosys’ clients and units. It provides next-generation platforms and Google-Infosys living labs.
and innovation-as-a-service to help future-proof enterprise
To bring outside-in innovation to clients, the Infosys Innovation
businesses. The aim is to envision and evolve New Emerging
Network (IIN) is constantly building well-orchestrated
eXploratory Technology (NEXT) solutions for our clients, both
partnerships with a curated list of startups, universities, and
organically (driving innovation bottom-up across Infosys),
hyperscalers. These partnerships strive to bring the best of
and inorganically, via the IIN (partnering with hyperscalers,
emerging-technology innovations from across the globe to
startups, universities, and large product players). iCETS
Infosys clients. The IIN program aims to create lighthouse
incubates emerging technologies under different Centers of
wins for clients to experiment and implement the art of the
Excellence (CoEs), such as Generative AI, Privacy & Accessibility,
possible leveraging our global innovation ecosystem. Infosys
Cybersecurity, Software Engineering, Data Management,
de-risks client adoption of technology innovations and
Quantum Computing, Metaverse, Hyperscalers and so on.
solutions by carefully curating these startups, finding the right
These centers focus on building capabilities, developing
fit and implementing early pilots. Infosys has also established
thought leadership, and offering early client validation via
partnerships with key client Corporate Venture Capital (CVC)
Living Labs, IP development, including building of platforms,
firms to bring their portfolio startups onto the Infosys network.
driving a significant part of innovation for our clients and
Over the past 24 months, we have engaged with numerous
monetization for Infosys.
startups, universities and hyperscalers across geographies such
One of the key CoEs Infosys unveiled in the past few months as the US, Finland, Israel, and India, collaborating in spaces
is the generative AI center. Generative AI is an emerging like AI, fintech, cloud, cybersecurity, InsurTech, HealthTech,
technology space that is likely to transform wide sections of and more, and in the process, positively impacting over 400
business and technology applications. Given the significant client opportunities.
impact it is expected to have, Infosys has been incubating
capabilities and IP around Generative Pre-trained Transformers 3. Branding
(GPTs). In this context, we are collaborating with the hyperscalers Brand Infosys is a key intangible asset for the Company. It is
like Google, Microsoft, and AWS, as well as working with open- nurtured by over 3,40,000 of our purpose-driven people seeking
source products, to experiment on transformations across code, to amplify human potential and create the next opportunity
text, images, videos, voice, and avatars. We have developed for people, businesses, and communities. The brand serves to
generative AI workbenches, sandboxes and applications across position Infosys as the next-generation digital services partner of
multiple domains. iCETS is also helping drive Infosys to become choice for enterprises navigating their transformation powered
an AI-first organization, with the adoption of generative AI by the cloud. It is built around the premise that the experience
capabilities to transform the Infosys technology landscape. we have gained, for four decades, in managing the systems
We plan to achieve this by building small transformer models, and workings of global enterprises enables us uniquely to be
trained on Infosys data, to drive contextual solutions. iCETS is navigators for our clients. We do it by enabling them with an
leveraging its learning to ensure that the clients benefit from it AI-powered core. We also empower the business with agile
while creating their generative AI strategy and incubation plans. digital at scale to deliver unprecedented levels of performance
Among numerous client experimentations, we are working and customer delight. Our always-on learning foundation drives
with leading global banks, fashion retailers, and insurance their continuous improvement through building and transferring
providers, among others. digital skills, expertise and ideas from our innovation ecosystem.
iCETS enables enterprises to realize their Live Enterprise vision Our localization investments in talent and digital centers help
by developing and deploying next-generation offerings, such accelerate the business transformation agenda. For over four
as LEAP, Cortex, DigiTran, iEDPS, etc. iCETS is also incubating decades, we have been deeply committed to being a well-
several domain platforms like the Energy-as-a-Service (EaaS) in governed, environmentally sustainable partner for our clients
collaboration with our energy unit. iCETS platforms are designed where diverse talent, in an inclusive workplace, helps them
to be Platform‑as‑a-Service (PaaS) offerings with IP / patent- navigate their next.
led differentiation and now have AI-first capabilities built in to Our marketing reach extends globally through digital-first multi-
differentiated Infosys services while accelerating innovations channel campaigns. As the digital innovation partner for the
for Infosys clients. Australian Open, Roland-Garros, ATP and The International Tennis
Infosys Living Labs brings the entire innovation ecosystem Hall of Fame, we help showcase how brand Infosys is reimagining
together to help clients meet their innovation-at-scale needs the tennis ecosystem for a billion fans globally, leveraging data,
on multiple dimensions. Here, iCETS proactively expands insights and digital experiences. We are also the official digital
the services and capabilities to meet growing and dynamic innovation partner of Madison Square Garden (MSG) properties
innovation needs of clients with the aid of joint innovation including the New York Knicks, New York Rangers and the MSG
centers, experience centers, IIN, industry living labs, complexity Arena. Our strategic partnerships with Dow Jones, Bloomberg
studio, and more. We also monitor and publish Horizon 3 Media, The Economist Group and Financial Times further
technologies and business trends and assist our clients to foresee accentuate this position. We participate in premier business and
disruptions with ‘Listening-Post-as-a-Service’ (LPaaS). industry events around the world, while also organizing our own
signature events and CXO roundtables. Confluence, our flagship
iCETS’ evolving partner ecosystem, including startups, client event series across the US, Europe and APAC, is rated highly
universities and hyperscalers, plays a critical role in the increased by our clients and industry partners.
velocity of ideas and solutions for their clients. We now approach

Infosys Integrated Annual Report 2022-23 115

Management’s discussion and analysis

4. Client base 6. Infosys Knowledge Institute

Our client-centric approach continues to bring us high levels The Infosys Knowledge Institute (IKI) drives new engagement
of client satisfaction. We, along with our subsidiaries, added with Infosys prospects and clients by harnessing the intellectual
458 new clients, including a substantial number of large global capital of our employees, partners, and academics to develop
corporations. Our total client base at the end of the year stood and share a deeper understanding of the business impact of
at 1,872. The client segmentation, based on the last 12 months’ technology and market trends. Combining surveys, quantitative
revenue for the current and previous years, on a consolidated analysis, expert interviews, client webinars and events, IKI creates
basis, is as follows: perspectives, benchmarks, and diagnostic tools on trends across
industries and functions. Current research themes include
Clients 2023 2022 sustainability, artificial intelligence, data analytics, cloud, digital
100 million dollar + 40 38 commerce, agile methods, metaverse and cybersecurity. Major
works include the Radar maturity assessments, TechCompass
50 million dollar + 75 64
series, Practical Sustainability and Live Enterprise books and
10 million dollar + 298 275 the Tech Navigator for future trends. IKI also publishes regularly
1 million dollar + 922 853 in leading business and technology media, and conducts
roundtables and seminars. For more information, go to
5. Infosys Leadership Institute https://infosys.com/iki.
In fiscal 2023, the Infosys Leadership Institute (ILI) was recognized
with five prestigious international awards, a testament to the 7. ESG vision and ambitions
impact of leadership programs on the strategic imperatives In October 2020, we launched our ESG Vision 2030 to “shape
of the organization. These include the Chief Learning Officer and share solutions that serve the development of businesses
Learning Elite award and Brandon Hall awards for overall and communities”. Today, our 2030 vision reflects how ESG
leadership development strategy and execution, IamtheFuture will continue to be integral to Infosys’ sustainable business
women in leadership program, and the Culture Transformation performance. We will continue to be carbon-neutral across
program. The Constellation Program continued its focus on Scope 1, 2 and 3 emissions every year. We will expand reskilling
developing high-potential leaders towards strengthening initiatives to empower more than 10 million people with digital
the organizational successor pool. 13 strategic projects and skills and more than 80 million with Tech for Good programs
a 10-month leadership certification program with Harvard in e-governance, healthcare and education. We commit to
Business School (HBS) were the cornerstones of development of nurturing greater inclusivity and strengthening our gender-
Constellation leaders. diverse workforce with at least 45% women employees.
Since its inception in 2021, nearly 450 women leaders as part of We will grow our stakeholder focus and bring the interests of
the IamtheFuture program have successfully completed various our stakeholders to the fore through an empowered, diverse
phases of their learning journey towards earning the Infosys and inclusive Board. We will further strengthen data privacy and
Leadership Institute-Stanford GSB certification. The year saw information security standards across global operations.
the second cohort of women leaders globally completing the
program while the first cohort completed the advanced version For more information about our ESG initiatives, read our ESG
of the program. IamtheFuture continues to drive individual Vision 2030 document at https://www.infosys.com/content/
and organization impact through a combination of pertinent dam/infosys-web/en/about/corporate-responsibility/esg-
development-and-leadership-driven talent actions for women vision-2030/index.html.
leaders. ILI also continued its focus on bringing contemporary
and impactful programs for all the senior leaders in the
organization. This included a highly-appreciated program on
financial leadership with Stanford GSB, which was contextualized
by senior finance leaders at Infosys. There was a significant
increase in the participation, with 7,000+ leadership learning
days across 125 programs. About 75% of all senior leaders
participated in at least one Ivy League program, with more than
95% completing at least one leadership program during the year.

116 Infosys Integrated Annual Report 2022-23

Statutory reports
Corporate governance report
Our corporate governance philosophy
Our corporate governance is a reflection of our value system, We are committed to defining, following and practicing
encompassing our culture, policies, and relationships with our the highest level of corporate governance across all our
stakeholders. Integrity and transparency are key to our corporate business functions.
governance practices and performance, and ensure that we gain
Our corporate governance is a statement of the values we
and retain the trust of our stakeholders at all times.
stand by as we conduct our business and engage with our
Corporate governance is an ethically-driven business stakeholders. Our Company has been a leader in adopting
process that is committed to values aimed at enhancing an internationally-recognized corporate governance guidelines and
organization’s capacity to create wealth. This is ensured by has set the highest standards in abiding by them.
taking ethical business decisions and conducting business with
Our governance rests on our core value system of C-LIFE (Client
a firm commitment to values, while meeting stakeholders’
Value, Leadership by Example, Integrity and transparency,
expectations. At Infosys, it is imperative that our Company affairs
Fairness and Excellence) and is guided by the OECD (Organization
are managed in a fair and transparent manner. This is vital to gain
for Economic Co-operation and Development) principles. Our
and retain the trust of our stakeholders.
corporate governance framework thus encompasses:

Ensuring the basis for an The role of stakeholders

1 4
effective corporate governance framework in corporate governance

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

Infosys values: C-LIFE

Client Leadership Integrity and Fairness Excellence

value by example transparency

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

Effective corporate governance Integrity and Relationship

Build simple and transparent processes transparency & with stakeholders
driven by business needs of all stakeholders
Ensure transparency and maintain a high level of integrity
Fairness and excellence Communicate frequently with stakeholders, including
Be objective and ethical, and deliver the best clients, employees, shareholders and stock markets
to earn trust and respect from our stakeholders

Infosys corporate governance framework

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 principles of our corporate
governance framework. This report gives a comprehensive overview of how our governance adheres to the seven pillars of our
governance framework.

Infosys Integrated Annual Report 2022-23 117

Corporate governance report

The Board
recognizes
its primary role of
Board as a trustee trusteeship of shareholder
capital. As a trustee, it
strives to ensure excellence
and integrity in setting
world-class corporate
Corporate governance guidelines Independent directors
governance
Strong corporate governance is the bedrock The Companies Act, 2013 and the
of our sustained performance and has
standards. SEBI (Listing Obligations and Disclosure
helped us gain the trust and respect of all our Requirements) Regulations, 2015 (“the Listing
stakeholders. The enhancement of these corporate Regulations”) as amended, define an ‘independent
governance standards, through periodic evaluation and director’ as a person who, including his / her relatives, is or
change, is one of the most important aspects of ensuring value was not a promoter or employee or key managerial personnel
creation for our stakeholders. of the company or its subsidiaries. Further, the person and his /
her relatives should not have a material pecuniary relationship
Our corporate governance follows the guidelines established
or transactions with the company or its subsidiaries, during
by the Board of the Company. These guidelines provide a
the three immediate preceding financial years or during the
structure within which directors and the Management can
current financial year, apart from receiving remuneration as an
effectively pursue the Company’s objectives for the benefit
independent director.
of its stakeholders. These are framed in conjunction with the
Company’s Memorandum & Articles of Association, the charters We abide by these definitions of an independent director, in
of the committees of the Board and applicable laws / regulations addition to the definitions of an independent director as laid
/ guidelines in force in India, the US and other jurisdictions, as down in the New York Stock Exchange (NYSE) listed company
applicable. The guidelines can be accessed on our website, at manual, the Sarbanes-Oxley Act, and US securities laws by virtue
https://www.infosys.com/investors/corporate-governance/ of our listing on the NYSE in the US.
Documents/corporate-governance-guidelines.pdf.
Based on the disclosures received from all independent
directors and in the opinion of the Board, the independent
Role of the Board of Directors directors fulfill the conditions specified in the Companies Act,
The primary role of the Board is that of trusteeship – to protect 2013, the Listing Regulations, NYSE listing manual and are
and enhance shareholder value. As trustees, the Board has a independent of the Management.
fiduciary responsibility to ensure that the Company has clear
goals aligned to shareholder value and its growth. Further, the
Board is also responsible for:
• Exercising appropriate control to ensure that the Company
is managed efficiently to fulfill stakeholders’ aspirations and
societal expectations.
• Monitoring the effectiveness of the Company’s governance
practices and making changes as necessary.
• Providing strategic guidance to the Company and ensuring
effective monitoring of the Management.
• Exercising independent judgment on corporate affairs.
• Assigning a sufficient number of non-executive members of
the Board to tasks where there is a potential for conflict of
interest, to exercise independent judgment.
• Reviewing and guiding corporate strategy, major plans
of action, risk policy, annual budgets and business plans,
setting performance objectives, monitoring implementation
and corporate performance, and overseeing major capital
expenditures, acquisitions and divestments.

118 Infosys Integrated Annual Report 2022-23

Board composition Every Board member can suggest the inclusion of additional
The Company recognizes and embraces the importance of items in the agenda.
a diverse Board in its success. We believe that a truly diverse The Board meets at least once a quarter to review the quarterly
Board will leverage differences in thought, perspective, regional results and other items on the agenda. Additional meetings
and industry experience, cultural and are held when necessary. Independent
geographical background, age, ethnicity, directors are expected to attend at least
race, gender, knowledge, skills and other Size and composition
four quarterly Board meetings and the
domains, which will ensure that Infosys of the Board Annual General Meeting (AGM). However,
retains its competitive advantage. with the Board being represented by
The composition of our Board
As on March 31, 2023, the Board comprised as on March 31, 2023 independent directors from various parts
eight members, consisting of a non- of the world, it may not be possible for
executive and non-independent Chairman, all of them to be physically present at
Non-executive and Executive all meetings. Hence, we provide video /
Chief Executive Officer & Managing Director non-independent director director
(CEO & MD), and six independent directors. teleconferencing facilities to enable their
Nandan M. Nilekani Salil Parekh participation. Committees of the Board
The profiles of the Board members usually meet the day before the Board
encompassing details of nationality, age, meeting, or whenever the need arises for
date of (re)appointment, tenure on the 25% transacting business.
Board, term-ending date, shareholding,
Board memberships in Indian listed The Board members are expected
companies, committee details as per to rigorously prepare for, attend and
Regulation 26 of the Listing Regulations participate in Board and applicable
Independent directors
and the details of core expertise/ committee meetings. Each member
D. Sundaram Bobby Parikh is expected to ensure their other
competency of each director is provided
under Infosys Board of Directors section in Michael Gibbs Chitra Nayak commitments do not materially interfere
the Integrated Annual Report. There are no Uri Levine Govind Iyer with their responsibilities with us.
inter-se relationships between our Board
members. The Company does not have any Meeting of independent directors
material pecuniary relationship with any of 75% For the Board to exercise free and fair
the non-executive directors. Further, during judgment in all matters related to the
the year, the Company has not provided Indian Foreign national functioning of the Company as well as the
any loans or advances to firms/companies Board, it is important for the independent
in which directors are interested. 62.5% 37.5% directors to have meetings without the
presence of the executive management.
The Board has six committees – Audit
Committee, Nomination and Remuneration Schedule IV of the Companies Act, 2013
Committee, Stakeholders Relationship and the Rules thereunder mandate that
Committee, Risk Management Committee, Men Women
the independent directors of the Company
Corporate Social Responsibility (CSR) 87.5% 12.5% shall hold at least one meeting in a
Committee and ESG Committee. All financial year, without the attendance of
committees comprise only independent non-independent directors and members
directors, one of whom is chosen as of the Management. Even before the
the chairperson of the committee. The Companies Act, 2013 came into effect,
Company also has a Cybersecurity Risk Sub- Tenure analysis of the Board our Board’s process mandated periodic
committee under the Risk Management as on March 31, 2023 meetings attended exclusively by the
Committee. The Sub-committee comprises Average tenure (in years) independent directors.
only independent directors.
During the year, the independent directors
Non-executive and
5.6 non-independent met four times. At such meetings, the
Board meetings independent directors discuss, among
director
Scheduling and selection of agenda other matters, the performance of the
items for Board meetings Executive Independent Company and risks faced by it, the flow
5.2 3.1
The tentative dates of Board meetings director directors of information to the Board, competition,
for the next fiscal are decided in advance strategy, leadership strengths and
and published in the Integrated Annual 3.6 The Board weaknesses, governance, compliance,
Report. The Chairman and the Company Board movements, succession planning,
Secretary, in consultation with the CEO human resources matters and the
& MD, propose the agenda for each Average tenure (in years) performance of the executive members of
meeting, along with explanatory notes, and < 2 years 2-4 years >4 years the Board, and the Chairman.
distribute these in advance to the directors.

Infosys Integrated Annual Report 2022-23 119

Corporate governance report

Leading by example
is a key tenet of
Responsible leadership corporate governance
at Infosys. Both the Board
and the Management work
together to set the highest
standards of responsible
Responsibilities of the Board CEO & MD
leadership
leadership.
The CEO & MD is responsible for executing
We believe that an active, well-informed, corporate strategy in consultation with the
diversified and independent board is necessary Board, as well as for brand equity, planning,
to ensure the highest standards of corporate building external contacts and all matters related
governance. At Infosys, the Board is at the core of our to the management of the Company. He is responsible
corporate governance practice. The Board oversees the for achieving annual and long-term business targets. The CEO
Management’s functions and protects the long-term interests & MD also monitors the external and internal competitive
of our stakeholders. landscape, and new industry developments and standards,
identifies opportunities for expansion and acquisition, and
The responsibilities and authority of the Chairman, the CEO & MD builds relationships with customers and markets to enhance
and the lead independent director are as follows: shareholder value and implementing the organization’s vision,
mission, and overall direction.
Chairman
The CEO & MD acts as a link between the Board and the
The Company has separated the roles of Chairman and the CEO
Management and is also responsible for leading and evaluating
& MD to create a more balanced governance structure. The
the work of other executive leaders.
Chairman leads the Board, and is responsible for fostering and
promoting the integrity of the Board while nurturing a culture in
which the Board works harmoniously for the long-term benefit Lead Independent Director
of the Company and all its stakeholders. He presides over all The lead independent director was appointed by the Board
meetings of the Board and of the shareholders of the Company. to ensure robust independent leadership of the Board. The
general authority and responsibilities of the lead independent
The Chairman takes a lead role in managing the Board and director are decided by the group of independent directors. The
facilitates effective communication among directors. He is lead independent director also performs additional duties as
responsible for overseeing matters pertaining to governance, determined by the Board.
including the organization, composition and effectiveness
of the Board and its committees, and the performance of The lead independent director provides leadership to the
individual directors. independent directors, liaises on behalf of the independent
directors and ensures the Board’s effectiveness in maintaining
The Chairman actively works with the Nomination and high-quality governance of the organization and effective
Remuneration Committee to plan the composition of the functioning of the Board.
Board and Board committees, induct directors to the Board,
plan for director succession, participate effectively in the Board
evaluation process and meet with individual directors to provide
constructive feedback and advice.

120 Infosys Integrated Annual Report 2022-23

Key Board qualifications, expertise and attributes
The table below summarizes the key qualifications, skills, and attributes which are taken into consideration while nominating candidates
to serve on the Board.

Financial Diversity Global business

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

Leadership Information Technology Mergers and Acquisitions

Extended leadership experience for 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

Risk management Cybersecurity

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 the and implementing cybersecurity policies, procedures and strategies
Management’s actions to mitigate strategic, legal and compliance,
and operational risk exposures

The details of core expertise / competency of each director is provided in Infosys Board of Directors section in the Integrated Annual Report.

Infosys Integrated Annual Report 2022-23 121

Corporate governance report

Selection and appointment of new directors

The Board delegates The Committee, The Board The proposal is

the screening and based on defined recommends the placed before the
selection process to criteria, as laid out in appointment of the shareholders for
the Nomination and the Nomination and director to the approval.
Remuneration Remuneration shareholders.
Committee, which Policy, presents a
consists exclusively diverse slate of
of independent recommendations of
directors. eligible candidates
to the Board.

Succession planning Strategy retreat: As part of our annual strategy planning process,
The Nomination and Remuneration Committee works with we organize a management strategy retreat with the Board
the Board on the leadership succession plan to ensure orderly to deliberate on various topics related to strategic planning,
succession in appointments to the Board and to senior progress of ongoing strategic initiatives, risks to strategy
management positions. The Company strives to maintain execution and the need for new strategic programs to achieve
an appropriate balance of skills and experience within the the Company’s long-term objectives. This serves the dual
organization and the Board in an endeavour to introduce new purpose of providing the Board members a platform to bring
perspectives while maintaining experience and continuity. their expertise to various strategic initiatives, while also providing
In addition, promoting senior management within the an opportunity for them to understand detailed aspects of
organization fuels the ambitions of the talent force to earn execution and challenges relating to the specific theme.
future leadership roles. In summary, through this process, members of the Board get
a comprehensive and balanced perspective on the strategic
Training of Board members 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 The details of the training programs attended by the Board
on matters related to our values and commitments. They are members in fiscal 2023 are as follows:
also introduced to the organization structure, services, Group
structure and subsidiaries, constitution, Board procedures, Name of the director No. of training hours attended
matters reserved for the Board, major risks and risk management during fiscal 2023
strategy. The details of the familiarization program are also
Nandan M. Nilekani 5.5
available on the Company’s website, at
https://www.infosys.com/investors/reports-filings/Documents/ Salil Parekh 5.5
training-board-members2023.pdf. Kiran Mazumdar-Shaw (1)
5.5
We also facilitate the continual educational requirements of our D. Sundaram 5.5
directors. Each director is entitled to a training fee of US$ 5,000 Michael Gibbs 5.5
per year. Support is provided for independent directors if they
Uri Levine 5.5
choose to attend educational programs in the areas of Board /
corporate governance. Non-executive and independent directors Bobby Parikh 5.5
of the Board are familiarized through engagements such as: Chitra Nayak 5.5
Govind Iyer (2)
4
Total hours 48
(1)
Retired as Independent Director effective March 22, 2023
(2)
Appointed as Independent Director effective January 12, 2023

122 Infosys Integrated Annual Report 2022-23

 Our legacy of good
corporate governance
has translated into trust from
Effective corporate governance all stakeholders. To maintain this
trust, continuous efforts are made
to facilitate effective corporate
governance measures such as
constitution, governance
Availability of information to Board and statutory matters are presented
members and working of Board to the committees of the Board and
The Board has unrestricted access to all
committees. later, with the recommendation of the
committees, to the Board for its approval.
Company-related information, including that of
As a process, information to directors is
our employees. At Board meetings, managers and
submitted along with the agenda well in
representatives who can provide additional insights
advance of Board meetings. Inputs and feedback
into the items being discussed are invited. Information is
of Board members are taken and considered while preparing
provided to the Board members on a continuous basis for their
the agenda and documents for the Board meetings. At these
review, inputs and approval. Strategic and operational plans are
meetings, directors can provide their inputs and suggestions on
presented to the Board in addition to the quarterly and annual
various strategic and operational matters.
financial statements. Specific cases of acquisitions, important
managerial decisions, material positive / negative developments

Attendance of directors during fiscal 2023

During the year, eight Board meetings were held.

Board attendance

No. of Board meeting

Held
AGM on 1 2 3 4 5 6 7 8 % of
Name of the director during
June 25, attendance
2022 Apr May 21, Jul 13, Jul Oct 11, Oct Jan Mar 10, tenure
12-13, 2022 2022 23-24, 2022 12-13, 11-12, 2023
2022 2022 2022 2023

Nandan M. Nilekani L 8 7 88
Salil Parekh L 8 7 88
Kiran Mazumdar-Shaw(1) L 8 7 88
D. Sundaram L 8 7 88
Michael Gibbs 8 8 100
Uri Levine 8 8 100
Bobby Parikh 8 8 100
Chitra Nayak 8 8 100
Govind Iyer(2) NA NA NA NA NA NA NA 2 2 100
% of attendance 100 100 100 100 100 88 100 100 67

Present Attended L Leave of absence Attended through video call

(1)
Retired as Independent Director effective March 22, 2023
(2)
Appointed as Independent Director effective January 12, 2023

Infosys Integrated Annual Report 2022-23 123

Corporate governance report

Governance of Board committees

The Board, in consultation with the Nomination and committees meet four times a year. The recommendations
Remuneration Committee, is responsible for assigning and of the committees are submitted to the Board for approval.
determining the terms of service for committee members. During the year, all recommendations of the committees were
approved by the Board.
The Chairman of the Board, in consultation with the Company
Secretary and the respective committee chairperson, determines The quorum for meetings is the higher of two members or one-
the frequency of the committee meetings. Generally, all third of the total number of members of the committee.

Board committees as on March 31, 2023

The Board

Nomination and Corporate Social Environmental, Social Stakeholders

Remuneration Responsibility and Governance Risk Management Relationship
Audit Committee Committee
Committee Committee Committee Committee
Bobby Parikh D. Sundaram Govind Iyer Chitra Nayak D. Sundaram Michael Gibbs
D. Sundaram Michael Gibbs Uri Levine Uri Levine Michael Gibbs D. Sundaram
Michael Gibbs Govind Iyer Chitra Nayak Govind Iyer Uri Levine Bobby Parikh
Bobby Parikh Chitra Nayak
Chitra Nayak
Govind Iyer

Cybersecurity Risk
Sub-committee

Michael Gibbs
D. Sundaram
Uri Levine
Chairperson Member
Govind Iyer

124 Infosys Integrated Annual Report 2022-23

 Audit Committee

Bobby Parikh
Chairperson and Financial expert

The audit committee (“the Committee”) comprises only independent directors. As on March 31, 2023, the Committee comprised:
1. Bobby Parikh, Chairperson and Financial expert
2. D. Sundaram, Financial Expert
3. Michael Gibbs

The Company Secretary acts as the secretary to the Audit Committee.

Objectives of the Committee

Process adopted by the Committee to fulfill its objectives
The primary objective of the Committee is to assist the
Board with oversight of: Ensuring an effective and independent internal audit
1. The accuracy, integrity and transparency of the Company’s function, which works to provide assurance regarding the
financial statements with adequate and timely disclosures; adequacy and operation of internal controls and processes
intended to safeguard the Company’s assets, effective and
2. Compliance with legal and regulatory requirements;
efficient use of the Company’s resources and, timely and
3. The Company’s independent auditors’ professional accurate recording of all transactions
qualifications and independence;
4. The performance of the Company’s independent auditors and Meeting the independent auditor from time to time to
internal auditors; and discuss key observations related to the financial statements
5. Acquisitions and investments made by the Company. for the relevant period

Providing an independent channel of communication for

Audit Committee Charter the Chief Compliance Officer, the internal auditor and the
In India, we are listed on the BSE Limited (BSE) and the National independent auditor
Stock Exchange of India Limited (NSE). We are also listed on NYSE
Inviting members of the Management and, at its discretion,
in the US. In India, Regulation 18 of the Listing Regulations and in
external experts in legal, financial and technical matters, to
the US, the Blue Ribbon Committee set up by the U.S. Securities
provide advice and guidance
and Exchange Commission (SEC) mandate that listed companies
adopt an appropriate Audit Committee Charter. The Committee Reviewing its own Charter, structure, processes, membership
is guided by the Charter adopted by the Board, available on periodically, and recommending proposed changes to the
the Company’s website, at https://www.infosys.com/investors/ Board for approval
corporate-governance/documents/audit-committee-charter.
pdf. The Charter is reviewed annually and was last amended on Meeting at least four times in a year and not more than 120
April 13, 2023, to keep it relevant to the current composition and days shall elapse between two meetings
functions of the Committee.
Providing periodic feedback and reports to the Board

Infosys Integrated Annual Report 2022-23 125

Corporate governance report

Committee governance
The Committee fulfills the requirements of: is responsible for the Company’s internal control over financial
reporting and the financial reporting process. The independent
• Audit Committee Charter 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
• Regulation 18 of the Listing Regulations the Generally Accepted Auditing Principles and for issuing a
report based on the audit.
• NYSE guidelines, as applicable
The Committee met 11 times during the year, which is more
The Committee, to carry out its responsibilities efficiently and
than the requirement of the Companies Act, 2013 and the
transparently, relies on the Management’s financial expertise and
Listing Regulations.
that of the internal and independent auditors. The Management

Composition and attendance

100% 3 11 97%
Independence Members Meetings Attendance

Attendance details of the Audit Committee

Audit Committee meeting

Committee meeting details

Held
Name of the member 1 2 3 4 5 6 7 8 9 10 11 % of
during
tenure attendance
Apr 4, Apr May Jul 13, Jul Aug 1, Oct 11, Oct Jan Mar Mar
2022 12-13, 21, 2022 23-24, 2022 2022 12-13, 11-12, 1-2, 10,
2022 2022 2022 2022 2023 2023 2023

Bobby Parikh(1) 11 11 100

D. Sundaram(2) L 11 10 91
Michael Gibbs 11 11 100
% of attendance 100 100 100 100 100 100 100 100 100 100 67

Present Attended L Leave of absence Attended through video call

(1)
Appointed as the Chairperson of the Committee effective March 23, 2023
(2)
Ceased to be the Chairperson of the Committee effective March 23, 2023

Audit Committee report for the year ended March 31, 2023

Activities of the Committee during the year Frequency

The Management shared the Company’s financial statements, prepared in accordance with the Indian Accounting Standards Q
(Ind AS) as specified under the Companies Act, 2013, read with the relevant rules thereunder and International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board, with the Committee.
Held discussions with the auditors (whenever necessary, without the presence of members of the Management) regarding the Q
Company’s audited financial statements and sought the auditors’ judgment on the quality and applicability of the accounting
principles, the reasonableness of significant judgments, the adequacy of disclosures in the financial statements and other
matters as the Committee deemed necessary
Undertook an annual performance evaluation of its own effectiveness A
Reviewed with independent auditors the nature and scope of the audit, reviewed the audit engagement to ascertain adequacy A
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.

126 Infosys Integrated Annual Report 2022-23

 Reviewed the annual performance assessment of statutory auditors, internal auditors and the secretarial auditors A
Recommended appointment of internal auditors and secretarial auditors A
Reviewed and recommended audit fees, audit related fees, availing permissible non-audit services by statutory auditors and the P
corresponding non-audit service fees for Board’s approval
Helped the Board monitor the Management’s financial reporting process P
Reviewed the process adopted by the Management for testing impairment of assets including financial assets and goodwill P
Reviewed the significant transactions of the subsidiaries P
Reviewed and approved related party transactions, granted omnibus approvals from time to time, took note of half-yearly P
disclosures to the stock exchanges and recommended to the Board for approval as and when necessary
Reviewed the performances of the acquired entities. It also approved and recommended the investments, divestments and P
acquisitions made during the year for the approval of the Board
Monitored and reviewed 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 the Audit Committee Charter P
Reviewed and recommended to the Board on various policies as part of annual policy review process P
Took note of disclosures by promoters under Regulation 31(5) of SEBI (Substantial Acquisition of Shares and A
Takeovers) Regulations, 2011
Frequency A Annually Q Quarterly P Periodically

Recommendations of the Committee • The appointment of Ernst & Young LLP as the internal
Based on its discussion with the Management and the auditors, auditors of the Company for the year ending March 31, 2024,
and a review of the representations of the Management and the to review various operations of the Company
report of the auditors, the Committee has recommended the • The appointment of Makarand M. Joshi & Co. Company
following to the Board: Secretaries, as secretarial auditor for the year ending March
• The Company’s quarterly financial statements, prepared in 31, 2024, to conduct the secretarial audit as prescribed under
accordance with the Indian Accounting Standards (Ind AS) Section 204 and other applicable sections of the Companies
as specified under the Companies Act, 2013, read with the Act, 2013
relevant rules thereunder and the International Financial • The Committee will be issuing a letter in line with
Reporting Standards (IFRS) as issued by the International Recommendation No. 9 of the Blue Ribbon Committee
Accounting Standards Board on Audit Committee effectiveness, to be provided in the
• The audited financial statements of Infosys Limited, prepared financial statements prepared in accordance with IFRS in the
in accordance with Ind AS, for the year ended March 31, 2023, Annual Report on Form 20-F.
be accepted by the Board as a true and fair statement of the Relying on its review and the discussions with the Management
financial status of the Company and the independent auditors, the Committee believes that
• The audited consolidated financial statements of Infosys the Company’s financial statements are fairly presented in
Limited and its subsidiaries, prepared in accordance with Ind conformity with Ind AS and IFRS and that there is no significant
AS, for the year ended March 31, 2023, be accepted by the deficiency or material weakness in the Company’s internal
Board as a true and fair statement of the financial status of control over financial reporting. In conclusion, the Committee is
the Group satisfied that it has complied with its responsibilities as outlined
• The audited consolidated financial statements of Infosys in the Audit Committee Charter. The Board has accepted all
Limited and its subsidiaries, prepared in Indian rupee recommendations made by the Audit Committee.
in accordance with IFRS, for the quarter and year ended
Sd/-
March 31, 2023, be accepted by the Board as a true and fair
statement of the financial status of the Group Bengaluru Bobby Parikh
• The audited consolidated financial statements of Infosys April 13, 2023 Chairperson
Limited and its subsidiaries, prepared in US dollar in
accordance with IFRS, for the year ended March 31, 2023, be
accepted by the Board as a true and fair statement of the
financial status of the Group and included in the Company’s
Annual Report on Form 20-F, to be filed with the U.S.
Securities and Exchange Commission (SEC)

Infosys Integrated Annual Report 2022-23 127

Corporate governance report

Nomination and Remuneration Committee

D. Sundaram
Chairperson

The Nomination and Remuneration Committee (“the Committee”) comprises only independent directors. As on March 31, 2023, the
Committee comprised:
1. D. Sundaram , Chairperson
2. Michael Gibbs
3. Govind Iyer

Objectives of the Committee Committee governance

The main objectives and responsibilities of the Committee are to: The Committee fulfills the requirements of:
1. Assist the Board in discharging its responsibilities relating to • Nomination and Remuneration Committee Charter
the compensation of the Company’s executive directors, Key • Section 178 of the Companies Act, 2013
Managerial Personnel (KMP) and senior management
• Regulation 19 of the Listing Regulations
2. Evaluate and approve the adequacy of the compensation
plans, policies, programs and succession plans for the • NYSE guidelines, as applicable
Company’s executive directors, KMP and senior management The Committee oversees key processes by which the Company
(including identifying persons to be appointed to positions of recruits new members to its Board, and the processes by which
KMP and senior management in accordance with identified the Company recruits, motivates and retains outstanding senior
criteria and to recommend to the Board their appointment management as well as the Company’s overall approach to
and removal); human resources management.
3. Formulate the criteria for determining qualifications, positive
attributes and independence of a director, and performance Committee Policy and Charter
evaluation of directors on the Board The Board amended the Charter of the Nomination and
4. Administration of equity-based plans / schemes approved by Remuneration Committee on January 12, 2022 and the
the shareholders Nomination and Remuneration Policy on March 17, 2023. The
5. Oversee the Company’s nomination process for KMP Committee Charter and Policy are available on our website, at:
and senior management and identify, screen and review
Charter: https://www.infosys.com/investors/corporate-
individuals qualified to serve as directors, KMP and senior
governance/documents/nomination-remuneration-
management consistent with criteria approved by the Board
committee-charter.pdf
6. Recommend the appointment and removal of directors, for
approval at the annual meeting of shareholders; Policy: https://www.infosys.com/investors/corporate-
7. Carry out evaluation of the performance of the Board and governance/documents/nomination-remuneration-policy.pdf
review the evaluation’s implementation and compliance; The Nomination and Remuneration Committee met seven
8. Leadership development and succession planning times during fiscal 2023.
9. Develop and maintain corporate governance policies
applicable to the Company
10. Devise a policy on Board diversity

Composition and attendance

100% 3 7 93%
Independence Members Meetings Attendance

128 Infosys Integrated Annual Report 2022-23

Attendance details of the Nomination and Remuneration Committee
Nomination and Remuneration Committee meeting

Committee meeting details

Held
Name of the member 1 2 3 4 5 6 7 % of
during
tenure attendance
Apr 12, May 21, Jul 23, Oct 11, Oct 12, Jan 11, Mar 10,
2022 2022 2022 2022 2022 2023 2023

D. Sundaram(1) L 7 6 86
Michael Gibbs 7 7 100
Govind Iyer (2)
NA NA NA NA NA NA 1 1 100
Kiran Mazumdar-Shaw (3)
L 7 6 86
% of attendance 100 100 100 100 100 100 50

Present Attended L Leave of absence Attended through video call

(1)
Appointed as the Chairperson of the committee effective March 23, 2023 (2)
Appointed as a member of the Committee effective January 13, 2023
(3)
Ceased to be a Chairperson and member of the Committee due to retirement effective March 22, 2023

Nomination and remuneration committee report for the year ended March 31, 2023
Activities of the Committee during the year Frequency
Made regular reports to the Board regarding its actions and made recommendations to the Board as appropriate Q
Recommended the appointment of Egon Zehnder, a leadership advisory firm on board matters, to assist in evaluating the A
members of the Board, its committees, and the Board as a whole. Accordingly, the exercise was completed during fiscal 2023.
Undertook a review of the succession plans for key leadership positions, and helped to shape and monitor the development P
plans of key leadership personnel
Reviewed the responsibilities of the Board-level committees and based on the expertise of the members of the Board, P
recommended for the reconstitution of the Board-level committees
Reviewed and recommended to the Board the amendments to the Nomination and Remuneration Policy P
Reviewed the Nomination and Remuneration Committee Charter A
Reviewed the overall Board composition and recommended the appointment of Govind Iyer as a member of the Board P
Placed a substantial focus on improving the overall diversity of the workforce and enhancing employee engagement through P
real-time feedback from employees
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.
Designing, benchmarking and continuously reviewing the compensation program for the Board and the CEO & MD against the P
achievement of measurable performance goals
Undertook an annual performance evaluation of its own effectiveness A
Reviewed various initiatives undertaken by the Company to ensure the safety, security and well-being of employees, as well as Q
their overall development through learning programs and on-the-job training.
Recommended the appointment of Shaji Mathew as Group Head of Human Resources and KMP P
Recommended the appointment of D. Sundaram as Lead Independent Director of the Company, for the approval of the Board P
Frequency A Annually Q Quarterly P Periodically

Sd/-
Bengaluru D. Sundaram
April 12, 2023 Chairperson

Infosys Integrated Annual Report 2022-23 129

Corporate governance report

Corporate Social Responsibility Committee

Govind Iyer
Chairperson

The Corporate Social Responsibility Committee (“the Committee”) comprises only independent directors. As on March 31, 2023, the
Committee comprised:
1. Govind Iyer, Chairperson
2. Uri Levine
3. Chitra Nayak

Our CSR philosophy Committee governance

We focus on our social and environmental responsibilities to The Committee comprised three independent directors and
fulfill the needs and expectations of the communities around fulfill the requirements of:
us. Our CSR is not limited to philanthropy, but encompasses • Section 135 of the Companies Act, 2013
holistic community development, institution-building and
• CSR Committee Charter
sustainability-related initiatives.
The CSR committee is responsible for in identifying the areas
Objectives and responsibilities of the Committee of CSR activities, programs and execution of initiatives as per
The primary objective of the Committee is to assist the Board in defined guidelines and for overseeing the activities / functioning
fulfilling its corporate social responsibility. The Committee has of the Infosys Foundation, Infosys Foundation USA and other
overall responsibility for: initiatives undertaken by the Company, including Australia and
Europe. The Foundations, in turn, guide the CSR committee
1. Identifying the areas of CSR activities in reporting the progress of deployed initiatives, and making
2. Recommending the amount of expenditure to be incurred on appropriate disclosures on a periodic basis.
the identified CSR activities
The CSR Committee met four times during fiscal 2023.
3. Implementing and monitoring the CSR Policy from time to time
4. Formulating a CSR annual action plan and recommending it to
the Board
5. Reviewing the Company’s initiatives and programs
6. Coordinating with Infosys Foundation or such other
agency(ies) in implementing programs and executing
initiatives as per the CSR policy of the Company.

Composition and attendance

100% 3 4 100%
Independence Members Meetings Attendance

130 Infosys Integrated Annual Report 2022-23

Attendance details of the CSR Committee
CSR Committee meeting

Committee meeting details

1 2 4 Held
3 % of
Name of the member during
tenure attendance
Apr 11, 2022 Jul 23, 2022 Oct 11, 2022 Jan 10, 2023

Kiran Mazumdar-Shaw(1) 4 4 100

Chitra Nayak 4 4 100
Uri Levine 4 4 100
Govind Iyer (2) NA NA NA NA NA NA NA
% of attendance 100 100 100 100

Present Attended L Leave of absence Attended through video call

(1)
Ceased to be a Chairperson and member of the Committee due to retirement effective March 22, 2023
(2)
Appointed as a member of the Committee effective January 13, 2023 and the Chairperson effective March 23, 2023

Committee Policy and Charter CSR report

The Committee, with the approval of the Board, has adopted the The CSR report, as required under the Companies Act, 2013,
CSR Policy as required under Section 135 of the Companies Act, for the year ended March 31, 2023, is attached as Annexure 6
2013. The Board amended the Charter of the CSR Committee and to the Board’s report.
CSR Policy on July 14, 2021. The Committee Charter and Policy are
The Committee, on a periodic basis, reviewed and approved
available on our website, at:
the budget and disbursement of funds. The Committee ensures
Charter: https://www.infosys.com/investors/corporate- that at least 2% of the average net profits of the Company made
governance/documents/corporate-social-responsibility- during the three immediately preceding financial years is spent
committee-charter.pdf for CSR activities in India during the year. Accordingly, during
fiscal 2023, the Company spent `391.51 crore on various projects.
Policy: https://www.infosys.com/investors/
The unspent balance of `45.33 crore is towards various ongoing
corporate-governance/documents/corporate-social-
projects and will be transferred to the unspent CSR account
responsibility-policy.pdf
and spent in accordance with the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amendments thereunder. 
In addition to the `391.51 crore spent in fiscal 2023, the Company
also spent `64.39 crore on account of ongoing projects of fiscals
2021 and 2022. The CSR amount spent in the US, Australia, and
across Europe, in UK, Germany, France and Ukraine, is over and
above the statutory requirement in India.

Sd/-
Bengaluru Govind Iyer
April 11, 2023 Chairperson

Infosys Integrated Annual Report 2022-23 131

Corporate governance report

ESG Committee

Chitra Nayak
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, 2023, the Committee comprised:
1. Chitra Nayak, Chairperson
2. Uri Levine
3. Govind Iyer

Objectives and responsibilities of the Committee 6. Review and reassess the adequacy of the ESG Committee
1. Guide the creation of the ESG vision and ambitions of the Charter periodically and recommend any proposed changes
Company and continuously review updates and progress on to the Board for approval.
the ESG vision and goals, thereon.
2. Review the ESG Operations Council and its working. Committee governance
The Committee may form and delegate authority to sub- The main responsibility of the ESG Committee is to guide
committees as and when appropriate. the ESG journey of the Company embarked from 2011.
3. Ensure that the Company is taking the appropriate measures The ESG Committee Charter dated July 14, 2021, can be
to undertake and implement actions to further its ESG vision accessed at https://www.infosys.com/investors/corporate-
and ambitions. The Committee shall have access to any governance/documents/environment-social-governance-
internal information necessary to fulfill its role, in this regard. committee-charter.pdf
4. Review any statutory requirements for sustainability The Company’s ESG vision 2030 and ESG report
reporting, e.g. Business Responsibility and Sustainability 2023 can be accessed at
Report (BRSR) and guide Infosys’ leadership on global ESG
https://www.infosys.com/content/dam/infosys-web/en/about/
assessments.
corporate-responsibility/esg-vision-2030/index.html
5. Authority to obtain advice and assistance from internal or
external experts, advisors. https://www.infosys.com/sustainability/documents/infosys-
esg-report-2022-23.pdf
The ESG committee met four times during fiscal 2023.

Composition and attendance

100% 3 4 100%
Independence Members Meetings Attendance

132 Infosys Integrated Annual Report 2022-23

Attendance details of the ESG Committee
ESG Committee meeting

Committee meeting details

Held
1 2 3 4 % of
Name of the member during
tenure attendance
Apr 11, 2022 Jul 23, 2022 Oct 11, 2022 Jan 10, 2023

Chitra Nayak(1) 4 4 100

Kiran Mazumdar-Shaw (2)
4 4 100
Uri Levine 4 4 100
Govind Iyer (3)
NA NA NA NA NA NA NA
% of attendance 100 100 100 100

Present Attended L Leave of absence Attended through video call

(1)
Appointed as the Chairperson of the Committee effective April 14, 2022
(2)
Ceased to be the Chairperson of the Committee effective April 13, 2022 and member of the Committee effective March 22, 2023.
(3)
Appointed as a member of the Committee effective January 13, 2023

ESG Committee report for the year ended March 31, 2023
Activities of the Committee during the year Frequency
Made regular reports to the Board regarding its actions and made recommendations to the Board as appropriate Q
Reviewed the ESG Operations Council and its working Q
Reviewed digital skilling and reskilling initiatives of the Company A
Reviewed responsible supply chain initiatives, global climate change disclosure requirements, and process and data quality P
audit reports
Reviewed ESG ambitions 2030 and took note of responsible supply chain program and various sustainable procurement initiatives P
Reviewed and recommended amendments to the Corporate Governance Guidelines, for the approval of the Board P
Monitored the Company’s progress on Diversity, Equity and Inclusion leadership, including training initiatives on unconscious Q
bias and Orbit Next etc.
Reviewed the Company’s position with respect to global ESG assessments and provided directions to address gaps Q
Reviewed client engagements on climate actions and sustainability A
Frequency A Annually Q Quarterly P Periodically

Sd/-
Bengaluru Chitra Nayak
April 11, 2023 Chairperson

Infosys Integrated Annual Report 2022-23 133

Corporate governance report

Risk Management Committee

D. Sundaram
Chairperson

The Risk Management Committee (“the Committee”) comprises only independent directors. As on March 31, 2023, the
Committee comprised:
1. D. Sundaram, Chairperson 4. Bobby Parikh
2. Michael Gibbs 5. Chitra Nayak
3. Uri Levine 6. Govind Iyer

Objectives and responsibilities of the Committee

The primary objectives of the Committee are: 8. To review and reassess the adequacy of the Risk Management
Committee Charter periodically and recommend any
1. To assist the Board in fulfilling its corporate governance
proposed changes to the Board for approval
oversight responsibilities with regard to the identification,
evaluation and mitigation of strategic, operational, and 9. To ensure access to any internal information necessary to
external environment risks fulfill its oversight role and obtain advice and assistance from
internal or external legal, accounting or other advisors
2. To monitor and approve the enterprise risk management
framework and associated practices of the Company 10. To appoint, remove and approve terms of remuneration of the
Chief Risk Officer
3. To periodically assess risks to the effective execution of
business strategy by reviewing key leading indicators in this
regard Committee governance
4. To periodically review the risk management processes and The Committee comprises only independent directors and fulfills
practices of the Company and ensure that the Company is the requirements of:
taking the appropriate measures to achieve prudent balance • Risk Management Committee Charter
between risk and reward in both ongoing and new business • Regulation 21 of the Listing Regulations
activities
• NYSE guidelines, as applicable
5. To evaluate significant risk exposures of the Company and
assess the Management’s actions to mitigate the exposures in Committee Charter
a timely manner The Risk Management Committee Charter as amended on July
6. To evaluate risks related to cybersecurity and ensure 14, 2021 is available on the Company’s website, at
appropriate procedures are in place to mitigate these risks in a
https://www.infosys.com/investors/corporate-governance/
timely manner
documents/risk-management-committee-charter.pdf
7. To coordinate its activities with the Audit Committee in
instances where there is any overlap with audit activities The Committee met four times during fiscal 2023.

Composition and attendance

100% 6 4 100%
Independence Members Meetings Attendance

134 Infosys Integrated Annual Report 2022-23

Attendance details of the Risk Management Committee
Risk Management Committee meeting

Committee meeting details

Held
1 2 3 4 % of
Name of the member during
tenure attendance
Apr 11, 2022 Jul 24, 2022 Oct 11, 2022 Jan 10, 2023

D. Sundaram 4 4 100
Kiran Mazumdar-Shaw (1)
4 4 100
Michael Gibbs 4 4 100
Uri Levine 4 4 100
Bobby Parikh 4 4 100
Chitra Nayak 4 4 100
Govind Iyer(2) NA NA NA NA NA NA NA
% of attendance 100 100 100 100

Present Attended L Leave of absence Attended through video call

(1)
Ceased to be a member of the Committee due to retirement effective March 22, 2023
(2)
Appointed as a member of the Committee effective January 13, 2023

Risk Management Committee report for the year ended March 31, 2023
Activities of the Committee during the year Frequency
Reviewed the risks arising due to evolving macro‐economic scenarios in markets we operate P
Reviewed risks and mitigation actions to heightened competitive landscape, technology disruption and innovation, inflation, P
and regulatory environment
Reviewed the risks and assessed the mitigation actions put in place to address talent constraints 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 the governance of contractual liabilities P
Reviewed service delivery risk in critical client engagements P
Reviewed client credit risk Q
Reviewed the risks to the achievement of ESG goals P
Reviewed the risks related to hybrid working model P
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, incident policy, related system controls, GDPR and Q
similar regulatory requirements, risks and progress of mitigation actions
Reviewed the cybersecurity related risks and oversight of the Cybersecurity Risk Sub‐committee Q
Submitted regular reports and recommendations to the Board with respect to risk management and mitigation procedures Q
Reviewed the appointment and terms of remuneration of the Chief Risk Officer A
Reviewed and approved the Enterprise Risk Management Framework of the Company A
Undertook an annual performance evaluation of its own effectiveness A
Frequency A Annually Q Quarterly P Periodically

Sd/-
Bengaluru D. Sundaram
April 11, 2023 Chairperson

Infosys Integrated Annual Report 2022-23 135

Corporate governance report

Cybersecurity Risk Sub-committee

Michael Gibbs
Chairperson and Cybersecurity expert

The Cybersecurity Risk Sub-committee (“the Sub-committee”) comprises only independent directors. As on March 31, 2023, the sub-
committee comprised:
1. Michael Gibbs, Chairperson and Cybersecurity expert
2. D. Sundaram
3. Uri Levine
4. Govind Iyer

Committee governance and react to such risks. The Sub-committee meets periodically
and recommends its findings, if any, to the Risk Management
The risk management Committee constituted a Cybersecurity
Committee. The Sub-committee has appointed an external
Risk Sub-committee in April 2019. This Sub-committee was
consultant who is an expert in security engineering to advice and
voluntarily constituted to focus on cybersecurity-related threats.
guide the Sub-committee on cybersecurity matters.
The objective of the Sub-committee is to assess cybersecurity-
related risks and the preparedness of the Company to mitigate The Sub-committee met four times during fiscal 2023.

Composition and attendance

100% 4 4 100%
Independence Members Meetings Attendance

Attendance details of the Cybersecurity Risk Sub-committee

Cybersecurity Risk Sub-committee meeting

Committee meeting details

Held
1 2 3 4 % of
Name of the member during
tenure attendance
Apr 05, 2022 Jul 14, 2022 Oct 11, 2022 Jan 10, 2023

Michael Gibbs 4 4 100

D. Sundaram 4 4 100
Uri Levine 4 4 100
Govind Iyer (1)
NA NA NA NA NA NA NA
% of attendance 100 100 100 100

Present Attended L Leave of absence Attended through video call

(1)
Appointed as a member of the committee effective January 13, 2023

136 Infosys Integrated Annual Report 2022-23

Cybersecurity Risk Sub-committee report for the year ended March 31, 2023
Activities of the Committee during the year Frequency
Reviewed the security awareness initiatives along with consequence management for violations P
Reviewed the heightened external threat environment P
Reviewed the remote and hybrid working challenges and controls P
Reviewed the new regulatory requirements for cybersecurity P
Reviewed the cyber resilience table-top exercise and other initiatives like the internal and external bug bounty program, ISG P
boot camp etc.
Reviewed subsidiaries’ BitSight rating P
Reviewed the threat landscape and incident metrics, global ransomware attacks, and Infosys preparedness Q
Reviewed the security program maturity assessment and external benchmarking A
Frequency A Annually Q Quarterly P Periodically

Sd/-
Bengaluru Michael Gibbs
April 11, 2023 Chairperson

Infosys Integrated Annual Report 2022-23 137

Corporate governance report

Stakeholders Relationship Committee

Michael Gibbs
Chairperson

The Stakeholders Relationship Committee (“the Committee”) comprises only independent directors. As on March 31, 2023, the
Committee comprised:
1. Michael Gibbs, Chairperson
2. D. Sundaram
3. Bobby Parikh
4. 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.

Purpose of the Committee Committee governance

The purpose of the Committee is to assist the Board and The Committee comprises four independent directors and
the Company to oversee the various aspects of interests of performs the functions as required by:
stakeholders of the Company. The term ‘stakeholder’ includes
• Section 178 of the Companies Act, 2013 and rules framed
shareholders, debenture holders and other security holders.
thereunder
• Regulation 20 of the Listing Regulations and other
Objectives and responsibilities of the Committee regulations and laws, as applicable
The primary objectives of the Committee are to: • NYSE guidelines, as applicable
1. Consider and resolve the security holders’ concerns or • Stakeholders Relationship Committee Charter
complaints
2. Monitor and review the investor service standards of the Committee Charter
Company
The Stakeholders Relationship Committee Charter dated April
3. Take steps to develop an understanding of the views of 1, 2019, is available on the Company’s website, at https://www.
shareholders about the Company, either through direct infosys.com/investors/corporate-governance/documents/
interaction, analysts’ briefings or survey of shareholders stakeholders-relationship-committee.pdf
4. Oversee and review the engagement and communication
plan with shareholders and ensure that the views and
concerns of the shareholders are highlighted to the Board at
the appropriate time and that steps are taken to address such
concerns

Composition and attendance

100% 4 4 100%
Independence Members Meetings Attendance

138 Infosys Integrated Annual Report 2022-23

Attendance details of the Stakeholders Relationship Committee
Stakeholders Relationship Committee meeting

Committee meeting details

1 2 4 Held
3 % of
Name of the member during
tenure attendance
Apr 11, 2022 Jul 23, 2022 Oct 11, 2022 Jan 10, 2023

D. Sundaram(1) 4 4 100
Bobby Parikh 4 4 100
Chitra Nayak 4 4 100
Michael Gibbs(2) NA NA NA NA NA NA NA
% of attendance 100 100 100 100

Present Attended L Leave of absence Attended through video call

(1)
Ceased to be the Chairperson of the Committee effective March 23, 2023
(2)
Appointed as the Chairperson of the Committee effective March 23, 2023

Shareholding as on March 31, 2023 Complaints received and resolved during the year
ended March 31, 2023

Members Shares 2022 2023

29,39,742 285 414,45,16,086 40,43,958 3,312 3,568
Total 29,40,027 Total 414,85,60,044 3,312 3,568

Received Resolved
% to equity
99.90 0.10 Dematerialized Physical
Total 100%

Stakeholders Relationship Committee report for the year ended March 31, 2023

Activities of the Committee during the year Frequency

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 timely receipt of P
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 to P
the IEPF Rules
Reviewed the annual audit report submitted by the RTA’s (Registrar & Share Transfer Agent) independent auditors on the annual A
internal audit conducted on the RTA operations as mandated by SEBI
Periodically provided updates to the Board P
Reviewed the measures taken for effective exercise of voting rights by shareholders A
Reviewed the adherence to service standards and security assessments adopted in respect of various services being rendered by P
the RTA
Undertook an annual performance evaluation of its own effectiveness A
Reviewed the Management’s investor / analyst interactions Q
Reviewed the key investor relations updates Q
Frequency A Annually Q Quarterly P Periodically

Sd/-
Bengaluru Michael Gibbs
April 11, 2023 Chairperson

Infosys Integrated Annual Report 2022-23 139

Corporate governance report

Two of the core

values of our C-LIFE,
Fairness and excellence fairness and excellence
are evident in the workings
of the Board, its evaluation
and the compensation paid
to the directors and the
Board member evaluation executive leadership. Board and executive leadership
One of the key functions of the Board is compensation
to monitor and review the Board evaluation Executive leadership compensation
framework. The Board works with the Nomination Our executive compensation programs encourage
and Remuneration Committee to lay down the reward for performance. A significant portion of
evaluation criteria for the performance of the Chairman, the the executives’ total rewards is tied to the delivery of long-
Board, Board committees, and executive / non-executive / term corporate performance goals to align with the interest
independent directors through peer evaluation, excluding the of the shareholders.
director being evaluated.
As required under the Listing Regulations, the Nomination
Independent directors have three key roles – governance, control and Remuneration Committee recommends to the Board
and guidance. Some performance indicators, based on which the the payment of remuneration to the senior management.
independent directors are evaluated, include: The Nomination and Remuneration Policy of the Company
• The ability to contribute to and monitor our corporate is available on our website, at https://www.infosys.com/
governance practices investors/corporate-governance/documents/nomination-
• The ability to contribute by introducing international best remuneration-policy.pdf.
practices to address business challenges and risks
• Active participation in long-term strategic planning Non-executive and non-independent chairman’s
compensation
• Commitment to the fulfillment of a director’s obligations and
fiduciary responsibilities; these include participation in Board Nandan M. Nilekani, Chairman, voluntarily chose not to receive
and committee meetings. any remuneration for his services rendered to the Company.

To improve the effectiveness of the Board and its committees, Independent directors’ compensation
as well as that of each individual director, a formal and rigorous The compensation payable to the independent directors is
Board review is internally undertaken on an annual basis. limited to a fixed amount per year as determined and approved
The Board had engaged Egon Zehnder, a leadership advisory by the Board, the sum of which does not exceed 1% of net profit
firm on board matters, to conduct the Board evaluation for fiscal for the year, calculated as per the provisions of the Companies
2023. The evaluation process focused on Board dynamics, softer Act, 2013. The Board reviews the performance of independent
aspects, committee effectiveness and information flow to the directors on an annual basis.
Board or its committees, among other matters. The methodology The Board, while deciding the basis for determining the
included various techniques such as questionnaires, one-on- compensation of the independent directors, takes various things
one discussions, etc. The recommendations were discussed into consideration. These include global board compensation
with the Board and individual feedback was provided. Progress benchmarking, participation of individual directors in Board and
on recommendations from last year and the current year’s committee meetings, other responsibilities, such as membership
recommendations were discussed. The aspects of succession or chairmanship of committees, time spent in carrying out
planning and committee composition were also considered. The other duties, roles and functions as prescribed in Schedule
Board evaluation process was completed during fiscal 2023. IV of the Act, Listing Regulations and such other factors as
Further, the evaluation process was based on the affirmation the Board deems fit.
received from the independent directors that they met the
independence criteria as required under the Companies Act
2013, the Listing Regulations and the NYSE listing manual.

140 Infosys Integrated Annual Report 2022-23

Shareholders at the 34th AGM held on June 22, 2015 approved The amount payable to independent directors for the year
a sum not exceeding 1% of the net profit of the Company per ended March 31, 2023 is `15.17 crore. Additionally, independent
annum, calculated in accordance with the provisions of Section directors are also reimbursed for expenses incurred in the
198 of the Companies Act, 2013, to be paid and distributed performance of their official duties. We confirm that none of the
among some or all of the non-executive directors of the non-executive directors received remuneration amounting to
Company in a manner decided by the Board. This payment will 50% of the total remuneration paid to non-executive directors
be made with respect to the profits of the Company for each year. during the year ended March 31, 2023.

The aggregate amount of remuneration (commission) was arrived at using the following criteria:

Particulars in ` crore in US$

Fixed Board fee 1.23 150,000
Board / committee attendance fee(1) 0.21 25,000
Non-executive chairman fee 2.47 300,000
Chairperson – Audit Committee 0.41 50,000
Members – Audit Committee 0.25 30,000
Chairperson – other committees 0.25 30,000
Members – other committees 0.16 20,000
Travel fee (per meeting) (2)
0.08 10,000
Incidental fees (per meeting)(3) 0.01 1,000
Lead Independent Director 0.25 30,000

Notes: 1 US$ = ` 82.17 as on March 31, 2023

(1)
The Company normally has five regular Board meetings in a year. Independent directors are expected to attend at least four quarterly Board meetings and the
AGM.
(2)
For directors based overseas, the travel fee shown is per Board meeting. This is based on the fact that additional travel time of two days will have to be
accommodated for independent directors to attend Board meetings in India.
(3)
For directors based overseas, incidental fees shown is per Board meeting. This fee is paid to independent directors for expenses incurred during their travel to
attend Board meetings in India.
(4)
The payment is subject to deduction of tax at source (TDS) as required by applicable tax laws. If any tax is deducted at source as per applicable tax laws, a
certificate as prescribed by law will be issued for the amount of tax withheld. The Company shall seek necessary and relevant tax documents as per applicable
law in seeking waiver or reducing any applicable withholding taxes.

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.

Indemnification agreements Materially significant related party transactions

We have also entered into agreements to indemnify our directors There have been no materially significant related party
and officers for claims brought against them to the fullest extent transactions that may have potential conflict with the interests of
permitted under applicable law. These agreements, among other listed entity at large as provided in the Related Party Transactions
things, indemnify our directors and officers for certain expenses, Policy, which is available on our website, at https://www.infosys.
judgments, fines and settlement amounts incurred by any such com/investors/corporate-governance/Documents/related-party-
person in any action or proceedings, including any action by or in transaction-policy.pdf.
the right of Infosys Limited, arising out of such persons’ services
as our director or officer, expenses in relation to public relations
consultation, if required.

Infosys Integrated Annual Report 2022-23 141

Corporate governance report

Remuneration to directors in fiscal 2023

in ` crore

Name of the director Fixed salary Bonus / Perquisites Commission Total

incentives / on account of
Base Retiral Total fixed variable pay stock options
salary benefits salary exercised(1)*
(A) (B) (A+B)

Non-executive and non-independent director

Nandan M. Nilekani(2) – – – – – – –

Executive director

Salil Parekh(3) 6.67 0.45 7.12 18.73 30.60 – 56.45

Independent directors

D. Sundaram(4) – – – – – 2.67 2.67

Kiran Mazumdar-Shaw(5) – – – – – 2.45 2.45

Michael Gibbs – – – – – 2.63 2.63

Bobby Parikh – – – – – 2.02 2.02

Chitra Nayak – – – – – 2.54 2.54

Govind Iyer(6) – – – – – 0.49 0.49

Uri Levine (7)

– – – – – 2.37 2.37

Notes: The details in the above table are on accrual basis.

(1)
In accordance with the definition of perquisites under the Income-tax Act, 1961, the remuneration includes the value of stock incentives only on those
shares that have been exercised during the period. Accordingly, the value of stock incentives granted during the period is not included. The number of stock
incentives granted in fiscal 2023 is mentioned in the notes below. Independent directors are not entitled to any stock incentives.
(2)
Nandan M. Nilekani voluntarily chose not to receive any remuneration for his services rendered to the Company.
(3)
a) Perquisites value of stock incentives on account of exercise of 1,24,783 Restricted Stock Units (RSUs) under the 2015 Plan and 73,962 RSUs under the 2019
Plan during fiscal 2023
b) On the recommendation of the Nomination and Remuneration Committee, in accordance with the terms of his previous employment agreement, the Board
approved
i) the grant of 84,361 performance-based RSUs under the 2015 Plan effective May 2, 2022
ii) the grant of 64,893 performance-based RSUs for fiscal 2023 under the 2019 Plan effective May 2, 2022. These will vest based on the Company’s achievement
of certain performance criteria as laid out in the 2019 Plan.
These RSUs will vest in line with the previous employment agreement.
c) On the recommendation of the Nomination and Remuneration Committee and as approved by the shareholders, in accordance with the terms of his revised
employment agreement effective July 1, 2022, the Board approved
i) the grant of 1,40,228 performance-based RSUs under the 2015 Plan effective August 1, 2022. These will vest based on the achievement of certain
performance targets.
ii) the grant of 12,894 performance-based RSUs under the 2015 Plan effective August 1, 2022. These will vest based on the achievement of certain
environment, social and governance milestones as determined by the Board.
iii) the grant of 32,236 performance-based RSUs under the 2015 Plan effective August 1, 2022. These will vest based on the achievement of the Company’s
performance on cumulative relative TSR over the years and as determined by the Board.
iv) the grant of 19,341 annual time-based RSUs for fiscal 2023 under the 2015 Plan effective February 1, 2023
These RSUs will vest in line with the revised employment agreement.
(4)
D. Sundaram was appointed as Lead Independent Director effective March 23, 2023.
(5)
Kiran Mazumdar-Shaw retired as Lead Independent Director effective March 22, 2023.
(6)
Govind Iyer was appointed as Independent Director effective January 12, 2023.
(7)
Uri Levine to retire as Independent Director effective April 19, 2023.
* The RSUs were issued at par value.

142 Infosys Integrated Annual Report 2022-23

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 2023.

Employment agreements with executive director

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 (Initial The shareholders approved the Employment agreement including
Officer and Managing Director appointment) and July 1, initial appointment and key terms key terms:
2022 (reappointment) of the agreement vide postal https://www.infosys.com/investors/
ballot concluded on February 20, reports-filings/documents/
2018 and amended the terms of ceo-executive-employment-
remuneration as per the resolution agreement2022.pdf
passed at the AGM dated June 22, and
2019. Further, the shareholders https://www.infosys.com/investors/
approved the reappointment reports-filings/Documents/
of Salil Parekh including revised CEO-executive-employment-
remuneration payable to him at agreement2018.pdf
the 41st AGM held on June 25, 2022. AGM notice:
https://www.infosys.com/investors/
reports-filings/documents/agm-
notice2019.pdf
and
https://www.infosys.com/investors/
reports-filings/documents/agm-
notice2022.pdf

Details of total fees paid to statutory auditors in ` crore

The details of total fees for all services paid by the Company and Type of service Fiscal 2023 Fiscal 2022
its subsidiaries, on a consolidated basis, to the statutory auditor Audit fees (1) 21 18
and all entities in the network firm / network entity of which the
statutory auditor is a part, are as follows: Tax fees 4 3
Others 1 1
Total 26 22
(1)
Includes audit and audit-related services

Infosys Integrated Annual Report 2022-23 143

Corporate governance report

Integrity and
transparency
&
Relationship with
stakeholders
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
Corporate The share data mentioned before is
clear communication with them is unadjusted for stock split and bonus
Infosys was incorporated in Pune, in
1981, as Infosys Consultants Private at the center of all disclosures shares. In July 2003, June 2005 and
Limited, a private limited company and reports. November 2006, we issued secondary-
under the Companies Act, 1956. In 1983, sponsored American Depositary
the corporate headquarters were relocated Receipts (ADRs) of US$ 294 million, US$
to Bengaluru. The name of the Company was 1.1 billion and US$ 1.6 billion, respectively.
changed to Infosys Technologies Private Limited During fiscal 2012, the name of the Company was
in April 1992 and to Infosys Technologies Limited changed from Infosys Technologies Limited to Infosys
in June 1992, when the Company became a public limited Limited to mark the transition from being a technology services
company. We made an Initial Public Offering (IPO) in February provider to a business transformation partner to our clients.
1993 and were listed on stock exchanges in India in June 1993.
Trading opened at ₹145 per share, compared to the IPO price of During fiscal 2013, we delisted our ADSs from NASDAQ, and
₹95 per share. In October 1994, we made a private placement of listed them in the New York Stock Exchange (NYSE), Euronext
5,50,000 shares at ₹ 450 each to Foreign Institutional Investors London and Euronext Paris. During fiscal 2019, the Company
(FIIs), Financial Institutions (FIs) and body corporates. voluntarily delisted from Euronext London and Paris due
to low trading volume.
In March 1999, we issued 20,70,000 American Depositary Shares
(ADSs) (equivalent to 10,35,000 equity shares of par value ₹10 Infosys equity shares and ADSs are listed on NSE and BSE in India
each) at US$ 34 per ADS under the ADS Program, and these ADSs and in NYSE, respectively, under the symbol “INFY”.
were listed on the NASDAQ National Market.

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 1989 1991 1992 1994 1997 1999 2000 2005 2007 2015 2016 2019
1986
Stock
Bonus Bonus Bonus Bonus Bonus Bonus Bonus Bonus Bonus Bonus Bonus Bonus
Split
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.

144 Infosys Integrated Annual Report 2022-23

Dividend for fiscal 2023

Total
`16.50 Dividend
`17.50
Dividend cycle Interim 2022-23 `34.00 Dividend cycle Final 2022-23
Record date Oct 28, 2022 Record date Jun 02, 2023
Payout date Nov 10, 2022 Payout date Jul 03, 2023

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
2015-2016 Final 14.25 June 18, 2016 July 17, 2023 1,42,78,457
2016-2017 Interim 11.00 October 14, 2016 November 19, 2023 1,22,82,105
2016-2017 Final 14.75 June 24, 2017 July 25, 2024 1,98,31,803
2017-2018 Interim 13.00 October 24, 2017 November 24, 2024 2,11,76,948
2017-2018 Final & Special 30.50 June 23, 2018 July 24, 2025 4,21,21,472
2018-2019 Interim 7.00 October 16, 2018 November 14, 2025 1,81,56,524
2018-2019 Special 4.00 January 11, 2019 February 10, 2026 1,04,84,992
2018-2019 Final 10.50 June 22, 2019 July 21, 2026 2,52,78,908
2019-2020 Interim 8.00 October 11, 2019 November 11, 2026 2,17,17,633
2019-2020 Final 9.50 June 27, 2020 July 28, 2027 2,39,79,822
2020-2021 Interim 12.00 October 14, 2020 November 17, 2027 2,78,11,807
2020-2021 Final 15.00 June 19, 2021 July 20, 2028 3,04,57,367
2021-2022 Interim 15.00 October 13, 2021 November 16, 2028 3,37,73,488
2021-2022 Final 16.00 June 25, 2022 July 25, 2029 3,58,09,082
2022-2023 Interim 16.50 October 13, 2022 November 13, 2029 3,24,27,096
(1)
Not adjusted for bonus issue Amount unclaimed as on March 31, 2023
(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 the IEPF. Shareholders may note that both the
unclaimed dividends and corresponding shares transferred to the IEPF, including all benefits accruing on such shares, if any, can be
claimed from the IEPF following the procedure prescribed in the Rules. No claim shall lie in respect thereof with the Company.

Dividend remitted to IEPF during the last three years

Year Type of dividend Dividend declared on Date of transfer to IEPF Amount transferred to IEPF
2022-23 Interim 2015-16 October 12, 2015 November 17, 2022 1,03,63,320
2022-23 Final 2014-15 June 22, 2015 July 22, 2022 1,39,48,102
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

Infosys Integrated Annual Report 2022-23 145

Corporate governance report

Shares transferred to IEPF

During the year, the Company transferred 1,48,274 and 2,98,879 shares on August 20, 2022 and December 14, 2022, respectively, due to
the dividends being unclaimed for seven consecutive years, in accordance with the IEPF rules. During the year, the Company received
applications from shareholders for claiming shares from the IEPF. The IEPF has settled applications pertaining to 26,666 shares to
respective shareholders and IEPF holds 7,26,048 shares as on March 31, 2023 on account of transfer of shares under the IEPF Rules. During
the year, the Company also transferred ₹1,15,13,013.50 as corporate benefits (dividend) arising on shares already transferred to the IEPF.

Schedule of events
42nd Annual General Meeting

Date and time Mode Participation Webcast E-voting dates

through https://www.infosys June 23, 2023 to
June 28, 2023, Video conference video-conferencing
Wednesday and other .com/Investors/ June 27, 2023
https://agm.onwings
4:00 p.m. IST audio-visual means pan.com/InfosysAGM

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 2023-24 are as follows:

Jun 30, 2023 Sep 30, 2023 Dec 31, 2023 Mar 31, 2024 Quarter ending

Board meeting and earnings

Jul 20, 2023 Oct 12, 2023 Jan 11, 2024 Apr 18, 2024 release date

Jun 16, 2023 to Sep 16, 2023 to Dec 16, 2023 to Mar 16, 2024 to Trading window closure
Jul 23, 2023 Oct 15, 2023 Jan 14, 2024 Apr 21, 2024

Investor awareness mode to dematerialize their shares. Shareholders holding

We have provided a synopsis of the rights and responsibilities shares in dematerialized mode have been requested to register
of shareholders on our website, at https://www.infosys.com/ their email address, bank account details and mobile number
investors/shareholder-services/pages/faqs.aspx. with their depository participants. Those holding shares in
physical mode have been requested to furnish PAN, nomination,
Share transfer system contact details, bank account details and specimen signature
for  their  corresponding  folios. The folios shall be frozen, if any
SEBI, effective April 01, 2019, barred physical transfer of shares of
of these details are not available on or after October 01, 2023.
listed companies and mandated transfers only through demat.
Shareholders may contact the RTA at, [email protected]
However, investors are not barred from holding shares in physical
and also refer details at https://www.infosys.com/investors/
form. We request shareholders whose shares are in physical
shareholder-services/investors-service.html.

Investor conferences / events held in fiscal 2023

Infosys holds press meet and investor / analyst calls after every quarterly results announcement, which is accessible to all the
shareholders and general public. The Company also holds its Annual General Meeting, which is accessible to all the shareholders. The
details of these are sent to the stock exchanges and updated on the website. Infosys also participates in various sell-side / broker-
arranged investor conferences where the Management interacts with investors in one-on-one or group meetings. The details of such
participation are sent to the exchanges and updated on the website.

3 1 1 1
9 9 7 7

Total Total Total Total

12 10 8 8

Q1 Q2 Q3 Q4
Conferences / NDRs Company events
146 Infosys Integrated Annual Report 2022-23
Investor grievances and investor contacts Legal proceedings
We have a Board-level Stakeholders Relationship Committee to There are certain pending civil cases involving rival claims made
examine and redress complaints by shareholders and investors. by parties seeking declaration of title and accrued benefits of the
The status of complaints is reported to the entire Board. The Company’s disputed shares. Since the disputed shares relate to
Stakeholders Relationship Committee meets as often as required the Company, Infosys Limited and share transfer agent KFin are
to resolve shareholder grievances. made pro forma defendants in these litigation matters. However,
these matters are not material in nature.
We attended to most of the investors’ grievances and postal /
electronic communications within a period of seven days from
the date of receipt of such grievances. The exceptions have been Commodity price risk or foreign exchange risk and
for cases constrained by disputes or legal impediments. hedging activities
For details of foreign exchange risk and hedging activities, refer
Shareholders may note that the share transfers, dividend
to form 20-F which is available at https://www.infosys.com/
payments and all other investor-related activities are attended to
investors/reports-filings/annual-report/annual-reports.html.
and processed at the office of the Company’s RTA.
For any grievances / complaints, shareholders may contact the
RTA, KFin Technologies Limited at [email protected].
For any escalations, shareholders may write to the Company at
[email protected] and for queries on dividend tax, write
to us on [email protected]. For addresses and contact
details for investor queries, RTA, depositary banks, depositories
for equity shares in India and stock exchanges, refer to
the Investor contacts.

Share capital
Holding as on March 31, 2022 Buyback of shares ESOP allotment Holding as on March 31, 2023
420,67,38,641 6,04,26,348 414,63,12,293 22,47,751 414,85,60,044

Category-wise shareholding as on March 31, 2023

Foreign Portfolio Investors Mutual Funds

127,77,40,179 30.80% 16.05% 66,58,05,972

Total
Promoters & Promoter Group
Others 414,85,60,044 13.30% 55,16,82,338
18,10,67,296 4.36%
American Depositary Receipts
Insurance Companies
11.46% 12.19% 50,57,90,851
47,54,56,450
Resident Individuals (Public)
11.84% 49,10,16,958

Listing on stock exchanges

The listing fees for fiscal 2023 have been paid for all of the stock
Codes India Global
exchanges in India and overseas.
NSE BSE NYSE
ISIN Code for ADS: US4567881085
Exchange INFY INFY INFY
Reuters INFY.NS INFY.BO INFY.K ISIN Code for Indian equity shares: INE009A01021
Bloomberg INFO IS INFO IB INFY US

Infosys Integrated Annual Report 2022-23 147

Corporate governance report

Shareholders holding more than 1% of the shares as on March 31, 2023

The details of shareholders (non-promoters and non-ADR holders) holding more than 1% (PAN-based) of the equity as on March 31,
2023 are as follows:

Name of the shareholder % (percentage of holding) No. of shares

Life Insurance Corporation of India 7.19% 29,82,44,977

SBI Mutual Fund 3.95% 16,38,20,022
Government of Singapore 2.29% 9,50,49,447
ICICI Prudential Mutual Fund 2.24% 9,31,07,863
NPS Trust 1.56% 6,49,22,206
HDFC Mutual Fund 1.50% 6,22,63,984
UTI Mutual Fund 1.47% 6,09,63,756
Government Pension Fund Global 1.27% 5,25,22,480
Vanguard Emerging Markets Stock Index Fund,
A Series of Vanguard International Equity Index Fund 1.18% 4,91,23,446

ICICI Prudential Life Insurance Company Limited 1.14% 4,71,80,165

Vanguard Total International Stock Index Fund 1.13% 4,68,52,400

SBI Life Insurance Company Limited 1.04% 4,31,98,008
Aditya Birla Sun Life Mutual Fund 1.02% 4,24,37,168

Distribution of shareholding as on March 31, 2023

No. of shares held No. of holders % to holders % to equity No. of shares
1-1 1,95,271 6.64% 0.00% 1,95,271
2-10 9,86,323 33.55% 0.14% 58,00,953
11-50 9,64,745 32.81% 0.63% 2,60,41,493
51-100 3,32,458 11.31% 0.62% 2,57,97,439
101-200 2,17,245 7.39% 0.79% 3,26,58,619
201-500 1,45,266 4.94% 1.12% 4,64,85,673
501-1,000 50,963 1.73% 0.89% 3,67,16,723
1,001-5,000 35,145 1.20% 1.73% 7,18,80,337
5,001-10,000 4,893 0.17% 0.83% 3,44,27,217
10,001 and above 7,718 0.26% 93.25% 386,85,56,319
Total 29,40,027 100% 100% 414,85,60,044

Dematerialization of shares and liquidity

99.90% Shareholders (1) Shares

% to total
0.10% 29,40,027 414,85,60,044
equity

29,39,742 285 414,45,16,086 40,43,958

Demat mode

Physical mode
(1)
The number of shareholders based on demat accounts is 29,40,027 and based on PAN is 28,01,574 as on March 31, 2023. There will be a difference in the
number of shareholders based on demat and PAN, since shareholders can have multiple demat accounts under a single PAN.

148 Infosys Integrated Annual Report 2022-23

Stock market data – exchanges in India
The monthly high and low quotations, as well as the volume of shares traded at the BSE, the NSE, and NYSE for the current
year are as follows:

2022-23 BSE NSE Total volume

Month High (₹) Low (₹) Volume (A) High (₹) Low (₹) Volume (B) (A+B) (No.)
April 1,909.95 1,550.40 75,67,806 1,910.30 1,550.00 17,06,96,670 17,82,64,476
May 1,589.25 1,399.50 1,19,68,147 1,589.40 1,399.25 17,60,39,201 18,80,07,348
June 1,555.05 1,367.20 63,75,880 1,555.00 1,367.15 13,91,44,802 14,55,20,682
July 1,555.00 1,410.90 1,01,07,973 1,555.70 1,410.65 11,51,24,860 12,52,32,833
August 1,631.00 1,450.00 87,87,826 1,631.35 1,450.00 9,23,98,681 10,11,86,507
September 1,553.00 1,355.50 1,00,00,625 1,553.00 1,355.00 17,14,80,153 18,14,80,778
October 1,546.20 1,387.00 1,56,08,333 1,546.40 1,386.00 10,51,06,395 12,07,14,728
November 1,653.00 1,482.00 89,03,167 1,653.50 1,485.00 9,19,35,458 10,08,38,625
December 1,672.45 1,483.00 48,87,640 1,672.60 1,482.45 12,76,79,808 13,25,67,448
January 1,568.80 1,444.00 66,29,009 1,568.80 1,446.50 14,20,93,979 14,87,22,988
February 1,620.00 1,481.30 42,59,217 1,619.75 1,481.30 9,93,46,960 10,36,06,177
March 1,520.00 1,365.00 53,07,093 1,520.40 1,364.55 14,26,69,535 14,79,76,628
Total 10,04,02,716 157,37,16,502 167,41,19,218

The volume traded / outstanding shares (%) in the last three fiscals is as follows:
Fiscal Volume (BSE) Volume (NSE) Volume (BSE +NSE)
2022-23 3 43 46
2021-22 3 44 47
2020-21 4 74 78
Note: The number of shares outstanding was 364,27,69,193 as of March 31, 2023. ADSs have been excluded for the purpose of this calculation.

Stock market data – NYSE

2022-23 High ($) Low ($) High (`) Low (`) Volume (No.)
Month
April 25.13 19.75 1,902.59 1,507.12 25,58,78,594
May 20.79 17.90 1,582.53 1,386.36 23,45,73,990
June 19.64 17.52 1,525.40 1,367.26 19,46,36,089
July 19.60 17.63 1,556.63 1,405.99 20,06,18,614
August 20.60 18.28 1,637.08 1,462.18 14,92,08,756
September 19.41 16.39 1,546.01 1,330.54 25,57,33,063
October 18.88 16.82 1,559.87 1,374.96 21,47,44,671
November 20.36 18.08 1,660.56 1,497.75 12,95,92,391
December 20.57 17.69 1,668.23 1,464.91 16,09,69,127
January 19.11 17.47 1,547.34 1,440.51 15,98,90,015
February 19.59 17.93 1,618.13 1,481.86 14,56,85,967
March 18.34 16.59 1,500.21 1,369.34 20,27,80,820
Total 230,43,12,097

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, 2023, was
50,57,90,851. The percentage of volume traded for the year at NYSE, to the total float was 456%.

Infosys Integrated Annual Report 2022-23 149

Corporate governance report

ADS premium compared to price quoted on NSE

(`) (%)
1,800 2.0

1,500
1.0
1,200

900 0.0

600
-1.0
300

- -2.0
April May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
ADS(`) 1,666.83 1,497.30 1,462.72 1,487.23 1,567.82 1,429.90 1,476.27 1,572.73 1,540.35 1,507.73 1,564.84 1,428.40
Equity(`) 1,693.68 1,500.12 1,462.88 1,485.00 1,567.30 1,432.51 1,475.70 1,576.85 1,554.57 1,513.53 1,572.89 1,429.33
Premium/
(Discount) -1.6% -0.2% 0.0% 0.1% 0.0% -0.2% 0.0% -0.3% -0.9% -0.4% -0.5% -0.1%

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, 2023, there were 1,15,944 record holders of ADRs evidencing 50,57,90,851 ADSs (1 ADS = 1 equity share).

Infosys share price versus the NSE Nifty 50 index

120

100

80

60
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23

Infosys NIFTY 50

Note: Infosys share price and NSE Nifty 50 index values on April 1, 2022 have been baselined to 100.

150 Infosys Integrated Annual Report 2022-23

Infosys share price versus the S&P BSE Sensex (Sensex)
120

100

80

60
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23

Infosys BSE Sesnsex

Note: Infosys share price and Sensex values on April 1, 2022 have been baselined to 100.

Credit ratings • Quarterly and annual financial statements, standalone and

There has been no change in the credit ratings of Infosys from consolidated, along with segmental information, are also
any of the agencies during the year. posted on our website, at
https://www.infosys.com/investors/reports-filings/.
Rating agency Rating Outlook • Earnings calls with analysts and investors are broadcast live
Moody’s Baa1 Stable on our website and their transcripts are also published on
the website. The proceedings of the AGM are webcast live
Standard & Poor’s A Stable
for shareholders across the world. The AGM presentations,
Dun & Bradstreet 5A1 Condition: Strong transcripts and video archives are available on our website, at
CRISIL AAA Stable https://www.infosys.com/investors/reports-filings/.
• Form 20-F, filed annually with the SEC, also contains detailed
Shareholders disclosures and is made available on our website, at
Communication to the shareholders https://www.infosys.com/investors/reports-filings/annual-
report.html.
The Company ensures that the following filings and reports are
available on its website: • Other information, such as press releases, stock exchange
disclosures and presentations made to investors and analysts,
• The quarterly report, along with additional information and etc., is regularly updated on the Company’s website. The
official news releases, are posted on our website, at shareholders can also visit www.sec.gov where the investors
https://www.infosys.com/investors/reports-filings/. The can view statutory filings of the Company with the SEC.
reports contain select financial data extracted from the
audited consolidated financial statements under the Registered office and global locations
IFRS (INR), and audited condensed consolidated financial The address of our registered office is Electronics City, Hosur
statements under the IFRS (USD). The quarterly / annual Road, Bengaluru 560100, Karnataka, India.
results are generally published in at least one English
language national daily newspaper circulating in the whole Our operations are spread across 274 locations in 56 countries.
or substantially the whole of India (Business Standard) and We do not have any manufacturing plants, but have
in one regional daily newspaper circulating in Karnataka development centers and offices in India and overseas.
(Prajavani). Visit https://www.infosys.com/investors/reports-filings/
documents/global-presence2023.pdf for details related to
our global locations.

Subsidiaries
As on March 31, 2023, we have 28 direct subsidiaries and 70
step-down subsidiaries. The Company does not have any
material subsidiary.

Infosys Integrated Annual Report 2022-23 151

Corporate governance report

General body meetings

The details of the special resolutions passed during the last three Annual and / or Extraordinary General Meetings are as follows:

Year ended Date and time Venue Special resolution passed Web link for webcast /
transcripts

March 31, 41st AGM: June 25, Held through video 1. Reappointment of D. Sundaram as an https://www.infosys.
2022 2022 at 4 p.m. IST conferencing / independent director com/investors/news-
other audio-visual events/annual-general-
means meeting/2022/agm-2022-
transcript.pdf

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 / the Company com/investors/news-
other audio-visual 2. Reappointment of Michael Gibbs as an events/annual-general-
means 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 / com/investors/news-
other audio-visual events/annual-general-
means meeting/2020/agm-2020-
transcript.pdf

Extraordinary General Meeting

No extraordinary general meeting of the members was held during fiscal 2023.

Postal ballot
During the year, the Company passed two special resolutions through postal ballot through e-voting.

Date of postal Resolution passed Approval date Scrutinizer Link for postal ballot notice
ballot notice and results
October 28, Approval for the Buyback of December 02, 2022 Hemanth, Holla & Co., (Membership https://www.infosys.com/
2022 Equity Shares of the Company No. FCS 6374) (CP No. 6519) investors/shareholder-
Practicing Company Secretaries. services/postal-ballot.html
February 28, Appointment of Govind Iyer March 31, 2023 Hemanth, Holla & Co., (Membership https://www.infosys.com/
2023 (DIN: 00169343) as an No. FCS 6374) (CP No. 6519) investors/shareholder-
Independent Director Practicing Company Secretaries. services/postal-ballot.html
of the Company

Procedure for postal ballot Details of special resolution proposed to be transacted

The postal ballot was carried out as per the provisions of Sections through postal ballot
108 and 110 and other applicable provisions of the Act, read with None of the businesses proposed to be transacted at
the Rules framed thereunder and applicable circulars issued by the ensuing AGM requires passing of a special resolution
the Ministry of Corporate Affairs from time to time. through postal ballot.

152 Infosys Integrated Annual Report 2022-23

 In everything we
do, we comply with
the law of the land. All
Legal compliance disclosures and policies to this
effect, including details of non-
compliance, regulatory orders,
certifications and complaints,
are made available in this
Details of non-compliance corporate governance Complaints pertaining to sexual
No penalty has been imposed by any stock report. harassment
exchange, SEBI or SEC, nor has there been The details of complaints filed, disposed
any instance of non-compliance with any legal of and pending during the financial year
requirements, or on matters relating to the capital pertaining to sexual harassment are provided in
market over the last three years. the Business Responsibility and Sustainability Report of
this Integrated Annual Report.
Regulatory orders
There were no regulatory orders pertaining to the Prevention of insider trading
Company for fiscal 2023. The Company has amended the Code on fair disclosure and
investor relations effective April 13, 2023. The policy and
CEO and CFO certification procedures for inquiry in case of leak of Unpublished Price
As required by the Listing Regulations, the CEO and CFO Sensitive Information (UPSI) or suspected leak of UPSI is forming
certification is provided in this Integrated Annual Report. part of the Code of Conduct for prohibition of insider trading.

Code of conduct Compliance with discretionary requirements

In compliance with the Listing Regulations and the Companies The Company has also ensured the implementation of non-
Act, 2013, the Company has adopted the Code of Conduct and mandatory items such as:
Ethics (“the Code”). The Code is applicable to the members of the • Separate posts of Chairman, and CEO & MD, with the
Board, the executive officers and all employees of the Company provision for reimbursement of expenses in the performance
and its subsidiaries. The Code is available on our website, at of official duties
https://www.infosys.com/investors/corporate-governance/ • The Company has provided a separate office within the
documents/codeofconduct.pdf. Company premises for the Chairman.
All members of the Board, the executive officers and senior • Unmodified audit opinions / reporting
officers have affirmed compliance to the Code as on March 31, • Internal auditor reporting directly to the Audit Committee
2023. A declaration to this effect, signed by the CEO & MD and
the CFO, forms part of the CEO and CFO certification. Certificate of non-disqualification of directors
Makarand M. Joshi of Makarand M. Joshi & Co., Company
Establishment of vigil / whistleblower mechanism Secretaries, has issued a certificate as required under the Listing
The Company has established a mechanism for directors and Regulations, confirming that none of the directors on the Board
employees to report concerns about unethical behavior, actual of the Company has been debarred or disqualified from being
or suspected fraud, or violation of the Code. It also provides for appointed or continuing as director of companies by the SEBI /
adequate safeguards against the victimization of employees who Ministry of Corporate Affairs or any such statutory authority. The
avail the mechanism, and allows direct access to the chairperson certificate is enclosed with this section as Annexure A.
of the Audit Committee in exceptional cases. During the year, no
person was denied access to the Audit Committee. Auditors’ certificate on corporate governance
The Whistleblower Policy is available on our website, at The auditor’s certificate on corporate governance is provided as
https://www.infosys.com/investors/corporate-governance/ Annexure 4 to the Board’s report.
documents/whistleblower-policy.pdf.

Infosys Integrated Annual Report 2022-23 153

Corporate governance report

Annexure A: Certificate of non-disqualification of directors

CERTIFICATE
[Pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of the Securities Exchange and Board of India
(Listing Obligations and Disclosure Requirements) Regulations,2015]

To,
The Members,
Infosys Limited
Electronics City, Hosur Road,
Bengaluru, Karnataka-560100, India

We have examined the relevant disclosures provided by the Directors (as enlisted in Table A) to Infosys Limited bearing
CIN: L85110KA1981PLC013115, having registered office at Electronics City, Hosur Road, Bengaluru, Karnataka-560100, India (hereinafter
referred to as “the Company”) for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para C
Clause 10 (i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our knowledge and based on the following:
i. Documents available on the website of the Ministry of Corporate Affairs;
ii. Verification of Directors Identification Number (DIN) status on the website of the Ministry of Corporate Affairs;
iii. Disclosures provided by the Directors (as enlisted in Table A) to the Company; and
iv. Debarment list of the Bombay Stock Exchange and the National Stock Exchange,
we hereby certify that none of the Directors on the Board of the Company (as enlisted in Table A) have been debarred or disqualified
from being appointed or continuing as directors of the Company by the Securities and Exchange Board of India, Ministry of Corporate
Affairs or any such other statutory authority as on March 31, 2023.
Table A

Name of the Directors Director Identification Number (DIN) Date of appointment in the Company
Nandan M. Nilekani 00041245 August 24, 2017
Salil Parekh 01876159 January 02, 2018
D. Sundaram 00016304 July 14, 2017
Michael Gibbs 08177291 July 13, 2018
Bobby Parikh 00019437 July 15, 2020
Chitra Nayak 09101763 March 25, 2021
Uri Levine 08733837 April 20, 2020
Govind Iyer 00169343 January 12, 2023
For Makarand M. Joshi & Co.
Company Secretaries

Sd/-
Place: Mumbai Makarand M. Joshi
Date: April 13, 2023 Partner
FCS No. 5533
CP No. 3662
PR: 640 / 2019
UDIN: F005533E000085437

154 Infosys Integrated Annual Report 2022-23

Statutory reports
Investor contacts
For queries relating to financial statements For queries relating to Business Responsibility and
Jayesh Sanghrajka Sustainability Report
EVP, Deputy Chief Financial Officer Aruna C. Newton
VP – Head – Diversity and Inclusion
Tel: +91 80 2852 1705 Fax: +91 80 2852 0754
Email : [email protected] Tel: +91 80 2852 0261
Email: [email protected]
Investor correspondence
Sandeep Mahindroo Registrar and share transfer agents
SVP, Financial Controller & Head – Investor Relations KFin Technologies Limited
Tel: +91 80 3980 1018 Fax: +91 80 2852 0754 Unit: Infosys Limited, Selenium Tower B, Plot Nos. 31 & 32,
Email : [email protected] Financial District, Nanakramguda,
Serilingampally Mandal, Hyderabad 500032
For queries relating to shares / dividend / compliance
A.G.S. Manikantha Contact person
VP, Company Secretary C. Shobha Anand
Tel: +91 80 4116 7775 Fax: +91 80 2852 0754 Deputy Vice President,
Email: [email protected] KFin Technologies Limited
Toll Free Number 1800-309-4001
Email: [email protected]

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,
India Maharashtra, 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

Depository for equity shares in India

National Securities Depository Limited

Central Depository Services (India) Limited
Trade World, ‘A’ Wing, 4th Floor
Marathon Futurex, A-Wing,
Kamala Mills Compound, Senapati Bapat Marg,
25th floor, Mafatlal Mills Compound
Lower Parel, Mumbai 400 013, India
NM Joshi Marg, Lower Parel (East), Mumbai 400013
Tel: +91 22 2499 4200
Tel: +91 22 23002041/23002033

Infosys Integrated Annual Report 2022-23 155

Investor contacts

Addresses of stock exchanges

In India Outside India

National Stock Exchange of India Ltd. New York Stock Exchange
Exchange Plaza, C-1, Block G, 11 Wall Street, New York, NY 10005, US
Bandra Kurla Complex, Tel: +1 212 656 3000
Bandra (E), Mumbai – 400 051
Tel: (022) 26598100-14 / 66418100

BSE Ltd.
Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai 400 001, India
Tel: +91-22-22721233/4, +91-22-66545695 (Hunting)

156 Infosys Integrated Annual Report 2022-23

Statutory reports
Risk management report

“ Risks related to the geo-political changes, uncertainties in the economy, supply chain constraints, talent
availability, technology disruption and inflation have impacted businesses across the world during the fiscal
year. Our enterprise risk management processes were instrumental in keeping the Company focused on our
most important priorities toward all our stakeholders.”

Deepak Bhalla
EVP – 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 resource allocation through structured qualitative and
the achievement of the Company’s strategic objectives by quantitative risk impact assessment and prioritization based
identifying, analyzing, assessing, mitigating, monitoring and on our risk appetite. Our ERM framework also enables the
governing any risk or potential threat to these objectives. While identification of underlying opportunities during risk assessment,
this is the key driver, our values, culture and commitment to which are then further evaluated and actionized by the business.
stakeholders – employees; customers; investors; regulatory Our ERM framework encompasses all of the Company’s risks
bodies; partners and the community around us – are the – strategy and strategy execution; operational; and legal and
foundation for our ERM framework. The systematic and proactive compliance risks. Any of these categories can have internal or
identification of risks, and mitigation thereof, enables our external dimensions. Hence, appropriate risk indicators are used
organization to boost performance with effective and timely to identify these risks proactively. We take cognizance of risks
decision-making. Strategic decisions are taken after careful faced by our key stakeholders and their cumulative impact while
consideration of primary risks, secondary risks, consequential framing our risk responses.
risks and residual risks. The ERM function also enables effective

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, human rights, 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,
code of conduct and contractual compliances are covered in this category.

Integrated Enterprise Risk Management Framework

We have adopted an integrated ERM framework that is implemented across the organization by the risk management office. Our
ERM framework is developed by incorporating the best practices based on COSO and ISO 31000 and then tailored to suit our unique
business requirements.

Infosys Integrated Annual Report 2022-23 157

Risk management report

Integrated Enterprise Risk Management Framework

STRATEGY PERFORMANCE EVALUATION AND RISK MANAGEMENT GOVERNANCE

Strategy and
business objectives Risk-enabled decision-making 8-layer governance

Risk identification Risk management

Vision and Risk Treatment, mitigation and Board of Directors

s

Legal and compliance

isk

mission assessment control implementation

fr

Business enabling function

o

Operational Risk Management

pe
Ty

Strategy execution Committee (RMC)

Secondary and consequential of the Board
Level 1 Risk
Values and risk assessment
Cybersecurity

Delivery
culture
Level 2 Risk Sales Sub-Committee
Residual risk assessment Risk councils
Level 3 Risk and decision-making

Opportunity
Strategic and
stakeholder Office of
Level 4 Risk risk management
goals
ps

Auditing, monitoring
ou
gr

Level 5 Risk and reporting Sub-risk councils

ct
pa
Im

Derived Granularity Unit risk councils

goals Risk governance Project and
and disclosures account risk teams

Aligned lines of defense

iGRC platform

Intelligent risk analytics – Live Enterprise

Salient features of our Enterprise Risk Management program

Our ERM program adopts unique methods to identify risks, evaluate potential impact and promote risk awareness
across the organization.

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.

158 Infosys Integrated Annual Report 2022-23

Highlights of fiscal 2023
During fiscal 2023, we extended the adoption of the integrated disruption and innovation; talent availability; cybersecurity; data
ERM framework across the organization, strengthening our risk protection and privacy; ESG; contractual liabilities; and complex
management program and enhancing the risk culture. The risk and evolving regulatory environment.
office played a key role in identifying, assessing and managing
While the Company tracks several risks to its business as
primary and secondary risks – so as to ensure the smooth
mentioned in the Management’s Discussion and Analysis
delivery of services to our clients, transparent communication
section of this Integrated Annual Report, the key risks and
with all stakeholders and fulfilling our social responsibility while
emerging risks are described below along with the Company’s
ensuring employee safety and health. The risk office assessed,
approach to mitigate them.
monitored and reported on risks related to geo-political
scenarios; uncertainties in the economy; inflation; technology

Key / Emerging risks Impact on Company Mitigation / Opportunity

Geo-political, macro- • Unfavorable geo-political, economic or health events • Broad-based growth to reduce concentration in
economic or health may result in currency volatility and reduced spend any single region, client or industry
events on technology products and services which may • Operational agility to assess and respond to
adversely impact demand for our offerings which in situations, including enablement of remote
turn may impact our growth and profitability. working, working out of multiple DCs /
• Emerging risk aspect: Geo-political, economic or locations, etc.
health events are dynamic in nature and constantly • Currency hedging
evolving. Uncertainty about new changes therefore • Opportunity – Clients are looking for IT projects
sometimes makes it difficult to predict and assess the which can help them take out costs.
impact.
• Impacted capitals: Financial, Social & Relationship and
Human
Commoditization of • If we are unable to differentiate our offerings and • Differentiation though innovation and industry
services and heightened manage customer expectations in times of intense solutions
competitive landscape competition in the market for technology services, • Increased automation
this could affect our win rates and pricing, reduce our • Investment in launching innovative new offerings
market share and decrease our revenue and profits. • A broad portfolio of interconnected services and
• Impacted capitals: Financial and Intellectual solutions
• Focused growth of digital capabilities
Technology disruption • Emerging risk: Not having the right framework • Innovation framework
and innovation and approach to identify, invest in, incubate and • Investments in research and development
operationalize new services and offerings that are • Robust alliance strategy
in line with technology changes, client preferences • Consulting and industry / domain knowledge led
and market expectations may disrupt our value solutions
proposition and reduce our relevance to customers, • Reskilling program for employees into newer
impacting our revenue and profitability. The speed technologies and methodologies
and nature of technological changes make it difficult • Large deal program
to predict the trend. • Opportunity – Identify, develop and deploy
• Impacted capitals: Financial, Human and Intellectual new offerings to customers leveraging next-
generation technologies.
Talent supply constraints • If we are unable to hire, engage and retain technology • Employee engagement and support
and Hybrid working and management talent, manage leadership • Holistic employee retention and recognition
model succession and transition, respect and protect human efforts
rights, continuously evolve our hybrid work model • Focus on career and leadership development
in response to changing needs and expectations, it • Hybrid operational model that balances client
could impact our reputation, ability to staff projects or requirements, evolving employee preferences,
execute large and complex programs, or optimize cost legal requirements and information security risks
structures.
• Impacted capitals: Financial, Human and Intellectual
Cybersecurity • Cyber attacks that breach our information network • Robust cybersecurity framework and controls
or failure to protect sensitive and confidential • Multi-layered governance process with executive
information of our stakeholders in accordance with and Board oversight
applicable laws and contractual obligations may • Continued investment in technologies
adversely impact our operations and client satisfaction • Readiness to respond to incidents
or result in significant regulatory penalties. • Awareness programs and trainings
• Impacted capitals: Financial, Human, Intellectual and • Opportunity – Cybersecurity services to the
Manufactured customer

Infosys Integrated Annual Report 2022-23 159

Risk management report

Key / Emerging risks Impact on Company Mitigation / Opportunity

Data protection and • Failure to protect personal and sensitive information • Robust data privacy framework and controls
privacy of our stakeholders in accordance with applicable • Privacy by design
laws may impact our operations or result in significant • Multi-layered governance process with executive
regulatory penalties. and Board oversight
• Impacted capitals: Financial, Human and Intellectual • Preparedness for response to incidents
• Awareness programs and trainings
• Region-specific data protection controls and
awareness campaigns
Cost inflation / Inability • If we are unable to run our operations effectively and • Effective operations with sustainable cost
to improve margin with sustainable cost levers, our long-term profitability optimization levers
may be adversely affected. • Automation and planned capex program focused
• Impacted capitals: Financial on technology adoption
ESG • If we are unable to demonstrate the outcome of • ESG 2030 goals and execution roadmap
our ESG program covering various areas such as • Board level governance and oversight through
climate change, GHG reductions, digital skilling, dedicated ESG committee of the Board
empowering local communities, diversity, responsible • Opportunity – Climate change related solutions
supply chains, compliance and governance, etc., our and services to the customer.
operations, reputation, access to capital and longer-
term financial stability could be adversely impacted.
• Emerging risk aspect: Expectations on ESG may
change in future due to evolving stakeholders'
expectations and disclosure requirements.
• Impacted capitals: Financial, Human, Intellectual,
Natural, Social & Relationship and Manufactured
Contractual liabilities • Risk of clients demanding more favorable terms • Engaging clients on contractual terms through
including onerous clauses related to the liability and dedicated in-house team
our inability to adhere to contractual obligations • Contract legal playbook with risk framework
with customers may lead to litigations, fines, and • Multi-layered governance process for contract
may adversely impact our reputation, revenue and approval
profitability. • Dedicated teams to adhere, monitor and audit
• Impacted capitals: Social & Relationship and Financial contractual obligations
• Comprehensive Board level monitoring,
reporting and governance
Complex and evolving • If we are not able to comply with the existing complex • Comprehensive compliance framework, controls
regulatory environment regulatory landscape (e.g., immigration, wages, tax, and program
sanctions), it could result in investigations, regulatory • Awareness programs and trainings
inquiries, litigation, fines, and negative client • Periodic compliance certification
sentiments. • Comprehensive monitoring, reporting and
• Emerging risk aspect: Evolving regulatory compliance, governance including Board oversight
corporate governance and public disclosure
requirements add uncertainty to our compliance
policies.
• Impacted capitals: Financial, Human, Intellectual,
Social & Relationship and Natural

Cybersecurity risk management

Cyber risks, being one of the key risks, is managed through multi- A high-level working group, the enterprise Information Security
layered controls with a defense-in-depth approach starting from Council (ISC), has been established, which is responsible for
the thoughtfully-crafted cybersecurity strategy, supplemented governing and overseeing the Information Security Management
by policies, processes and controls (preventive, detective, and System (ISMS) at Infosys. ISC focuses on establishing, directing,
corrective). Our strategy is focussed on four areas: transparency monitoring, and executing the information security program
and experience; continual improvement and compliance; cyber with representation from various departments and business
resilience; and building and maintaining a positive cybersecurity units at Infosys and reports to the Operational Risk Council
culture within the organization. highlighting key risks to the executive leadership.

160 Infosys Integrated Annual Report 2022-23

Statutory reports
Business Responsibility and Sustainability Report

Infosys has always placed sustainability at the heart of Infosys has adopted the Business Responsibility and
its business approach. Our ability to fulfil and exceed our Sustainability Report (BRSR) for fiscal 2023 to provide
responsibilities to our stakeholders is a testament to our enhanced disclosures of our ESG practices and priorities.
commitment. We have balanced our business success The BRSR follows the NGRBC principles on the social,
with unwavering focus on exemplary governance and environmental and economic responsibilities of business.
responsiveness to the needs of the environment and society.
Our BRSR includes our responses to questions about our
As an early proponent of responsible business, we readily
practices and performance on key principles defined by
embraced our commitment to integrate environmental,
Regulation 34(2)(f) of the SEBI (Listing Obligations and
social and governance (ESG) factors into our operations.
Disclosure Requirements) Regulations 2015, as amended from
In fiscal 2013, we were among the first companies to publish
time to time, which cover topics across the ESG dimensions.
the Business Responsibility Report (BRR).

Infosys Integrated Annual Report 2022-23 161

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Business Responsibility and Sustainability Report

Section A: General Disclosure
I Company details

1. Corporate Identity Number (CIN) of the company L85110KA1981PLC013115

2. Name of the company Infosys Limited

3. Year of incorporation July 02, 1981

4. Registered office address Electronics City, Hosur Road, Bengaluru, Karnataka 560 100, India

5. Corporate address Electronics City, Hosur Road, Bengaluru, Karnataka 560 100, India

6. E-mail id [email protected]

7. Telephone +91-80-2852 0261

8. Website www.infosys.com

9. Financial year for which reporting is being done April 2022-March 2023

10. Name of the Stock Exchange(s) where shares are listed In India, company’s equity shares are listed on the
* BSE Limited (BSE)
* National Stock Exchange of India Limited (NSE)

The ADSs are listed on the New York Stock Exchange in the US

11. Paid-up Capital (1) `2,074 crore

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 Vice President
Tel: 91 80 2852 0261
Email: [email protected]

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
Infosys Integrated Annual Report 2022-23

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).

(1)
As per the Standalone financial statements under Ind AS
Infosys Integrated Annual Report 2022-23

II Products / services

14. Details of business activities (accounting for 90% of the turnover)

S. No. Description of main activity Description of business activity % of turnover of the entity

Software application development and

maintenance, IT consulting. Further
Software and IT consulting (GICS classification – Information
1 details are provided in the Management 93.7
Technology – Software and Services)
Discussion and Analysis section of this
Integrated Annual Report.

15. Products / services sold by the entity (accounting for 90% of the entity’s turnover)

S. No. Product / service NIC code % of total turnover contributed

1 Software application development and maintenance,

IT consulting 620 93.7

III Operations

16. Number of locations where plants and / or operations / offices of the entity are situated

Location Number of plants Number of offices Total

National NA 56
274
International NA 218

17. Markets served by the entity

a.

Locations Number

National (No. of states) 12

International (No. of countries) 82

b. What is the contribution of exports as a percentage of the total turnover of the entity?
97.2% (1)
(1)
Based on Standalone financial statements under Ind AS

c. Types of customers and beneficiaries

Business to business
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IV Employees

18. Details as at the end of fiscal:

a. Employees

Particulars Total (A) Male Female

S. No.
Employees No. (B) % (B / A) No. (C) % (C / A)

1 Permanent (D) 3,43,234 2,07,879 60.56 1,35,355 39.44

2 Other than permanent (1) (E) 24,891 20,001 80.35 4,890 19.65

3 Total employees (D + E) 3,68,125 2,27,880 61.90 1,40,245 38.10

Differently-abled employees (2) No. (B) % (B / A) No. (C) % (C / A)

1 Permanent (D) 1,357 1,009 74.4 348 25.6

2 Other than permanent (E) – – – – –

3 Total employees (D + E) 1,357 1,009 74.4 348 25.6

As on March 31, 2023

(1)
Other than permanent employees includes contractors. The entire workforce of Infosys is categorized as ‘Employees’ and none as ‘Workers’. Therefore, the information required in all sections in the
‘Workers’ category not applicable to Infosys.
(2)
Employees who have voluntarily disclosed their disability.

19. Participation / Inclusion / Representation of women (including differently-abled)

Total (A) No. and percentage of females

No. (B) % (B / A)

Board of Directors 8 1 12.50

Infosys Integrated Annual Report 2022-23

Key Management Personnel (1) 3 0 –

As on March 31, 2023

(1)
Key Management Personnel are Chief Executive Officer and Managing Director (CEO & MD), Chief Financial Officer (CFO) and Company Secretary (CS)
Infosys Integrated Annual Report 2022-23

20. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)

Turnover rate in fiscal 2023 (In %) Turnover rate in fiscal 2022 (In %) Turnover rate in fiscal 2021 (In %)

Male Female Total Male Female Total Male Female Total

Permanent employees 21.1 20.6 20.9 28.7 26.1 27.7 11.3 10.2 10.9

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 represents percentage of voluntary attrition (LTM – IT Services)

V. Holding, subsidiary and associate companies (including joint ventures)

21. (a) Names of holding / subsidiary / associate companies / joint ventures

Refer to Annexure 1 to the Board’s Report of this Integrated Annual Reportfor information on holding / subsidiary / associate companies / joint ventures.

VI. CSR Details

22. (i) Whether CSR is applicable as per Section 135 of Companies Act, 2013: Yes

(ii) Turnover (in ` crore) (1) 1,24,014

(iii) Net worth (in ` crore) (1) 67,745

(1)
As per the standalone financial statements under Ind AS

VII. Transparency and disclosures compliances

23. Complaints / grievances on any of the principles under the National Guidelines on Responsible Business Conduct
Infosys’ stakeholders include our investors, clients, employees, vendors / partners, governments, 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.
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24. Overview of the entity’s material responsible business conduct issues. Please indicate material responsible business conduct and sustainability issues pertaining to
environmental, social and governance matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate
the risk along with its financial implications, as per the following format

S. Material issue Indicate Rationale for identifying the risk / In case of risk, approach to adapt or mitigate Financial implications of the risk
No. identified whether risk opportunity (Indicate positive or negative
or opportunity implications)
(R / O)

1 Environment : Risk – Climate change risks are increasingly – A holistic approach towards carbon Negative : Increased operating
Climate manifesting in our business as neutrality each year including energy costs in meeting the environmental
change strategic risks, physical risks, and efficiency, renewable energy and carbon standards.
transitional risks (market and offsets
compliance) that, if not managed – Enabling the creation of resilient physical
adequately, could adversely affect infrastructure to address extreme weather
our operations, reputation, and conditions, while maintaining operational
profitability. efficiencies

2 Environment : Opportunity – Increased revenue through Positive : Scope to improve Infosys’

Engaging development and / or expansion competitiveness and capitalize
clients on of services to help our customers on the shifting client preferences
climate manage their climate change risks. by leveraging our expertise in
actions – Savings through lower-emission sustainability, low-carbon transition,
through our energy sources and digital / IT to help our clients in
solutions – Global leadership in addressing their sustainability and low-carbon
climate change through advocacy journeys

3 Societal : Risk – Inability to facilitate best-in-class – Employee engagement and support Negative : Impact on employer
Facilitating employee experience may impact – Holistic employee retention and recognition reputation, increased cost of
best-in-class our ability to attract, hire, train, efforts talent, etc.
employee engage and retain talent. – Focus on career and leadership development
experience
– Occupational health and safety measures

4 Societal : Opportunity – The development and adoption of Positive : Given the shortage of
Tech for Good advanced technologies, including digital talent, there is immense scope
Infosys Integrated Annual Report 2022-23

platforms and smart automation and artificial to create a talent pool to accelerate
solutions for intelligence, have the potential the digital transformation journey of
e-governance, to increase productivity and GDP our customers.
healthcare growth and solve larger challenges
and education for the common good, while
facilitating the achievement of
the UN SDGs. Digital technologies
and platforms have already been
used successfully in the consumer
technology space, and there is an
opportunity to leverage these to
ensure social good.
Infosys Integrated Annual Report 2022-23

S. Material issue Indicate Rationale for identifying the risk / In case of risk, approach to adapt or mitigate Financial implications of the risk
No. identified whether risk opportunity (Indicate positive or negative
or opportunity implications)
(R / O)

5 Governance : Risk – Cyber attacks that breach our – Robust cybersecurity and data privacy Negative : Increased operational cost
Data information network and / or failure frameworks and controls for technological investments and
privacy and to protect sensitive and confidential – Multi-layered governance process with hiring and training talent
information information of our stakeholders in oversight by the executive and the Board
management accordance with applicable laws and – Continued investment in technology
contractual obligations may impact
our operations and client satisfaction – Readiness to respond to incidents
or result in significant regulatory – Awareness programs and trainings
penalties. – Privacy by design
– Region-specific data protection controls and
awareness campaigns

6 Governance : Opportunity – Increasing revenue from Positive : Minimize cybersecurity and

Being cybersecurity service offerings and data privacy breach threats to Infosys
recognized solutions and our customers through advanced
as industry – Being recognized as a industry leader cybersecurity solutions and adoption
leader in our in our information security practices of leading data privacy standards
information and adoption of leading data
security privacy standards across all global
practices operations will result in higher client
confidence.
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Business Responsibility and Sustainability Report

Section B: Management and process disclosures
Disclosure question P1 P2 P3 P4 P5 P6 P7 P8 P9

Policy and management processes

1a. Whether your entity’s

policy / policies cover
each principle and its core Yes Yes Yes Yes Yes Yes Yes Yes Yes
elements of the NGRBCs.
(Yes / No)

1b. Has the policy been

approved by the Board? * Yes Yes Yes Yes Yes No Yes Yes No
(Yes / No)

Refer to the Refer to the Refer to Refer to our Refer to our Refer to our Refer to our Refer to our Refer to
Whistleblower Responsible Infosys Code CSR Policy Responsible HSE Policy ESG vision CSR Policy and our Privacy
Policy, Supply Chain of Conduct and ESG Supply Chain 2030 Responsible Statement
Infosys Code of and Supplier and Ethics vision 2030 and Supplier Supply Chain
1c. Web link of the
Conduct and Diversity Policy Diversity and Supplier
policies, if available
Ethics Policy and Diversity Policy
Infosys Code of
Conduct and
Ethics

2. Whether the entity has

translated the policy into Yes Yes Yes Yes Yes Yes Yes Yes Yes
procedures. (Yes / No)

3. Do the enlisted policies

extend to your value Yes Yes Yes Yes Yes Yes Yes Yes Yes
chain partners? (Yes / No)

4. Name of the national ISO 9001, GRI ISO 9001, GRI ISO 9001, ISO 9001, ISO 9001, GRI ISO 9001, GRI ISO 9001, ISO 9001, GRI ISO 9001, GRI
and international codes Standard 2021, Standard 2021, GRI Standard GRI Standard Standard 2021, Standard 2021, GRI Standard Standard 2021, Standard 2021,
/ certifications / labels UNGC Principles, ISO 14001 2021, ISO 2021 Universal ISO 14001, 2021, UNGC UN SDGs ISO 27001,
/ standards (e.g. Forest OECD-Principles 45001, Declaration PAS 2060:2014, Principles ISO 27701,
Stewardship Council, of Corporate Universal of Human ISO 45001, SASB
Infosys Integrated Annual Report 2022-23

Fairtrade, Rainforest Governance, Declaration Rights, ILO ISO22301,

Alliance, Trustee) UN SDGs, of Human Declaration on SASB,
National Rights, ILO Fundamental TCFD, UN
standards (e.g. SA 8000,
Guidelines on Declaration Principles SDGs, Carbon
OHSAS, ISO, BIS) adopted
Responsible on and Rights at Disclosure
by your entity and Business Work, UNGC Project (CDP)
Fundamental
mapped to each principle. Conduct Principles Principles
(NGRBC) and Rights
at Work,
UN Guiding
Principles on
Business and
Human Rights
Infosys Integrated Annual Report 2022-23

5. Specific commitments,
In 2020, we became carbon neutral, 30 years ahead of the timeline set by the Paris Agreement. In October 2020, we launched our ESG vision and
goals and targets set by
ambitions for 2030. The Company’s ESG Vision 2030 can be accessed at https://www.infosys.com/content/dam/infosys-web/en/about/corporate-
the entity with defined
responsibility/esg-vision-2030/index.html
timelines, if any.

6. Performance of the
entity against the specific
commitments, goals Yes. The details of performance on our ESG goals is available in the chapters Approaching value creation and Delivering value in this Integrated Annual
and targets along with Report.
reasons in case the same
are not met.

Governance, leadership and oversight

7. Statement by director responsible for the Business Responsibility Report, highlighting ESG related challenges, targets and achievements

“Infosys is committed to make the business 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 organization for diverse talent with an inclusive workplace and community strategies to leverage technology for good.”

Salil Parekh
Chief Executive Officer and Managing Director

Information on ESG-related challenges, targets and achievements is available in the chapters Approaching value creation and Delivering value in this Integrated Annual Report.

8. Details of the highest authority responsible for implementation and oversight of the Business Responsibility policy(ies)
The ESG Committee of the Board oversees the business responsibility and progress on our ESG ambitions. Read more in the ESG Committee report in the Corporate governance
report of this Integrated Annual Report.

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
Yes, the ESG Committee of the Board. Read more in the ESG Committee report in the Corporate governance report of this Integrated Annual Report.

Indicate whether review was undertaken by

Frequency (Annually / Half yearly / Quarterly /
Director / Committee of the Board / Any other
Subject for review Any other – please specify)
committee

P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9

Performance against above policies and follow

Committees of the Board Annually
up action
10. Details of review of
NGRBCs by the Company Compliance with statutory requirements of
relevance to the principles, and, rectification of Committee of the Board Quarterly
any non-compliance

11. Has the entity carried Principles P1 P2 P3 P4 P5 P6 P7 P8 P9

out independent
assessment / evaluation
of the working of its
policies by an external
Answer Yes. BVC, DNV and BSI
agency? (Yes / No). If
yes, provide name of the
169

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Business Responsibility and Sustainability Report

12. If answer to Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
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
The entity is not at a stage where it is in a
position to formulate and implement the policies
on specified principles (Yes / No)

The entity does not have the financial or human Not applicable
and technical resources available for the task (Yes
/ No)

It is planned to be done in the next financial year

(Yes / No)

Any other reason (please specify)

Infosys Integrated Annual Report 2022-23
Infosys Integrated Annual Report 2022-23

Section C: Principle-wise performance disclosure

 PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is
ethical, transparent and accountable
Essential indicators

1. Percentage coverage by training and awareness programs on any or all the principles in the financial year

Total number of training and Topics / principles covered under the training and
Segment % coverage by awareness programs
awareness programs held its impact

Board of Directors and Board

Refer to the Training of board members section of the Corporate governance report 100
Committees

Climate change, environmental sustainability, social

Key Managerial Personnel (KMP) (1) 15 sustainability, Infosys Code of Conduct and Ethics, 100
data privacy, cybersecurity

Climate change, environmental sustainability, social

Employees other than BoD and KMPs (1) 15 sustainability, Infosys Code of Conduct and Ethics, 100
data privacy, cybersecurity

(1)
We have an exclusive learning channel on ESG on Lex, our internal learning platform.

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by directors / KMPs) with regulators/ law
enforcement agencies/ judicial institutions, in the financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in
Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s website):

There are no monetary or non-monetary actions on the Company or its directors / KMPs with regulators / law enforcement agencies / judicial institutions, in the financial year.

3. Of the instances disclosed in Question 2 above, details of the Appeal / Revision preferred in cases where monetary or non-monetary action has been appealed.

Not applicable

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.
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 of interest. Additionally, we also have an Anti-Bribery and Anti-Corruption (ABAC) policy (available in the Company intranet), 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 by any law enforcement agency for the charges of bribery / corruption against directors / KMPs / employees that have been
brought to our attention.

6. Details of complaints with regard to conflict of interest:

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None.
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Business Responsibility and Sustainability Report

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
Not applicable

Leadership indicators

1. Awareness programs conducted for value chain partners on any of the principles during the financial year:

Segment Total number of awareness Topics / principles covered under the training (1) % of value chain partners covered
programs held under the awareness programs

Governance, ethics and compliance with law, fair

Value chain partners 2 business practices, labor practices and human rights, 10
health and safety, and environment

(1)
We have launched an exclusive ESG learning portal for our suppliers.

2. Does the entity have processes in place to avoid / manage conflicts of interest involving members of the Board? Provide details of the processes in place to avoid /
manage conflict of interests involving members of the Board.

Yes. The Company receives periodic / ongoing declarations from its Board members, 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 individuals / entities.
Infosys Integrated Annual Report 2022-23
Infosys Integrated Annual Report 2022-23

PRINCIPLE 2:
Businesses should provide goods and services in a manner that is sustainable and safe
Essential indicators

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.

Fiscal 2022-23 (In %) Fiscal 2021-22 (In %) Details of improvements in environmental and
social impacts
R&D (1) 26.7 24.3 Education, training and assessment of employees to
upskill and reskill and technology spend to improve
environmental and social products and processes.
Capex (1) 3.1 3.0 Efficient equipment for cooling, lighting, renewable
energy, water management, waste management and
sustainable materials.
(1)
Based on standalone financial statements under Ind AS

2a. Does the company have procedures in place for sustainable sourcing? (Yes / No)
Yes. We are an IT services company, we do not source raw materials. However, all our procurement follows the principles of sustainable sourcing.

2b. If yes, what percentage of inputs were sourced sustainably?

Not applicable. 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 the UNGC principles.

3. Describe the processes in place to safely collect, reuse, recycle and dispose after sale and at the end of life of your products.

(a) Plastics (including packaging)

(b) E-waste
Not applicable. We don’t manufacture any products. We are an IT services company.
(c) Hazardous waste
(d) Other waste

4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No).
If yes, whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards?
If not, provide steps taken to address the same.
Not applicable
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Leadership indicators

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?

Not applicable

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
Not applicable

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).
Not applicable. We are an IT services company, we don’t manufacture any products.

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:
Not applicable. We are an IT services company, we don’t manufacture any products.

5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Not applicable. We are an IT services company, we don’t manufacture any products.
Infosys Integrated Annual Report 2022-23
Infosys Integrated Annual Report 2022-23

PRINCIPLE 3:
Businesses should respect and promote the wellbeing of all employees, including those in their value chains
Essential indicators

1a. Details of measures for the well-being of employees

% of employees covered
Category Total (A) Health insurance Accident insurance Maternity benefits Paternity benefits Day care facilities (2)
Number (B) % (B / A) Number (C) % (C / A) Number (D) % (D / A) Number (E) % (E / A) Number (F) % (F / A)

Permanent employees (1)

Male 1,73,086 1,73,086 100 1,73,086 100 NA NA 1,73,086 100 – –

Female 1,13,084 1,13,084 100 1,13,084 100 1,13,084 100 NA NA – –
Total 2,86,170 2,86,170 100 2,86,170 100 1,13,084 100 1,73,086 100 – –
Other than permanent employees
Male

Female Vendors and contractors are required to adhere to statutory compliances as per the State rules

Total
(1)
Includes only employees whose base location is India
(2)
Post-covid, owing to a hybrid work model available to employees, we did not see a demand for day care facilities, this year.

2. Details of retirement benefits, for current and previous financial years

Fiscal 2023 Fiscal 2022
Benefits No. of employees No. of workers Deducted and No. of employees No. of workers Deducted and
covered as a % of covered as a % of deposited with the covered as a % of covered as a % of deposited with the
total employees total workers authority (Y / N / NA) total employees total workers authority (Y / N / NA)

PF 100 NA Y 100 NA Y
Gratuity 100 NA Y 100 NA Y
ESI (1)
9 NA Y 9 NA Y
Others – superannuation (2) 11 NA Y 9 NA Y
This table represents retirement benefits for the employees working in India. All our employees working outside India are eligible for retirement benefits according to applicable laws in the regions
they operate.
(1)
All eligible employees covered under the Employees State Insurance Act (“ESIC”), 1948 are provided the benefit.
(2)
Eligible employees are participants to Superannuation retirement benefits
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3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently-abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not,
whether any steps are being taken by the entity in this regard

Yes. The premises / offices of the entities are accessible to differently-abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016.
• Accessible infrastructure: At Infosys, accessibility principles are integrated into the building and campus infrastructure as part of the design. It is treated as an essential aspect
along with other key principles such as productivity, health and wellness, and sustainability. From parking spaces to campus entrances and building-level interventions,
accessibility in our infrastructure goes beyond regulatory requirements to ensure our buildings cater to the needs of all users and society. Employee feedback is collected through
surveys to evaluate effectiveness of design and facilitate continuous improvement.
• Local transport allowance: As part of our commitment to facilitating accessibility, we also provide special transport allowance to our employees in India acknowledging the fact
that every differently-abled individual will have a separate accessible commute requirement.
• We also provide loan facility to differently-abled employees to enable them to buy assistive devices.
• The Practice Guidelines enable the various functionaries in the organization to develop inclusive practices in their function to integrate differently-abled people.
• Facilitating careers: Continuing our focus on addressing ‘aspirations’ we have also challenged many traditional biases and successfully placed differently-abled employees onsite
at client locations and projects. Our offshore development centers of service delivery, quality, solution design and centers of excellence employ people from entry level to senior
manager.
• Accessibility lab: The digital accessibility learning suite of programs and certification enables engineers to gain a deeper understanding of accessibility needs of differently-
abled employees to build accessible solutions. Infosys’ Accessibility Testing Tool (iATT) has been listed as one of w3.org’s recommended tools. iATT is an intelligent accessibility
compliance analyzer with a robust rules engine and exhaustive features that enable intuitive data to facilitate accessibility analysis.
• The Infyability employee resource group provides a great opportunity to strengthen communication and awareness, and most importantly, workplace support and inclusion of
differently-abled employees.

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.
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.

Permanent employees – fiscal 2023 Permanent employees – fiscal 2022

Gender
Return to work rate (In %) Retention rate (In %) * Return to work rate (In %) Retention rate (In %) *
Infosys Integrated Annual Report 2022-23

Male 100 70 100 80

Female 99 68 99 77
Based on the recommendations of GRI standard 401-3
* Reasons for attrition could be varied.

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
Permanent employees policy. Employees and contract staff have access to several forums where they can highlight matters or concerns faced at the workplace. These are
and other than permanent resolved through a well-established and robust grievance resolution mechanism comprising resolution hubs.
employees
For more information, refer to Resolution hubs available in the Management Discussion and Analysis section of this Integrated Annual Report.
Infosys Integrated Annual Report 2022-23

7. Membership of employees and workers in association(s) or unions recognized by the listed entity:

We recognize our employees’ rights 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 with internal employee resource groups and seek representation, to bargain or not bargain
collectively in accordance with local laws.

Fiscal 2023 Fiscal 2022

No. of employees No. of employees

in respective in respective
Category Total employees in Total employees in
category, who category, who
respective category % (B / A) respective category % (D / C)
are part of are part of
(A) (C)
association(s) or association(s) or
union (B) union (D)

Total permanent employees 3,43,234 8,848 2.58 3,14,015 7,668 2.44

Male 2,07,879 5,510 2.65 1,89,517 4,695 2.48

Female 1,35,355 3,338 2.47 1,24,498 2,973 2.39

8. Details of training of employees and worker (% to total no. of employees / workers in the category):
Continuous learning and reskilling have always been central to our culture. Lex, our in-house mobile first online learning platform, offers many self-learning courses that can be
accessed by employees anytime, anywhere. We also offer instructor-led training programs to our employees around the world.
Embedding a Health, Safety and Environment (HSE) culture in the organization necessitates competency development. Training includes awareness-building, mock drills, classroom
sessions and periodic demonstrations. Job-specific and generic training is conducted for contractual staff during induction and later through refresher modules.

Fiscal 2023 Fiscal 2022

Total (A) On health and safety Total (D) On health and safety
On skill upgradation On skill upgradation
measures measures

No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)

Male 2,07,879 2,07,879 100 1,85,211 89.1 1,89,517 1,89,517 100 1,54,824 81.6

Female 1,35,355 1,35,355 100 1,22,439 90.4 1,24,498 1,24,498 100 1,03,022 82.7

Total 3,43,234 3,43,234 100 3,07,650 89.6 3,14,015 3,14,015 100 2,57,846 82.1
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9. Details of performance and career development reviews of employees and workers

Category Fiscal 2023 Fiscal 2022

Total (A) (1) No. (B) % (B / A) Total (D) (1) No. (E) % (E / D)

Employees
Male 1,33,642 1,33,642 100 1,09,198 1,09,198 100
Female 87,121 87,121 100 68,154 68,154 100
Total 2,20,763 2,20,763 100 1,77,352 1,77,352 100
(1)
100% of eligible employees have received performance and career development reviews.

10. Health and safety management system:

10a. Whether an occupational health and safety management system has been implemented by the entity? (Yes / No). If yes, the coverage of such system?
Yes. Infosys recognizes and accords highest priority to safety and well-being of its employees and other relevant 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 across all India locations in line with our strategy. At 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. 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 virtual consultations leveraging our
telemedicine portal. More details on Occupational Health and Safety are available on our website at
https://www.infosys.com/about/corporate-responsibility/social/employee-wellbeing/occupational-health-safety.html.

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
non-routine activities. Risk assessment includes quarterly evaluation of incidents that have occurred. Hazardous condition, if any, 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 and those associated with the operation of utilities and employee commute. Participation and
consultation with relevant personnel involved in the activities is ensured during the risk assessments.
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 on our website at
https://www.infosys.com/about/corporate-responsibility/social/employee-wellbeing/occupational-health-safety.html.
Infosys Integrated Annual Report 2022-23

10c. Whether you have processes for workers to report the work-related hazards and to remove themselves from such risks. (Y / N)

Yes.

10d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services?
Yes.
Infosys Integrated Annual Report 2022-23

11. Details of safety-related incidents during the current fiscal

Safety incident / number Category Fiscal 2023 * Fiscal 2022 *

Lost Time Injury Frequency Rate (LTIFR) (per one million- Permanent employees 0.057 0.099
person hours worked) Other than permanent employees 1.022 0.823
Permanent employees 5 1
Total recordable work-related injuries
Other than permanent employees 28 19
Permanent employees 0 0
No. of fatalities
Other than permanent employees 0 1

High consequence work-related injury or ill-health Permanent employees 0 0

(excluding fatalities) Other than permanent employees 0 0
“Other than permanent employees” includes contract workmen.
* India operations

12. Describe the measures taken by the Company to ensure a safe and healthy work place.
More details on Occupational Health and Safety are available on our website at
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:

Fiscal 2023 Fiscal 2022

Filed during the year Pending resolution at Filed during the year Pending resolution at
the end of year the end of year

Working conditions 26 0 6 0
Health and safety 30 0 0 0

14. Assessments for the year for health and safety:

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)

Health and safety practices 100

Working conditions 100

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15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks / concerns arising from assessments of
health and safety practices and working conditions.
Stringent operation controls such as maker and checker control points have been deployed across the operational areas. These are also monitored on a periodic basis. There have
been no significant risks / concerns arising from assessments of health and safety practices and working conditions.

Leadership indicators

1. Does the entity extend any life insurance or any compensatory package in the event of death of (A) employee (Y / N) (B) worker (Y / N)
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 periodically audits value chain partners to ensure timely deduction and deposit of statutory dues.

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

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

Fiscal 2023 Fiscal 2022 Fiscal 2023 Fiscal 2022

Employees 0 0 0 0

Other than permanent employees 0 1 0 0

“Other than permanent employees” includes contractors.

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.

5. Details on assessment of value chain partners

Infosys Integrated Annual Report 2022-23

% of value chain partners (by value of business done with such partners)
that were assessed (1)

Working conditions 31
Health and safety 31
(1)
In fiscal 2022, we undertook a commitment to assess 100 of our top suppliers on ESG over a four-year period. We have covered 46 suppliers as on March 31, 2023.

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

There were no significant risks / concerns arising from the assessments. Based on our observations during these assessments, we have launched an exclusive ESG learning portal to
promote learning and sharing of ESG best practices among our suppliers.
Infosys Integrated Annual Report 2022-23

PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
Essential indicators

1. Describe the processes for identifying key stakeholder groups of the entity
We are privileged to maintain a strong relationship with our investors based on a deep understanding of their expectations and our commitment to consistently fulfil them. Client
value is one of the elements of the Infosys values, which we refer to as C-LIFE. Our employees enable us to create value for our clients and for the organization, and in return, they
enjoy fulfilling careers. Suppliers are our key stakeholders who enable us to deliver business value. Respect for the law of the land is an integral part of the Infosys Code of Conduct,
making governments and regulators important stakeholders. Our commitment to inclusive growth ensures that the community is at the center of our sustainable business practices.
To fulfil this commitment, Infosys Foundation was established in 1996 to work in the areas of education, healthcare, women empowerment, sustainability, rural development,
disaster relief, and the promotion of art and culture.
Our stakeholders are our investors, clients, employees, suppliers, government / regulators and the community.

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.

The details are provided on our website, at https://www.infosys.com/about/corporate-responsibility/our-stakeholders.html.

Leadership indicators

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 departments within the organization who are also responsible for engaging with stakeholders continually.
Infosys has 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. Read our ESG Vision 2030 document at https://www.infosys.com/content/dam/infosys-web/en/about/corporate-responsibility/esg-vision-2030/index.html.
The quarterly ESG Committee meeting provides us an opportunity to share feedback with the Board on these consultations.

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.

Yes. We framed our ESG Vision 2030 on material topics based on 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.

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, especially vulnerable and marginalized stakeholder groups, in a variety of focus areas. For information on the percentage of beneficiaries of the CSR projects, refer to
Principle 8, Q.6 (Leadership Indicators) in this report. Read the Infosys Foundation annual reports at https://www.infosys.com/infosys-foundation/.
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PRINCIPLE 5: Businesses should respect and promote human rights
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:

Fiscal 2023 Fiscal 2022

No. of employees / No. of employees /

Total (A) % (B / A) Total (C) % (D / C)
workers covered (B) workers covered (D)

Employees

Permanent 3,43,234 3,43,234 100 3,14,015 3,14,015 100

Other than permanent 24,891 24,891 100 25,470 25,470 100

Total employees 3,68,125 3,68,125 100 3,39,485 3,39,485 100

2. Details of employees and workers in terms of minimum wages paid:

Infosys operates in 56 countries and employees are deployed across geographies. Legal minimum is defined based on various parameters like tenure, role, location, citizenship status
etc., and varies by country and even by states within some countries. We have defined detailed processes considering these parameters to ensure the employees are paid as per the
local regulations and we are compliant with local laws, as applicable.

Category Fiscal 2023 Fiscal 2022

Total Equal to minimum wage More than minimum wage Total Equal to minimum wage More than minimum wage
employees employees
(A) No. (B) % (B /A) No. (C) % (C /A) (D) No. (E) % (E /D) No. (F) % (F /D)

Permanent employees

Male 1,73,086 3,856 2.23 1,69,230 97.77 1,57,132 6,974 4.44 1,50,158 95.56
Infosys Integrated Annual Report 2022-23

Female 1,13,084 5,040 4.46 1,08,044 95.54 1,04,672 9,208 8.80 95,464 91.20

Total 2,86,170 8,896 3.11 2,77,274 96.89 2,61,804 16,182 6.18 2,45,622 93.82

Other than permanent employees

Male

Female Vendors and contractors are required to adhere to statutory compliances as per the State rules

Total
Includes only employees whose base location is India
Infosys Integrated Annual Report 2022-23

3. Details of remuneration / salary / wages, in the following format:

Male Female

Median remuneration / salary / wages of Median remuneration / salary / wages of

As on March 31, 2023 Number Number
respective category in ` lakhs respective category in ` lakhs

Board of Directors (BoD) 6* 219.2 1 253.6

Key Managerial Personnel (1)

3 1061.7 0 –
Junior 75,414 3.6 61,327 3.6
Employees (2) other than Middle 73,113 11.3 45,748 9.9
BoD and KMP Senior 24,556 26.3 6,009 22.2
Total 1,73,083 7.9 1,13,084  5.2 
* Remuneration to Chief Executive Officer and Managing Director (CEO and MD) has been included in KMP
(1)
Key Management Personnel includes Chief Executive Officer and Managing Director (CEO and MD), Chief Financial Officer (CFO) and Company Secretary (CS)
(2)
India - Infosys group

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)

Yes

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 has 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.
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.
For more information, refer to Resolution hubs available in the Management Discussion and Analysis section of this Integrated Annual Report.

6. Number of complaints on the following made by employees and workers:

Fiscal 2023 Fiscal 2022

Filed during Pending resolution at the Remarks Filed during Pending resolution at the Remarks
the year end of year the year end of year

Incidents of sexual harassment

were reviewed as per the
Sexual harassment 78 11 * requirements of POSH Act in 25 0 –
India and as per the established
grievance redressal process.
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Fiscal 2023 Fiscal 2022

Filed during Pending Remarks Filed during Pending Remarks

the year resolution at the year resolution at
the end of year the end of year

Incidents pertaining to
discrimination were reviewed as
Discrimination at workplace 111 9* 82 0 –
per the established grievance
redressal process for HEAR

Child labor – – – – – –

Forced labor / Involuntary labor – – – – – –

Wages – – – – – –
Other human rights-related
– – – – – –
issues
* As on May 29, 2023, we have six ASHI cases and two cases of discrimination at workplace, pending resolution.
A robust feedback mechanism ensures employee feedback and concerns are heard and addressed in a timely manner. During fiscal 2022 and fiscal 2023, we had 660 and 707 queries / grievances,
respectively, pertaining to performance management, interpersonal conflicts and other internal policies, which were redressed as per the processes established by HEAR.

7. Mechanism to prevent adverse consequences to the complainant in discrimination and harassment cases
Infosys’ non-retaliation policy is an embodiment of our values and a cornerstone of our Code.  Infosys commits to protect the complainant and  and ensure that they are not
retaliated against because of any report that they  raise in good faith. Infosys does not tolerate any form of retaliation (whether by a manager, co-worker or otherwise) against an
individual because he or she made a good faith report of an  integrity concern. This protection also extends to anyone who assists with or cooperates in an investigation or report of
an integrity concern or question. We support those who support our values.

8. Do human rights requirements form part of your business agreements and contracts? (Yes / No)
Yes.

9. Assessments for the year:

% of your plants and offices that were assessed (by entity or statutory authorities or third parties) *
Infosys Integrated Annual Report 2022-23

Child labor 100

Forced / involuntary labor 100
Sexual harassment 100
Discrimination at workplace 100
Wages 100
Others – please specify –
* India operations

10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 9 above
There were no significant risks / concerns arising from the human rights assessments.
Infosys Integrated Annual Report 2022-23

Leadership indicators

1. Details of a business process being modified / introduced as a result of addressing human rights grievances / complaints
At Infosys, our commitment to a values-based ethos is embodied in our Code of Conduct and Ethics. We have strengthened our approach to raising awareness of the Code. In 2022,
a digital version of the Infosys Code of Conduct and Ethics was launched. It provides user-friendly access to specific topics in an interactive way. It is a unique audio-visual experience
and is easy to navigate. The Code can also be accessed via mobile devices. The launch of the digital version of the Code is designed to help every employee understand the behavior
we expect, and the principles and values we uphold. We want to continue to build a culture of compliance, where everyone feels they are doing the right thing and prioritizing legal
and ethical choices.
The Code of Conduct and Ethics is also explained and outlined during the onboarding programs. #SwipeRightforIntegrity, an annual legal and compliance event, has evolved into a
platform to create awareness, engage in meaningful dialogues with all stakeholders, influence behavior and showcase Infosys’ culture. This has advanced the compliance and ethics
program and created greater awareness of expected behavior.

2. Details of the scope and coverage of any human rights due diligence conducted.
Infosys is committed to providing a safe and positive work environment. In keeping with this philosophy, the organization has an open-door policy. Training on Infosys values and
the Code of Conduct and Ethics, in which our stand on human rights is enshrined, is an integral part of the induction program for new employees. Every employee at Infosys is
mandated to take the Smart Awareness Quiz (SAQ) every year which contains learning and assessments on the Code and human rights-related topics. Year-round email campaigns
on human rights topics serve as a reminder to employees on the expectations of maintaining a respectful workplace for everyone. The organization commissioned a human
rights assessment of its India operations in 2022. The findings of the assessment were used to incorporate appropriate changes to the approach as detailed in our reponse to
Question 1 above.
In fiscal 2023, we launched our Responsible Supply Chain and Supplier Diversity Policy and revised our Supplier Code of Conduct. We also launched an exclusive ESG learning portal
for our suppliers, which includes topics on human rights. Our supplier ESG assessments include human rights.

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. The premise / office of the entity is accessible to differently-abled visitors, as per the requirements of the Rights of Persons with Disabilities Act.

4. Details on assessment of value chain partners:

% of value chain partners (by value of business done with such partners) that were assessed (1)

Sexual harassment 31

Discrimination at workplace 31

Child labor 31

Forced labor / involuntary labor 31

Wages 31

Others – please specify –

(1)
In fiscal 2022, we undertook a commitment to assess 100 of our top suppliers on ESG over a four-year period. We have covered 46 suppliers as on March 31, 2023.

5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above.

There were no significant risks / concerns arising from the assessments.

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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 2023 (in GJ) Fiscal 2022 (in GJ)

Total electricity consumption (A) 7,12,134 6,15,063

Total fuel consumption (B) 38,852 35,413

Energy consumption through other sources (C) Nil Nil

Total energy consumption (A+B+C) 7,50,986 6,50,476

Energy intensity per rupee of turnover (Total energy consumption / turnover in Rupees) 5.11 GJ / ` cr 5.35 GJ / ` cr

Energy intensity (optional) – the relevant metric may be selected by the entity NA NA

Note: Indicate if any independent assessment / evaluation / assurance has been carried out by an Yes. Independent assurance has been carried out by KPMG Assurance and
external agency? (Y / N) If yes, name of the external agency Consulting 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.
Not applicable

3. Provide details of the following disclosures related to water:

Parameter Fiscal 2023 (in kl) Fiscal 2022 (in kl)

(i) Surface water NA NA

(ii) Groundwater 54,617 1,12,910

(iii) Third-party water 19,93,801 11,29,818

Infosys Integrated Annual Report 2022-23

(iv) Seawater / desalinated water NA NA

(v) Others (rainwater) 2,26,261 69,656

Total volume of water withdrawal (i + ii + iii + iv + v) 22,74,679 13,12,384

Total volume of water consumption 22,74,679 13,12,384

Water intensity per rupee of turnover (Water consumed / turnover) 15.50 kl / ` cr 10.79 kl / ` 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 out by an Yes. Independent assurance has been carried out by KPMG Assurance and
external agency? (Y / N) If yes, name of the external agency Consulting Services LLP
Infosys Integrated Annual Report 2022-23

4. Has the entity implemented Zero Liquid Discharge policy? If yes, provide details of its coverage and implementation.

Yes. All sewage generated on Infosys campuses is treated in the in-house sewage treatment plants and the recycled water is used for irrigation, HVAC and flushing purposes. In some
of our smaller leased offices, with limited space or lesser operational control, the wastewater is discharged into municipal sewers, which undergo further treatment.

5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format

Parameter Please specify unit Fiscal 2023 Fiscal 2022

NOx Kg 26,015.10 22,907.32

SOx Kg 1,126.01 2,566.01

Particulate matter (PM) Kg 3,441.52 3,899.34

Persistent organic pollutants (POP) NA NA NA

Volatile organic compounds (VOC) NA NA NA

Hazardous air pollutants (HAP) NA NA NA

Others – please specify NA NA NA

Note: Indicate if any independent

assessment / evaluation / assurance has
Yes. Independent assurance has been carried out by KPMG Assurance and Consulting Services LLP
been carried out by an external agency?
(Y / N) If yes, name of the external agency.

6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity, in the following format :

Parameter Please specify unit Fiscal 2023 Fiscal 2022

Total Scope 1 emissions (Break-up of the

GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, tCO2 e 8,593 8,965
NF3, if available)

Total Scope 2 emissions (Break-up of the

GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, tCO2 e 62,352 (1) 64,398 (1)
NF3, if available)
Total Scope 1 and Scope 2 emissions per
tCO2 e / ` cr 0.48 0.50
rupee of turnover
Total Scope 1 and Scope 2 emission
intensity (optional) – the relevant metric NA NA NA
may be selected by the entity
Note: Indicate if any independent
assessment / evaluation / assurance has
Yes. Independent assurance has been carried out by KPMG Assurance and Consulting Services LLP
been carried out by an external agency?
(Y / N) If yes, name of the external agency.
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(1)
Scope 2 emissions includes India and overseas owned and leased offices
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Business Responsibility and Sustainability Report

7. Does the entity have any project related to reducing greenhouse gas emission? If yes, provide details.

Infosys has been carbon neutral since fiscal 2020, across all emissions (scope 1, 2 and 3), and continued to be carbon neutral in fiscal 2023. The unique approach followed
by Infosys – reduce emissions through energy efficiency, avoid emissions through adoption of clean energy, and finally offset unavoidable emissions – is a blueprint for
organizations to achieve carbon neutrality and eventually net zero. At Infosys, we believe reduction and avoidance are key to achieving global climate goals, and can be fast
tracked through skilling, adoption of automation and data-driven decision making and governance.

8. Provide details related to waste management by the entity, in the following format:

Parameter Fiscal 2023 Fiscal 2022

Total waste generated (in metric tonnes)

Plastic waste (A) 128.58 114.62

E-waste (B) 813.37 863.67

Biomedical waste (C) 106.02 43.58

Construction and demolition waste (D) 10,861.63 3,087.65

Battery waste (E) 132.64 132.02

Radioactive waste (F) 3.62 0.008

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) 57.47 55.11

Other non-hazardous waste generated (Metal, wood, paper / cardboard, textile waste, kitchen oil,
mixed waste, garden waste, glass waste, thermocol, rubber, STP sludge) (H) 8,956.44 6,882.24

Total (A + B + C + D + E + F + G + H) 21,059.76 8,091.25

For each category of waste generated, total waste recovered through recycling, reusing or other recovery operations (in metric tonnes)

Category of waste Fiscal 2023 Fiscal 2022

Infosys Integrated Annual Report 2022-23

(i) Recycled 9,022.89 9,512.77

(ii) Reused 1,066.94 728.72

(iii) Other recovery operations 70.73 0

Total 10,160.55 10,241.5

Infosys Integrated Annual Report 2022-23

For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)

Category of waste Fiscal 2023 Fiscal 2022

(i) Incineration 118.55 49.88

(ii) Landfilling 10,781.84 886.18

(iii) Other disposal operations 0 0

Total 10,900.38 936.06

Note: Indicate if any independent assessment / evaluation / assurance has been carried out by an Yes. Independent assurance has been carried out by KPMG Assurance and
external agency? (Y / N) If yes, name of the external agency. Consulting Services LLP.

9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your company to reduce usage of hazardous and
toxic chemicals in your products and processes and the practices adopted to manage such wastes.
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.

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:
Our campuses are built on government-approved land in industrial zones and do not fall within nor 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:

Whether conducted
Name and brief details of by independent Results communicated in Relevant web-link
EIA Notification No. Date
project external agency (Yes public domain (Yes / No)
/ No)

Grant of Environmental https://www.infosys.com/

clearance for modification of sustainability/approvals/
EC22B039KA156836 Dec 28, 2022 Yes Yes
existing B#1, B#2 & B#3 at E-city documents/environmental-
campus, Bengaluru clearance-blr-ecity.pdf
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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
the following format:

Yes. We are compliant with the applicable environmental law / regulations / guidelines in India.

Leadership indicators

1. Provide break-up of the total energy consumed into renewable and non-renewable sources, in the following format:

Parameter Fiscal 2023 (GJ) Fiscal 2022 (GJ)

From renewable sources

Total electricity consumption (A) 3,59,644 2,66,119

Total fuel consumption (B) 0 0

Energy consumption through other sources (C) 0 0

Total energy consumption (A+B+C) 3,59,644 2,66,119

From non-renewable sources

Total electricity consumption (D) 3,52,490 3,48,944

Total fuel consumption (E) 38,852 35,413

Energy consumption through other sources (F) 0 0

Total energy consumption (D+E+F) 3,91,342 3,84,357

Note: Indicate if any independent assessment / evaluation /

assurance has been carried out by an external agency? (Y / Yes. Independent assurance has been carried out by KPMG Assurance and Consulting Services LLP
N) If yes, name of the external agency
Infosys Integrated Annual Report 2022-23
Infosys Integrated Annual Report 2022-23

2. Provide the following details related to water discharged:

Parameter Fiscal 2023 Fiscal 2022

Water discharge by destination and level of treatment (in kilolitres)

(i) To Surface water

No treatment

With treatment – please specify level of treatment

(ii) To Groundwater

No treatment

With treatment – please specify level of treatment

(iii) To Seawater

No treatment
Waste water generated is treated in sewage treatment plants and reused for purposes like landscaping,
HVAC applications and flushing. There is no discharge in any of these categories.
With treatment – please specify level of treatment

(iv) Sent to third-parties

No treatment

With treatment – please specify level of treatment

(v) Others

No treatment

With treatment – please specify level of treatment

Total water discharged (in kilolitres)

Note: Indicate if any independent assessment / evaluation / 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
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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

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
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.

Particulars Fresh water withdrawal from water-stressed Zones (High and Extremely High zones by WRI)

Name of the area India Australia Israel Mauritius Mexico Philippines Romania South Spain UAE
Africa
Nature of operations IT/ITES IT/ITES IT/ITES IT/ITES IT/ITES IT/ITES IT/ITES IT/ITES IT/ITES IT/ITES
services services services services services services services services services services
Water withdrawal, consumption and discharge in the
following format:
Parameter
Water withdrawal by source (in kilolitres)
(i) Surface water – – – – – – – – – –
(ii) Groundwater (open wells + borewells) 54,617 – – – – – – – – –
(iii) Third party water (municipal and other suppliers) 13,78,980 18,050 2,732 1,987 7,203 78,825 14,324 33 447 1,920
(iv) Seawater / desalinated water – – – – – – – – – –
(v) Others (rainwater) 2,26,261 – – – – – – – – –
Total volume of water withdrawal 16,59,858 18,050 2,732 1,987 7,203 78,825 14,324 33 447 1,920
(in kilolitres)
Total volume of water consumption
(in kilolitres)
Water intensity per rupee of
turnover (water consumed / turnover)
Water intensity (optional) – the relevant metric may
be selected by the entity
Infosys Integrated Annual Report 2022-23

Water discharge by destination and level of

treatment (in kilolitres)
(i) Into surface water Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
No treatment
With treatment – please specify level of treatment
(ii) Into groundwater Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
No treatment
With treatment – please specify level of treatment
Infosys Integrated Annual Report 2022-23

Particulars Fresh water withdrawal from water-stressed Zones (High and Extremely High zones by WRI)

(iii) Into seawater Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
No treatment
With treatment – please specify level of treatment
(iv) Sent to third-parties Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
No treatment
With treatment – please specify level of treatment
(v) Others Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil
No treatment – Discharged through common sewers managed by local authorities
With treatment – please specify level of treatment Tertiary
Total water discharged (in kilolitres) Nil Nil Nil Nil Nil Nil Nil Nil Nil Nil

4. Please provide details of total Scope 3 emissions and its intensity for every rupee of turnover

Parameter Unit Fiscal 2023 Fiscal 2022

Total Scope 3 emissions (Break-up of the GHG into CO2, CH4,

tCO2e 1,80,196 1,83,595
N2O, HFCs, PFCs, SF6, NF3, if available)

Total Scope 3 emissions per rupee of turnover tCO2e / ` cr 1.23 1.51

Total Scope 3 emission intensity (optional) – the relevant

NA NA NA
metric may be selected by the entity

Note: Indicate if any independent assessment / evaluation /

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

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

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

Sr. No Initiative undertaken Outcome of the initiative
(web link, if any, may be provided along with summary)
Our ESG Vision for the environment is to ‘Serve the preservation of our planet by shaping and sharing technology solutions’.
Read more at https://www.infosys.com/content/dam/infosys-web/en/about/corporate-responsibility/esg-vision-2030/index.html
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. Read more in the Natural and Manufactured Capital sections of this report.
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7. Does the entity have a business continuity and disaster management plan? Give details in 100 words / web link
Infosys has a highly resilient Business Continuity Management System (BCMS) called Phoenix which is certified ISO 22301:2019 Security and Resilience — Business Continuity
Management Standard. This program ensures seamless continuity of business and utmost safety of employees and organization assets, while continuously meeting client
expectations and helping Infosys to be seen as a leader.
The BCMS program provides a robust framework for planning, establishing, implementing, operating, monitoring, reviewing, maintaining and continually improving business
continuity measures across Infosys and its subsidiaries as per the global BCMS strategy.
Comprehensive business continuity plans are created at three levels covering the business functions, locations and accounts. Integrated into our Enterprise Risk Management
Framework, the BCMS plans guide our typical response to events, such as catastrophes, natural or human-made disasters, which could disrupt or severely constrain our operations.
This covers various crisis scenarios as part of detailed risk assessments for functions, locations and accounts which are documented with mitigation plans along with controls put in
place. This has ensured a highly resilient management system that has been continuously validated through tests and exercises, and various incidents, which have been successfully
tackled without any major business continuity or employee safety impacts. The best example of this has been the unprecedented global COVID-19 pandemic in the last two years.
An efficient business continuity management policy has enabled us to maintain the status quo during disasters and pandemics as quickly and as cost-effectively as possible. It has
also helped to minimize downtime and achieve sustainable improvements in business continuity and regulatory compliance. For certification, refer to
https://www.infosys.com/about/esg/certifications.html.

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.
In fiscal 2022, we undertook a commitment to assess 100 of our top suppliers on ESG over a four-year period.  We have covered 46% suppliers as on March 31, 2023.
Infosys Integrated Annual Report 2022-23
Infosys Integrated Annual Report 2022-23

PRINCIPLE 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a
manner that is responsible and transparent
Essential indicators

1. a. Number of affiliations with trade and industry chambers / associations.

~ 50

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.

S. No. Name of the trade and industry chambers / associations Reach of trade and industry chambers / associations
(State / National)

1 National Association of Software and Services Companies (NASSCOM) National

2 Confederation of Indian Industry (CII) National

3 Federation of Indian Chambers of Commerce and Industry (FICCI) National

4 Alliance for an Energy Efficient Economy (AEEE), India National

5 Indian Green Building Council (IGBC) National

6 Associated Chambers of Commerce and Industry (ASSOCHAM) National

7 United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) International

8 United States Green Building Council (USGBC) International

9 World Economic Forum (WEF) International

10 IACC (Indo Australia Chamber of Commerce) International

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

Leadership indicators

1. Details of public policy positions advocated by the Company:

Infosys’ approach to achieving our government, policy and community objectives focuses on engaging ecosystems at the national, regional and local levels. To this end, Infosys
focuses on developing and maintaining partnerships with relevant government officials, business organizations, technology industry associations, educational institutions, and
community organizations in all of the Company’s key markets - including, but not limited to, the US, Canada, Europe, Australia, and India – to build mutually beneficial partnerships.
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PRINCIPLE 8: Businesses should promote inclusive growth and equitable development
Essential indicators

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year
Not applicable – we have no SIA notification

2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in the following format:

Not applicable

3. Describe the mechanisms to receive and redress grievances of the community.

Infosys Foundation works closely with communities in identified areas in the domains of education, healthcare, women empowerment, sustainability, 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 include a
grievance mailbox ([email protected]), site visits, 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.

4. Percentage of input material (inputs to total inputs by value) sourced from suppliers

Fiscal 2023* Fiscal 2022*

Directly sourced from MSMEs / small producers 16% 9.79%

Sourced directly from within the district and neighboring districts 66% 72%

* India procurement

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

2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies
Infosys Integrated Annual Report 2022-23

S. State Aspirational district Amount spent S. State Aspirational district Amount spent
No (In `) No (In `)
1 Andhra Pradesh Visakhapatnam 7,17,85,217 10 Assam Hailakandi 1,33,317
2 Andhra Pradesh Y.S.R Kadapa 10,68,634 11 Bihar Muzaffarpur 4,41,039
3 Andhra Pradesh Vizianagaram 8,10,816 12 Bihar Aurangabad 4,40,700
4 Arunachal Pradesh Namsai 4,18,273 13 Bihar Gaya 2,62,168
5 Assam Baksa 2,51,19,840 14 Bihar Katihar 2,03,167
6 Assam Udalguri 2,50,10,847 15 Bihar Khagaria 1,47,158
7 Assam Dhubri 2,22,966 16 Bihar Purnia 1,43,770
8 Assam Goalpara 1,66,473 17 Bihar Begusarai 1,42,732
9 Assam Darrang 1,64,802 18 Himachal Pradesh Chamba 1,05,603
Infosys Integrated Annual Report 2022-23

S. State Aspirational district Amount spent S. State Aspirational district Amount spent
No (In `) No (In `)
19 Jharkhand Ranchi 5,05,701 44 Odisha Balangir 11,35,760
20 Jharkhand Sahibganj 1,40,155 45 Odisha Kandhamal 10,95,698
21 Jharkhand Hazaribag 1,39,918 46 Odisha Rayagada 5,46,016
22 Jharkhand Bokaro 1,29,909 47 Punjab Moga 4,02,855
23 Jharkhand Lohardaga 1,28,552 48 Punjab Ferozepur 1,36,101
24 Jharkhand Gumla 1,25,603 49 Rajasthan Jaisalmer 62,90,445
25 Karnataka Raichur 1,81,70,836 50 Rajasthan Sirohi 54,49,710
26 Karnataka Yadgir 29,17,231 51 Rajasthan Karauli 50,61,020
27 Kerala Wayanad 6,35,474 52 Rajasthan Baran 39,63,382
28 Madhya Pradesh Singrauli 62,43,484 53 Rajasthan Dholpur 20,46,138
29 Madhya Pradesh Barwani 46,21,390 54 Sikkim West District 1,64,022
30 Madhya Pradesh Damoh 40,24,525 55 Tamil Nadu Virudhunagar 2,51,960
31 Madhya Pradesh Vidisha 10,38,478 56 Tamil Nadu Ramanathapuram 2,00,527
32 Madhya Pradesh Guna 3,79,222 57 Telangana Bhadradri-Kothagudem 62,50,000
33 Madhya Pradesh Rajgarh 1,00,350 58 Tripura Dhalai 2,90,972
34 Maharashtra Gadchiroli 31,24,664 59 Uttar Pradesh Fatehpur 4,85,764
35 Maharashtra Osmanabad 10,52,337 60 Uttar Pradesh Chandauli 1,54,558
36 Maharashtra Nandurbar 10,19,303 61 Uttar Pradesh Sonbhadra 1,31,514
37 Maharashtra Washim 9,62,333 62 Uttarakhand Haridwar 4,56,429
38 Manipur Chandel 1,75,300 63 Uttarakhand Udham Singh Nagar 3,23,010
39 Meghalaya Ribhoi 4,72,830 64 Various districts - with spend less than one lakh 6,38,513
40 Odisha Gajapati 19,57,832 Total 21,48,99,551
41 Odisha Kalahandi 17,61,179
Note:
42 Odisha Koraput 14,93,897
105 out of the 112 asprirational districts covered in fiscal 2023
43 Odisha Dhenkanal 13,17,135

3. Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalized / vulnerable groups? (Yes / No)
Yes. Our responsible supply chain and supplier diversity policy guides our efforts.
Refer to https://www.infosys.com/investors/corporate-governance/documents/responsible-supply-chain-supplier-diversity-policy.pdf.

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
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
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6. Details of beneficiaries of CSR projects:

S. CSR project No. of persons % of beneficiaries S. CSR project No. of persons % of beneficiaries
No benefitted from CSR from vulnerable No benefitted from CSR from vulnerable
projects and marginalised projects and marginalised
groups groups
1 Arpan Trust 20,250 95 14 Ramakrishna Sarada 4,20,785 100
2 Bateshwar restoration 55,000 0 Mission Matri Bhavan
3 Bharatiya Vidya Bhavan 97,529 0 15 Seva Bharati 28,000 0
4 Bio-gas and improved 9,64,000 *
75 16 SGBS Unnati Foundation 10,000 0
cookstove projects 17 Shivganga Samagra 1,50,000 0
5 Department of 51,000 100 Gramvikas Parishad
Education, Karnataka 18 Skill programs 27,906 98
6 Evidyaloka 21,026 100 19 Sri Jayadeva Institute of 47,039 0
7 Hebbal Lake, Mysuru 40,700 0 Cardiovascular Sciences
and Research
8 Infosys Foundation 1,00,000 0
Vishram Sadan – All 20 Sri Ramakrishna 14,735 2
India Institute of Sevashrama, Pavagada
Medical Sciences 21 Visakha Jilla Nava 26,757 2
9 Infosys Springboard – 10,74,295 27 Nirmana Samiti
Digital Literacy Program 22 Yuva Foundation 79,866 100
10 Mo-Schools 28,475 100 23 Various beneficiaries 49,337 49
11 Mudipu road 3,60,000 0 less than 10,000
construction Total 37,81,463 45
12 Pocharam municipality 51,747 0
13 Ramakrishna Mission 63,016 43 Note:
Sevashrama 1. Women, children and people with differently-abled are the main vulnerable groups identified.
2. Beneficiary count is arrived based on the progress reports, site visits and MoUs, as applicable.
* Beneficary count is calculated based on four persons per household
Infosys Integrated Annual Report 2022-23
Infosys Integrated Annual Report 2022-23

PRINCIPLE 9: Businesses should engage with and provide value to their consumers in a responsible manner
Essential indicators

1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.

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 most of our clients are delighted with Infosys, sustaining the positive feedback gained over the years. We have also been
appreciated for our relationship management, client-centric approach, account management, base delivery and quality of deliverables.

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
product, Safe and responsible usage, Recycling and / or safe disposal.

Not applicable

3. Number of consumer complaints in respect of data privacy, advertising, cybersecurity, delivery of essential services, restrictive trade practices, unfair trade practices.
There are no consumer complaints in respect of data privacy, advertising, cybersecurity, delivery of essential services, restrictive trade practices, unfair trade practices.

4. Details of instances of product recalls on account of safety issues

Not applicable

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.
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.
Refer to https://www.infosys.com/about/corporate-responsibility/governance/information-management.html.

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.

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.

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.

Refer to Principle 6, Question 7 of Leadership indicators, in this report.

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4. Does the Company display product information on the product over and above what is mandated as per local laws? Not applicable
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 customer 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 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
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.

5. Provide the following information relating to data breaches:

a. Number of instances of data breaches along with impact
0
b. Percentage of data breaches involving personally identifiable information of customers
0
Infosys Integrated Annual Report 2022-23
Independent Assurance Statement to Infosys Limited on Select Non-Financial
Sustainability Disclosures in the Integrated Report for the Financial Year 2022-23

To
The Management of Infosys Limited
Infosys Limited,
44/97A, 3rd Cross,
Electronic City, Hosur Road,
Bangalore 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’ or ‘IR report’) for the reporting period covering 1st April 2022 to 31st March 2023 (“the Year’’ or “the Reporting Period”). Our
responsibility was to provide independent 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 2021.
• 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).

Assurance Standards Used

We conducted our assurance in accordance with the following assurance standards
• Assurance requirements of the International Federation of Accountants (IFAC) International Standard on
– Assurance Engagements Other than Audits or Reviews of Historical Financial Information- (ISAE 3000- revised), for the select
environmental and social disclosures in the Report.
– Assurance Engagements on Greenhouse Gas Statements (ISAE 3410), for the GHG emissions data.

• Under these standards, we have reviewed the information presented in the Report against the characteristics of relevance,
completeness, reliability, neutrality, and understandability.
• Limited assurance consists primarily of enquiries and analytical procedures. The procedures performed in a limited assurance
engagement vary in nature and timing and are less in extent than for a reasonable assurance engagement.
• Reasonable assurance is a high level of assurance but it is not a guarantee that it will always detect a material misstatement when it
exists.
• A reasonable assurance engagement in accordance with ISAE 3000 (revised) and ISAE 3410 involves performing procedures to obtain
evidence about the quantification of emissions and related information in ‘the Report’.

Infosys Integrated Annual Report 2022-23 201

Scope, Boundary, and Limitations
• The scope of assurance covers select non-financial sustainability disclosures for the period FY 2022-23 in Infosys’ IR report, as
mentioned in the table below.
• The reporting scope and boundary covers Infosys’ global operations. The following sites were selected as sample for the purpose of
the assurance.
1. Corporate Office, Bengaluru
2. Delivery Centre, Bengaluru
3. SEZ Delivery Centre, Hyderabad
4. Delivery Centre, Mysuru
5. Delivery Centre, Trivandrum
6. Delivery Centre, Gurugram
7. Delivery Centre, Jaipur
8. Delivery Centre, Bhubaneswar
9. Delivery Center, Chandigarh
10. Delivery Centre, Shanghai

• Following selected non-financial disclosures in ‘the Report’ were subjected to reasonable assurance:

GRI Standards
Disclosures subject to Reasonable Assurance Disclosures subject to Limited Assurance
Universal Standard- Material Topics 2021
• Disclosures on Material Topics: 3-1, 3-2, 3-3
Topic Standards – Environmental Environmental
• Energy (2016): 302-1, 302-3, 302-4, 305-1,305-2, 305-3, 305-4 • Water & Effluents (2018): 303-3, 303-5
• Water & Effluents (2018): 303-4
• Emissions (2016): 305-1, 305-2, 305-3, 305-4, 305-5, 305-6, 305-7
• Waste (2020): 306-3, 306-4, 306-5
• Supplier environmental assessment (2016): 308-1, 308-2
Topic Standards – Social Social
• Employment (2016): 401-1, 401-2, 401-3 • Non-Discrimination (2016): 406-1
• Occupational health & safety (2018): 403-1, 403-2,
• Training & Education: 404-1,404-2,404-3
• Diversity & equal opportunity (2016): 405-1
• Freedom of association and collective bargaining (2016): 407-1
• Child labor (2016): 408-1
• Forced or compulsory labor (2016): 409-1
• Security practices (2016): 410-1
• Local communities (2016): 413-1, 413-2
• Supplier social assessment (2016): 414-1, 414-2
• Customer privacy (2016): 418-1
SASB Standards for Software and IT Services Industry: Sustainability Disclosure Topics & Accounting Metrics
Disclosures subject to Reasonable Assurance Disclosures subject to Limited Assurance
• Environmental footprint of hardware infrastructure: • Environmental footprint of hardware infrastructure:
TCSI-130a.1 (energy) TCSI-130a.2 (water)
• Recruiting and managing a Global, Diverse and Skilled
Workforce: TCSI-330a.1, TCSI- 330a.2, and TCSI-330a.3
• Data security: TC-SI-230a.1

202 Infosys Integrated Annual Report 2022-23

 Business Responsibility and Sustainability Report (BRSR)
Disclosures subject to Reasonable Assurance Disclosures subject to Limited Assurance
Section A: General Disclosures
• Employees - A18a, A18b, A19, A20
• Transparency and Disclosures Compliances – A24
Section B: Management and Process Disclosures Section B: Management and Process Disclosures
• Policy & Management Processes - B5 • Policy & Management Processes – B1 a, B1 b, B1 c, B2, B3, B4
• Governance, Leadership, and Oversight – B7, B8, B9, B11
Section C: Principle-wise Performance Disclosure Section C: Principle-wise Performance Disclosure
• Principle 3 – P3-E1a, P3-E5, P3-E8, P3-E10a, P3-E10b, P3-E10c, • Principle 1 – P1-E1, P1-E4, P1-E5, P1-L1, P1-L2
P3-E10d, P3-E-11, P3- E14, P3- L4, P3-L5, P3-L6
• Principle 4 – P4-E1, P4-E2, P4-L2 • Principle 2 – P2-E2
• Principle 5 – P5-E1, P5-L3, P5-L4, P5-L5 • Principle 3 – P3-E3, P3-E4, P3-E6, P3-E7, P3-E12, P3-E13, P3- E15,
P3-L1
• Principle 6 – P6-E1, P6-E5, P6-E6, P6-E7, P6-E8, P6-E9, P6-L1, • Principle 4 – P4-L1
P6-L2, , P6-L4, P6-L6, P6-L7, P6-L8, P6-L9
• Principle 8 – P8-E1, P8-E2, • Principle 5 – P5-E2, P5-E4, P5-E5, P5-E6, P5-E7, P5-E8, P5-E9,
P5- E10, P5-L2
• Principle 9 – P9-E3, P9-E5, P9-L5 • Principle 6 – P6-E3, P6-E4, P6-E11, P6-L3
• Principle 8 – P8-E3, P8-E4
• Principle 9 – P9-E1, P9-E6, P9-L4

Limitations
The assurance scope excludes the following:
• Data related to the Company’s financial performance.
• Data and information outside the defined reporting period.
• The Company’s statements that describe the progress on goals other than those listed under the scope above, expression of opinion,
belief, claims, 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 the specified disclosures. The nature,
timing, and extent of the 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 the 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 the 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.

Infosys Integrated Annual Report 2022-23 203

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 select non-financial sustainability disclosures in the Integrated Report of Infosys Limited for the reporting period
from 1st April 2022 to 31st March 2023. 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 select non-financial sustainability disclosures which have been subjected to reasonable assurance as defined under the scope of
assurance, are fairly stated in all material aspects.
Limited Assurance:
Nothing has come to our attention that causes us not to believe that the select non-financial sustainability disclosures which have been
subjected to limited assurance as defined under the scope of assurance, are appropriately stated in all material aspects.

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.

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 co-responsibility 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 ii 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, ESG Services

KPMG Assurance and Consulting Services LLP

Date: 29-May-2023

204 Infosys Integrated Annual Report 2022-23

Statutory reports
CEO and CFO certification
The Board of Directors
Infosys Limited, Bengaluru
Dear members of the Board,
We, Salil Parekh, Chief Executive Officer and Managing Director, and Nilanjan Roy, Chief Financial Officer of Infosys Limited, to the best of
our knowledge and belief, certify that:
1. We have reviewed the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss, the Statement of Changes in Equity and
the Statement of Cash Flows for the year then ended, and a summary of the significant accounting policies and other explanatory
information of the Company, and the Board’s report for the year ended March 31, 2023.
2. These statements do not contain any materially untrue statement or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by
this report.
3. The financial statements, and other financial information included in this report, present in all material respects a true and fair view
of the Company’s affairs, the financial condition, results of operations and cash flows of the Company as at, and for, the periods
presented in this report, and are in compliance with the existing accounting standards and / or applicable laws and regulations.
4. There are no transactions entered into by the Company during the year that are fraudulent, illegal or violate the Company’s Code of
Conduct and Ethics, except as disclosed to the Company’s auditors and the Company’s Audit Committee of the Board of Directors.
5. We are responsible for establishing and maintaining disclosure controls and procedures and internal controls over financial reporting
for the Company, and we have:
a. Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our
supervision to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report is being prepared.
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with Indian Accounting Standards (Ind AS).
c. Evaluated the effectiveness of the Company’s disclosure, controls and procedures.
d. Disclosed in this report, changes, if any, in the Company’s internal control over financial reporting that occurred during the Company’s
most recent financial year that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over
financial reporting.
6. We have disclosed, based on our most recent evaluation of the Company’s internal control over financial reporting, wherever
applicable, to the Company’s auditors and the Audit Committee of the Company’s Board (and persons performing the equivalent
functions):
a. Any deficiencies in the design or operation of internal controls, that could adversely affect the Company’s ability to record, process,
summarize and report financial data, and have confirmed that there have been no material weaknesses in internal controls over
financial reporting including any corrective actions with regard to deficiencies.
b. Any significant changes in internal controls during the year covered by this report.
c. All significant changes in accounting policies during the year, if any, and the same have been disclosed in the notes to the
financial statements.
d. Any instances of significant fraud of which we are aware, that involve the Management or other employees who have a significant role
in the Company’s internal control system over financial reporting.
7. We affirm that we have not denied any personnel access to the Audit Committee of the Company (in respect of matters involving
alleged misconduct) and we have provided protection to whistleblowers from unfair termination and other unfair or prejudicial
employment practices.
8. We further declare that all Board members and senior management personnel have affirmed compliance with the Code of Conduct
and Ethics for the year covered by this report.

Sd/- Sd/-
Bengaluru Salil Parekh Nilanjan Roy
April 13, 2023 Chief Executive Officer and Managing Director Chief Financial Officer

Infosys Integrated Annual Report 2022-23 205

Standalone Financial Statements under Indian Accounting Standards (Ind AS) for the
year ended March 31, 2023
Index
A Independent Auditor’s Report...................................................................................................................................................................................................207
B Balance Sheet....................................................................................................................................................................................................................................219
C Statement of Profit and Loss.......................................................................................................................................................................................................221
D Statement of Changes in Equity................................................................................................................................................................................................223
E Statement of Cash Flows...............................................................................................................................................................................................................229
F Overview and Notes to the Standalone Financial Statements.......................................................................................................................................231
1. Overview
1.1 Company overview ................................................................................................................................................................................................................231
1.2 Basis of preparation of financial statements.................................................................................................................................................................231
1.3 Use of estimates and judgments.......................................................................................................................................................................................231
1.4 Critical accounting estimates and judgments..............................................................................................................................................................231
1.5 Recent accounting pronouncements..............................................................................................................................................................................232
2. Notes to the Standalone financial statements
2.1 Property, plant and equipment.........................................................................................................................................................................................232
2.2 Goodwill and other intangible assets.............................................................................................................................................................................235
2.3 Leases .........................................................................................................................................................................................................................................236
2.4 Capital work-in-progress......................................................................................................................................................................................................238
2.5 Investments...............................................................................................................................................................................................................................239
2.6 Loans............................................................................................................................................................................................................................................244
2.7 Other financial assets.............................................................................................................................................................................................................244
2.8 Trade receivables.....................................................................................................................................................................................................................245
2.9 Cash and cash equivalents...................................................................................................................................................................................................246
2.10 Other assets .............................................................................................................................................................................................................................246
2.11 Financial instruments ...........................................................................................................................................................................................................247
2.12 Equity..........................................................................................................................................................................................................................................255
2.13 Other financial liabilities......................................................................................................................................................................................................262
2.14 Trade payables.........................................................................................................................................................................................................................262
2.15 Other liabilities........................................................................................................................................................................................................................264
2.16 Provisions..................................................................................................................................................................................................................................264
2.17 Income taxes............................................................................................................................................................................................................................264
2.18 Revenue from operations....................................................................................................................................................................................................267
2.19 Other income, net..................................................................................................................................................................................................................270
2.20 Expenses...................................................................................................................................................................................................................................271
2.21 Employee benefits.................................................................................................................................................................................................................271
2.22 Reconciliation of basic and diluted shares used in computing earnings per equity share.......................................................................276
2.23 Contingent liabilities and commitments......................................................................................................................................................................277
2.24 Related party transactions.................................................................................................................................................................................................277
2.25 Corporate Social Responsibility (CSR)............................................................................................................................................................................287
2.26 Segment reporting...............................................................................................................................................................................................................287
2.27 Ratios..........................................................................................................................................................................................................................................287
2.28 Function-wise classification of Statement of Profit and Loss...............................................................................................................................288

206 Infosys Integrated Annual Report 2022-23

Independent Auditor’s Report
To The Members Of Infosys Limited

Report on the Audit of the Standalone Financial Statements

Opinion
We have audited the accompanying standalone financial statements of INFOSYS LIMITED (the “Company”), which comprise the Balance
Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year ended on that date and a summary of significant accounting policies and other
explanatory information (hereinafter referred to as the “standalone financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial
statements give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair
view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state
of affairs of the Company as at March 31, 2023 and its profit, total comprehensive income, changes in equity and its cash flows for the
year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (“SA”s) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit
of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit
of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained
by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial
statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the
matters described below to be the key audit matters to be communicated in our report.

Infosys Integrated Annual Report 2022-23 207

Standalone Financial Statements

Sr. No. Key Audit Matter

1 Revenue recognition
The Company’s contracts with customers include contracts with multiple products and services. The Company derives
revenues from IT services comprising software development and related services, maintenance, consulting and package
implementation, licensing of software products and platforms across the Company’s core and digital offerings and business
process management services. The Company assesses the services promised in a contract and identifies distinct performance
obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of
the customer to benefit independently from such deliverables involves significant judgement.
In certain integrated services arrangements, contracts with customers include subcontractor services or third-party vendor
equipment or software. In these types of arrangements, revenue from sales of third-party vendor products or services is
recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the
Company is the principal for the transaction. In doing so, the Company first evaluates whether it controls the products or
service before it is transferred to the customer. The Company considers whether it has the primary obligation to fulfil the
contract, inventory risk, pricing discretion and other factors to determine whether it controls the products or service and
therefore, is acting as a principal or an agent.
Fixed price maintenance revenue is recognized ratably either on (1) a straight-line basis when services are performed
through an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method
when the pattern of benefits from the services rendered to the customer and the Company’s costs to fulfil the contract is
not even through the period of contract because the services are generally discrete in nature and not repetitive. The use of
method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature
of the deliverables.
As certain contracts with customers involve management’s judgment in (1) identifying distinct performance obligations,
(2) determining whether the Company is acting as a principal or an agent and (3) whether fixed price maintenance revenue
is recognized on a straight-line basis or using the percentage of completion method, revenue recognition from these
judgments were identified as a key audit matter and required a higher extent of audit effort.
Refer Notes 1.4 and 2.18 to the standalone financial statements.
Auditor’s Response
Principal Audit Procedures Performed
Our audit procedures related to the (1) identification of distinct performance obligations, (2) determination of whether the
Company is acting as a principal or agent and (3) whether fixed price maintenance revenue is recognized on a straight-line
basis or using the percentage of completion method included the following, among others :

• 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.

208 Infosys Integrated Annual Report 2022-23

 Sr. No. Key Audit Matter
2 Revenue recognition - Fixed price contracts using the percentage of completion method
Fixed price maintenance revenue is recognized ratably either (1) on a straight-line basis when services are performed through
an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when
the pattern of benefits from services rendered to the customer and the Company’s costs to fulfil the contract is not even
through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other
fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the
percentage-of-completion method.
Use of the percentage-of-completion method requires the Company to determine the actual efforts or costs expended
to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to
measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total
efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes
based on the latest available information. Provisions for estimated losses, if any, on uncompleted contracts are recorded in
the period in which such losses become probable based on the estimated efforts or costs to complete the contract.
We identified the estimate of total efforts or costs to complete fixed price contracts measured using the percentage of
completion method as a key audit matter as the estimation of total efforts or costs involves significant judgement and
is assessed throughout the period of the contract to reflect any changes based on the latest available information. This
estimate has a high inherent uncertainty and requires consideration of progress of the contract, efforts or costs incurred
to-date and estimates of efforts or costs required to complete the remaining contract performance obligations over the
term of the contracts.
This required a high degree of auditor judgment in evaluating the audit evidence and a higher extent of audit effort to
evaluate the reasonableness of the total estimated amount of revenue recognized on fixed-price contracts.
Refer Notes 1.4 and 2.18 to the standalone financial statements.
Auditor’s Response
Principal Audit Procedures Performed
Our audit procedures related to estimates of total expected costs or efforts to complete for fixed-price contracts included the
following, among others :

• 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 the using 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.

Infosys Integrated Annual Report 2022-23 209

Standalone Financial Statements

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 and
Sustainability 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.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation
of these standalone financial statements that give a true and fair view of the financial position, financial performance, including
other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting
principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company 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 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 standalone financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management 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 Company’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout
the audit. We also :

• 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 with reference to standalone financial statements 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.

210 Infosys Integrated Annual Report 2022-23

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.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that :
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity
and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board
of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of
Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with
reference to standalone financial statements.
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. Refer Note 2.23 to the standalone financial statements.
ii. The Company has made provision as required under applicable law or accounting standards for material
foreseeable losses. Refer Note 2.16 to the standalone financial statements. The Company did not have any long-term
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, other than as disclosed in the note 2.24
to the Standalone Financial Statements, 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;

Infosys Integrated Annual Report 2022-23 211

Standalone Financial Statements

(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.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software
which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023,
and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the
financial year ended March 31, 2023.
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.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

Sanjiv V. Pilgaonkar
Partner
Place : Bengaluru (Membership No.039826)
Date : April 13, 2023 UDIN : 23039826BGXRYR4513

212 Infosys Integrated Annual Report 2022-23

Annexure “A” to the Independent Auditor’s Report
(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of
Infosys Limited of even date)
Report on the Internal Financial Controls with reference to Standalone Financials Statements under Clause (i) of sub-section 3
of Section 143 of the Companies Act, 2013 (the “Act”)
We have audited the internal financial controls with reference to standalone financial statements of INFOSYS LIMITED (the
“Company”) as of March 31, 2023 in conjunction with our audit of the standalone financial statements of the Company for the year
ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internal financial controls with reference to standalone
financial statements based on the internal control over financial reporting criteria 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 Institute of Chartered Accountants of India (the “ICAI”). These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor’s Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls with reference to standalone financial statements
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 Act, to the
extent applicable to an audit of internal financial controls with reference to standalone financial statements. 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 with reference to standalone financial statements 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 with reference
to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone
financial statements included obtaining an understanding of internal financial controls with reference to standalone financial
statements, 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
Company’s internal financial controls with reference to standalone financial statements .

Meaning of Internal Financial Controls with reference to standalone financial statements

A company's internal financial control with reference to standalone financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company's internal financial control with reference to standalone financial statements
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the
company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Standalone Financial Statements
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of
any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the
risk that the internal financial control with reference to standalone financial statements may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Infosys Integrated Annual Report 2022-23 213

Standalone Financial Statements

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 with reference to standalone financial statements and such internal financial controls with reference
to standalone financial statements were operating effectively as at March 31, 2023, based on the criteria for internal financial control
with reference to standalone financial statements 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.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

Sanjiv V. Pilgaonkar
Partner
Place : Bengaluru (Membership No.039826)
Date : April 13, 2023 UDIN : 23039826BGXRYR4513

214 Infosys Integrated Annual Report 2022-23

Annexure ‘B’ to the Independent Auditor’s Report
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of Infosys
Limited of even date)
To the best of our information and according to the explanations provided to us by the Company and the books of account and records
examined by us in the normal course of audit, we state that :

i. In respect of the Company’s property, plant and equipment, right-of-use assets 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 and right-of-use assets 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, 2023 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 and granted unsecured loans to other parties, during the year,
in respect of which :
(a) The Company has provided loans during the year, and details of which are given below :

Particulars Amount ₹ crore

Aggregate amount granted during the year
– Subsidiaries 427
Balance outstanding as at balance sheet date in respect of above cases :
– Subsidiaries 43

(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 made investments in Firms and Limited Liability Partnerships during the year. Further 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.

Infosys Integrated Annual Report 2022-23 215

Standalone Financial Statements

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.
vii. In respect of statutory dues :
(a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and
Services tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise,
Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.
There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees’ State
Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material
statutory dues in arrears as at March 31, 2023 for a period of more than six months from the date they became payable.
(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2023 on
account of disputes are given below :

Nature of the statute Nature of dues Forum where Dispute is Pending Period to which the Amount
Amount Relates ₹ crore

The Income Tax Act, 1961 Income Tax Income Tax Appellate Tribunal AY (1) 2016-17 - (4)
Income Tax Commissioner (Appeals) AY (1) 2010-11,
AY (1) 2013-14,
AY (1) 2016-17,
AY (1) 2019-20,
AY (1) 2021-22 to
AY (1) 2023-24 2,511
Income Tax Assessing Officer AY 2008-09 to
(1)

AY (1) 2023-24 3,844

Equalisation Levy Assessing Officer AY (1)
2021-22 - (4)
Customs Act, 1962 Duty of Custom Specified Officer of Special Economic FY 2008-09 to
(1)

Zone FY (1) 2011-12 5

Central Excise Act, 1944 Duty of Excise Supreme Court (3) FY (1) 2005-06 to
FY (1) 2015-16 68
Duty of Excise Customs Excise and Service Tax FY (1) 2015-16
Appellate Tribunal - (4)
Goods and Service Tax Act, Goods and Service Tax Additional Commissioner (Appeals) FY (1) 2019-20
2017 6
Sales Tax Act and VAT Laws Sales Tax Joint Commissioner (Appeals) (3) FY (1) 2006-07 to
FY (1) 2010-11 and
FY (1) 2014-15 to
FY (1) 2016-17 21
Sales Tax High Court of Andhra Pradesh FY (1) 2007-08 - (4)
Finance Act, 1994 Service Tax Customs Excise and Service Tax FY (1) 2004-05 to
Appellate Tribunal (2) FY (1) 2017-18 317
Service Tax Commissioner (Appeals) FY 2015-16 to
(1)

FY (1) 2017-18 1
The National Internal Corporate Income tax Commissioner of Bureau of Internal FY (1)
2017-18
Revenue Code of 1997 Revenue, Philippines 1
The National Internal Withholding tax Commissioner of Bureau of Internal FY (1)
2017-18
Revenue Code of 1997 Revenue, Philippines 1
The National Internal Value Added Tax Commissioner of Bureau of Internal FY (1)
2017-18
Revenue Code of 1997 Revenue, Philippines 2
Income Tax Assessment Act Corporate Income tax Administrative Appeals Tribunal, FY 2011-12 to
(1)

(ITAA 1936) Australia FY (1) 2016-17 182

216 Infosys Integrated Annual Report 2022-23

 Nature of the statute Nature of dues Forum where Dispute is Pending Period to which the Amount
Amount Relates ₹ crore

UK Finance Act 1998 Corporation Tax Her Majesty's Revenue and Customs FY (1) 2014-15 to
(HMRC) Tax Officer, United Kingdom (3) FY (1) 2016-17 202
Central Sales Tax Act, 1956 Central Sales Tax Joint Commissioner (Appeals) FY (1) 2016-17 - (4)
The Karnataka [Gram Swaraj Panchayat Property High Court of Karnataka at Bengaluru FY 2017-18 to
(1)

and Panchayat Raj] Act, 1993 Tax FY (1) 2020-21

32
Greater Hyderabad Trade Licence Fee Ministry for Information Technology FY (1) 2021-22 to
Municipal Corporation Act, & Municipal Administration & Urban FY (1) 2022-23
1955 Development 3

Footnotes :
(1)
AY=Assessment Year; FY= Financial Year.
(2)
Stay order has been granted against ₹60 crore disputed which has not been deposited.
(3)
Stay order has been granted.
(4)
Less than ₹ 1 crore.

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.

Infosys Integrated Annual Report 2022-23 217

Standalone Financial Statements

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.
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, 2013 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 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 Companies Act, 2013.
In respect of ongoing projects, the Company has not transferred the unspent 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.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

Sanjiv V. Pilgaonkar
Partner
Place : Bengaluru (Membership No.039826)
Date : April 13, 2023 UDIN : 23039826BGXRYR4513

218 Infosys Integrated Annual Report 2022-23

Balance Sheet
(In ₹ crore)

Particulars Note As at March 31,

2023 2022
Assets
Non-current assets
Property, plant and equipment 2.1 11,656 11,384
Right-of-use assets 2.3 3,561 3,311
Capital work-in-progress 2.4 275 411
Goodwill 2.2 211 211
Other intangible assets 2.2 3 32
Financial assets
Investments 2.5 23,686 22,869
Loans 2.6 39 34
Other financial assets 2.7 1,341 727
Deferred tax assets (net) 2.17 779 970
Income tax assets (net) 2.17 5,916 5,585
Other non-current assets 2.10 1,788 1,416
Total non-current assets 49,255 46,950
Current assets
Financial assets
Investments 2.5 4,476 5,467
Trade receivables 2.8 20,773 18,966
Cash and cash equivalents 2.9 6,534 12,270
Loans 2.6 291 219
Other financial assets 2.7 9,088 6,580
Other current assets 2.10 10,920 8,935
Total current assets 52,082 52,437
Total assets 1,01,337 99,387

Infosys Integrated Annual Report 2022-23 219

Standalone Financial Statements

Balance Sheet (contd.)

Particulars Note As at March 31,
2023 2022
Equity and liabilities
Equity
Equity share capital 2.12 2,074 2,103
Other equity 65,671 67,203
Total equity 67,745 69,306
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 2.3 3,553 3,228
Other financial liabilities 2.13 1,317 676
Deferred tax liabilities (net) 2.17 866 841
Other non-current liabilities 2.15 414 360
Total non-current liabilities 6,150 5,105
Current liabilities
Financial liabilities
Lease liabilities 2.3 713 558
Trade payables 2.14
Total outstanding dues of micro enterprises and small
enterprises 97 3
Total outstanding dues of creditors other than micro
enterprises and small enterprises 2,329 2,666
Other financial liabilities 2.13 12,697 11,269
Other current liabilities 2.15 7,609 7,381
Provisions 2.16 1,163 920
Income tax liabilities (net) 2.17 2,834 2,179
Total current liabilities 27,442 24,976
Total equity and liabilities 1,01,337 99,387

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 D. Sundaram Salil Parekh Bobby Parikh

Partner Lead Independent Director Chief Executive Officer Director
Membership No. 039826 and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer

220 Infosys Integrated Annual Report 2022-23

Statement of Profit and Loss
(In ₹ crore, except equity share and per equity share data)

Particulars Note Year ended March 31,

2023 2022
Revenue from operations 2.18 1,24,014 1,03,940
Other income, net 2.19 3,859 3,224
Total income 1,27,873 1,07,164
Expenses
Employee benefit expenses 2.20 62,764 51,664
Cost of technical sub-contractors 19,096 16,298
Travel expenses 1,227 731
Cost of software packages and others 2.20 5,214 2,985
Communication expenses 502 433
Consultancy and professional charges 1,236 1,511
Depreciation and amortization expenses 2.1, 2.2.2 and 2.3 2,753 2,429
Finance cost 2.3 157 128
Other expenses 2.20 3,281 2,490
Total expenses 96,230 78,669
Profit before tax 31,643 28,495
Tax expense :
Current tax 2.17 8,167 6,960
Deferred tax 2.17 208 300
Profit for the year 23,268 21,235

Infosys Integrated Annual Report 2022-23 221

Standalone Financial Statements

Statement of Profit and Loss (contd.)

Particulars Note Year ended March 31,
2023 2022
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net 2.17 and 2.21 (19) (98)
Equity instruments through other comprehensive income, net 2.5 and 2.17 (6) 97
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net 2.11 and 2.17 (7) (8)
Fair value changes on investments, net 2.5 and 2.17 (236) (39)
Total other comprehensive income / (loss), net of tax (268) (48)
Total comprehensive income for the year 23,000 21,187
Earnings per equity share
Equity shares of par value ₹5 each
Basic (₹) 55.48 50.27
Diluted (₹) 55.42 50.21
Weighted average equity shares used in computing earnings per equity share
Basic 2.22 419,38,13,881 422,43,39,562
Diluted 2.22 419,82,34,378 422,95,46,328

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 D. Sundaram Salil Parekh Bobby Parikh

Partner Lead Independent Director Chief Executive Officer Director
Membership No. 039826 and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer

222 Infosys Integrated Annual Report 2022-23

 Statement of Changes in Equity
Infosys Integrated Annual Report 2022-23

(In ₹ crore)

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 of
redemption premium earnings reserve options Economic instruments portion of of other the Company
reserve outstanding Zone through other cash flow comprehensive
Capital Other
account (SEZ) Re- comprehensive hedges income / (loss)
reserve reserves (2)
investment income
Reserve (1)
Balance as at
April 1, 2021 2,130 54 2,906 111 581 57,518 1,663 372 6,144 169 10 (127) 71,531
Changes in
equity for the
year ended
March 31, 2022
Profit for the year – – – – – 21,235 – – – – – – 21,235
Remeasurement
of the net defined
benefit liability /
asset, net * – – – – – – – – – – – (98) (98)
Equity
instruments
through other
comprehensive
income, net *
(Refer to Notes 2.5
and 2.17) – – – – – – – – – 97 – – 97
Fair value changes
on derivatives
designated as
cash flow hedge,
net * (Refer to
Note 2.11) – – – – – – – – – – (8) – (8)
Fair value changes
on investments,
net * (Refer to
Notes 2.5 and 2.17) – – – – – – – – – – – (39) (39)
Total
comprehensive
income for the
year – – – – – 21,235 – – – 97 (8) (137) 21,187
223
224

Standalone Financial Statements

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 of
redemption premium earnings reserve options Economic instruments portion of of other the Company
reserve outstanding Zone through other cash flow comprehensive
Capital Other
account (SEZ) Re- comprehensive hedges income / (loss)
reserve reserves (2)
investment income
Reserve (1)
Buyback of equity
shares ** (Refer to
Note 2.12) (28) – – – (640) (8,822) (1,603) – – – – – (11,093)
Transaction
cost relating to
buyback * – – – – – – (24) – – – – – (24)
Amount
transferred
to capital
redemption
reserve upon
buyback – – – 28 – – (28) – – – – – –
Transferred to
Special Economic
Zone (SEZ)
Re-investment
Reserve – – – – – (2,794) – – 2,794 – – – –
Transferred from
Special Economic
Zone (SEZ)
Re-investment
Reserve on
utilization – – – – – 1,012 – – (1,012) – – – –
Transferred
on account of
exercise of stock
Infosys Integrated Annual Report 2022-23

options (Refer to
Note 2.12) – – – – 218 – – (218) – – – – –
Transfer on
account of
options not
exercised – – – – – – 1 (1) – – – – –
Shares issued
on exercise of
employee stock
options (Refer to
Note 2.12) 1 – – – 10 – – – – – – – 11
Infosys Integrated Annual Report 2022-23

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 of
redemption premium earnings reserve options Economic instruments portion of of other the Company
reserve outstanding Zone through other cash flow comprehensive
Capital Other
account (SEZ) Re- comprehensive hedges income / (loss)
reserve reserves (2)
investment income
Reserve (1)
Employee stock
compensation
expense (Refer to
Note 2.12) – – – – – – – 393 – – – – 393
Income tax
benefit arising on
exercise of stock
options – – – – 3 – – 60 – – – – 63
Reserves
recorded upon
business transfer
under common
control (3) (Refer to
Note 2.5.1) – – (62) – – – – – – – – – (62)
Dividends – – – – – (12,700) – – – – – – (12,700)
Balance as at
March 31, 2022 2,103 54 2,844 139 172 55,449 9 606 7,926 266 2 (264) 69,306
225
 Statement of Changes in Equity (contd.)
226

Standalone Financial Statements

(In ₹ crore)

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
Capital Other redemption premium earnings reserve options Economic instruments portion of of other of the
reserve reserves (2) reserve outstanding Zone through other cash flow comprehensive Company
account (SEZ) Re- comprehensive hedges income / (loss)
investment income
Reserve (1)
Balance as at
April 1, 2022 2,103 54 2,844 139 172 55,449 9 606 7,926 266 2 (264) 69,306
Impact on
adoption of
amendment to
Ind AS 37 # – – – – – (9) – – – – – – (9)
2,103 54 2,844 139 172 55,440 9 606 7,926 266 2 (264) 69,297
Changes in
equity for the
year ended
March 31, 2023
Profit for the year – – – – – 23,268 – – – – – – 23,268
Remeasurement
of the net
defined benefit
liability / asset, net * – – – – – – – – – – – (19) (19)
Equity instruments
through other
comprehensive
income, net *
(Refer to Notes 2.5
and 2.17) – – – – – – – – – (6) – – (6)
Infosys Integrated Annual Report 2022-23

Fair value changes

on derivatives
designated as cash
flow hedge, net *
(Refer to Note 2.11) – – – – – – – – – – (7) – (7)
Fair value changes
on investments,
net * (Refer to Notes
2.5 and 2.17) – – – – – – – – – – – (236) (236)
Total
comprehensive
income for the
year – – – – – 23,268 – – – (6) (7) (255) 23,000
Infosys Integrated Annual Report 2022-23

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
Capital Other redemption premium earnings reserve options Economic instruments portion of of other of the
reserve reserves (2) reserve outstanding Zone through other cash flow comprehensive Company
account (SEZ) Re- comprehensive hedges income / (loss)
investment income
Reserve (1)
Buyback of equity
shares ** (Refer to
Note 2.12) (30) – – – (340) (11,096) – – – – – – (11,466)
Transaction cost
relating to
buyback * – – – – (19) (5) – – – – – – (24)
Amount
transferred to
capital redemption
reserve upon
buyback – – – 30 – (21) (9) – – – – – –
Transferred to
Special Economic
Zone (SEZ)
Re-investment
Reserve – – – – – (3,125) – – 3,125 – – – –
Transferred
from Special
Economic Zone
Re-investment
Reserve on
utilization – – – – – 1,397 – – (1,397) – – – –
Transferred on
account of exercise
of stock options
(Refer to Note 2.12) – – – – 291 – – (291) – – – – –
Transferred on
account of options
not exercised – – – – – – 2 (2) – – – – –
Shares issued
on exercise of
employee stock
options (Refer to
Note 2.12) 1 – – – 29 – – – – – – – 30
Employee stock
compensation
expense (Refer to
Note 2.12) – – – – – – – 514 – – – – 514
227
228

Standalone Financial Statements

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
Capital Other redemption premium earnings reserve options Economic instruments portion of of other of the
reserve reserves (2) reserve outstanding Zone through other cash flow comprehensive Company
account (SEZ) Re- comprehensive hedges income / (loss)
investment income
Reserve (1)
Income tax benefit
arising on exercise
of stock options – – – – – – – 51 – – – – 51
Reserves on
common control
transaction (Refer
to Note 2.5.1) – – 18 – – – – – – – – – 18
Dividends – – – – – (13,675) – – – – – – (13,675)
Balance as at
March 31, 2023 2,074 54 2,862 169 133 52,183 2 878 9,654 260 (5) (519) 67,745

* net of tax
** Including tax on buyback of ₹2,166 crore and ₹1,893 crore for the years ended March 31, 2023 and March 31, 2022, respectively.
#
Impact on account of adoption of amendment to Ind AS 37, Provisions, Contingent Liabilities and Contingents Assets.
(1)
The Special Economic Zone (SEZ) 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 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.
(3)
Arising on transfer of the business of Brilliant Basics Limited to Infosys Limited.

The accompanying notes form an integral part of the Standalone financial statements.

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
Infosys Integrated Annual Report 2022-23

Sanjiv V. Pilgaonkar D. Sundaram Salil Parekh Bobby Parikh

Partner Lead Independent Director Chief Executive Officer Director
Membership No. 039826 and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer
Statement of Cash Flows
Accounting policy
Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash receipts or payments, and item of income or expenses associated with
investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.
The Company considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

(In ₹ crore)

Particulars Note Year ended March 31,

2023 2022
Cash flow from operating activities :
Profit for the year 23,268 21,235
Adjustments to reconcile net profit to net cash provided by operating activities :
Depreciation and amortization 2.1, 2.2.2 and 2.3 2,753 2,429
Income tax expense 2.17 8,375 7,260
Impairment loss recognized / (reversed) under expected credit loss model 183 117
Finance cost 157 128
Interest and dividend income 2.19 (3,028) (2,617)
Stock compensation expense 2.12 460 372
Other adjustments 155 72
Exchange differences on translation of assets and liabilities, net (116) 87
Changes in assets and liabilities
Trade receivables and unbilled revenue (5,065) (5,725)
Loans, other financial assets and other assets (2,171) (1,125)
Trade payables 2.14 (243) 1,112
Other financial liabilities, other liabilities and provisions 2,248 5,487
Cash generated from operations 26,976 28,832
Income taxes paid (7,807) (6,736)
Net cash generated by operating activities 19,169 22,096
Cash flow from investing activities :
Expenditure on property, plant and equipment (2,130) (1,787)
Deposits placed with corporation (634) (745)
Redemption of deposits placed with corporation 482 607
Interest and dividend received 1,299 1,658
Dividend received from subsidiary 1,463 1,218
Loan given to subsidiaries (427) –
Loan repaid by subsidiaries 393 73
Proceeds from redemption of debentures – 536
Investment in subsidiaries (1,530) (127)
Receipt / (payment) towards business transfer of entities under common control 19 (109)
Escrow and other deposits pertaining to buyback (483) (420)
Redemption of Escrow and other deposits pertaining to buyback 483 420
Other receipts 61 47
Payments to acquire investments

Infosys Integrated Annual Report 2022-23 229

Standalone Financial Statements

Particulars Note Year ended March 31,

2023 2022
Preference and equity securities – (5)
Liquid mutual fund units (62,952) (48,139)
Target maturity fund units (400) –
Tax-free bonds and government bonds (14) –
Commercial papers (2,485) –
Certificates of deposit (8,909) (3,897)
Government securities (1,370) (3,450)
Non-convertible debentures – (1,456)
Others (4) (5)
Proceeds on sale of investments
Tax-free bonds and government bonds 213 20
Preference and equity securities – 9
Liquid mutual fund units 64,168 48,219
Non-convertible debentures 395 1,939
Certificates of deposit 9,454 787
Commercial papers 2,098 –
Government securities 1,532 1,452
Others 99 5
Net cash (used in) / generated from investing activities 821 (3,150)
Cash flow from financing activities :
Payment of lease liabilities 2.3 (694) (598)
Shares issued on exercise of employee stock options 30 11
Buyback of equity shares including transaction costs and tax on buyback (11,499) (11,125)
Other receipts 44 134
Other payments (64) –
Payment of dividends (13,674) (12,697)
Net cash used in financing activities (25,857) (24,275)
Net increase / (decrease) in cash and cash equivalents (5,867) (5,329)
Effect of exchange differences on translation of foreign currency cash and cash
equivalents 131 (13)
Cash and cash equivalents at the beginning of the year 2.9 12,270 17,612
Cash and cash equivalents at the end of the year 2.9 6,534 12,270
Supplementary information :
Restricted cash balance 2.9 46 60

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 D. Sundaram Salil Parekh Bobby Parikh

Partner Lead Independent Director Chief Executive Officer Director
Membership No. 039826 and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer

230 Infosys Integrated Annual Report 2022-23

Overview and Notes to the Standalone Financial Statements
1. Overview in Note 1.4. Accounting estimates could change from period
to period. Actual results could differ from those estimates.
1.1 Company overview Appropriate changes in estimates are made as management
Infosys Limited ("the Company" or Infosys) provides becomes aware of changes in circumstances surrounding the
consulting, technology, outsourcing and next-generation estimates. Changes in estimates and judgements are reflected in
digital services, to enable clients to execute strategies for their the financial statements in the period in which changes are made
digital transformation. Infosys' strategic objective is to build a and, if material, their effects are disclosed in the notes to the
sustainable organization that remains relevant to the agenda of Standalone financial statements.
clients, while creating growth opportunities for employees and
generating profitable returns for investors. Infosys' strategy is to 1.4 Critical accounting estimates and judgments
be a navigator for our clients as they ideate, plan and execute on
a. Revenue recognition
their journey to a digital future.
The Company’s contracts with customers include promises to
The Company is a public limited company incorporated and transfer multiple products and services to a customer. Revenues
domiciled in India, and has its registered office at Electronics City, from customer contracts are considered for recognition and
Hosur Road, Bengaluru 560100, Karnataka, India. The Company measurement when the contract has been approved, in writing,
has its primary listings on the BSE Ltd. and National Stock by the parties to the contract, the parties to contract are
Exchange of India Limited. The Company’s American Depositary committed to perform their respective obligations under the
Shares (ADS) representing equity shares are listed on the New contract, and the contract is legally enforceable. The Company
York Stock Exchange (NYSE). assesses the services promised in a contract and identifies
The Standalone financial statements are approved for issue by the distinct performance obligations in the contract. Identification of
Company's Board of Directors on April 13, 2023. distinct performance obligations to determine the deliverables
and the ability of the customer to benefit independently from
1.2 Basis of preparation of financial statements such deliverables, and allocation of transaction price to these
distinct performance obligations involves significant judgment.
These Standalone financial statements are prepared in accordance
with Indian Accounting Standard (Ind AS), under the historical Fixed-price maintenance revenue is recognized ratably on a
cost convention on accrual basis, except for certain financial straight-line basis when services are performed through an
instruments which are measured at fair values, the provisions indefinite number of repetitive acts over a specified period.
of the Companies Act, 2013 (''the Act'') and guidelines issued Revenue from fixed-price maintenance contract is recognized
by the Securities and Exchange Board of India (SEBI). The Ind AS ratably using a percentage of completion method when the
are prescribed under Section 133 of the Act read with Rule 3 of pattern of benefits from the services rendered to the customer
the Companies (Indian Accounting Standards) Rules, 2015 and and the Company's costs to fulfil the contract is not even through
relevant amendment rules issued thereafter. the period of the contract because the services are generally
discrete in nature and not repetitive. The use of method to
Accounting policies have been consistently applied, except recognize the maintenance revenues requires judgment
where a newly-issued accounting standard is initially adopted or and is based on the promises in the contract and nature
a revision to an existing accounting standard requires a change in of the deliverables.
the accounting policy hitherto in use.
The Company uses the percentage-of-completion method
As the year-end figures are taken from the source and rounded in accounting for other fixed-price contracts. Use of the
to the nearest digits, the figures reported for the previous percentage-of-completion method requires the Company to
quarters might not always add up to the year-end figures determine the actual efforts or costs expended to date as a
reported in this statement. proportion of the estimated total efforts or costs to be incurred.
Efforts or costs expended have been used to measure progress
1.3 Use of estimates and judgments towards completion as there is a direct relationship between
The preparation of the Standalone financial statements in input and productivity. The estimation of total efforts or costs
conformity with Ind AS requires the management to make involves significant judgement and is assessed throughout the
estimates, judgments and assumptions. These estimates, period of the contract to reflect any changes based on the latest
judgments and assumptions affect the application of accounting available information.
policies and the reported amounts of assets and liabilities, the
Contracts with customers include subcontractor services or
disclosures of contingent assets and liabilities at the date of
third-party vendor equipment or software in certain integrated
the Standalone financial statements and reported amounts of
services arrangements. In these types of arrangements, revenue
revenues and expenses during the period. The application of
from sales of third-party vendor products or services is recorded
accounting policies that require critical accounting estimates,
net of costs when the Company is acting as an agent between
which involve complex and subjective judgments and the use of
the customer and the vendor, and gross when the Company is
assumptions in these financial statements, have been disclosed
the principal for the transaction. In doing so, the Company first

Infosys Integrated Annual Report 2022-23 231

Standalone Financial Statements

evaluates whether it controls the good or service before it is rather than their significant accounting policies. The effective
transferred to the customer. The Company considers whether date for adoption of this amendment is annual periods beginning
it has the primary obligation to fulfil the contract, inventory on or after April 1, 2023. The Company has evaluated the
risk, pricing discretion and other factors to determine whether amendment and the impact of the amendment is insignificant in
it controls the goods or service and therefore, is acting as a the standalone financial statements.
principal or an agent.
Ind AS 8, Accounting Policies, Changes in Accounting Estimates
Provisions for estimated losses, if any, on incomplete and Errors – This amendment has introduced a definition of
contracts are recorded in the period in which such losses ‘accounting estimates’ and included amendments to Ind AS 8
become probable, based on the estimated efforts or costs to to help entities distinguish changes in accounting policies from
complete the contract. changes in accounting estimates. The effective date for adoption
of this amendment is annual periods beginning on or after
b. Income taxes April 1, 2023. The Company has evaluated the amendment and
The Company's two major tax jurisdictions are India and the there is no impact on its Standalone financial statements.
United States, though the Company also files tax returns in other Ind AS 12, Income Taxes – This amendment has narrowed the
overseas jurisdictions. scope of the initial recognition exemption so that it does not
Significant judgments are involved in determining the apply to transactions that give rise to equal and offsetting
provision for income taxes, including amount expected to be temporary differences. The effective date for adoption of this
paid / recovered for uncertain tax positions. amendment is annual periods beginning on or after April 1, 2023.
The Company has evaluated the amendment and there is no
In assessing the realizability of deferred income tax assets, impact on its Standalone financial statements.
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
2. Notes to the Standalone financial statements
generation of future taxable income during the periods in which
2.1 Property, plant and equipment
the temporary differences become deductible. Management
considers the scheduled reversals of deferred income tax Accounting policy
liabilities, projected future taxable income and tax planning Property, plant and equipment are stated at cost, less
strategies in making this assessment. Based on the level of accumulated depreciation and impairment, if any. Costs directly
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, useful life and the expected residual value at the end of its life.
however, could be reduced in the near term if estimates of future The Company depreciates property, plant and equipment over
taxable income during the carry forward period are reduced their estimated useful lives using the straight-line method.
(Refer to Note 2.17).
The estimated useful lives of assets are as follows :
c. Property, plant and equipment Buildings (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 the 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 (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
The Ministry of Corporate Affairs (MCA) notifies new standards Schedule II of the Companies Act 2013.
or amendments to the existing standards under Companies (2)
Includes solar plant with a useful life of 25 years.
(Indian Accounting Standards) Rules as issued from time to
Depreciation methods, useful lives and residual values are
time. On March 31, 2023, MCA amended the Companies (Indian
reviewed periodically, including at each financial year end.
Accounting Standards) Amendment Rules, 2023, as below :
The useful lives are based on historical experience with similar
Ind AS 1, Presentation of Financial Statements – This amendment assets as well as anticipation of future events, which may impact
requires the entities to disclose their material accounting policies their life, such as changes in technology.

232 Infosys Integrated Annual Report 2022-23

Advances paid towards the acquisition of property, plant and on an individual asset basis unless the asset does not generate
equipment outstanding at each Balance Sheet date is classified cash flows that are largely independent of those from other
as capital advances under other non-current assets. The cost assets. In such cases, the recoverable amount is determined for
of assets not ready to use before such date are disclosed the Cash Generating Unit (CGU) to which the asset belongs.
under ‘Capital work-in-progress’. Subsequent expenditures
If such assets are considered to be impaired, the impairment to
relating to property, plant and equipment is capitalized only
be recognized in the Statement of Profit and Loss is measured by
when it is probable that future economic benefits associated
the amount by which the carrying value of the assets exceeds the
with these will flow to the Company and the cost of the item
estimated recoverable amount of the asset. An impairment loss
can be measured reliably. The cost and related accumulated
is reversed in the Statement of Profit and Loss if there has been
depreciation are eliminated from the financial statements upon
a change in the estimates used to determine the recoverable
sale or retirement of the asset.
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.
carrying amounts may not be recoverable. For the purpose of
impairment testing, the recoverable amount (i.e. the higher of
the fair value less cost to sell and the value-in-use) is determined

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2023 are 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, 2022 1,429 10,115 3,054 1,250 7,239 2,070 817 44 26,018
Additions 2 330 264 106 1,267 341 165 2 2,477
Deletions *
(2) – (174) (42) (1,271) (282) (14) (1) (1,786)
Gross carrying
value as at
March 31, 2023 1,429 10,445 3,144 1,314 7,235 2,129 968 45 26,709
Accumulated
depreciation as at
April 1, 2022 – (3,834) (2,494) (993) (5,163) (1,614) (499) (37) (14,634)
Depreciation – (389) (238) (109) (1,080) (216) (157) (4) (2,193)
Accumulated
depreciation on
deletions * – – 174 42 1,266 281 10 1 1,774
Accumulated
depreciation as at
March 31, 2023 – (4,223) (2,558) (1,060) (4,977) (1,549) (646) (40) (15,053)
Carrying value as
at April 1, 2022 1,429 6,281 560 257 2,076 456 318 7 11,384
Carrying value as
at March 31, 2023 1,429 6,222 586 254 2,258 580 322 5 11,656

* During the year ended March 31, 2023, certain assets which were not in use having gross book value of ₹1,598 crore (net book value : nil), were retired.

Infosys Integrated Annual Report 2022-23 233

Standalone Financial Statements

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2022 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, 2021 1,397 9,546 3,141 1,195 6,530 1,952 788 44 24,593
Additions 32 569 244 62 1,281 130 63 – 2,381
Deletions * – – (331) (7) (572) (12) (34) – (956)
Gross carrying
value as at
March 31, 2022 1,429 10,115 3,054 1,250 7,239 2,070 817 44 26,018
Accumulated
depreciation as at
April 1, 2021 – (3,460) (2,600) (891) (4,870) (1,434) (376) (32) (13,663)
Depreciation – (374) (224) (108) (864) (191) (148) (5) (1,914)
Accumulated
depreciation on
deletions * – – 330 6 571 11 25 – 943
Accumulated
depreciation as at
March 31, 2022 – (3,834) (2,494) (993) (5,163) (1,614) (499) (37) (14,634)
Carrying value as at
April 1, 2021 1,397 6,086 541 304 1,660 518 412 12 10,930
Carrying value as at
March 31, 2022 1,429 6,281 560 257 2,076 456 318 7 11,384

* During the year ended March 31, 2022, certain assets which were not in use having gross book value of ₹291 crore (net book value : nil) respectively, were
retired.
(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 under depreciation Particulars Cost Accumulated Net book
and amortization expense in the Statement of Profit and Loss. depreciation value
Repairs and maintenance costs are recognized in the Statement Furniture and fixtures 19 18 1
of Profit and Loss when incurred.
23 23 –
Tangible assets provided on operating lease to subsidiaries as at Computer equipment – – –
March 31, 2023 and March 31, 2022 are as follows :
3 3 –
(In ₹ crore) Office equipment 16 16 –
Particulars Cost Accumulated Net book 16 16 –
depreciation value
(In ₹ crore)
Land 53 – 53
34 – 34 Particulars Year ended March 31,

Buildings 333 132 201 2023 2022

186 104 82 Aggregate depreciation charged
on above assets 13 6
Plant and machinery 28 28 –
Rental income from subsidiaries 53 52
30 30 –

234 Infosys Integrated Annual Report 2022-23

2.2 Goodwill and other intangible assets The allocation of goodwill to operating segments as at
2.2.1 Goodwill March 31, 2023 and March 31, 2022 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) 2023 2022
Particulars As at March 31, Financial services 64 64
2023 2022 Retail 34 34
Carrying value at the beginning 211 167 Communication 28 28
Goodwill on business transfer (Refer Energy, Utilities, Resources and
to Note 2.5.1) – 44 Services 27 27
Carrying value at the end 211 211 Manufacturing 21 21
174 174
Operating segments without
significant goodwill 37 37
Total 211 211

2.2.2 Other intangible assets

Accounting policy
Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective
individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an
identifiable intangible asset is based on a number of factors, including the effects of obsolescence, demand, competition, and other
economic factors (such as the stability of the industry, and known technological advances), and the level of maintenance expenditures
required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically,
including at each financial year end.
Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and
commercial feasibility of the project is demonstrated, the future economic benefits are probable, the Company has an intention and
ability to complete and use or sell the software, and the costs can be measured reliably. The costs which can be capitalized include the
cost of material, direct labor, and overhead costs that are directly attributable to prepare the asset for its intended use.
The changes in the carrying value of acquired intangible assets for the year ended March 31, 2023 are as follows :

(In ₹ crore)

Particulars Customer- Software- Trade name- Others Total

related related related
Gross carrying value as at April 1, 2022 113 54 26 26 219
Additions – – – – –
Deletions – – – – –
Gross carrying value as at March 31, 2023 113 54 26 26 219
Accumulated amortization as at April 1, 2022 (104) (31) (26) (26) (187)
Amortization expense (9) (20) – – (29)
Accumulated amortization on deletions – – – – –
Accumulated amortization as at March 31, 2023 (113) (51) (26) (26) (216)
Carrying value as at March 31, 2023 – 3 – – 3
Carrying value as at April 1, 2022 9 23 – – 32
Estimated useful life (in years) 7 2 5 5
Estimated remaining useful life (in years) – – – –

Infosys Integrated Annual Report 2022-23 235

Standalone Financial Statements

The changes in the carrying value of acquired intangible assets for the year ended March 31, 2022 were as follows :

(In ₹ crore)

Particulars Customer- Software- Trade name- Others Total

related related related
Gross carrying value as at April 1, 2021 113 54 26 26 219
Additions – – – – –
Deletions – – – – –
Gross carrying value as at March 31, 2022 113 54 26 26 219
Accumulated amortization as at April 1, 2021 (88) (12) (26) (26) (152)
Amortization expense (16) (19) – – (35)
Accumulated amortization on deletions – – – – –
Accumulated amortization as at March 31, 2022 (104) (31) (26) (26) (187)
Carrying value as at March 31, 2022 9 23 – – 32
Carrying value as at April 1, 2021 25 42 – – 67
Estimated useful life (in years) 7 2 5 5
Estimated remaining useful life (in years) 1 1 – –

The amortization expense has been included under depreciation and amortization expense in the Standalone Statement of Profit and Loss.

Research and Development expenditure assesses whether it is reasonably certain that any options to
Research and Development expense recognized in net extend or terminate the contract will be exercised. In evaluating
profit in the Statement of Profit and Loss for the years the lease term, the Company considers factors such as any
ended March 31, 2023 and March 31, 2022 is ₹639 crore and significant leasehold improvements undertaken over the
₹529 crore, respectively. lease term, costs relating to the termination of the lease and
the importance of the underlying asset to Infosys’s operations
2.3 Leases taking into account the location of the underlying asset and
the availability of suitable alternatives. The lease term in future
Accounting policy periods is reassessed to ensure that the lease term reflects the
The Company as a lessee current economic circumstances.
The Company’s lease asset classes consist of leases for land, Certain lease arrangements include 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 The 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 They are subsequently measured at cost less accumulated
(iii) the 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 on a
recognizes a right-of-use asset (“ROU”) and a corresponding lease straight-line basis over the shorter of the lease term and useful
liability for all lease arrangements in which it is a lessee, except life of the underlying asset. Right-of-use-assets are evaluated
for leases with a term of twelve months or less (short-term leases) for 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 generate cash flows that are largely independent of those from
non-cancellable period of a lease adjusted with any option other assets. In such cases, the recoverable amount is determined
to extend or terminate the lease, if the use of such option is for the Cash Generating Unit (CGU) to which the asset belongs.
reasonably certain. The Company makes an assessment on
the expected lease term on a lease-by-lease basis and thereby

236 Infosys Integrated Annual Report 2022-23

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, or operating lease. Whenever the terms of the lease transfer
if not readily determinable, using the incremental borrowing substantially all the risks and rewards of ownership to the lessee,
rates in the country of domicile of these leases. Lease liabilities the contract is classified as a finance lease. All other leases are
are remeasured with a corresponding adjustment to the related classified as operating leases.
right-of-use asset if the Company changes its assessment to
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.
Lease liability and ROU asset have been separately presented in The sublease is classified as a finance or operating lease by
the Balance Sheet and lease payments have been classified as reference to the right-of-use 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 right-to-use assets for the year ended March 31, 2023 are as follows :

(In ₹ crore)

Particulars Category of ROU asset Total

Land Buildings Computers
Balance as at April 1, 2022 552 2,621 138 3,311
Additions *
– 510 371 881
Deletions – (21) (61) (82)
Depreciation (4) (441) (104) (549)
Balance as at March 31, 2023 548 2,669 344 3,561

* Net of adjustments on account of modifications and lease incentives

The changes in the carrying value of right-to-use assets for the year ended March 31, 2022 were as follows :

(In ₹ crore)

Particulars Category of ROU asset Total

Land Buildings Computers
Balance as at April 1, 2021 556 2,766 113 3,435
Additions * – 306 68 374
Deletions – (18) – (18)
Depreciation (4) (433) (43) (480)
Balance as at March 31, 2022 552 2,621 138 3,311

* Net of adjustments on account of modifications and lease incentives

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the
Statement of Profit and Loss.

Infosys Integrated Annual Report 2022-23 237

Standalone Financial Statements

The break-up of current and non-current lease liabilities as at The movement in the net investment in sublease in ROU asset during
March 31, 2023 and March 31, 2022 is as follows : the years ended March 31, 2023 and March 31, 2022 is as follows :

(In ₹ crore) (In ₹ crore)

Particulars As at March 31, Particulars As at March 31,

2023 2022 2023 2022
Current lease liabilities 713 558 Balance at the beginning 365 385
Non-current lease liabilities 3,553 3,228 Interest income accrued during the
Total 4,266 3,786 period 13 13
Lease receipts (61) (47)
The movement in lease liabilities during the years ended Translation difference 29 14
March 31, 2023 and March 31, 2022 is as follows :
Balance at the end 346 365
(In ₹ crore)
The details regarding the contractual maturities of net
Particulars As at March 31, investment in sublease of ROU asset as at March 31, 2023 and
2023 2022 March 31, 2022 on an undiscounted basis are as follows :
Balance at the beginning 3,786 3,854
(In ₹ crore)
Additions 883 394
Particulars As at March 31,
Finance cost accrued during the
period 151 126 2023 2022

Deletions (26) (18) Less than one year 60 54

Payment of lease liabilities (706) (628) One to five years 257 230

Translation difference More than five years 69 126

178 58
Balance at the end 4,266 3,786 Total 386 410

The details regarding the contractual maturities of lease liabilities Leases not yet commenced to which the Company is committed
as at March 31, 2023 and March 31, 2022 on an undiscounted is ₹135 crore for a lease term ranging from four to ten years.
basis are as follows :
2.4 Capital work-in-progress
(In ₹ crore) (In ₹ crore)

Particulars As at March 31, Particulars As at March 31,

2023 2022 2023 2022
Less than one year 821 637 Capital work-in-progress 275 411
One to five years 2,547 2,100 Total capital work-in-progress 275 411
More than five years 1,546 1,519
The capital work-in-progress ageing schedule for the years
Total 4,914 4,256
ended March 31, 2023 and March 31, 2022 is as follows :
The Company does not face a significant liquidity risk (In ₹ crore)
with regard to its lease liabilities as the current assets are
sufficient to meet the obligations related to lease liabilities as Particulars Amount in CWIP for a period of Total
and when they fall due. Less More
1-2 2-3
than 1 than 3
Rental expense recorded for short-term leases was ₹22 years years
year years
crore and ₹12 crore for the years ended March 31, 2023 and
March 31, 2022, respectively. Projects in
progress 222 21 12 20 275
267 48 51 45 411
Total capital
work-in-progress 222 21 12 20 275
267 48 51 45 411

238 Infosys Integrated Annual Report 2022-23

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, 2023 and March 31, 2022 is as follows :

(In ₹ crore)

Particulars To be completed in Total

Less than 1 1-2 years 2-3 years More than 3
year years
Projects in progress
KL-SP-SDB1 114 – – – 114
– 27 – – 27
BN-SP-MET 20 – – – 20
– – – – –
NG-SZ-SDB1 – – – – –
89 – – – 89
BN-SP-RETRO – – – – –
30 – – – 30
BH-SZ-MLP – – – – –
116 – – – 116
Total capital work-in-progress 134 – – – 134
235 27 – – 262

2.5 Investments
(In ₹ crore)

Particulars As at March 31,

2023 2022
Non-current investments
Equity instruments of subsidiaries 9,078 9,061
Redeemable preference shares of subsidiary 2,831 1,318
Preference securities and equity instruments 196 194
Compulsorily convertible debentures – 7
Target maturity fund units 402 –
Others 82 76
Tax-free bonds 1,742 1,901
Government bonds 14 –
Non-convertible debentures 2,490 3,459
Government securities 6,851 6,853
Total non-current investments 23,686 22,869
Current investments
Liquid mutual fund units 260 1,337
Commercial papers 420 –
Certificates of deposit 2,765 3,141
Tax-free bonds 150 200
Government bonds – 13
Government securities 5 362
Non-convertible debentures 876 414
Total current investments 4,476 5,467
Total carrying value 28,162 28,336

Infosys Integrated Annual Report 2022-23 239

Standalone Financial Statements

(In ₹ crore, except as otherwise stated)

Particulars As at March 31,

2023 2022
Non-current investments
Unquoted
Investment carried at cost
Investments in equity instruments of subsidiaries
Infosys BPM Limited 662 662
33,828 (33,828) equity shares of ₹10,000 each, fully paid up
Infosys Technologies (China) Co. Limited 369 369
Infosys Technologies, S. de R.L. de C.V., Mexico 65 65
17,49,99,990 (17,49,99,990) equity shares of MXN 1 par value, fully paid up
Infosys Technologies (Sweden) AB 76 76
1,000 (1,000) equity shares of SEK 100 par value, fully paid
Infosys Technologies (Shanghai) Company Limited 1,010 1,010
Infosys Public Services, Inc. 99 99
3,50,00,000 (3,50,00,000) shares of USD 0.50 par value, fully paid
Infosys Consulting Holding AG 1,323 1,323
23,350 (23,350) - Class A shares of CHF 1,000 each and
26,460 (26,460) - Class B Shares of CHF 100 each, fully paid up
Infosys Americas Inc. 1 1
10,000 (10,000) shares of USD 10 per share, fully paid up
EdgeVerve Systems Limited 1,312 1,312
1,31,18,40,000 (1,31,18,40,000) equity shares of ₹10 each, fully paid up
Infosys Nova Holdings LLC # 2,637 2,637
Infosys Singapore Pte. Ltd 10 10
1,09,90,000 (1,09,90,000) shares of SGD 1.00 par value, fully paid
Brilliant Basics Holding Limited 59 59
1,346 (1,346) shares of GBP 0.005 each, fully paid up
Infosys Arabia Limited 2 2
70 (70) shares
Skava Systems Private Limited 59 59
25,000 (25,000) shares of ₹10 each, fully paid up
Panaya Inc. 582 582
2 (2) shares of USD 0.01 per share, fully paid up
Infosys Chile SpA 7 7
100 (100) shares
WongDoody, Inc. 380 380
100 (100) shares
Infosys Luxembourg S.ã r.l. 17 17
20,000 (20,000) shares
Infosys Austria GmBH – –
80,000 (80,000) shares of EUR 1 par value, fully paid up
Infosys Consulting Brazil 337 337
27,50,71,070 (27,50,71,070) shares of BRL 1 per share, fully paid up

240 Infosys Integrated Annual Report 2022-23

Particulars As at March 31,
2023 2022
Infosys Consulting S.R.L. (Romania) 34 34
99,183 (99,183) shares of RON 100 per share, fully paid up
Infosys Limited Bulgaria EOOD 2 2
4,58,000 (4,58,000) shares of BGN 1 per share, fully paid up
Infosys Germany Holdings GmbH 2 2
25,000 (25,000) shares EUR 1 per share, fully paid up
Infosys Green Forum 1 1
10,00,000 (10,00,000) shares ₹10 per share, fully paid up
Infosys Automotive and Mobility GmbH 15 15
Infosys Germany GmbH – –
25,000 (25,000) shares EUR 1 per share, fully paid up
Infosys Turkey Bilgi Teknolojileri Limited Sirketi 7 –
1,30,842 (1) share Turkish Liras 100 (10,000) per share, fully paid up
Infosys Consulting S.R.L. (Argentina) 2 –
2,94,500 (Nil) shares AR$ 100 per share, fully paid up
Infosys Business Solutions LLC 8 –
10,000 (Nil) shares USD 100 per share, fully paid up
Investments in redeemable preference shaares of subsidiary
Infosys Singapore Pte. Ltd 2,831 1,318
45,62,00,000 (24,92,00,000) shares of SGD 1 per share, fully paid up
40,000,000 (Nil) shares of USD 1 per share, fully paid up
11,909 10,379
Investments carried at fair value through profit or loss (Refer to Note 2.5.2)
Compulsorily convertible debentures – 7
Target maturity fund units 402 –
Others (1) 82 76
484 83
Investments carried at fair value through other comprehensive income (Refer to Note 2.5.2)
Preference securities 193 192
Equity instruments 3 2
196 194
Quoted
Investments carried at amortized cost
Tax-free bonds 1,742 1,901
Government bonds 14 –
1,756 1,901
Investments carried at fair value through other comprehensive income
Non-convertible debentures 2,490 3,459
Government securities 6,851 6,853
9,341 10,312
Total non-current investments 23,686 22,869

Infosys Integrated Annual Report 2022-23 241

Standalone Financial Statements

Particulars As at March 31,

2023 2022
Current investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units 260 1,337
260 1,337
Investments carried at fair value through other comprehensive income
Commercial papers 420 –
Certificates of deposit 2,765 3,141
3,185 3,141
Quoted
Investments carried at amortized cost
Tax-free bonds 150 200
Government bonds – 13
150 213
Investments carried at fair value through other comprehensive income
Government securities 5 362
Non-convertible debentures 876 414
881 776
Total current investments 4,476 5,467
Total investments 28,162 28,336
Aggregate amount of quoted investments 12,128 13,202
Market value of quoted investments (including interest accrued), current 1,050 1,003
Market value of quoted investments (including interest accrued), non-current 11,336 12,552
Aggregate amount of unquoted investments 16,034 15,134
#
Aggregate amount of impairment in value of investments 94 94
Reduction in the fair value of assets held for sale 854 854
Investments carried at cost 11,909 10,379
Investments carried at amortized cost 1,906 2,114
Investments carried at fair value through other comprehensive income 13,603 14,423
Investments carried at fair value through profit or loss 744 1,420
(1)
Uncalled capital commitments outstanding as of March 31, 2023 and March 31, 2022 was ₹8 crore and ₹11 crore, respectively.

Refer to Note 2.11 for accounting policies on financial instruments.

The details of amounts recorded in other comprehensive income are as follows :

(In ₹ crore)

Particulars Year ended

March 31, 2023 March 31, 2022
Gross Tax Net Gross Tax Net
Net gain / (loss) on
Non-convertible debentures (92) (1) (93) (7) 1 (6)
Government securities (150) 8 (142) (56) 22 (34)
Certificates of deposit (1) – (1) 2 (1) 1
Equity and preference securities (7) 1 (6) 119 (22) 97

242 Infosys Integrated Annual Report 2022-23

Method of fair valuation :

(In ₹ crore)

Class of investment Method Fair value as at March 31,

2023 2022
Liquid mutual fund units Quoted price 260 1,337
Target maturity fund units Quoted price 402 –
Tax-free bonds and government bonds Quoted price and market observable inputs 2,134 2,438
Non-convertible debentures Quoted price and market observable inputs 3,366 3,873
Government securities Quoted price and market observable inputs 6,856 7,215
Commercial papers Market observable inputs 420 –
Certificates of deposit Market observable inputs 2,765 3,141
Unquoted equity and preference securities – carried at Discounted cash flows method, Market multiples 196 194
fair value through other comprehensive income method, Option pricing model
Unquoted compulsorily convertible debentures – Discounted cash flows method – 7
carried at fair value through profit or loss
Others Discounted cash flows method, Market multiples 82 76
method, Option pricing model
Total 16,481 18,281

Note : Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

2.5.1 Business transfer The details out the assets and liabilities taken over upon business
During the year ending March 31, 2023, the Company entered transfer are as follows :
into a business transfer agreement to transfer the German branch
to its wholly-owned subsidiary, Infosys BPM Limited effective (In ₹ crore)
February 1, 2023. The business transfer resulted in a transfer Particulars Total
of net assets amounting to ₹1 crore and a business transfer
Goodwill 44
reserve of ₹18 crore.
Net assets / (liabilities), others 3
Brilliant Basics Limited Total 47
On November 1, 2021, the Company entered into a business Less : Consideration 109
transfer agreement to transfer the business of Brilliant Business transfer reserve (62)
Basics Limited to the Company for a consideration of
₹109 crore resulting in recognition of a business transfer
reserve of ₹62 crore.

2.5.2 Details of investments

The details of investments in preference, equity and other instruments at March 31, 2023 and March 31, 2022 are as follows :

(In ₹ crore, except as otherwise stated)

Particulars As at March 31,

2023 2022
Preference securities
Airviz Inc. – –
2,89,695 (2,82,279) Series A Preferred Stock, fully paid up, par value USD 0.001 each
Whoop Inc 53 150
1,10,59,340 (1,10,59,340) Series B Preferred Stock, fully paid up, par value USD 0.0001 each
Nivetti Systems Private Limited 26 22
2,28,501 (2,28,501) Preferred Stock, fully paid up, par value ₹1 each

Infosys Integrated Annual Report 2022-23 243

Standalone Financial Statements

Particulars As at March 31,

2023 2022
Ideaforge Technology Limited (formerly Ideaforge Technology Private Limited) 114 20
5,402 (5,402) Series A compulsorily convertible cumulative Preference shares of ₹10 each, fully paid up
1,787 (Nil) Series B compulsorily convertible cumulative Preference shares of ₹10 each, fully paid up
Equity instrument
Merasport Technologies Private Limited – –
2,420 (2,420) equity shares at ₹8,052 each, fully paid up, par value ₹10 each
Global Innovation and Technology Alliance 2 2
15,000 (15,000) equity shares at ₹1,000 each, fully paid up, par value ₹1,000 each
Ideaforge Technology Limited (formerly Ideaforge Technology Private Limited) 1 –
22,600 (100) equity shares at ₹10, fully paid up
Compulsorily convertible debentures
Ideaforge Technology Limited (formerly Ideaforge Technology Private Limited) – 7
Nil (3,886) compulsorily convertible debentures, fully paid up, par value ₹19,300 each
Others
Stellaris Venture Partners India 82 76
Total 278 277

2.6 Loans 2.7 Other financial assets

(In ₹ crore) (In ₹ crore)

Particulars As at March 31, Particulars As at March 31,

2023 2022 2023 2022
Non-current Non-current
Loans considered good – Unsecured Security deposits (1) 43 43
Other loans Net investment in sublease of right 298 320
of use asset (1)
Loans to employees 39 34
Rental deposits (1) 183 134
39 34
Unbilled revenues (1)(5)#
686 215
Loans credit impaired – Unsecured
Others (1) 131 15
Other loans
Total non-current other financial 1,341 727
Loans to employees – –
assets
Less : Allowance for credit impairment – –
– –
Total non-current loans 39 34
Current
Loans considered good – Unsecured
Loans to subsidiaries 43 –
Other loans
Loans to employees 248 219
Total current loans 291 219
Total loans 330 253

244 Infosys Integrated Annual Report 2022-23

Particulars As at March 31, 2.8 Trade receivables
(In ₹ crore)
2023 2022
Current Particulars As at March 31,

Security deposits (1) 1 1 2023 2022

Rental deposits (1) 5 36 Current

Restricted deposits (1)*
2,116 1,965 Trade receivable considered 21,202 19,454
good – Unsecured (1)
Unbilled revenues (1)(5)#
5,166 3,543
Less : Allowance for expected 429 488
Interest accrued but not due (1) 441 323
credit loss
Foreign currency forward and 79 131 20,773 18,966
Trade receivable considered
options contracts (2)(3)
good – Unsecured
Net investment in sublease of 48 45
Trade receivable – credit 106 85
right-of-use asset (1)
impaired – Unsecured
Others (1)(4) 1,232 536
Less : Allowance for credit 106 85
Total current other financial assets 9,088 6,580 impairment
Total other financial assets 10,429 7,307 Trade receivable – credit – –
(1)
Financial assets carried at amortized 10,350 7,176 impaired – Unsecured
cost Total trade receivables (2) 20,773 18,966
(2)
Financial assets carried at fair value 32 20 (1)
Includes dues from subsidiaries 611 268
through other comprehensive income
(2)
Includes dues from companies where – –
(3)
Financial assets carried at fair value 47 111 directors are interested
through profit or loss
(4)
Includes dues from subsidiaries 1,051 220
(5)
Includes dues from subsidiaries 290 419

* Restricted deposits represent deposit with financial institutions to settle

employee related obligations as and when they arise during the normal
course of business.
#
Classified as financial asset as right to consideration is unconditional and
is due only after a passage of time.

The trade receivables ageing schedule for the years ended as on March 31, 2023 and March 31, 2022 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 15,579 5,542 4 66 4 7 21,202
14,555 4,703 133 10 30 23 19,454
Undisputed trade receivables – credit impaired 9 6 2 4 49 34 104

– 1 3 43 31 3 81
Disputed trade receivables – considered good – – – – – – –
– – – – – – –
Disputed trade receivables – credit impaired – – – – 2 – 2
– – – 4 – – 4
15,588 5,548 6 70 55 41 21,308
14,555 4,704 136 57 61 26 19,539
Less : Allowance for credit loss 535

573
Total trade receivables 20,773
18,966

Infosys Integrated Annual Report 2022-23 245

Standalone Financial Statements

2.9 Cash and cash equivalents Particulars As at March 31,

(In ₹ crore)
2023 2022
Particulars As at March 31, Current
2023 2022 Advances other than capital advances
Balances with banks Payment to vendors for supply of 171 183
In current and deposit accounts 4,864 9,375 goods
Cash-on-hand – – Others
Others Prepaid expenses (1) 1,705 1,174
Deposits with financial institutions 1,670 2,895 Unbilled revenues (2)
6,365 5,365
Total cash and cash equivalents 6,534 12,270 Deferred contract cost
Balances with banks in unpaid dividend 37 36 Cost of obtaining a contract (3) 400 350
accounts Cost of fulfillment 109 40
Deposit with more than 12 months 700 1,471 Withholding taxes and others 2,047 1,589
maturity
Other receivables (1) 123 234
Balances with banks held as margin – 1
money deposits against guarantees Total current other assets 10,920 8,935
Total other assets 12,708 10,351
Cash and cash equivalents as at March 31, 2023 and
March 31, 2022 include restricted cash and bank balances of ₹46 (1)
Includes dues from subsidiaries 198 204
crore and ₹60 crore, respectively. (2)
Classified as non-financial asset as the contractual right to consideration
is dependent on completion of contractual milestones.
The deposits maintained by the Company with banks and
financial institutions comprise of time deposits, which can be
(3)
Includes technology assets taken over by the Company from a
customer as a part of transformation project which is not considered
withdrawn by the Company at any point without prior notice or as distinct goods or services, and the control related to the assets is not
penalty on the principal. transferred to the Company in accordance with Ind AS 115, Revenue from
Contract with Customers. Accordingly, the same has been considered
2.10 Other assets as a reduction to the total contract value and accounted as Deferred
contract cost. The Company has entered into a financing arrangement
(In ₹ crore) with a third party for these assets which has been considered as
financial liability. (Refer to Note 2.13)
Particulars As at March 31,
2023 2022
Withholding taxes and others primarily consist of input tax
Non-current credits and Cenvat recoverable from Government of India.
Capital advances 141 87
Advances other than capital advances
Others
Prepaid expenses 63 82
Defined benefit plan assets 9 10
Deferred contract cost
Cost of obtaining a contract (3) 139 151
Cost of fulfillment 601 273
Unbilled revenues (2)
167 156
Withholding taxes and others 668 657
Total non-current other assets 1,788 1,416

246 Infosys Integrated Annual Report 2022-23

2.11 Financial instruments risk of changes in exchange rates on foreign currency exposures.
Accounting policy The counterparty for such contracts is generally a bank.
2.11.1 Initial recognition (i) Financial assets or financial liabilities, carried 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 constitute
costs that are directly attributable to the acquisition or issue hedges from an economic perspective, they may not qualify
of financial assets and financial liabilities, which are not at fair for hedge accounting under Ind AS 109, Financial Instruments.
value through profit or loss, are added to the fair value on initial Any derivative that is either not designated as hedge, or
recognition. Regular way purchase and sale of financial assets are 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 carried at fair value through other
comprehensive income (FVOCI) The Company designates certain foreign exchange forward
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 forecasted cash transactions.
whose objective is achieved by both collecting contractual cash
flows and selling financial assets and the contractual terms of the When a derivative is designated as a cash flow hedge instrument,
financial asset give rise on specified dates to cash flows that are the effective portion of changes in the fair value of the derivative
solely payments of principal and interest on the principal amount is recognized in other comprehensive income and accumulated
outstanding. The Company has made an irrevocable election in the cash flow hedge reserve. Any ineffective portion of
for its investments which are classified as equity instruments changes in the fair value of the derivative is recognized
to present the subsequent changes in fair value in other immediately in the net profit in the Statement of Profit and
comprehensive income based on its business model. Loss. If the hedging instrument no longer meets the criteria
for hedge accounting, then hedge accounting is discontinued
(iii) Financial assets carried at fair value through profit or loss prospectively. If the hedging instrument expires or is sold,
A financial asset, which is not categorized in any of the above terminated or exercised, the cumulative gain or loss on the
categories, is subsequently fair valued through profit or loss. hedging instrument recognized in cash flow hedge reserve, till
the period the hedge was effective, remains in cash flow hedge
(iv) Financial liabilities reserve until the forecasted transaction occurs. The cumulative
Financial liabilities are subsequently carried at amortized cost gain or loss previously recognized in the cash flow hedge reserve
using the effective interest method, except for contingent is transferred to the net profit in the Statement of Profit and Loss
consideration recognized in a business combination, which upon the occurrence of the related forecasted transaction. If the
is subsequently measured at fair value through profit or loss. forecasted transaction is no longer expected to occur, then the
For trade and other payables maturing within one year from the amount accumulated in cash flow hedge reserve is reclassified to
Balance Sheet date, the carrying amounts approximate fair value net profit in the Statement of Profit and Loss.
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
Investment in subsidiaries is carried at cost in the separate contractual rights to the cash flows from the financial asset
financial statements. expire or it transfers the financial asset and the transfer qualifies
for derecognition under Ind AS 109. A financial liability (or a
b. Derivative financial instruments part of a financial liability) is derecognized from the Company's
The Company holds derivative financial instruments, such as Balance Sheet when the obligation specified in the contract is
foreign exchange forward and option contracts, to mitigate the discharged or cancelled or expires.

Infosys Integrated Annual Report 2022-23 247

Standalone Financial Statements

2.11.4 Fair value of financial instruments 2.11.5 Impairment

In determining the fair value of its financial instruments, The Company recognizes loss allowances using the expected
the Company uses a variety of methods and assumptions credit loss (ECL) model for the financial assets and unbilled
that are based on market conditions and risks existing at revenues which are not fair valued through profit or loss.
each reporting date. The methods used to determine fair Loss allowance for trade receivables and unbilled revenues
value include discounted cash flow analysis, option pricing with no significant financing component is measured at an
model, market multiples, available quoted market prices and amount equal to lifetime ECL. For all other financial assets,
dealer quotes. All methods of assessing fair value result in expected credit losses are measured at an amount equal to
general approximation of value, and such value may never the 12-month ECL, unless there has been a significant increase
actually be realized. in credit risk from initial recognition, in which case those are
measured at lifetime ECL.
Refer to table 'Financial instruments by category' below for the
disclosure on carrying value and fair value of financial assets and The Company determines the allowance for credit losses based
liabilities. For financial assets and liabilities maturing within one on historical loss experience adjusted to reflect current and
year from the Balance Sheet date and which are not carried at fair estimated future economic conditions. The Company considers
value, the carrying amounts approximate fair value due to the current and anticipated future economic conditions relating
short maturity of these instruments. to industries the Company deals with and the countries where
it operates.The amount of ECLs (or reversal) that is required to
adjust the loss allowance at the reporting date to the amount
that is required to be recorded is recognized as an impairment
loss or gain in Statement of Profit and Loss.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at March 31, 2023 are as follows :

(In ₹ crore)

Particulars Amortized Financial assets / Financial assets / Total Total fair

cost liabilities at fair value liabilities at fair value carrying value
through profit or loss through OCI value
Designated Mandatory Equity Mandatory
upon initial instruments
recognition designated
upon initial
recognition
Assets :
Cash and cash equivalents
(Refer to Note 2.9) 6,534 – – – – 6,534 6,534
Investments (Refer to Note 2.5)
Preference securities, equity
instruments and others – – 82 196 – 278 278
Tax-free bonds and government bonds 1,906 – – – – 1,906 2,134 (1)
Liquid mutual fund units – – 260 – – 260 260
Target maturity fund units – – 402 – – 402 402
Commercial papers – – – – 420 420 420
Certificates of deposit – – – – 2,765 2,765 2,765
Non-convertible debentures – – – – 3,366 3,366 3,366
Government securities – – – – 6,856 6,856 6,856
Trade receivables (Refer to Note 2.8) 20,773 – – – – 20,773 20,773
Loans (Refer to Note 2.6) 330 – – – – 330 330
Other financial assets (Refer to Note 2.7) (3) 10,350 – 47 – 32 10,429 10,345 (2)
Total 39,893 – 791 196 13,439 54,319 54,463

248 Infosys Integrated Annual Report 2022-23

Particulars Amortized Financial assets / Financial assets / Total Total fair
cost liabilities at fair value liabilities at fair value carrying value
through profit or loss through OCI value
Designated Mandatory Equity Mandatory
upon initial instruments
recognition designated
upon initial
recognition
Liabilities :
Trade payables (Refer to Note 2.14) 2,426 – – – – 2,426 2,426
Lease liabilities (Refer to Note 2.3) 4,266 – – – – 4,266 4,266
Other financial liabilities (Refer to Note 2.13) 11,989 – 42 – 14 12,045 12,045
Total 18,681 – 42 – 14 18,737 18,737
(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 ₹84 crore
(3)
Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones

The carrying value and fair value of financial instruments by categories as at March 31, 2022 were as follows :

(In ₹ crore)

Particulars Amortized Financial assets / Financial assets / liabilities Total Total fair
cost liabilities at fair value at fair value through OCI carrying value
through profit or loss value

Designated Mandatory Equity Mandatory

upon initial instruments
recognition designated
upon initial
recognition
Assets :
Cash and cash equivalents (Refer to Note 2.9) 12,270 – – – – 12,270 12,270
Investments (Refer to Note 2.5)
Preference securities, equity
instruments and others – – 76 194 – 270 270
Compulsorily convertible debentures – – 7 – – 7 7
Tax-free bonds and government bonds 2,114 – – – – 2,114 2,438 (1)
Liquid mutual fund units – – 1,337 – – 1,337 1,337
Certificates of deposit – – – – 3,141 3,141 3,141
Non-convertible debentures – – – – 3,873 3,873 3,873
Government securities – – – – 7,215 7,215 7,215
Trade receivables (Refer to Note 2.8) 18,966 – – – – 18,966 18,966
Loans (Refer to Note 2.6) 253 – – – – 253 253
Other financial assets (Refer to Note 2.7) (3) 7,176 – 111 – 20 7,307 7,216 (2)
Total 40,779 – 1,531 194 14,249 56,753 56,986
Liabilities :
Trade payables (Refer to Note 2.14) 2,669 – – – – 2,669 2,669
Lease Liabilities (Refer to Note 2.3) 3,786 – – – – 3,786 3,786
Other financial liabilities (Refer to Note 2.13) 10,084 – 8 – 3 10,095 10,095
Total 16,539 – 8 – 3 16,550 16,550
(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

Infosys Integrated Annual Report 2022-23 249

Standalone Financial Statements

For trade receivables, 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).
The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2023 is as follows :

(In ₹ crore)

Particulars As at Fair value measurement at end of the

March 31, reporting period using
2023 Level 1 Level 2 Level 3
Assets
Investments (Refer to Note 2.5)
Tax-free bonds 2,120 1,331 789 –
Target maturity fund units 402 402 – –
Government bonds 14 14 – –
Liquid mutual fund units 260 260 – –
Certificates of deposit 2,765 – 2,765 –
Commercial papers 420 – 420 –
Non-convertible debentures 3,366 1,364 2,002 –
Government securities 6,856 6,856 – –
Equity instruments 3 – – 3
Preference securities 193 – – 193
Other investments 82 – – 82
Others
Derivative financial instruments – gain on outstanding foreign exchange forward
and option contracts (Refer to Note 2.7) 79 – 79 –
Liabilities
Derivative financial instruments – loss on outstanding foreign exchange forward and
option contracts (Refer to Note 2.13) 56 – 56 –

During the year ended March 31, 2023, tax-free bonds and government securities of ₹383 crore were transferred from Level 2 to Level 1 of
fair value hierarchy, since these were valued based on quoted price. Further, non-convertible debentures of ₹1,611 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, 2022 was as follows :

(In ₹ crore)

Particulars As at Fair value measurement at end of the

March 31, reporting period using
2022 Level 1 Level 2 Level 3
Assets
Investments (Refer to Note 2.5)
Tax-free bonds 2,425 1,238 1,187 –
Government bonds 13 13 – –
Liquid mutual fund units 1,337 1,337 – –
Certificates of deposit 3,141 – 3,141 –
Non-convertible debentures 3,873 3,472 401 –

250 Infosys Integrated Annual Report 2022-23

Particulars As at Fair value measurement at end of the
March 31, reporting period using
2022 Level 1 Level 2 Level 3
Government securities 7,215 7,177 38 –
Equity instruments 2 – – 2
Preference securities 192 – – 192
Compulsorily convertible debentures 7 – – 7
Other investments 76 – – 76
Others
Derivative financial instruments – gain on outstanding foreign exchange forward
and option contracts (Refer to Note 2.7) 131 – 131 –
Liabilities
Derivative financial instruments – loss on outstanding foreign exchange forward and
option contracts (Refer Note 2.13) 11 – 11 –

During the year ended March 31, 2022, tax-free bonds of ₹576 The Company's exposure to credit risk is influenced mainly by the
crore were transferred from Level 2 to Level 1 of fair value individual characteristic of each customer and the concentration
hierarchy since these were valued based on quoted price. of risk from the top few customers.
Further, tax-free bonds, non-convertible debentures and
The gross carrying amount of a financial asset is written
government securities of ₹890 crore were transferred from
off (either partially or in full) when there is no realistic
Level 1 to Level 2 of fair value hierarchy, since these were valued
prospect of recovery.
based on market observable inputs.
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 The Company operates internationally and a major portion of
significant impact in its value. the business is transacted in several currencies and consequently
the Company is exposed to foreign exchange risk through
Financial risk management its sales and services in the United States and elsewhere, and
Financial risk factors purchases from overseas suppliers in various foreign currencies.
The Company's activities expose it to a variety of financial The Company holds derivative financial instruments, such as
risks–market risk, credit risk and liquidity risk. The Company's foreign exchange forward and option contracts to mitigate the
primary focus is to foresee the unpredictability of financial risk of changes in exchange rates on foreign currency exposures.
markets and seek to minimize potential adverse effects on its The exchange rate between the Indian Rupee and foreign
financial performance. The primary market risk to the Company currencies has changed substantially in recent years and may
is foreign exchange risk. The Company uses derivative financial fluctuate substantially in the future. Consequently, the results of
instruments to mitigate foreign exchange related risk exposures. the Company’s operations are adversely affected as the Rupee
appreciates / depreciates against these currencies.

The analysis of the foreign currency risk from financial assets and liabilities as at March 31, 2023 is as follows :

(In ₹ crore)

Particulars US Dollar Euro UK Pound Australian Other Total

Sterling Dollar currencies
Net financial assets 18,436 5,442 1,612 1,765 2,278 29,533
Net financial liabilities (10,017) (1,898) (682) (926) (1,082) (14,605)
Total 8,419 3,544 930 839 1,196 14,928

The analysis of the foreign currency risk from financial assets and liabilities as at March 31, 2022 was as follows :

(In ₹ crore)

Particulars US Dollar Euro UK Pound Australian Other Total

Sterling Dollar currencies
Net financial assets 16,185 4,148 1,290 1,314 1,670 24,607
Net financial liabilities (8,202) (1,689) (678) (956) (875) (12,400)
Total 7,983 2,459 612 358 795 12,207

Infosys Integrated Annual Report 2022-23 251

Standalone Financial Statements

Sensitivity analysis between Indian Rupee and US Dollar

Particulars Year ended March 31,

2023 2022
Impact on the Company's incremental operating margins 0.47% 0.48%

Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional
currency. This is due to exchange rate fluctuations between the previous reporting period and the current reporting period.

Derivative financial instruments

The Company holds derivative financial instruments, such as foreign currency forward and option contracts, to mitigate the risk of
changes in exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank. These derivative
financial instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or
indirectly observable in the marketplace.
The details in respect of outstanding foreign currency forward and option contracts are as follows :

Particulars As at March 31,

2023 2022
In million In ₹ crore In million In ₹ crore
Derivatives designated as cash flow hedges
Forward contracts
In Euro – – 8 67
Option contracts
In Australian Dollar 140 770 185 1,050
In Euro 325 2,907 280 2,358
In UK Pound Sterling 55 559 32 318
Other derivatives
Forward contracts
In Australian Dollar 10 55 – –
In Canadian Dollar – – 34 205
In Euro 266 2,382 266 2,240
In New Zealand Dollar 30 154 20 105
In Norwegian Krone 100 79 80 70
In Singapore Dollar 45 278 6 34
In Swiss Franc – – 14 115
In US Dollar 1,486 12,209 1,004 7,622
In UK Pound Sterling 76 775 44 438
In South African rand 85 39 45 24
Option contracts
In Australian Dollar 30 165 – –
In Euro 160 1,431 81 682
In UK Pound Sterling 15 153 – –
In US Dollar 300 2,465 677 5,131
Total forward and option contracts 24,421 20,459

252 Infosys Integrated Annual Report 2022-23

The foreign exchange forward and option contracts mature instrument, including whether the hedging instrument is
within 12 months. The table below analyses the derivative expected to offset changes in cash flows of hedged items.
financial instruments into relevant maturity groupings based on
If the hedge ratio for risk management purposes is no longer
the remaining period as at the Balance Sheet date :
optimal but the risk management objective remains unchanged
(In ₹ crore)
and the hedge continues to qualify for hedge accounting,
the hedge relationship will be rebalanced by adjusting either the
Particulars As at March 31, volume of the hedging instrument or the volume of the hedged
2023 2022 item so that the hedge ratio aligns with the ratio used for risk
management purposes. Any hedge ineffectiveness is calculated
Not later than one month 10,972 5,323
and accounted for in the Statement of Profit or Loss at the time of
Later than one month and not later than three the hedge relationship rebalancing.
months 10,122 11,973
The reconciliation of cash flow hedge reserve for the years ended
Later than three months and not later than
March 31, 2023 and March 31, 2022 is as follows :
one year 3,327 3,163
Total 24,421 20,459 (In ₹ crore)

Particulars Year ended March 31,

During the years ended March 31, 2023 and March 31, 2022,
the Company has designated certain foreign exchange forward 2023 2022
and option contracts as cash flow hedges to mitigate the risk Gain / (Loss)
of foreign exchange exposure on highly probable forecasted Balance at the beginning of the 2 10
cash transactions. The related hedge transactions for balance year
in cash flow hedge reserve as at March 31, 2023 are expected
to occur and reclassified to Statement of Profit and Loss Gain / (Loss) recognized in other 90 102
comprehensive income during the
within three months.
year
The Company determines the existence of an economic Amount reclassified to profit and (99) (113)
relationship between the hedging instrument and hedged item loss during the year
based on the currency, amount and timing of its forecasted
Tax impact on above 2 3
cash flows. Hedge effectiveness is determined at the inception
of the hedge relationship, and through periodic prospective Balance at the end of the year (5) 2
effectiveness assessments to ensure that an economic
relationship exists between the hedged item and hedging The Company offsets a financial asset and a financial liability
when it currently has a legally enforceable right to set off
the recognized amounts and the Company intends either
to settle on a net basis, or to realize the asset and settle the
liability simultaneously.

The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows :

(In ₹ crore)

Particulars As at March 31, 2023 As at March 31, 2022

Derivative Derivative Derivative Derivative
financial financial financial financial
asset liability asset liability
Gross amount of recognized financial asset / liability 103 (80) 167 (47)
Amount set off (24) 24 (36) 36
Net amount presented in Balance Sheet 79 (56) 131 (11)

Infosys Integrated Annual Report 2022-23 253

Standalone Financial Statements

Credit risk Credit risk on cash and cash equivalents is limited as the
Credit risk refers to the risk of default on its obligation by Company generally invests in deposits with banks and financial
the counterparty resulting in a financial loss. The maximum institutions with high ratings, assigned by international
exposure to the credit risk at the reporting date is primarily and domestic credit rating agencies. Ratings are monitored
from trade receivables amounting to ₹20,773 crore and ₹18,966 periodically and the Company has considered the latest
crore as at March 31, 2023 and March 31, 2022, respectively and available credit ratings as at the date of approval of these
unbilled revenue amounting to ₹12,384 crore and ₹9,279 crore financial statements.
as at March 31, 2023 and March 31, 2022, respectively. Trade Majority of investments of the Company are fair valued based
receivables and unbilled revenue are typically unsecured and on Level 1 or Level 2 inputs. These investments primarily include
are derived from revenue from customers majorly located in investment in liquid mutual fund units, target maturity fund
the US and Europe. Credit risk has always been managed by units, tax free bonds, certificates of deposit, commercial paper,
the Company through credit approvals, establishing credit treasury bills, government securities, quoted bonds issued by
limits and continuously monitoring the creditworthiness of the government and quasi-government organizations and
customers to which the Company grants credit terms in the non-convertible debentures. The Company invests after
normal course of business. The Company uses the expected considering counterparty risks based on multiple criteria
credit loss model to assess any required allowances; and uses a including Tier I capital, Capital Adequacy Ratio, Credit Rating,
provision matrix to compute the expected credit loss allowance Profitability, NPA levels and deposit base of banks and financial
for trade receivables and unbilled revenues. This matrix takes institutions. These risks are monitored regularly as per Company's
into account credit reports and other related credit information risk management program.
to the extent available.
The Company's exposure to credit risk is influenced mainly Liquidity risk
by the individual characteristic of each customer and the Liquidity risk is defined as the risk that the Company will not be
concentration of risk from the top few customers. Exposure able to settle or meet its obligations on time.
to customers is diversified and there is no single customer
The Company's principal sources of liquidity are cash and cash
contributing more than 10% of outstanding trade receivables
equivalents and the cash flow that is generated from operations.
and unbilled revenues.
The Company has no outstanding borrowings. The Company
The details in respect of percentage of revenues generated from believes that the working capital is sufficient to meet its
top five customers and top ten customers are as follows : current requirements.

(In %)
As at March 31, 2023, the Company had a working capital of
₹24,640 crore including cash and cash equivalents of ₹6,534 crore
Particulars Year ended March 31, and current investments of ₹4,476 crore. As at March 31, 2022,
2023 2022 the Company had a working capital of ₹27,461 crore including
cash and cash equivalents of ₹12,270 crore and current
Revenue from top five customers 11.3 11.9
investments of ₹5,467 crore.
Revenue from top ten customers 19.6 20.5
As at March 31, 2023 and March 31, 2022, the outstanding
Credit risk exposure compensated absences were ₹1,969 crore and ₹1,850 crore,
The Company's credit period generally ranges from 30-75 days. respectively, which have been substantially funded. Accordingly,
no liquidity risk is perceived.
The allowance for lifetime expected credit loss on customer
balances recognized for the years ended March 31, 2023 and
March 31, 2022 is ₹139 crore and ₹93 crore, respectively.
The movement in credit loss allowance on customer
balance is as follows :

(In ₹ crore)

Particulars Year ended March 31,

2023 2022
Balance at the beginning 673 615
Impairment loss recognized /
(reversed), net 139 93
Amounts written off (145) (49)
Translation differences 32 14
Balance at the end 699 673

254 Infosys Integrated Annual Report 2022-23

The details regarding the contractual maturities of significant financial liabilities as at March 31, 2023 is as follows :

(In ₹ crore)

Particulars Less than 1 1-2 years 2-4 years 4-7 years Total
year
Trade payables 2,426 – – – 2,426
Other financial liabilities on an undiscounted basis (Refer to
Note 2.13) 10,752 965 264 13 11,994

The details regarding the contractual maturities of significant financial liabilities as at March 31, 2022 was 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 on an undiscounted basis (Refer to
Note 2.13) 9,496 381 202 10 10,089

2.12 Equity The reserve should be utilized by the Company for acquiring new
Accounting policy plant 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 share capital. Incremental
costs directly attributable to the issuance of new ordinary shares, Other components of equity include remeasurement of
share options and buyback are recognized as a deduction from net defined benefit liability / asset, equity instruments fair
equity, net of any tax effects. valued through other comprehensive income, changes on fair
valuation of investments and changes in fair value of derivatives
Description of reserves designated as cash flow hedges, net of taxes.
Capital redemption reserve Cash flow hedge reserve
In accordance with section 69 of the Indian Companies Act, 2013, When a derivative is designated as a cash flow hedging
the Company creates capital redemption reserve equal to the instrument, the effective portion of changes in the fair value of
nominal value of the shares bought back as an appropriation the derivative is recognized in other comprehensive income and
from general reserve / retained earnings. accumulated in the cash flow hedging reserve. The cumulative
Retained earnings gain or loss previously recognized in the cash flow hedging
reserve is transferred to the Statement of Profit and Loss upon
Retained earnings represent the amount of accumulated the occurrence of the related forecasted transaction.
earnings of the Company.
Securities premium 2.12.1 Equity share capital
(In ₹ crore, except as otherwise stated)
The amount received in excess of the par value of equity
shares has been classified as securities premium. Amounts Particulars As at March 31,
have been utilized for bonus issue and share buyback from 2023 2022
share premium account.
Authorized
Share options outstanding account Equity shares, ₹5 par value
The share options outstanding account is used to record the fair 480,00,00,000 (480,00,00,000)
value of equity-settled, share-based payment transactions with equity shares 2,400 2,400
employees. The amounts recorded in share options outstanding Issued, subscribed and paid-up
account are transferred to securities premium, upon exercise of
stock options, and transferred to general reserve on account of Equity shares, ₹5 par value (1) 2,074 2,103
stock options not exercised by employees. 414,85,60,044 (420,67,38,641) equity
shares fully paid-up
Special Economic Zone (SEZ) Re-investment Reserve
2,074 2,103
The Special Economic Zone (SEZ) Re-investment Reserve has
been created out of the profit of the eligible SEZ unit in terms of (1)
Refer to Note 2.22 for details of basic and diluted shares
the provisions of Sec 10AA (1)(ii) of Income-tax Act, 1961.
Forfeited shares amounted to ₹1,500 (₹1,500)

Infosys Integrated Annual Report 2022-23 255

Standalone Financial Statements

The Company has only one class of shares referred to as equity excluding buyback tax) at a price not exceeding ₹1,850 per share
shares having a par value of ₹5. Each holder of equity shares is (maximum buyback price), subject to shareholders' approval by
entitled to one vote per share. The equity shares represented by way of postal ballot.
American Depository Shares (ADS) carry similar rights to voting
The shareholders approved the proposal of buyback of Equity
and dividends as the other equity shares. Each ADS represents
Shares recommended by the Board of Directors by way of
one underlying equity share.
e-voting on the postal ballot, the results of which were declared
In the event of liquidation of the Company, the holders of equity on December 3, 2022. The buyback was offered to all equity
shares will be entitled to receive any of the remaining assets of shareholders of the Company (other than the Promoters, the
the Company in proportion to the number of equity shares held Promoter Group and Persons in Control of the Company) under
by the shareholders, after distribution of all preferential amounts. the open market route through the stock exchange. The buyback
However, no such preferential amounts exist currently. For details of equity shares through the stock exchange commenced on
of shares reserved for issue under the employee stock option December 7, 2022 and was completed on February 13, 2023.
plan of the Company, refer to the note below. During this buyback period, the Company had purchased and
extinguished a total of 6,04,26,348 equity shares from the stock
In the period of five years immediately preceding exchange at a volume weighted average buyback price of
March 31, 2023 : ₹1,539.06 per equity share comprising 1.44% of the pre buyback
Bonus issue paid-up equity share capital of the Company. The buyback
resulted in a cash outflow of ₹9,300 crore (excluding transaction
The Company has allotted 218,41,91,490 fully paid-up shares of costs and tax on buyback). The Company funded the buyback
face value ₹5 each during the quarter ended September 30, 2018, from its free reserves including securities premium as explained
pursuant to bonus issue approved by the shareholders through in Section 68 of the Companies Act, 2013.
postal ballot. The bonus shares were issued by capitalization
of profits transferred from general reserve. Bonus share of one In accordance with Section 69 of the Companies Act, 2013, as at
equity share for every equity share held, and a bonus issue, viz., March 31, 2023, the Company has created ‘Capital Redemption
a stock dividend of one American Depositary Share (ADS) for Reserve’ of ₹30 crore equal to the nominal value of the
every ADS held, respectively, has been allotted. Consequently, shares bought back as an appropriation from general reserve
the ratio of equity shares underlying the ADSs held by an and retained earnings.
American Depositary Receipt holder remains unchanged. Buyback completed in September 2021
The bonus shares once allotted shall rank pari passu in all In line with the Capital Allocation Policy, the Board, at its meeting
respects and carry the same rights as the existing equity held on April 14, 2021, approved the buyback of equity shares,
shareholders. These shall be entitled to participate in full, from the open market route through the Indian stock exchanges,
in any dividend and other corporate action, recommended and amounting to ₹9,200 crore (Maximum Buyback Size, excluding
declared after the new equity shares are allotted. buyback tax) at a price not exceeding ₹1,750 per share (Maximum
Buyback Buyback Price), subject to shareholders' approval in the ensuing
Annual General Meeting.
In the period of five years immediately preceding March 31, 2023,
including the buyback completed in February 2023, the Company The shareholders approved the proposal of buyback of equity
had purchased and extinguished a total of 22,67,52,951 fully shares recommended by the Board of Directors in the Annual
paid-up equity shares of face value ₹5 each from the stock General meeting held on June 19, 2021.
exchange. The Company has only one class of equity shares. The buyback was offered to all equity shareholders of the
Capital Allocation Policy and buyback Company (other than the Promoters, the Promoter Group and
Persons in Control of the Company) under the open market
Effective fiscal 2020, the Company expects to return route through the stock exchange. The buyback of equity shares
approximately 85% of the free cash flow cumulatively over a through the stock exchange commenced on June 25, 2021 and
5-year period through a combination of semi annual dividends was completed on September 8, 2021. During this buyback
and / or share buyback and / or special dividends, subject period, the Company had purchased and extinguished a total of
to applicable laws and requisite approvals, if any. Free cash 5,58,07,337 equity shares from the stock exchange at a volume
flow is defined as net cash provided by operating activities weighted average buyback price of ₹1,648.53 per equity share
less capital expenditure as per the consolidated Statement comprising 1.31% of the pre buyback paid up equity share capital
of Cash Flows prepared under IFRS. Dividend and buyback of the Company. The buyback resulted in a cash outflow of
include applicable taxes. ₹9,200 crore (excluding transaction costs and tax on buyback).
Buyback completed in February 2023 The Company funded the buyback from its free reserves
including securities premium as explained in Section 68 of the
In line with the Capital Allocation Policy, the Board, at its meeting Companies Act, 2013.
held on October 13, 2022, approved the buyback of equity
shares, from the open market route through the Indian stock
exchanges, amounting to ₹9,300 crore (maximum buyback size,

256 Infosys Integrated Annual Report 2022-23

In accordance with Section 69 of the Companies Act, 2013, as at 2.12.3 Dividend
March 31, 2022, the Company has created ‘Capital Redemption The final dividend on shares is recorded as a liability on the date
Reserve’ of ₹28 crore equal to the nominal value of the shares of approval by the shareholders. Interim dividends are recorded
bought back as an appropriation from general reserve. as a liability on the date of declaration by the Company's Board.
The Company’s objective when managing capital is to safeguard Income tax consequences of dividends on financial instruments
its ability to continue as a going concern and to maintain an classified as equity will be recognized according to where the
optimal capital structure so as to maximize shareholder value. entity originally recognized those past transactions or events
In order to maintain or achieve an optimal capital structure, the that generated distributable profits.
Company may adjust the amount of dividend payment, return The Company declares and pays dividends in Indian Rupees.
capital to shareholders, issue new shares or buy back issued Companies are required to pay / distribute dividend after
shares. As of March 31, 2023, the Company has only one class of deducting applicable taxes. The remittance of dividends outside
equity shares and has no debt. Consequent to the above capital India is governed by Indian law on foreign exchange and is also
structure, there are no externally imposed capital requirements. subject to withholding tax at applicable rates.

2.12.2 Shareholding of promoter The amount of per share dividend recognized as distribution
to equity shareholders in accordance with Companies Act,
The details of the shares held by promoters as at
2013 is as follows :
March 31, 2023 are as follows :
(In ₹)
Promoter name No. of shares % of % change
total during the Particulars Year ended March 31,
shares year 2023 2022
Sudha Gopalakrishnan 9,53,57,000 2.30 –
Final dividend for fiscal 2021 15.00
Rohan Murty 6,08,12,892 1.47 –
Interim dividend for fiscal 2022 15.00
S. Gopalakrishnan 4,18,53,808 1.01 –
Final dividend for fiscal 2022 16.00
Nandan M. Nilekani 4,07,83,162 0.98 –
Interim dividend for fiscal 2023 16.50
Akshata Murty 3,89,57,096 0.94 –
Asha Dinesh 3,85,79,304 0.93 – During the year ended March 31, 2023, on account of the final
Sudha N. Murty 3,45,50,626 0.83 – dividend for fiscal 2022 and interim dividend for fiscal 2023, the
Company has incurred a net cash outflow of ₹13,675 crore.
Rohini Nilekani 3,43,35,092 0.83 –
Dinesh Krishnaswamy 3,24,79,590 0.78 – The Board of Directors, in their meeting held on April 13, 2023,
recommended a final dividend of ₹17.50 per equity share for the
Shreyas Shibulal 2,37,04,350 0.57 –
financial year ended March 31, 2023. This payment is subject to
N. R. Narayana Murthy 1,66,45,638 0.40 – the approval of shareholders in the AGM of the Company to be
Nihar Nilekani 1,26,77,752 0.31 – held on June 28, 2023 and if approved, would result in a net cash
Janhavi Nilekani 85,89,721 0.21 – outflow of approximately ₹7,260 crore.
Kumari Shibulal 52,48,965 0.13 –
Deeksha Dinesh 76,46,684 0.18 –
Divya Dinesh 76,46,684 0.18 –
Meghana Gopalakrishnan 48,34,928 0.12 –
Shruti Shibulal 27,37,538 0.07 –
S. D. Shibulal 58,14,733 0.14 –
Promoters group
Gaurav Manchanda 1,37,36,226 0.33 –
Milan Shibulal Manchanda 69,67,934 0.17 –
Nikita Shibulal Manchanda 69,67,934 0.17 –
Bhairavi Madhusudhan
Shibulal 66,79,240 0.16 –
Shray Chandra 7,19,424 0.02 –
Tanush Nilekani Chandra 33,56,017 0.08 –

Infosys Integrated Annual Report 2022-23 257

Standalone Financial Statements

The details of shareholders holding more than 5% shares as at March 31, 2023 and March 31, 2022 are as follows :

Name of the shareholder As at March 31, 2023 As at March 31, 2022

Number of shares % held Number of shares % held
Deutsche Bank Trust Company Americas (Depository of 50,57,90,851 12.19 66,63,70,669 15.84
ADR's - legal ownership)
Life Insurance Corporation of India 29,82,44,977 7.19 24,33,47,641 5.78

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2023 and
March 31, 2022 is as follows :

(In ₹ crore, except as stated otherwise)

Particulars As at March 31, 2023 As at March 31, 2022

Number of shares Amount Number of shares Amount
As at the beginning of the period 420,67,38,641 2,103 426,06,60,846 2,130
Add : Shares issued on exercise of employee stock options 22,47,751 1 18,85,132 1
Less : Shares bought back 6,04,26,348 30 5,58,07,337 28
As at the end of the period 414,85,60,044 2,074 420,67,38,641 2,103

2.12.4 Employee Stock Option Plan : 2015 Stock Incentive Compensation Plan ("the 2015 Plan")
Accounting policy On March 31, 2016, pursuant to the approval by the shareholders
The Company recognizes compensation expense relating to through postal ballot, the Board was authorized to introduce,
share-based payments in net profit based on estimated offer, issue and allot share-based incentives to eligible employees
fair-values of the awards on the grant date. The estimated fair of the Company and its subsidiaries under the 2015 Plan.
value of awards is recognized as an expense in the Statement of The maximum number of shares under the 2015 Plan shall not
Profit and Loss on a straight-line basis over the requisite service exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity
period for each separately vesting portion of the award as if the shares which are held by the trust towards the 2011 Plan as at
award was in-substance, multiple awards with a corresponding March 31, 2016). These instruments will generally vest over a
increase to share options outstanding account. period of four years. The plan numbers mentioned are further
adjusted with the September 2018 bonus issue.
Infosys Expanded Stock Ownership Program 2019 ("the 2019 Plan")
The equity-settled and cash-settled RSUs and stock options
On June 22, 2019, pursuant to approval by the shareholders in would vest generally over a period of four years, and shall be
the Annual General Meeting, the Board has been authorized to exercisable within the period as approved by the Nomination
introduce, offer, issue and provide share-based incentives to and Remuneration Committee (NARC). The exercise price of
eligible employees of the Company and its subsidiaries under the RSUs will be equal to the par value of the shares and the
the 2019 Plan. The maximum number of shares under the 2019 exercise price of the stock options would be the market price as
Plan shall not exceed 5,00,00,000 equity shares. To implement on the date of grant.
the 2019 Plan, up to 4,50,00,000 equity shares may be issued
by way of secondary acquisition of shares by Infosys Expanded Controlled trust holds 1,21,72,119 shares and 1,37,25,712 shares
Stock Ownership Trust. The Restricted Stock Units (RSUs) granted as at March 31, 2023 and March 31, 2022, respectively under the
under the 2019 Plan shall vest based on the achievement of 2015 Plan. Out of these shares, 2,00,000 equity shares each have
defined annual performance parameters as determined by the been earmarked for welfare activities of the employees as at
administrator (Nomination and Remuneration Committee). March 31, 2023 and March 31, 2022.
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 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 a maximum of three years
from the grant date.

258 Infosys Integrated Annual Report 2022-23

The summary of grants made during the years ended March 31, 2023 and March 31, 2022 is as follows :

Particulars 2019 Plan 2015 Plan

Year ended March 31, Year ended March 31,
2023 2022 2023 2022
Equity-settled RSUs
Key Management Personnel (KMP) 2,10,643 1,48,762 3,67,479 2,84,543
Employees other than KMP 37,04,014 27,01,867 17,84,975 13,05,880
39,14,657 28,50,629 21,52,454 15,90,423
Cash-settled RSUs
Key Management Personnel (KMP) – – – –
Employees other than KMP – – 92,400 49,960
– – 92,400 49,960
Total Grants 39,14,657 28,50,629 22,44,854 16,40,383

Notes on grants to KMP : • Approved the performance-based grant of RSUs (Annual

CEO & MD performance equity TSR grant) of fair value of ₹5 crore for
fiscal 2023 under the 2015 Plan. These RSUs will vest in line
Based on the recommendations of the Board and the approval of
with the employment agreement based on Company’s
the shareholders at the AGM held on June 25, 2022, Salil Parekh
performance on cumulative relative TSR over the years and as
has been reappointed as the CEO and MD of the Company for a
determined by the Board. Accordingly, 32,236 performance-
term commencing on July 1, 2022 and ending on March 31, 2027.
based RSUs were granted effective August 1, 2022.
The remuneration is approved by the shareholders in the AGM.
The revised employment agreement is effective July 1, 2022.
For the above RSUs, the grant date in accordance with Ind AS 102,
Under the 2015 Plan Share-based payment is July 1, 2022.
The Board, on April 13, 2022, based on the recommendations of Further, in accordance with the employee agreement which
the Nomination and Remuneration Committee, in accordance has been approved by the shareholders, the CEO is eligible to
with the terms of his employment agreement effective till June receive an annual grant of RSUs of fair value ₹3 crore which
30, 2022, approved the grant of performance-based RSUs of will vest overtime in three equal annual installments upon the
fair value of ₹13 crore for fiscal 2023 under the 2015 Plan. These completion of each year of service from the respective grant
RSUs will vest in line with the employment agreement based on date. Accordingly, annual time-based grant of 19,341 RSUs was
achievement of certain performance targets. Accordingly, 84,361 made effective February 1, 2023 for fiscal 2023.
performance-based RSUs were granted effective May 2, 2022.
Though the annual time-based grants and annual performance
Further, in line with the shareholders approval and revised equity TSR grant for the remaining employment term ending
employment contract which is effective July 1, 2022, the on March 31, 2027 have not been granted as of March 31, 2023,
Board, on July 24, 2022, based on the recommendations of the since the service commencement date precedes the grant date,
Nomination and Remuneration Committee : the Company has recorded employment stock compensation
expense in accordance with Ind AS 102, Share-based payment.
• Approved the grant of performance-based RSUs (Annual
Under the 2019 Plan
performance equity grant) of fair value of ₹21.75 crore
for fiscal 2023 under the 2015 Plan. These RSUs will The Board, on April 13, 2022, based on the recommendations
vest in line with the employment agreement based on of the Nomination and Remuneration Committee, approved
achievement of certain performance targets. Accordingly, performance-based grant of RSUs amounting to ₹10 crore for
140,228 performance-based RSUs were granted effective fiscal 2023 under the 2019 Plan. These RSUs will vest in line with
August 1, 2022. the employment agreement effective till June 30, 2022 based on
• Approved the performance-based grant of RSUs (Annual achievement of certain performance targets. Accordingly, 64,893
performance equity ESG grant) of fair value of ₹2 crore for performance-based RSUs were granted effective May 2, 2022.
fiscal 2023 under the 2015 Plan. These RSUs will vest in line
with the employment agreement based on achievement of
certain environment, social and governance milestones as
determined by the Board. Accordingly, 12,894 performance-
based RSUs were granted effective August 1, 2022.

Infosys Integrated Annual Report 2022-23 259

Standalone Financial Statements

Other KMP The break-up of employee stock compensation

Under the 2015 Plan expense is as follows :

During the year ended March 31, 2023, based on (In ₹ crore)
recommendations of the Nomination and Remuneration
Committee, the Board approved 66,872 time based RSUs and Particulars Year ended March 31,
11,547 performance-based RSUs to other KMP under the 2015 2023 2022
Plan. Time based RSUs will vest over four years and performance- Granted to :
based RSUs will vest over one to three years based on certain
KMP # 49 65
performance targets.
Employees other than KMP 411 307
Under the 2019 Plan
Total (1) 460 372
During the year ended March 31, 2023, based on (1)
Cash-settled stock compensation
recommendations of the Nomination and Remuneration expense included in the above 1 13
Committee, the Board approved performance-based grants of
1,45,750 RSUs to other KMPs under the 2019 Plan. These RSUs #
Includes reversal of employee stock compensation expense on account of
will vest over three years based on achievement of certain resignation / retirement of key management personnel.
performance targets.

The activity in the 2015 and 2019 Plan for equity-settled share-based payment transactions during the years ended March 31, 2023 and
March 31, 2022 is as follows :

Particulars Year ended March 31, 2023 Year ended March 31, 2022
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 62,32,975 4.82 80,47,240 4.52
Granted 21,52,454 5.00 15,90,423 5.00
Exercised 21,05,904 4.50 25,69,983 4.07
Forfeited and expired 8,71,507 4.93 8,34,705 4.63
Outstanding at the end 54,08,018 5.00 62,32,975 4.82
Exercisable at the end 7,87,976 4.97 6,53,775 4.51
2015 Plan : Employee Stock Options (ESOPs)
Outstanding at the beginning 7,00,844 557 10,49,456 535
Granted – – – –
Exercised 5,66,814 596 3,48,612 529
Forfeited and expired – – – –
Outstanding at the end 1,34,030 529 7,00,844 557
Exercisable at the end 1,34,030 529 7,00,844 557
2019 Plan : RSUs
Outstanding at the beginning 49,58,938 5.00 30,50,573 5.00
Granted 39,14,657 5.00 28,50,629 5.00
Exercised 11,28,626 5.00 7,55,557 5.00
Forfeited and expired 5,22,931 5.00 1,86,707 5.00
Outstanding at the end 72,22,038 5.00 49,58,938 5.00
Exercisable at the end 13,52,150 5.00 6,92,638 5.00

During the years ended March 31, 2023 and March 31, 2022, the weighted average share price of options exercised under the 2015 Plan
on the date of exercise was ₹1,515 and ₹1,705, respectively.
During the years ended March 31, 2023 and March 31, 2022, the weighted average share price of options exercised under the 2019 Plan
on the date of exercise was ₹1,485 and ₹1,560, respectively.

260 Infosys Integrated Annual Report 2022-23

The summary of information about equity-settled RSUs and ESOPs outstanding as at March 31, 2023 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) 72,22,038 1.33 5.00 54,08,018 1.49 5.00
450-630 (ESOP) – – – 1,34,030 1.77 529

The summary of information about equity-settled RSUs and ESOPs outstanding as at March 31, 2022 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) 49,58,938 1.43 5.00 62,32,975 1.47 4.82
450-650 (ESOP) - – – 7,00,844 0.65 557

As at March 31, 2023 and March 31, 2022, 2,24,924 and 2,65,561 cash settled options were outstanding, respectively. The carrying value of
liability towards cash-settled share-based payments was ₹4 crore and ₹13 crore as at March 31, 2023 and March 31, 2022 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 have 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 :

Particulars For options granted in

Fiscal 2023 – Fiscal 2023 – Fiscal 2022 – Fiscal 2022 –
Equity shares ADS – RSU Equity shares ADS – RSU
– RSU – RSU
Weighted average share price (₹) / ($ ADS) 1,525 18.08 1,791 24.45
Exercise price (₹) / ($ ADS) 5.00 0.07 5.00 0.07
Expected volatility (%) 23-32 27-34 20-35 25-36
Expected life of the option (years) 1-4 1-4 1-4 1-4
Expected dividends (%) 2-3 2-3 2-3 2-3
Risk-free interest rate (%) 5-7 2-5 4-6 1-3
Weighted average fair value as on grant date (₹) / ($ ADS) 1,210 13.69 1,548 20.82

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.

Infosys Integrated Annual Report 2022-23 261

Standalone Financial Statements

2.13 Other financial liabilities

(In ₹ crore)

Particulars As at March 31,

2023 2022
Non-current
Others
Compensated absences 76 86
Accrued compensation to employees (1)
5 8
Accrued expenses (1) 1,184 503
Other payables (1)(6) 52 79
Total non-current other financial liabilities 1,317 676
Current
Unpaid dividends (1) 37 36
Others
Accrued compensation to employees (1) 3,072 2,999
Accrued expenses (1)(4)
4,430 4,603
Retention monies (1) 17 12
Capital creditors (1)
652 395
Compensated absences 1,893 1,764
Other payables (1)(5)(6) 2,540 1,449
Foreign currency forward and options contracts (2)(3)
56 11
Total current other financial liabilities 12,697 11,269
Total other financial liabilities 14,014 11,945
(1)
Financial liability carried at amortized cost 11,989 10,084
(2)
Financial liability carried at fair value through profit or loss 42 8
(3)
Financial liability carried at fair value through other comprehensive income 14 3
(4)
Includes dues to subsidiaries 30 7
(5)
Includes dues to subsidiaries 422 316
(6)
Deferred contract cost (Refer to Note 2.10) includes technology assets taken over by the Company from a customer as a part of transformation project, which
is not considered as distinct goods or services and the control related to the assets is not transferred to the Company in accordance with Ind AS 115, Revenue
from Contract with Customers. Accordingly, the same has been considered as a reduction to the total contract value and accounted as deferred contract cost.
The Company has entered into a financing arrangement with a third party for these assets which has been considered as financial liability. As at March 31,
2023, the financial liability pertaining to such arrangements amounts to ₹114 crore.

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges,
brand building expenses, overseas travel expenses and office maintenance.

2.14 Trade payables

(In ₹ crore)

Particulars As at March 31,

2023 2022
Outstanding dues of micro enterprises and small enterprises 97 3
Outstanding dues of creditors other than micro enterprises and small enterprises (1)
2,329 2,666
Total trade payables 2,426 2,669
(1)
Includes dues to subsidiaries 653 613

The information as required to be disclosed pursuant under the Micro, Small and Medium Enterprises Development Act, 2006
(MSMED Act, 2006) has been determined to the extent such parties have been identified based on the information information
available with the Company.

(In ₹ crore)

262 Infosys Integrated Annual Report 2022-23

Particulars As at March 31,
2023 2022
Amount remaining unpaid :
Principal 97 3
Interest – –
Interest paid by the Company under MSMED Act, 2006 along with the amounts of the payment made to
the supplier beyond the appointed day 33 71
Interest due and payable for the period of delay in making payment (which has been paid but
beyond the appointed day during the year) but without adding the interest specified under
the MSMED Act, 2006; – –
Interest accrued and remaining unpaid at the end of the year – –
Interest remaining due and payable (pertaining to prior years), until such date when the interest dues
as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible
expenditure under Section 23 of MSMED Act 2006. – –

The trade payables ageing schedule for the years ended as on March 31, 2023 and March 31, 2022 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 97 – – – – 97
3 – – – – 3
Others 1,943 386 – – – 2,329
2,131 535 – – – 2,666
Total trade payables 2,040 386 – – – 2,426
2,134 535 – – – 2,669

Relationship with struck-off companies

(In ₹ crore)

Name of struck off company Nature of transactions Transactions during the Balance outstanding Relationship with the
year March 31, 2022 as at March 31, 2022 struck off company
Compulease Networks Private Limited Payables –* – Vendor

* Less than ₹1 crore

There are no transactions with struck-off companies for the year ending March 31, 2023.

Infosys Integrated Annual Report 2022-23 263

Standalone Financial Statements

2.15 Other liabilities cost of terminating the contract and the expected net cost of
(In ₹ crore) continuing with the contract. Before a provision is established,
the Company recognizes any impairment loss on the assets
Particulars As at March 31, associated with that contract.
2023 2022
Non-current Provision for post-sales client support and other provisions
(In ₹ crore)
Accrued defined benefit liability
(Refer to Note 2.21) 412 332 Particulars As at March 31,
Others 2023 2022
Deferred income 2 9 Current
Deferred income – government Others
grants – 19 1,163 920
Post-sales client support and others
Total non-current other Total provisions 1,163 920
liabilities 414 360
Current The movement in the provision for post-sales client
Accrued defined benefit liability support is as follows :
(Refer to Note 2.21) 2 2
Unearned revenue 5,491 5,179 (In ₹ crore)

Others Particulars Year ended March 31, 2023

Deferred income – government Balance at the beginning 880
grants 28 10 Impact on adoption of 9
Withholding taxes and others 2,088 2,190 amendment to IAS 37

Total current other liabilities 7,609 7,381 Provision recognized / 356

(reversed)
Total other liabilities 8,023 7,741
Provision utilized (128)
2.16 Provisions Translation difference 46
Accounting policy Balance at the end 1,163
A provision is recognized if, as a result of a past event, the
Company has a present legal or constructive obligation that Provision for post-sales client support and other provisions
is reasonably estimable, and it is probable that an outflow of majorly represents costs associated with providing sales support
economic benefits will be required to settle the obligation. services which are accrued at the time of recognition of revenues
Provisions are determined by discounting the expected and are expected to be utilized over a period of one year.
future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and the risks 2.17 Income taxes
specific to the liability. Accounting policy
a. Post-sales client support Income tax expense comprises current and deferred income tax.
Income tax expense is recognized in net profit in the Statement
The Company provides its clients with a fixed-period post-sales
of Profit and Loss, except to the extent that it relates to items
support on its fixed-price, fixed-timeframe contracts. Costs
recognized directly in equity, in which case it is recognized in
associated with such support services are accrued at the time
equity or other comprehensive income. Current income tax for
related revenues are recorded in the Statement of Profit and
current and prior periods is recognized at the amount expected
Loss. The Company estimates such costs based on historical
to be paid to or recovered from the tax authorities, using the
experience and estimates are reviewed on a periodic basis for any
tax rates and tax laws that have been enacted or substantively
material changes in assumptions and likelihood of occurrence.
enacted by the Balance Sheet date. Deferred income tax assets
b. Onerous contracts and liabilities are recognized for all temporary differences
arising between the tax bases of assets and liabilities, and their
Provisions for onerous contracts are recognized when the
carrying amounts in the financial statements. Deferred tax
expected benefits to be derived by the Company from a contract
assets are reviewed at each reporting date and are reduced
are lower than the unavoidable costs of meeting the future
to the extent that it is no longer probable that the related tax
obligations under the contract. Provisions for estimated losses,
benefit will be realized.
if any, on incomplete contracts are recorded in the period in
which such losses become probable based on the estimated Deferred income tax assets and liabilities are measured using
efforts or costs to complete the contract. The provision is tax rates and tax laws that have been enacted or substantively
measured at the present value of the lower of the expected enacted by the Balance Sheet date. These are expected to
apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect of

264 Infosys Integrated Annual Report 2022-23

changes in tax rates on deferred income tax assets and liabilities The applicable Indian corporate statutory tax rate for the years
is recognized as income or expense in the period that includes ended March 31, 2023 and March 31, 2022 is 34.94% each.
the enactment or the substantive enactment date. A deferred
The foreign tax expense is due to income taxes payable
income tax asset is recognized to the extent that it is probable
overseas, principally in the United States. In India, the Company
that future taxable profit will be available against which the
has benefited from certain income tax incentives that the
deductible temporary differences and tax losses can be utilized.
Government of India had provided for export of software and
Deferred income taxes are not provided on the undistributed
services from the units registered under the Special Economic
earnings of subsidiaries and branches where it is expected that
Zones Act (SEZs), 2005. SEZ units, which began the provision
the earnings of the subsidiary or branch will not be distributed in
of services on or after April 1, 2005 are eligible for a deduction
the foreseeable future.
of 100% of profits or gains derived from the export of services
The Company offsets current tax assets and current tax for the first five years from the financial year in which the unit
liabilities; deferred tax assets and deferred tax liabilities; where commenced the provision of services and 50% of such profits
it has a legally enforceable right to set off the recognized or gains for further five years. Up to 50% of such profits or
amounts and where it intends either to settle on a net basis, gains is also available for a further five years subject to creation
or to realize the asset and settle the liability simultaneously. of a Special Economic Zone (SEZ) Re-investment Reserve out
Tax benefits of deductions earned on exercise of employee of the profit for the eligible SEZ units and utilization of such
share options in excess of compensation charged to income reserve by the Company for acquiring new plant and machinery
are credited to equity. for the purpose of its business as per the provisions of the
Income-tax Act, 1961.
Income tax expense in the Statement of Profit and Loss is as follows :
Deferred income tax for the years ended March 31, 2023 and
(In ₹ crore) March 31, 2022 substantially relates to origination and reversal of
Particulars Year ended March 31,
temporary differences.

2023 2022 Infosys is subject to a 15% Branch Profit Tax (BPT) in the US to
the extent its US branch's net profit during the year is greater
Current taxes 8,167 6,960
than the increase in the net assets of the US branch during the
Deferred taxes 208 300 year, computed in accordance with the Internal Revenue Code.
Income tax expense 8,375 7,260 As at March 31, 2023, Infosys' US branch net assets amounted to
approximately ₹6,948 crore. As at March 31, 2023, the Company
Income tax expense for the years ended March 31, 2023 and has a deferred tax liability for branch profit tax of ₹148 crore (net
March 31, 2022 includes reversal (net of provisions) of ₹116 crore of credits), as the Company estimates that these branch profits
and ₹250 crore, respectively. These reversals pertaining to prior are expected to be distributed in the foreseeable future.
periods are primarily on account of adjudication of certain Deferred income tax liabilities have not been recognized on
disputed matters, upon filing of tax return and completion of temporary differences amounting to ₹10,948 crore and ₹9,618
assessments, across various jurisdictions. crore as at March 31, 2023 and March 31, 2022, respectively,
A reconciliation of the income tax provision to the amount associated with investments in subsidiaries and branches as
computed by applying the statutory income tax rate to the the Company is able to control the timing of reversal of the
income before income taxes is as follows : temporary difference and it is probable that the temporary
differences will not reverse in the foreseeable future.
(In ₹ crore) The Company majorly intends to repatriate earnings from
subsidiaries and branches only to the extent these can be
Particulars Year ended March 31,
distributed in a tax free manner.
2023 2022
Deferred income tax assets have not been recognized on
Profit before income taxes 31,643 28,495 accumulated losses of ₹1,358 crore and ₹1,345 crore as at
Enacted tax rates in India 34.94% 34.94% March 31, 2023 and March 31, 2022, respectively as it is probable
Computed expected tax expense 11,057 9,957 that future taxable profit will not be available against which
the unused tax losses can be utilized in the foreseeable future.
Tax effect due to non-taxable (2,916) (2,849)
Majority of the accumulated losses as at March 31, 2023 will
income for Indian tax purposes
expire between financial years 2028 to 2030.
Overseas taxes 1,028 958
Tax provision (reversals) (116) (250)
Effect of exempt non-operating (563) (478)
income
Effect of non-deductible expenses 144 122
Impact of change in tax rate – (104)
Others (259) (96)
Income tax expense 8,375 7,260

Infosys Integrated Annual Report 2022-23 265

Standalone Financial Statements

The details of income tax assets and income tax liabilities as at March 31, 2023 and March 31, 2022 are as follows :

(In ₹ crore)

Particulars As at March 31,

2023 2022
Income tax assets 5,916 5,585
Current income tax liabilities 2,834 2,179
Net current income tax assets / (liabilities) at the end 3,082 3,406

The gross movement in the current income tax assets / (liabilities) for the years ended March 31, 2023 and March 31, 2022 is as follows :

(In ₹ crore)

Particulars As at March 31,

2023 2022
Net current income tax assets / (liabilities) at the beginning 3,406 3,550
Income tax paid 7,807 6,736
Current income tax expense (8,167) (6,960)
Income tax benefit arising on exercise of stock options 51 63
Income tax on other comprehensive income (22) 12
Tax impact on buyback expenses 9 8
Impact on account of Ind AS 37 adoption (2) –
Translation differences – (3)
Net current income tax assets / (liabilities) at the end 3,082 3,406

The movement in gross deferred income tax assets and liabilities (before set off) for the year ended March 31, 2023 is as follows :

(In ₹ crore)

Particulars Carrying Changes Changes Impact on Translation Carrying

value as of through through OCI account of difference value as of
April 1, 2022 profit and Ind AS 37 March 31,
loss adoption 2023
Deferred income tax assets / (liabilities)
Property, plant and equipment 189 22 – – – 211
Lease liabilities 163 36 – – – 199
Trade receivables 169 42 – – – 211
Compensated absences 466 35 – – – 501
Post-sales client support 118 68 – 2 – 188
Derivative financial instruments (24) 22 2 – – –
Credits related to branch profits 676 (13) – – 55 718
Intangibles through business transfer (4) 6 – – – 2
Branch profit tax (834) 35 – – (67) (866)
SEZ Re-investment Reserve (830) (499) – – – (1,329)
Others 40 38 – – – 78
Total deferred income tax assets / (liabilities) 129 (208) 2 2 (12) (87)

266 Infosys Integrated Annual Report 2022-23

The movement in gross deferred income tax assets and liabilities (before set off) for the year ended March 31, 2022 was as follows :

(In ₹ crore)

Particulars Carrying Changes Changes Translation Carrying

value as of through through OCI difference value as
April 1, 2021 profit and of March
loss 31, 2022
Deferred income tax assets / (liabilties)
Property, plant and equipment 315 (126) – – 189
Lease liabilities 149 14 – – 163
Trade receivables 194 (25) – – 169
Compensated absences 437 29 – – 466
Post-sales client support 115 3 – – 118
Derivative financial instruments (54) 27 3 – (24)
Credits related to branch profits 355 308 – 13 676
Intangibles through business transfer (10) 6 – – (4)
Branch profit tax (500) (316) – (18) (834)
SEZ Re-investment Reserve (613) (217) – – (830)
Others 56 (3) (13) – 40
Total deferred income tax assets / (liabilities) 444 (300) (10) (5) 129

The tax effects of significant temporary differences that resulted 2.18 Revenue from operations
in deferred income tax assets and liabilities are as follows : Accounting policy
(In ₹ crore) The Company derives revenues primarily from IT services
comprising software development and related services, cloud
Particulars As at March 31, and infrastructure services, maintenance, consulting and
2023 2022 package implementation, licensing of software products and
Deferred income tax assets after set off 779 970 platforms across the Company’s core and digital offerings
(together called as “software related services”). Contracts with
Deferred income tax liabilities after set off (866) (841) customers are either on a time-and-material, unit of work, fixed-
price or on a fixed-timeframe basis.
When assessing the reliability of deferred income tax assets, the
Management considers whether a portion or the entire deferred Revenues from customer contracts are considered for
income tax assets will not be realized. The ultimate realization recognition and measurement when the contract has been
of deferred income tax assets depends on the generation of approved in writing, by the parties to the contract, the parties
future taxable income during the periods in which the temporary have committed to perform their obligations under the contract
differences become deductible. The Management considers the and the contract is legally enforceable. Revenue is recognized
scheduled reversals of deferred income tax liabilities, projected upon transfer of control of promised products or services
future taxable income, and tax planning strategies in making this ('performance obligations') to customers in an amount that
assessment. Based on the level of historical taxable income and reflects the consideration the Company has received or expects
projections for future taxable income over the periods in which to receive in exchange for these products or services ('transaction
the deferred income tax assets are deductible, Management price'). When there is uncertainty as to collectability, revenue
believes that the Company will realize the benefits of those recognition is postponed until such uncertainty is resolved.
deductible differences. The amount of the deferred income tax The Company assesses the services promised in a contract and
assets considered realizable, however, could be reduced in the identifies distinct performance obligations in the contract.
near term if estimates of future taxable income during the carry The Company allocates the transaction price to each distinct
forward period are reduced. performance obligation based on the relative standalone selling
The Company’s Advanced Pricing Arrangement (APA) with the price. The price that is regularly charged for an item, when
Internal Revenue Service (IRS) for US branch income tax expired sold separately, is the best evidence of its standalone selling
in March 2021. The Company has applied for renewal of APA and price. In the absence of such evidence, the primary method
currently the US taxable income is based on the Company’s best used to estimate standalone selling price is the expected cost
estimate determined based on the expected value method. plus a margin, under which the Company estimates the cost
of satisfying the performance obligation and then adds an
appropriate margin based on similar services.

Infosys Integrated Annual Report 2022-23 267

Standalone Financial Statements

The Company’s contracts may include variable consideration Certain cloud and infrastructure services contracts include
including rebates, volume discounts and penalties. The Company multiple elements which may be subject to other specific
includes variable consideration as part of transaction price accounting guidance, such as leasing guidance. These contracts
when there is a basis to reasonably estimate the amount of are accounted in accordance with such specific accounting
the variable consideration and when it is probable that a guidance. In such arrangements where the Company is
significant reversal of cumulative revenue recognized will able to determine that hardware and services are distinct
not occur when the uncertainty associated with the variable performance obligations, it allocates the consideration to these
consideration is resolved. performance obligations on a relative standalone selling price
basis. In the absence of standalone selling price, the Company
Revenue on time-and-material and unit-of-work-based contracts,
uses the expected cost-plus margin approach in estimating
are recognized as the related services are performed. Fixed-price
the standalone selling price. When such arrangements are
maintenance revenue is recognized ratably either on a straight-
considered as a single performance obligation, revenue
line basis, when services are performed through an indefinite
is recognized over the period and measure of progress is
number of repetitive acts over a specified period, or ratably
determined based on promise in the contract.
using a percentage of completion method when the pattern
of benefits from the services rendered to the customer and Revenue from licenses where the customer obtains a “right
Company’s costs to fulfil the contract is not even through the to use” the licenses is recognized at the time the license
period of contract because the services are generally discrete is made available to the customer. Revenue from licenses
in nature and not repetitive. Revenue from other fixed-price, where the customer obtains a “right to access” is recognized
fixed-timeframe contracts, where the performance obligations over the access period.
are satisfied over time, is recognized using the percentage-
Arrangements to deliver software products generally have
of-completion method. Efforts or costs expended are used to
three elements : license, implementation and Annual Technical
determine progress towards completion as there is a direct
Services (ATS). When implementation services are provided in
relationship between input and productivity. Progress towards
conjunction with the licensing arrangement, and the license and
completion is measured as the ratio of costs or efforts incurred to
implementation have been identified as two distinct separate
date (representing work performed) to the estimated total costs
performance obligations, the transaction price for such contracts
or efforts. Estimates of transaction price and total costs or efforts
are allocated to each performance obligation of the contract
are continuously monitored over the term of the contracts and
based on their relative standalone selling prices. In the absence
are recognized in net profit in the period when these estimates
of standalone selling price for implementation, the Company
change or when the estimates are revised. Revenues and the
uses the expected cost-plus-margin approach in estimating
estimated total costs or efforts are subject to revision as the
the standalone selling price. Where the license is required to be
contract progresses. Provisions for estimated losses, if any, on
substantially customized as part of the implementation service,
incomplete contracts, are recorded in the period in which such
the entire arrangement fee for license and implementation
losses become probable based on the estimated efforts or costs
is considered to be a single performance obligation and the
to complete the contract.
revenue is recognized using the percentage-of-completion
The billing schedules agreed with customers include periodic method while the implementation is performed. Revenue from
performance-based billing and / or milestone-based progress client training, support and other services arising due to the
billings. Revenues in excess of billing are classified as unbilled sale of software products is recognized as the performance
revenues, while billing in excess of revenues is classified as obligations are satisfied. ATS revenue is recognized ratably on a
contract liabilities (which we refer to as "unearned revenues"). straight-line over the period in which the services are rendered.
In arrangements for software development and related services Contracts with customers includes subcontractor services or
and maintenance services, the revenue recognition criteria third-party vendor equipment or software in certain integrated
for each distinct performance obligation is applied and the services arrangements. In these types of arrangements, revenue
arrangements with customers generally meet this criteria for from sales of third-party vendor products or services is recorded
considering software development and related service as net of costs when the Company is acting as an agent between
distinct performance obligations. For allocating the transaction the customer and the vendor, and gross when the Company is
price, the Company measures the revenue in respect of each the principal for the transaction. In doing so, the Company first
performance obligation of a contract at its relative standalone evaluates whether it controls the good or service before it is
selling price. The price that is regularly charged for an item when transferred to the customer. The Company considers whether
sold separately is the best evidence of its standalone selling it has the primary obligation to fulfil the contract, inventory
price. In cases where the Company is unable to determine the risk, pricing discretion and other factors to determine whether
standalone selling price, the Company uses the expected cost it controls the goods or service and, therefore, is acting as a
plus margin approach in estimating the standalone selling principal or an agent.
price. For software development and related services, the
The incremental costs of obtaining a contract (i.e., costs
performance obligations are satisfied as and when the services
that would not have been incurred if the contract had not
are rendered, since the customer generally obtains control of the
been obtained) are recognized as an asset if the Company
work as it progresses.
expects to recover them.

268 Infosys Integrated Annual Report 2022-23

Certain eligible, non-recurring costs (e.g. set-up or transition Core services
or transformation costs) that do not represent a separate
Core services comprise traditional offerings of the Company that
performance obligation are recognized as an asset when
have scaled and industrialized over a number of years. These
such costs (a) relate directly to the contract; (b) generate
primarily include application management services, proprietary
or enhance resources of the Company that will be used in
application development services, independent validation
satisfying the performance obligation in the future; and
solutions, product engineering and management, infrastructure
(c) are expected to be recovered.
management services, traditional enterprise application
Capitalized contract costs, relating to upfront payments to implementation, support and integration services.
customers, are amortized to revenue and other capitalized
Products and platforms
costs are amortized to expenses over the respective contract
life on a systematic basis consistent with the transfer of goods The Company derives revenues from the sale of products and
or services to customer to which the asset relates. Capitalized platforms including Infosys Applied AI which applies next-
costs are monitored regularly for impairment. Impairment losses generation AI and machine learning.
are recorded when the present value of projected remaining
The percentage of revenue from fixed-price contracts for
operating cash flows is not sufficient to recover the carrying
each of the years ended March 31, 2023 and March 31, 2022 is
amount of the capitalized costs.
approximately 55% and 53%, respectively.
The Company presents revenues net of indirect taxes in its
Trade receivables and contract balances
Statement of Profit and Loss.
The timing of revenue recognition, billings and cash collections
Revenue from operations for the years ended March 31, 2023 and
results in receivables, unbilled revenue, and unearned revenue
March 31, 2022 is as follows :
on the Company’s Balance Sheet. Amounts are billed as work
(In ₹ crore)
progresses in accordance with agreed-upon contractual terms,
either at periodic intervals (e.g., monthly or quarterly) or upon
Particulars Year ended March 31, achievement of contractual milestones.
2023 2022 The Company’s receivables are rights to consideration that
Revenue from software services 1,23,755 1,03,615 are unconditional. Unbilled revenues, comprising revenues in
Revenue from products and excess of billings from time and material contracts and fixed-
platforms 259 325 price maintenance contracts, are classified as financial asset
when the right to consideration is unconditional and is due only
Total revenue from operations 1,24,014 1,03,940
after a passage of time.
Disaggregated revenue information Invoicing to the clients for other fixed-price contracts is based on
milestones as defined in the contract and, therefore, the timing
The table below presents disaggregated revenues from contracts of revenue recognition is different from the timing of invoicing to
with customers by offerings for the years ended March 31, 2023 the customers. Therefore, unbilled revenues for other fixed-price
and March 31, 2022, respectively. The Company believes that contracts (contract asset) are classified as non-financial asset
this disaggregation best depicts how the nature, amount, timing because the right to consideration depends on completion of
and uncertainty of our revenues and cash flows are affected by 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.
2023 2022 During the years ended March 31, 2023 and March 31, 2022 , the
Revenue by offerings company recognized revenue of ₹4,391 crore and ₹2,831 crore
arising from opening unearned revenue as of April 1, 2022 and
Core 46,043 43,410
April 1, 2021, respectively.
Digital 77,971 60,530
During the years ended March 31, 2023 and March 31, 2022,
Total 1,24,014 1,03,940
5,378 crore and ₹3,711 crore of unbilled revenue pertaining
to other fixed price and fixed-timeframe contracts as
Digital services of April 1, 2022 and April 1, 2021, respectively has been
Digital services comprise of service and solution offerings reclassified to Trade receivables upon billing to customers on
of the Company that enable our clients to transform their completion of milestones.
businesses. These include offerings that enhance customer Remaining performance obligation disclosure
experience, leverage AI-based analytics and Big Data, engineer
digital products and IoT, modernize legacy technology systems, The remaining performance obligation disclosure provides the
migrate to cloud applications and implement advanced aggregate amount of the transaction price yet to be recognized
cyber security systems. as at the end of the reporting period, and an explanation as

Infosys Integrated Annual Report 2022-23 269

Standalone Financial Statements

to when the Company expects to recognize these amounts Transaction gains or losses realized upon settlement of foreign
in revenue. Applying the practical expedient as given in currency transactions are included in determining net profit
Ind AS 115, the Company has not disclosed the remaining for the period in which the transaction is settled. Revenue,
performance obligation related disclosures for contracts where expense and cash-flow items denominated in foreign currencies
the revenue recognized corresponds directly with the value to are translated into the relevant functional currencies using the
the customer of the entity's performance completed to date, exchange rate in effect on the date of the transaction.
typically those contracts where invoicing is on time-and-material
Other Comprehensive Income, net of taxes includes translation
and unit of work-based contracts. Remaining performance
differences on non-monetary financial assets measured at
obligation estimates are subject to change and are affected by
fair value at the reporting date, such as equities classified as
several factors, including terminations, changes in the scope of
financial instruments and measured at fair value through other
contracts, periodic revalidations, adjustment for revenue that has
comprehensive income (FVOCI).
not materialized and adjustments for currency fluctuations.
Government grant
The aggregate value of performance obligations that are
completely or partially unsatisfied as at March 31, 2023, other The Company recognizes government grants only when there is
than those meeting the exclusion criteria mentioned above, is reasonable assurance that the conditions attached to them will
₹70,680 crore. Out of this, the Company expects to recognize be complied with, and the grants will be received. Government
revenue of around 57.7% within the next one year and the grants related to assets are treated as deferred income and are
remaining thereafter. The aggregate value of performance recognized in the net profit in the Statement of Profit and Loss
obligations that are completely or partially unsatisfied as at on a systematic and rational basis over the useful life of the
March 31, 2022 is ₹65,748 crore. The contracts can generally asset. Government grants related to revenue are recognized on
be terminated by the customers and typically includes an a systematic basis in the net profit in the Statement of Profit and
enforceable termination penalty payable by them. Generally, Loss over the periods necessary to match them with the related
customers have not terminated contracts without cause. costs which they intend to compensate.
Other income for the years ended March 31, 2023 and
2.19 Other income, net March 31, 2022 is as follows :
2.19.1 Other income
Accounting policy (In ₹ crore)

Other income is comprised primarily of interest income, dividend Particulars Year ended March 31,
income, gain / loss on investments and exchange gain / loss on 2023 2022
forward and options contracts, and on translation of foreign Interest income on financial assets
currency assets and liabilities. Interest income is recognized using carried at amortized cost
the effective interest method. Dividend income is recognized
when the right to receive payment is established. Tax-free bonds and government bonds 148 151
Deposit with bank and others 567 668
2.19.2 Foreign currency Interest income on financial assets
Accounting policy carried at fair value through other
comprehensive income
Functional currency
Non-convertible debentures,
The functional currency of the Company is the Indian Rupee. commercial papers, certificates of
These financial statements are presented in Indian Rupees deposit and government securities 850 580
(rounded off to crore; one crore equals ten million).
Income on investments carried
Transactions and translations at fair value through other
comprehensive income 1 1
Foreign-currency denominated monetary assets and liabilities
are translated into the relevant functional currency at exchange Income on investments carried at fair
value through profit or loss
rates in effect at the Balance Sheet date. The gains or losses
resulting from such translations are recognized in the Statement Gain / (loss) on liquid mutual funds
of Profit and Loss and reported within exchange gains / (losses) and other investments 142 127
on translation of assets and liabilities, net, except when deferred Dividend received from subsidiary (1)
1,463 1,218
in Other Comprehensive Income as qualifying cash flow hedges.
Exchange gains / (losses) on foreign
Non-monetary assets and non-monetary liabilities denominated
currency forward and options contracts (531) 189
in a foreign currency and measured at fair value are translated at
the exchange rate prevalent at the date when the fair value was Exchange gains / (losses) on translation
determined. Non-monetary assets and non-monetary liabilities of other assets and liabilities 960 105
denominated in a foreign currency and measured at historical Miscellaneous income, net 259 185
cost are translated at the exchange rate prevalent at the date of Total other income 3,859 3,224
the transaction. The related revenue and expense are recognized
using the same exchange rate. (1)
The Company received dividend from its wholly-owned subsidiaries
(Refer to Note 2.24).

270 Infosys Integrated Annual Report 2022-23

2.20 Expenses 2.21 Employee benefits
(In ₹ crore) Accounting policy
Year ended March 31, 2.21.1 Gratuity and pensions
Particulars
2023 2022 The Company provides for gratuity, a defined benefit retirement
Employee benefit expenses plan ("the Gratuity Plan") covering eligible Indian employees of
Infosys. The Gratuity Plan provides a lumpsum payment to vested
Salaries including bonus 60,194 49,575
employees at retirement, death, incapacitation or termination of
Contribution to provident and other employment, of an amount based on the respective employee's
funds 1,914 1,417 salary and the tenure of employment with the Company.
Share-based payments to employees The Company contributes gratuity liabilities to the Infosys
(Refer to Note 2.12) 460 372 Limited Employees' Gratuity Fund Trust ("the Trust"). Trustees
Staff welfare
administer contributions made to the Trusts and contributions
196 300
are invested in a scheme with the Life Insurance Corporation of
62,764 51,664 India as permitted by Indian law.
Cost of software packages and others
The Company operates defined benefit pension plan in certain
For own use 1,454 1,062 overseas jurisdictions, in accordance with the local laws. These
Third-party items bought for service plans are managed by third party fund managers. The plans
delivery to clients 3,760 1,923 provide for periodic payouts after retirement and / or a lumpsum
payment as set out in rules of each fund and includes death
5,214 2,985
and disability benefits. The defined benefit plans require
Other expenses contributions, which are based on a percentage of salary that
Power and fuel 155 93 varies depending on the age of the respective employees.
Brand and marketing 756 444 Liabilities with regard to these defined benefit plans are
Short-term leases 22 12 determined by actuarial valuation, performed by an external
actuary, at each Balance Sheet date using the projected
Rates and taxes 217 205 unit credit method. These defined benefit plans expose the
Repairs and maintenance 922 824 Company to actuarial risks, such as longevity risk, interest rate
Consumables 23 29 risk and market risk.
Insurance 140 135 The Company recognizes the net obligation of a defined benefit
plan in its Balance Sheet as an asset or liability. Gains and losses
Provision for post-sales client support
and others 121 77
through re-measurements of the net defined benefit liability /
(asset) are recognized in other comprehensive income and are
Commission to non-whole time not reclassified to profit or loss in subsequent periods. The actual
directors 15 11 return of the portfolio of plan assets, in excess of the yields
Impairment loss recognized / computed by applying the discount rate used to measure the
(reversed) under expected credit defined benefit obligation is recognized in other comprehensive
loss model 183 117 income. The effect of any plan amendments is recognized in net
Auditor's remuneration profit in the Statement of Profit and Loss.
Statutory audit fees 7 5 2.21.2 Provident fund
Tax matters – – Eligible employees of Infosys receive benefits from a provident
Other services – – fund, which is a defined benefit plan. Both the eligible employee
and the Company make monthly contributions to the provident
Contributions towards Corporate
fund plan equal to a specified percentage of the covered
Social Responsibility * 437 397
employee's salary. The Company contributes a portion to the
Others 283 141 Infosys Limited Employees' Provident Fund Trust. The trust
3,281 2,490 invests in specific designated instruments as permitted by Indian
law. The remaining portion is contributed to the government-
* During the year ended March 31, 2022, in accordance with the Companies administered pension fund. The rate at which the annual interest
(Corporate Social Responsibility Policy) Amendment Rules, 2021 (“the is payable to the beneficiaries by the trust is being administered
Rules”), the Company transferred certain assets to its controlled subsidiary
‘Infosys Green Forum’, a Company created under Section 8 of the by the Government. The Company has an obligation to
Companies Act, 2013. make good the shortfall, if any, between the return from the
investments of the Trust and the notified interest rate.

Infosys Integrated Annual Report 2022-23 271

Standalone Financial Statements

2.21.3 Superannuation determined by actuarial valuation performed by an independent

actuary at each Balance Sheet date. This is done using projected
Certain employees of Infosys are participants in a defined
unit credit method on the additional amount expected to
contribution plan. The Company has no further obligations to the
be paid / availed as a result of the unused entitlement that
plan beyond its monthly contributions, which are periodically
has accumulated at the Balance Sheet date. Expense on non-
contributed to a trust fund, the corpus of which is invested with
accumulating compensated absences is recognized in the period
the Life Insurance Corporation of India.
in which the absences occur.
2.21.4 Compensated absences
The Company has a policy on compensated absences which
are both accumulating and non-accumulating in nature.
The expected cost of accumulating compensated absences is

a. Gratuity and pension

The details of the defined benefit retirement plans and the amounts recognized in the standalone financial statements as at March 31,
2023 and March 31, 2022 are as follows :

(In ₹ crore)

Particulars Gratuity Pension

As at March 31, As at March 31,
2023 2022 2023 2022
Change in benefit obligations
Benefit obligations at the beginning 1,467 1,382 610 541
Service cost 249 193 23 24
Interest expense 88 77 3 2
Past-service cost – Plan amendments 1 – – 14
Transfer 3 3 – –
Remeasurements – Actuarial (gains) / losses (65) 69 (76) 2
Employee contribution – – 18 20
Benefits paid (233) (257) (45) (19)
Translation difference 14 – 58 26
Benefit obligations at the end 1,524 1,467 591 610
Change in plan assets
Fair value of plan assets at the beginning 1,477 1,391 534 434
Interest income 91 84 2 1
Transfer 4 3 – –
Remeasurements – Return on plan assets excluding amounts
included in interest income 20 21 (46) 52
Employee contribution – – 18 20
Employer contribution 155 235 22 23
Benefits paid (231) (257) (45) (19)
Translation difference – – 52 23
Fair value of plan assets at the end 1,516 1,477 537 534
Funded status (8) 10 (54) (76)
Defined benefit plan asset 9 10 – –
Defined benefit plan liability (17) – (54) (76)

272 Infosys Integrated Annual Report 2022-23

The amounts for the years ended March 31, 2023 and March 31, 2022 recognized in the Statement of Profit and Loss under employee
benefit expense, are as follows :

(In ₹ crore)

Particulars Gratuity Pension

Year ended March 31, Year ended March 31,
2023 2022 2023 2022
Service cost 249 193 23 24
Net interest on the net defined benefit liability / asset (3) (7) 1 1
Plan amendments 1 – – 14
Net cost 247 186 24 39

The amounts for the years ended March 31, 2023 and March 31, 2022 recognized in the Statement of Other Comprehensive Income are as follows :

(In ₹ crore)

Particulars Gratuity Pension

Year ended March 31, Year ended March 31,
2023 2022 2023 2022
Remeasurements of the net defined benefit liability / (asset)
Actuarial (gains) / losses (65) 69 (76) 2
(Return) / loss on plan assets, excluding amounts included in the net
interest on the net defined benefit liability / (asset) (20) (21) 46 (52)
(85) 48 (30) (50)

(In ₹ crore)

Particulars Gratuity Pension

Year ended March 31, Year ended March 31,
2023 2022 2023 2022
(Gain) / loss from change in demographic assumptions – – – (1)
(Gain) / loss from change in financial assumptions (54) (33) (82) (7)
(Gain) / loss from change in experience assumptions (11) 102 6 10
(65) 69 (76) 2

The weighted-average assumptions used to determine benefit obligations as at March 31, 2023 and March 31, 2022 are as follows :

Particulars Gratuity Pension

As at March 31, As at March 31,
2023 2022 2023 2022
Discount rate (1)
7.1% 6.5% 1.8%- 3.4% 0.4%- 1.25%
Weighted average rate of increase in compensation levels (2) 6% 6% 1%-3% 1%-3%
Weighted average duration of defined benefit obligation (3)
5.9 years 5.9 years 12 years 14 years

Infosys Integrated Annual Report 2022-23 273

Standalone Financial Statements

The weighted-average assumptions used to determine net periodic benefit cost for the years ended March 31, 2023 and
March 31, 2022 are as follows :

(In %)

Particulars Gratuity Pension

Year ended March 31, Year ended March 31,
2023 2022 2023 2022
Discount rate 6.5 6.1 0.4-1.25 0.1-0.85
Weighted-average rate of increase in compensation levels 6 6 1-3 1-3
(1)
For domestic defined benefit plan in India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered
as the discount rate. For most of our overseas defined benefit plan, given that the market for high quality corporate bonds is not developed, the government
bond rate adjusted for corporate spreads is used.
(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, inflation in respective markets and Management’s estimate of future salary increases.
(3)
Attrition rate considered is the Management’s estimate based on the past long-term trend of employee turnover in the Company. The tenure has been
considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of post-
employment benefit obligation.

For domestic defined benefit plan in India, assumptions These defined benefit plans expose the Company to actuarial risk
regarding future mortality experience are set in accordance which are set out below :
with the published statistics by the Life Insurance Corporation
of India. For overseas defined benefit plan, the assumptions • Interest rate risk : The present value of the defined benefit
regarding future mortality experience are set with regard to plan liability is generally calculated using a discount rate
the latest statistics in life expectancy, plan experience and determined with reference to government bond yields and
other relevant data. in certain overseas jurisdictions, it is calculated in reference
to government bond yield adjusted for a corporate spread.
The Company assesses all the above assumptions with its projected
If bond yields fall, the defined benefit obligation will tend to
long-term plans of growth and prevalent industry standards.
increase.
The Company contributes all ascertained liabilities towards • Life expectancy and investment risk : The pension fund
gratuity to the Infosys Limited Employees' Gratuity Fund offers the choice between a lifelong pension and a cash
Trust. Trustees administer contributions made to the trust. lumpsum upon retirement. The pension fund has defined
The plan assets of the overseas defined benefit plan have been rates for converting the lumpsum to a pension and there is
primarily invested in insurer managed funds and the asset the risk that the members live longer than implied by these
allocation for plan assets is determined based on the investment conversion rates and that the pension assets don’t achieve
criteria prescribed under the relevant regulations applicable the investment return implied by these conversion rates.
to pension funds and the insurer managers. The insurers' • Asset volatility : A proportion of the pension fund is held in
investment are well diversified and also provide for guaranteed equities, which is expected to outperform corporate bonds
interest rates arrangements. in the long term but give exposure to volatility and risk in the
Actual return on assets (including remeasurement) of the gratuity short term. The pension fund board of insurer is responsible
plan for the years ended March 31, 2023 and March 31, 2022 were for the investment strategy and equity allocation is justified
₹111 crore and ₹105 crore, respectively and for the pension plan given the long-term investment horizon of the pension fund
were (₹44) crore and ₹53 crore, respectively. and the objective to provide a reasonable long term return
on members’ account balances.
The contributions for gratuity are invested in a scheme with the
Life Insurance Corporation of India as permitted by Indian law. The sensitivity of significant assumptions used for valuation of
The details of major plan assets into various categories as at defined benefit obligation is as follows :
March 31, 2023 and March 31, 2022 are as follows :
(In ₹ crore)
(In %)
Impact from As at March 31, 2023
Particulars As at March 31,
Gratuity Pension
2023 2022
1% point 0.5% point
Equity 34 34 increase / increase /
Bonds 32 32 decrease decrease
Real estate / property 26 26 Discount rate 84 24
Cash and cash equivalents 1 1 Weighted average rate of increase in
compensation level 76 3
Other 7 7

274 Infosys Integrated Annual Report 2022-23

Sensitivity for significant actuarial assumptions is computed Particulars As at March 31,
by varying one actuarial assumption used for the valuation,
keeping all other actuarial assumptions constant. 2023 2022
In practice, this is not probable, and changes in some of the Change in plan assets
assumptions may be correlated. Fair value of plan assets at the
The Company expects to contribute ₹195 crore to gratuity and beginning 9,058 8,140
₹25 crore to pension during the fiscal 2024. Interest income 609 507
Maturity profile of defined benefit obligation is as follows : Remeasurements – Return on plan
assets excluding amounts included in
(In ₹ crore) interest income (186) 18

Particulars Gratuity Pension Employer contribution 837 666

Within 1 year 211 36 Employee contribution 1,689 1,153
1-2 years 222 35 Benefits paid (1,823) (1,426)
2-3 years 229 40 Fair value of plan assets at the end 10,184 9,058
3-4 years 265 39 Net liability (343) (246)

4-5 years 346 42

Amount for the years ended March 31, 2023 and March 31, 2022
5-10 years 1,807 203 recognized in the Statement of Other Comprehensive
Income is as follows :
b. Superannuation
(In ₹ crore)
The Company contributed ₹468 crore and ₹342 crore to the
Superannuation trust during the years ended March 31, 2023 and Particulars Year ended March 31,
March 31, 2022 respectively, and the same has been recognized 2023 2022
in the Statement of Profit and Loss account under the head
Remeasurements of the net defined
employee benefit expense.
benefit liability / (asset)
c. Provident fund Actuarial (gains) / losses (82) 118
Infosys has an obligation to fund any shortfall on the yield of (Return) / loss on plan assets excluding 186 (18)
the trust’s investments over the administered interest rates amounts included in the net interest on
on an annual basis. These administered rates are determined the net defined benefit liability / (asset)
annually, predominantly considering the social rather than 104 100
economic factors. The actuary has provided a valuation for
provident fund liabilities on the basis of guidance issued by The assumptions used in determining the present value
Actuarial Society of India. obligation of the defined benefit plan under the Deterministic
The funded status of the defined benefit provident fund plan of Approach are as follows :
Infosys limited and the amounts recognized in the Company's
financial statements as at March 31, 2023 and March 31, Particulars As at March 31,
2022 is as follows : 2023 2022
Government of India (GOI) bond yield (1) 7.10% 6.50%
(In ₹ crore)
Expected rate of return on plan assets 8.15% 7.70%
Particulars As at March 31,
Remaining term to maturity of portfolio 6 years 6 years
2023 2022
Expected guaranteed interest rate 8.15% 8.10%
Change in benefit obligations
Benefit obligations at the beginning 9,304 8,287
(1)
In India, the market for high quality corporate bonds being not
developed, the yield of government bonds is considered as the discount
Service cost 814 656 rate. The tenure has been considered taking into account the past long-
term trend of employees’ average remaining service life which reflects the
Employee contribution 1,689 1,153
average estimated term of the post-employment benefit obligations.
Interest expense 625 516
Actuarial (gains) / loss (82) 118
Benefits paid (1,823) (1,426)
Benefit obligations at the end 10,527 9,304

Infosys Integrated Annual Report 2022-23 275

Standalone Financial Statements

The breakup of the plan assets into various categories as at 2.22 Reconciliation of basic and diluted shares used in
March 31, 2023 and March 31, 2022 is as follows : computing earnings per equity share
Accounting policy
(In %)
Basic earnings per equity share is computed by dividing the net
Particulars As at March 31, profit attributable to the equity holders of the Company by the
2023 2022 weighted average number of equity shares outstanding during
Central and State government bonds 60 57 the period. Diluted earnings per equity share is computed by
dividing the net profit attributable to the equity holders of the
Public sector undertakings and private 33 37
Company by the weighted average number of equity shares
sector bonds
considered for deriving basic earnings per equity share and also
Others 7 6 the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity
The asset allocation for plan assets is determined based on the shares. The dilutive potential equity shares are adjusted for the
investment criteria prescribed under the relevant regulations. proceeds receivable, had the equity shares been actually issued
The actuarial valuation of PF liability exposes the Company to at fair value (i.e. the average market value of the outstanding
interest rate risk. The defined benefit obligation calculated uses a equity shares). Dilutive potential equity shares are deemed
discount rate based on government bonds. If bond yields fall, the converted as at the beginning of the period, unless issued at
defined benefit obligation will tend to increase. a later date. Dilutive potential equity shares are determined
independently for each period presented.
As at March 31, 2023, the defined benefit obligation would
be affected by approximately ₹48 crore and ₹97 crore on The number of equity shares and potentially dilutive equity
account of a 0.25% increase / decrease in the expected rate of shares are adjusted retrospectively for all periods presented for
return on plan assets. any share splits and bonus shares issues, for changes effected
prior to the approval of the financial statements by the Board.
The Company contributed ₹1,053 crore and ₹768 crore to the
provident fund during the years ended March 31, 2023 and The reconciliation of the equity shares used in the computation
March 31, 2022, respectively. The same has been recognized in of basic and diluted earnings per equity share is as follows :
the net profit in the Statement of Profit and Loss under the head,
Particulars Year ended March 31,
employee benefit expense.
2023 2022
The provident plans are applicable only to employees drawing a
Basic earnings per equity share
salary in Indian Rupees.
– weighted average number of
Employee benefits cost include : equity shares outstanding 419,38,13,881 422,43,39,562
Effect of dilutive common
(In ₹ crore) equivalent shares – share
Particulars Year ended March 31, options outstanding 44,20,497 52,06,766
2023 2022 Diluted earnings per equity
share – weighted average
Salaries and bonus (1) 60,973 50,338 number of equity shares and
Defined contribution plans 468 342 common equivalent shares
outstanding 419,82,34,378 422,95,46,328
Defined benefit plans 1,323 984
62,764 51,664
For the years ended March 31, 2023 and March 31, 2022, there
(1)
Includes employee stock compensation expense of ₹460 crore and ₹372 were 271 and Nil options to purchase equity shares which had an
crore for the years ended March 31, 2023 and March 31, 2022, respectively anti-dilutive effect.
(Refer to Note 2.12).

276 Infosys Integrated Annual Report 2022-23

2.23 Contingent liabilities and commitments
Accounting policy
Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events, not wholly within the control of the entity, or a present obligation that arises
from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be
required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

(In ₹ crore)

Particulars As at March 31,

2023 2022
Contingent liabilities :
Claims against the Company, not acknowledged as debts (1) 4,316 4,245
[Amount paid to statutory authorities ₹6,115 crore (₹5,617 crore)]
Commitments :
Estimated amount of contracts remaining to be executed on capital contracts and not provided for 824 1,092
(net of advances and deposits) (2)

Other commitments * 8 11

* Uncalled capital pertaining to investments

(1)
As at March 31, 2023 and March 31, 2022, claims against the Company not acknowledged as debts in respect of income tax matters amounted to ₹3,953 crore
and ₹3,898 crore, respectively.
The claims against the Company primarily represent demands arising on completion of assessment proceedings under the Income-tax Act, 1961. These claims
are on account of multiple issues of disallowances, such as disallowance of profits earned from STP Units and SEZ Units, disallowance of deductions in respect
of employment of new employees under Section 80JJAA, disallowance of expenditure towards software being held as capital in nature, and payments made to
Associated Enterprises held as liable for withholding of taxes. These matters are pending before various Income tax authorities and the Management including
its tax advisors expect that its position will likely be upheld on ultimate resolution, and will not have a material adverse effect on the Company's financial
position and results of operations.
Amount paid to statutory authorities against the tax claims amounted to ₹6,105 crore and ₹5,607 crore as at March 31, 2023 and March 31, 2022, respectively.
(2)
Capital contracts primarily comprise commitments for infrastructure facilities and computer equipments.

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.

2.24 Related party transactions

List of related parties
(In %)

Name of subsidiaries Country Holdings as at March 31,

2023 2022
Infosys Technologies (China) Co. Limited (Infosys China) (1) China 100 100
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) (1)
Mexico 100 100
Infosys Technologies (Sweden) AB (Infosys Sweden) (1) Sweden 100 100
Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) (1)
China 100 100
Infosys Nova Holdings LLC. (Infosys Nova) (1) US 100 100
EdgeVerve Systems Limited (EdgeVerve) (1)
India 100 100
Infosys Austria GmbH (1) Austria 100 100
Skava Systems Private Limited (Skava Systems) (1)(26)
India 100 100
Infosys Chile SpA (1) Chile 100 100
Infosys Arabia Limited (2)(26)
Saudi Arabia 70 70
Infosys Consulting Ltda.(1) Brazil 100 100
Infosys Luxembourg S.a.r.l (1) Luxembourg 100 100
Infosys Americas Inc. (Infosys Americas) (1)(26)
US 100 100

Infosys Integrated Annual Report 2022-23 277

Standalone Financial Statements

Name of subsidiaries Country Holdings as at March 31,

2023 2022
Infosys Public Services, Inc. USA (Infosys Public Services) (1) US 100 100
Infosys Canada Public Services Inc (19)(35)
Canada – –
Infosys BPM Limited (1)(43) India 100 100
Infosys (Czech Republic) Limited s.r.o. (3) Czech Republic 100 100
Infosys Poland Sp z.o.o (3) Poland 100 100
Infosys McCamish Systems LLC (3)
US 100 100
Portland Group Pty Ltd (3) Australia 100 100
Infosys BPO Americas LLC. (3)
US 100 100
Infosys Consulting Holding AG (Infosys Lodestone) (1) Switzerland 100 100
Infosys Management Consulting Pty Limited (4)
Australia 100 100
Infosys Consulting AG (4) Switzerland 100 100
Infosys Consulting GmbH (4)
Germany 100 100
Infosys Consulting S.R.L.(1) Romania 100 100
Infosys Consulting SAS (4)
France 100 100
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) (4)(34) Czech Republic – –
Infosys Consulting (Shanghai) Co., Ltd. (4)(30)
China – –
Infy Consulting Company Ltd (4) UK 100 100
Infy Consulting B.V.(4) The Netherlands 100 100
Infosys Consulting S.R.L. (45)
Argentina 100 100
Infosys Consulting (Belgium) NV (4) Belgium 100 100
Panaya Inc. (Panaya) (1)
US 100 100
Panaya Ltd. (6) Israel 100 100
Infosys Financial Services GmbH. (formerly Panaya GmbH) (54)
Germany 100 100
Brilliant Basics Holdings Limited (Brilliant Basics) (1)(26) UK 100 100
Brilliant Basics Limited (7)(26)
UK 100 100
Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (1) Singapore 100 100
Infosys Middle East FZ LLC (8)
Dubai 100 100
Fluido Oy (8) Finland 100 100
Fluido Sweden AB (Extero) (11)
Sweden 100 100
Fluido Norway A/S (11) Norway 100 100
Fluido Denmark A/S (11)
Denmark 100 100
Fluido Slovakia s.r.o (11) Slovakia 100 100
Infosys Compaz Pte. Ltd (9)
Singapore 60 60
Infosys South Africa Pty Ltd (8) South Africa 100 100
WongDoody Holding Company Inc. (WongDoody) (1)(36) US – –
WDW Communications, Inc (10)(37)
US – –
WongDoody, Inc (10)(38) US 100 100
HIPUS Co., Ltd (9) Japan 81 81
Stater N.V. (9) The Netherlands 75 75
Stater Nederland B.V. (12) The Netherlands 75 75
Stater XXL B.V. (12) The Netherlands 75 75
HypoCasso B.V. (12)
The Netherlands 75 75
Stater Participations B.V. (12) The Netherlands 75 75
Stater Belgium N.V./S.A. (13)
Belgium 75 75
Stater Gmbh (12)(28) Germany 75 75

278 Infosys Integrated Annual Report 2022-23

Name of subsidiaries Country Holdings as at March 31,
2023 2022
Outbox systems Inc. dba Simplus (US) (15) US 100 100
Simplus North America Inc. (16)(27)
Canada – –
Simplus ANZ Pty Ltd (16) Australia 100 100
Simplus Australia Pty Ltd (17) Australia 100 100
Sqware Peg Digital Pty Ltd (18)(31) Australia – –
Simplus Philippines, Inc. (16)
Philippines 100 100
Simplus Europe, Ltd. (16)(29) UK – –
Infosys Fluido UK, Ltd. (formerly Simplus UK, Ltd) (11)
UK 100 100
Infosys Fluido Ireland, Ltd.(formerly Simplus Ireland, Ltd) (20) Ireland 100 100
Infosys Limited Bulgaria EOOD (1) Bulgaria 100 100
Kaleidoscope Animations, Inc. (15)
US 100 100
Kaleidoscope Prototyping LLC (22) US 100 100
GuideVision s.r.o. (14)
Czech Republic 100 100
GuideVision Deutschland GmbH (21) Germany 100 100
GuideVision Suomi Oy (21)
Finland 100 100
GuideVision Magyarország Kft (21) Hungary 100 100
GuideVision Polska Sp. z.o.o (21)
Poland 100 100
GuideVision UK Ltd (21)(26) UK 100 100
Blue Acorn iCi Inc (formerly Beringer Commerce Inc) (15)
US 100 100
Beringer Capital Digital Group Inc (15)(41) US – –
Mediotype LLC (23)(41)
US – –
Beringer Commerce Holdings LLC (23)(41) US – –
SureSource LLC (24)(39)
US – –
Blue Acorn LLC (24)(39) US – –
Simply Commerce LLC (24)(39)
US – –
iCiDIGITAL LLC (25)(40) US – –
Infosys BPM UK Limited (3) UK 100 –
Infosys Turkey Bilgi Teknolojileri Limited Sirketi (1)
Turkey 100 100
Infosys Germany Holding Gmbh (1) Germany 100 100
Infosys Automotive and Mobility GmbH & Co. KG (1)
Germany 100 100
Infosys Green Forum (1)(32) India 100 100
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) (33)
Malaysia 100 100
Infosys Business Solutions LLC (1)(42) Qatar 100 –
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (44)
Germany 100 –
oddity GmbH (46) Germany 100 –
oddity (Shanghai) Co., Ltd. (47)
China 100 –
oddity Limited (Taipei) (47) Taiwan 100 –
oddity space GmbH (46)
Germany 100 –
oddity jungle GmbH (46) Germany 100 –
oddity code GmbH (46)
Germany 100 –
oddity code d.o.o (48) Serbia 100 –
oddity waves GmbH (46) Germany 100 –
oddity group services GmbH (46)
Germany 100 –
Infosys Public Services Canada Inc.(19)(5) Canada 100 –
BASE life science AG (50)
Switzerland 100 –

Infosys Integrated Annual Report 2022-23 279

Standalone Financial Statements

Name of subsidiaries Country Holdings as at March 31,

2023 2022
BASE life science GmbH (50) Germany 100 –
BASE life science A/S (49)
Denmark 100 –
BASE life science S.A.S (50) France 100 –
BASE life science Ltd. (50)
UK 100 –
BASE life science S.r.l. (50) Italy 100 –
Innovisor Inc. (50)
US 100 –
BASE life science Inc. (50) US 100 –
BASE life science S.L. (50)(51)
Spain 100 –
Panaya Germany GmbH (6)(52) Germany 100 –
Infosys Norway (8)(53) Norway 100 –

(1)
Wholly-owned subsidiary of Infosys Limited (34)
Liquidated effective December 16, 2021
(2)
Majority-owned and controlled subsidiary of Infosys Limited (35)
Liquidated effective November 23, 2021
(3)
Wholly-owned subsidiary of Infosys BPM Limited (36)
Wholly-owned subsidiary of Infosys Limited, merged with WongDoody
(4)
Wholly-owned subsidiary of Infosys Consulting Holding AG Inc, effective December 31, 2021
(5)
Incorporated on July 8, 2022
(37)
Wholly-owned subsidiary of WongDoody Holding Company Inc.
(WongDoody), merged with WongDoody Inc, effective December 31, 2021
(6)
Wholly-owned subsidiary of Panaya Inc.
(38)
Wholly-owned subsidiary of Infosys Limited, effective December 31, 2021
(7)
Wholly-owned subsidiary of Brilliant Basics Holding Limited.
(39)
Merged with Beringer Commerce Holdings LLC, effective January 1, 2022
(8)
Wholly-owned subsidiary of Infosys Singapore Pte. Ltd.
(formerly Infosys Consulting Pte. Ltd.)
(40)
Merged with Beringer Capital Digital Group Inc, effective January 1, 2022
(9)
Majority-owned and controlled subsidiary of Infosys Singapore Pte. Ltd.
(41)
Merged with Blue Acorn iCi Inc, effective January 1, 2022
(formerly Infosys Consulting Pte. Ltd.) (42)
Incorporated on February 20, 2022
(10)
Wholly-owned subsidiary of WongDoody Holding Company Inc. (43)
On March 17, 2022, Infosys Limited acquired non-controlling interest of
(WongDoody) 0.01% of the voting interests in Infosys BPM Limited.
(11)
Wholly-owned subsidiary of Fluido Oy (44)
On March 22, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting
(12)
Wholly-owned subsidiary of Stater N.V Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited acquired 100%
of voting interests in Infosys Germany GmbH (formerly Kristall 247. GmbH
(13)
Majority-owned and controlled subsidiary of Stater Participations B.V. (“Kristall”)).
(14)
Wholly-owned subsidiary of Infy Consulting Company Limited (45)
Infosys Consulting S.R.L. (Argentina) (formerly a wholly-owned subsidiary
(15)
Wholly-owned subsidiary of Infosys Nova Holdings LLC of Infosys Consulting Holding AG) became the majority-owned and
(16)
Wholly-owned subsidiary of Outbox Systems Inc. controlled subsidiary of Infosys Limited with effect from April 1, 2022
(17)
Wholly-owned subsidiary of Simplus ANZ Pty Ltd
(46)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH
(“Kristall”)) (a wholly-owned subsidiary of Infosys Singapore Pte. Ltd
(18)
Wholly-owned subsidiary of Simplus Australia Pty Ltd
(formerly Infosys Consulting Pte. Ltd.) acquired 100% of voting interests in
(19)
Wholly-owned subsidiary of Infosys Public Services, Inc. oddity space GmbH, oddity jungle GmbH, oddity waves GmbH, oddity
(20)
Wholly-owned subsidiary of Infosys Fluido UK, Ltd. group services GmbH, oddity code GmbH and oddity GmbH.
(formerly Simplus UK, Ltd) (47)
Wholly-owned subsidiary of oddity GmbH
(21)
Wholly-owned subsidiary of GuideVision s.r.o. (48)
Wholly-owned subsidiary of oddity code GmbH.
(22)
Wholly-owned subsidiary of Kaleidoscope Animations, Inc. (49)
On September 1, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys
(23)
Wholly-owned subsidiary of Blue Acorn iCi Inc Consulting Pte. Ltd.) (a wholly-owned subsidiary of Infosys Limited)
acquired 100% of voting interests in BASE life science A/S.
(24)
Wholly-owned subsidiary of Beringer Commerce Holdings LLC
(50)
Wholly-owned subsidiary of BASE life science A/S
(25)
Wholly-owned subsidiary of Beringer Capital Digital Group Inc.
(51)
Incorporated on September 6, 2022
(26)
Under liquidation
(52)
Incorporated effective December 15, 2022
(27)
Liquidated effective April 27,2021
(53)
Incorporated effective February 7, 2023.
(28)
Incorporated on August 4, 2021
(54)
Infosys Financial Services GmbH. (formerly Panaya GmbH) became a
(29)
Liquidated effective July 20, 2021
wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys
(30)
Liquidated effective September 1, 2021 Consulting Pte. Ltd.) with effect from February 23, 2023.
(31)
Liquidated effective September 2, 2021
Infosys has provided guarantee for performance of certain
(32)
Incorporated on August 31, 2021
contracts entered into by its subsidiaries.
(33)
On December 14, 2021, Infosys Singapore Pte. Ltd (formerly Infosys
Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited
acquired 100% of voting interests in Infosys (Malaysia) SDN. BHD. (formerly
Global Enterprise International (Malaysia) Sdn. Bhd.)

280 Infosys Integrated Annual Report 2022-23

List of other related party
Particulars Country Nature of relationship
Infosys Limited Employees' Gratuity Fund Trust India Post-employment benefit plan of Infosys Limited
Infosys Limited Employees' Provident Fund Trust India Post-employment benefit plan of Infosys Limited
Infosys Limited Employees' Superannuation Fund Trust India Post-employment benefit plan of Infosys Limited
Infosys Employees Welfare Trust India Controlled trust
Infosys Employee Benefits Trust India Controlled trust
Infosys Science Foundation India Controlled trust
Infosys Expanded Stock Ownership Trust India Controlled trust
Infosys Foundation * India Trust jointly controlled by KMP

* Effective January 1, 2022

Refer to Note 2.21 for information on transactions with post-employment benefit plans mentioned above.

List of key management personnel The details of amounts due to or due from related parties as at
Whole-time directors March 31, 2023 and March 31, 2022 are as follows :

• Salil Parekh , Chief Executive Officer and Managing Director (In ₹ crore)

• U.B. Pravin Rao (retired as a Chief Operating Officer and Particulars As at March 31,
Whole-time director effective December 12, 2021) 2023 2022
Trade receivables
Non-whole-time directors
BASE life science A/S 1 –
• Nandan M. Nilekani Infosys China 1 6
• D. Sundaram (appointed as lead independent director Infosys Mexico 2 1
effective March 23, 2023)
Infosys BPM Limited 10 7
• Kiran Mazumdar-Shaw (retired as lead independent director
Infosys BPO Americas LLC – 12
effective March 22, 2023)
• Micheal Gibbs Infy Consulting Company Limited 11 3
• Uri Levine Infosys Public Services 90 95
• Bobby Parikh Infosys Shanghai – 1
• Chitra Nayak Infosys Sweden 6 16
• Govind Iyer (appointed as an independent director effective Fluido Oy 1 1
January 12, 2023) Simplus Australia Pty Ltd 1 –
Infosys McCamish Systems LLC 66 76
Executive officers
Panaya Ltd 2 1
Nilanjan Roy, Chief Financial Officer
Infosys Compaz Pte Ltd 61 8
Inderpreet Sawhney, Group General Counsel and
Stater Nederland B.V. 7 –
Chief Compliance Officer
Outbox systems Inc. dba Simplus (US) 1 –
Shaji Mathew (appointed as Group Head - Human Resources
Infosys Luxembourg S.a.r.l 47 28
effective March 22, 2023)
Infosys Chile SPA 1 2
Krishnamurthy Shankar (retired as Group Head - Human
Infosys South Africa Pty Ltd 5 –
Resources effective March 21, 2023)
Infosys Automotive and Mobility GmbH
Mohit Joshi (resigned as President effective March 11, 2023 & Co. KG 283 –
and will be on leave till his last date with the company which
Infosys Middle East FZ LLC 15 11
will be June 9, 2023)
611 268
Ravi Kumar S (resigned as President effective October 11, 2022)
Loans
Company Secretary Infosys Turkey Bilgi
A. G. S. Manikantha Teknolojileri Limited Sirketi (1) 43 –
43 –

Infosys Integrated Annual Report 2022-23 281

Standalone Financial Statements

Particulars As at March 31, Particulars As at March 31,

2023 2022 2023 2022
Prepaid expense and other assets Unbilled revenues
Panaya Ltd 193 203 EdgeVerve 107 64
GuideVision, s.r.o. 1 1 Infosys Consulting Ltda 4 4
Infosys Green Forum 4 – Blue Acorn iCi Inc – 1
198 204 Portland Group Pty Ltd 2 2
Other financial assets Infosys Automotive and Mobility GmbH
Infosys BPM Limited 13 7 & Co. KG – 201

Infosys Consulting GmbH 3 3 Infosys Austria GmbH 2 2

Infosys China 20 12 Infosys (Czech Republic) Limited s.r.o. – 2

Infosys Shanghai 4 3 Infy Consulting Company Limited 5 4

Infy Consulting Company Limited 12 7 Infosys Consulting S.R.L.(Romania) 2 1

Infosys Management Consulting Pty Ltd 1 1 Infosys Sweden 1 1

Infosys Consulting AG 3 2 Infosys China 10 9

Infosys Consulting Ltda 1 1 Infosys Turkey Bilgi Teknolojileri Limited

Sirketi 3 2
Infy Consulting B.V. 2 2
Infosys Singapore Pte. Limited 6 5
Fluido Oy 1 –
Infosys McCamish Systems LLC 137 115
Panaya Ltd 1 1
Infosys Mexico 3 2
Infosys McCamish Systems LLC 32 6
Infosys Poland sp. z o o 2 –
Infosys Singapore Pte. Ltd 1 1
Stater Nederland B.V. 6 4
Infosys Automotive and Mobility GmbH
& Co. KG 925 156 290 419

Infosys Poland Sp. Z.o.o 3 2 Trade payables

Fluido Denmark A/S 1 1 Infosys China 15 28

Infosys Consulting S.R.L. (Romania) 1 1 Infosys BPM Limited 136 152

Infosys Green Forum – 2 Infosys (Czech Republic) Limited s.r.o. 26 18

Infosys Consulting (Belgium) NV 3 3 Infosys Mexico 24 16

WongDoody, Inc 3 3 Infosys Sweden 57 69

Infosys Public Services 6 4 Infosys Shanghai 13 23

Simplus Philippines, Inc. 1 1 Infosys Management Consulting Pty Ltd 19 14

Outbox systems Inc. dba Simplus (US) 1 – Infosys Singapore Pte. Ltd. 15 7

Infosys Luxembourg S.a.r.l 2 1 Infy Consulting Company Limited 149 118

Infosys Business Solutions LLC 1 – Infosys (Malaysia) SDN. BHD. (formerly

Global Enterprise International (Malaysia)
Infosys Compaz PTE Ltd 1 – Sdn. Bhd.) 5 –
Kaleidoscope Animations, Inc. 1 – Panaya Ltd 14 13
Portland Group Pty Ltd 1 – Infosys Public Services 1 1
GuideVision, s.r.o. 1 – Portland Group Pty Ltd 28 1
Infosys (Czech Republic) Limited s.r.o. 1 – Infosys Chile SpA 4 8
Infosys Sweden 1 – Infosys Compaz Pte Ltd 2 3
Infosys Middle East FZ LLC 1 – Infosys Middle East FZ LLC 2 4
HIPUS Co., Ltd 1 – Infosys Poland Sp. Z.o.o 24 14
EdgeVerve 2 – Infosys Consulting S.R.L. (Romania) 19 17
1,051 220 Fluido Oy 6 12
oddity jungle GmbH 1 –
Fluido Sweden AB 6 14

282 Infosys Integrated Annual Report 2022-23

 (In ₹ crore)
Particulars As at March 31,
2023 2022 Particulars Maximum amount
outstanding during the
EdgeVerve 1 6 Year ended March 31,
WongDoody, Inc 3 2 2023 2022
Fluido Denmark A/S 2 7 Loans and advances in the nature of
Infosys Fluido UK Ltd 3 3 loans given to subsidiaries:
Infosys Automotive and Mobility GmbH Infosys China – 21
& Co. KG 61 57
Infosys Shanghai – 76
Infosys Limited Bulgaria EOOD 4 1
Infosys Singapore Pte. Ltd. 397 –
oddity Limited(Taipei) 1 –
Infosys Turkey Bilgi Teknolojileri
Infosys Consulting Ltda 11 5 Limited Sirketi 43 –
BASE life science A/S 1 –
653 613 The details of the related parties transactions entered into
by the Company for the years ended March 31, 2023 and
Other financial liabilities March 31, 2022 are as follows :
Infosys BPM Limited 31 33
Infosys Consulting AG 1 – (In ₹ crore)

Infosys Mexico 1 1 Particulars Year ended March 31,

Infosys China 6 4 2023 2022
Infosys Shanghai 3 2 Capital transactions :
GuideVision Suomi Oy 1 – Financing transactions

Outbox systems Inc. dba Simplus (US) 33 17 Equity

GuideVision, s.r.o. 8 5 Infosys Business Solutions LLC 8 –

Infosys Consulting S.R.L
Simplus Australia Pty Ltd 7 5
(Argentina) 2 –
Simplus Philippines, Inc. 3 3
Infosys Turkey Bilgi Teknolojileri
GuideVision Polska SP. Z O.O. 1 1 Limited Sirketi 7 –
Kaleidoscope Animations, Inc. 6 3 Infosys Green Forum – 1
WongDoody, Inc 82 53 Infosys Automotive and Mobility
Infosys Public Services 10 5 GmbH & Co. KG – 15

GuideVision Magyarország Kft. 1 1 Infosys Shanghai – 110

Infosys BPM Limited – 2
Infosys Austria GmbH – 1
17 128
Infosys Singapore Pte. Limited 1 1
Preference share
Infosys Consulting GmbH – 1
Infosys Singapore Pte. Ltd. 1,513 –
Infosys Automotive and Mobility GmbH
& Co. KG 155 105 1,513 –
Infosys McCamish Systems LLC – 16 Debentures (net of repayment)

Infosys Green Forum 6 6 EdgeVerve – (536)

Infosys Consulting (Belgium) NV 4 3 – (536)

Loans given
Blue Acorn iCi Inc 46 48
Infosys Singapore Pte. Ltd. 389 –
GuideVision Deutschland GmbH 1 1
Infosys Turkey Bilgi
Infosys Poland Sp. Z.o.o – 1
Teknolojileri Limited Sirketi 38 –
Infosys Middle East FZ LLC 1 – 427 –
Infosys Luxembourg S.a.r.l 8 – Loans repaid
Infosys (Czech Republic) Limited s.r.o. 6 – Infosys Shanghai – 73
422 316 Infosys Singapore Pte. Ltd. 393 –
Accrued expenses 393 73
Infosys BPM Limited 30 7
30 7

(1)
Interest at the rate of 7.45% per annum and term of loan is one year.

Infosys Integrated Annual Report 2022-23 283

Standalone Financial Statements

Particulars Year ended March 31, Particulars Year ended March 31,
2023 2022 2023 2022
Revenue transactions : Infosys Austria GmbH – 1
Purchase of services Infosys Limited Bulgaria EOOD 37 5
Infosys China 183 125 WongDoody, Inc 759 265
Infosys Management Consulting Infosys Luxembourg S.à.r.l 8 –
Pty Ltd 211 187 Infosys (Malaysia) SDN. BHD.
Infy Consulting Company Limited 1,608 1,251 (formerly Global Enterprise
Infosys Singapore Pte. Ltd. 161 73 International (Malaysia) Sdn. Bhd.) 19 –
Portland Group Pty Ltd 92 21 oddity space GmbH 4 –
Infosys (Czech Republic) Limited oddity code d.o.o 1 –
s.r.o. 294 165 oddity jungle GmbH 1 –
Infosys BPM Limited 2,101 2,001 oddity Limited(Taipei) 1 –
Infosys Sweden 56 49 Fluido Norway A/S 1 –
Infosys Shanghai 149 116 Infosys Consulting S.R.L.
Infosys Mexico 239 149 (Argentina) 1 –
Infosys Public Services 6 11 EdgeVerve 20 15
Panaya Ltd 144 140 7,875 5,717
Infosys Poland Sp. Z.o.o 209 124 Purchase of shared services
including facilities and personnel
Infosys Consulting S.R.L.
(Romania) 244 234 Brilliant Basics Limited – 1
Infosys Compaz Pte Ltd 25 20 Infosys BPM Limited 36 3
Infosys Consulting Ltda 116 60 WongDoody, Inc 63 24
BASE life science A/S 2 – Infosys Green Forum 36 4
Kaleidoscope Animations, Inc. 50 16 Infosys China 1 –
Brilliant Basics Limited – 30 Infosys (Czech Republic) Limited
s.r.o. 6 –
Infosys Chile SpA 34 17
Infosys Mexico 4 7
Infosys Middle East FZ LLC 51 51
Outbox systems Inc. dba Simplus
Fluido Oy 69 42 (US) 2 –
Fluido Sweden AB 58 52 Infosys Consulting AG 3 –
Fluido Denmark A/S 25 15 Infosys Automotive and Mobility
Infosys McCamish Systems LLC 10 3 GmbH & Co.KG 8 –
GuideVision, s.r.o. 67 28 WDW Communications, Inc. – 23
GuideVision Polska SP. Z O.O. 8 6 159 62
HIPUS Co., Ltd – 2 Interest income
Simplus Australia Pty Ltd 67 28 Infosys Turkey Bilgi Teknolojileri
Simplus Philippines, Inc. 26 11 Limited Sirketi 2 –
Outbox systems Inc. dba Simplus Infosys Shanghai – 1
(US) 272 177 Infosys Singapore Pte. Ltd. 3 –
Infosys Fluido UK Ltd 39 17 EdgeVerve – 2
WDW Communications, Inc. – 24 5 3
iCiDIGITAL LLC – 52 Guarantee income
Blue Acorn LLC – 19 Infosys Singapore Pte. Ltd. 1 1
Blue Acorn iCi Inc 384 47 1 1
Mediotype LLC – 2 Dividend income
Infosys Automotive and Mobility Brilliant Basics Holdings Ltd – 68
GmbH & Co. KG – 57 EdgeVerve 276 –
GuideVision Deutschland GmbH 3 1 Infosys BPM Limited 1,187 1,150
GuideVision Suomi Oy 7 3 1,463 1,218
GuideVision Magyarország Kft. 13 5

284 Infosys Integrated Annual Report 2022-23

Particulars Year ended March 31, Particulars Year ended March 31,
2023 2022 2023 2022
Sale of services Infosys Luxembourg S.a.r.l 4 3
Infosys China 24 33 Infosys Shanghai 1 –
Infosys Mexico 22 21 Portland Group Pty Limited 1 –
Infosys Austria GmbH – 2 Infosys Poland Sp. z.o.o. 1 –
Infy Consulting Company Limited 53 28 WongDoody, Inc. 2 –
Infosys BPO Americas LLC – 18 Fluido Oy 1 –
Infosys BPM Limited 113 95 Outbox systems Inc. dba Simplus
Fluido Oy – 1 (US) 2 –
Infosys Luxembourg S.a.r.l 140 89 Infosys BPO Americas LLC 1 –
Infosys Middle East FZ LLC 26 24 Infosys Consulting AG 1 –
Infosys McCamish Systems LLC 458 493 Infy Consulting B.V. 2 –
Infosys Sweden 70 61 Infosys Consulting SAS 1 –
Infosys Shanghai 4 4 Infosys Consulting GmbH 1 –
EdgeVerve 822 596 HIPUS Co. Limited 1 –
Infosys Public Services 778 615 Kaleidoscope Animations, Inc 1 –
Outbox System,Inc. dba Simplus 1 2 Blue Acorn iCi Inc. 1 –
Infosys Compaz Pte Ltd 141 81 Infosys Automotive and Mobility
GmbH & Co.KG (2) 778 –
Infosys Consulting Ltda 3 6
Infosys Business Solutions LLC 1 –
Simplus Australia Pty Ltd 4 –
Infosys Green Forum 6 1
Infosys Chile SpA 8 2
Infosys BPM Limited (1) 88 24
Infosys Turkey Bilgi Teknolojileri
Limited Sirketi – 2 976 131
Blue Acorn LLC – 1 Any other transaction
Infosys (Czech Republic) Limited Infosys Foundation 321 –
s.r.o. – 2 321 –
Infosys Automotive and Mobility
GmbH & Co. KG 70 201
(1)
Includes sale of fixed assets of ₹2 crore

Blue Acorn iCi Inc 3 1

(2)
Includes amounts netted off against respective expenses

Mediotype LLC – 1
Refer to Note 2.5.1 for business transfer with wholly-owned
Portland Group Pty Ltd 1 3 subsidiaries
Infosys Consulting S.R.L.(Romania) 1 1
The Company’s related party transactions during the years ended
ICI DIGITAL LLC – 1 March 31, 2023 and March 31, 2022 and outstanding balances
Infosys Singapore Pte. Ltd. – 5 as at March 31, 2023 and March 31, 2022 are with its subsidiaries
BASE life science A/S 1 – with whom the Company generally enters into transactions,
Infosys Poland Sp. Z.o.o 2 –
which are at arms length and in the ordinary course of business.
Infosys Business Solutions LLC 1 –
Infosys South Africa Pty Ltd 5 –
Stater Nederland B.V. 45 47
2,796 2,436
Sale of shared services including
facilities and personnel
EdgeVerve 28 100
Panaya Ltd 7 3
Infy Consulting Company Limited 12 –
Infosys Public Services, Inc. 3 –
Infosys McCamish System LLC 25 –
Infosys China 7 –

Infosys Integrated Annual Report 2022-23 285

Standalone Financial Statements

Transactions with key management personnel

The table below describes the compensation to key management personnel which comprise directors and executive officers :

(In ₹ crore)

Particulars Year ended March 31,

2023 2022
Salaries and other short term employee benefits to whole-time directors and executive officers (1)(2)
111 134
Commission and other benefits to non-executive / independent directors 16 11
Total 127 145
(1)
Total employee stock compensation expense for the years ended March 31, 2023 and March 31, 2022 includes a charge of ₹49 crore and ₹65 crore, respectively,
towards key management personnel (Refer to Note 2.12). Stock compensation expense for the year ended March 31, 2023 includes reversal of expense on
account of resignation / retirement of key management personnel.
(2)
Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.

Others
The details of date and amount of fund invested in intermediary during the year ended March 31, 2023 are as follows :

(In ₹ crore)

Name of the intermediary Registered address of the Relationship with the Date of investment Amount of
intermediary intermediary investment * (in ₹
crore)

Infosys Singapore Pte. Ltd 9 Temasek Boulevard # 43-01 Suntec Wholly-owned subsidiary August 24, 2022 685
Tower Two Singapore (038989) December 13, 2022 330

* During the year ended March 31, 2023, the Company has invested in redeemable preference share in Infosys Singapore Pte. Ltd
- for funding the Base life science A/S acquisition.
- to provide loan to Infosys Automotive and Mobility GmbH & Co. KG.

The details of date and amount of fund further invested by intermediary to ultimate beneficiaries during the year ended
March 31, 2023 are as follows :

(In ₹ crore)

Name of the ultimate Registered address of the ultimate Relationship with the Date of investment Amount of
beneficiaries beneficiaries ultimate beneficiaries investment (in ₹
crore)
BASE life science A/S Lyngbyvej 2, 2100 Copenhagen, Step down subsidiary September 1, 2022 685
Denmark
Infosys Automotive and Schelmenwasenstraße 39, 70567 Wholly-owned subsidiary December 15, 2022 330
Mobility GmbH & Co. KG Stuttgart.

286 Infosys Integrated Annual Report 2022-23

2.25 Corporate Social Responsibility (CSR)
As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its
average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for
CSR activities are promoting education, promoting gender equality by empowering women, healthcare, environment sustainability,
art and culture, destitute care and rehabilitation, disaster relief, COVID-19 relief and rural development projects. A CSR committee has
been formed by the Company as per the Act. The funds were primarily utilized through the year on these activities which are specified in
Schedule VII of the Companies Act, 2013 :

(In ₹ crore)

Particulars As at March 31,

2023 2022
i) Amount required to be spent by the Company during the year 437 397
ii) Amount of expenditure incurred 392 345
iii) Shortfall at the end of the year *
45 52
iv) Total of previous years shortfall 9 22
v) Reason for shortfall Pertains to ongoing projects Pertains to ongoing projects
vi) Nature of CSR activities Promoting education, promoting gender equality by
empowering women, healthcare, environment sustainability,
art and culture, destitute care and rehabilitation, disaster
relief, COVID-19 relief and rural development projects
vii) Details of related party transactions, e.g., contribution to a trust controlled
by the Company in relation to CSR expenditure as per relevant Accounting
Standard (1)(2) 321 12
viii) Where a provision is made with respect to a liability incurred by entering
into a contractual obligation, the movements in the provision during the year
shall be shown separately NA NA
(1)
Effective January 1, 2022, Infosys Foundation a trust jointly controlled by the KMP of Infosys Limited is a related party. For the year ending March 31, 2023, the
Company has made contributions to Infosys foundation to fulfil its corporate social responsibilities. Infosys Foundation supports programs in the areas of
education, rural development, healthcare, arts and culture, and destitute care.
(2)
Represents contribution to Infosys Science foundation for the year ending March 31, 2022 a controlled trust to support the Infosys Prize program towards
contemporary research in the various branches of science as a part of ongoing project.
* 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.

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. Accordingly the Company incorporated a controlled subsidiary , 'Infosys
Green Forum' under Section 8 of the Companies Act, 2013 and 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.

2.26 Segment reporting

The Company publishes this financial statement along with the consolidated financial statements. In accordance with Ind AS 108,
Operating Segments, the Company has disclosed the segment information in the Consolidated Financial Statements.

2.27 Ratios
The ratios for the years ended March 31, 2023 and March 31, 2022 are as follows :

Particulars Numerator Denominator As at March 31, Variance (in %)

2023 2022
Current ratio Current assets Current liabilities 1.9 2.1 (9.6)
Debt – Equity ratio Total Debt (represents Shareholder’s equity
lease liabilities) (1) 0.1 0.1 0.8
Debt service coverage Earnings available for Debt service (3)

ratio debt service (2) 37.7 38.5 (1.9)

Infosys Integrated Annual Report 2022-23 287

Standalone Financial Statements

Particulars Numerator Denominator As at March 31, Variance (in %)

2023 2022
Return on Equity Net profits after taxes Average shareholder’s
(ROE) equity 34.0 30.2 3.8
Trade receivables Revenue Average trade
turnover ratio receivable 6.2 5.9 6.2
Trade payables Purchases of services Average trade
turnover ratio and other expenses payables 11.7 11.3 3.8
Net capital turnover Revenue Working capital
ratio 5.0 3.8 33.0 *
Net profit ratio Net profit Revenue 18.8 20.4 (1.7)
Return on Capital Earning before Capital employed (4)
Employed (ROCE) interest and taxes 43.8 38.8 4.9
Return on Investment
(ROI)
Unquoted Income generated Time weighted
from investments average investments 5.7 8.7 (3.0)
Quoted Income generated Time weighted
from investments average investments 3.6 5.9 (2.4)
(1)
Debt represents only lease liabilities
(2)
Net profit after taxes + non-cash operating expenses + interest + other adjustments like loss on sale of fixed assets etc.
(3)
Lease payments for the current year
(4)
Tangible net worth + deferred tax liabilities + lease liabilities
* Revenue growth along with higher efficiency on working capital improvement has resulted in an improvement in the ratio.

2.28 Function-wise classification of Statement of Profit and Loss

(In ₹ crore)

Particulars Note Year ended March 31,

2023 2022
Revenue from operations 2.18 1,24,014 1,03,940
Cost of sales 85,762 69,629
Gross profit 38,252 34,311
Operating expenses
Selling and marketing expenses 5,018 4,125
General and administration expenses 5,293 4,787
Total operating expenses 10,311 8,912
Operating profit 27,941 25,399
Finance cost 157 128
Other income, net 2.19 3,859 3,224
Profit before tax 31,643 28,495
Tax expense :
Current tax 2.17 8,167 6,960
Deferred tax 2.17 208 300
Profit for the year 23,268 21,235

288 Infosys Integrated Annual Report 2022-23

Particulars Note Year ended March 31,
2023 2022
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net (19) (98)
Equity instruments through other comprehensive income, net 2.5 and 2.17 (6) 97
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net 2.11 and 2.17 (7) (8)
Fair value changes on investments, net 2.5 (236) (39)
Total other comprehensive income / (loss), net of tax (268) (48)
Total comprehensive income for the year 23,000 21,187

for and on behalf of the Board of Directors of Infosys Limited

D. Sundaram Salil Parekh Bobby Parikh

Lead Independent Director Chief Executive Officer Director
and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer

Infosys Integrated Annual Report 2022-23 289

Consolidated Financial Statements under Indian Accounting Standards (Ind AS) for the
year ended March 31, 2023
Index
A Independent Auditor’s Report ..................................................................................................................................................................................................291
B Consolidated Balance Sheet........................................................................................................................................................................................................299
C Consolidated Statement of Profit and Loss...........................................................................................................................................................................301
D Consolidated Statement of Changes in Equity....................................................................................................................................................................303
E Consolidated Statement of Cash Flows...................................................................................................................................................................................308
F Overview and notes to the Consolidated Financial Statements....................................................................................................................................310
1. Overview
1.1 Company overview.................................................................................................................................................................................................................310
1.2 Basis of preparation of financial statements.................................................................................................................................................................310
1.3 Basis of consolidation............................................................................................................................................................................................................310
1.4 Use of estimates and judgments.......................................................................................................................................................................................310
1.5 Critical accounting estimates and judgments..............................................................................................................................................................310
1.6 Recent accounting pronouncements..............................................................................................................................................................................311
2. Notes to the Consolidated financial statements
2.1 Business combinations..........................................................................................................................................................................................................312
2.2 Property, plant and equipment.........................................................................................................................................................................................313
2.3 Capital work-in-progress......................................................................................................................................................................................................315
2.4 Goodwill and other intangible assets..............................................................................................................................................................................316
2.5 Investments...............................................................................................................................................................................................................................318
2.6 Loans............................................................................................................................................................................................................................................321
2.7 Other financial assets.............................................................................................................................................................................................................321
2.8 Trade receivables.....................................................................................................................................................................................................................322
2.9 Cash and cash equivalents...................................................................................................................................................................................................323
2.10 Other assets..............................................................................................................................................................................................................................323
2.11 Financial instruments............................................................................................................................................................................................................323
2.12 Equity..........................................................................................................................................................................................................................................332
2.13 Other financial liabilities......................................................................................................................................................................................................339
2.14 Trade payables.........................................................................................................................................................................................................................339
2.15 Other liabilities........................................................................................................................................................................................................................340
2.16 Provisions..................................................................................................................................................................................................................................340
2.17 Income taxes............................................................................................................................................................................................................................341
2.18 Revenue from operations....................................................................................................................................................................................................344
2.19 Other income, net..................................................................................................................................................................................................................347
2.20 Expenses...................................................................................................................................................................................................................................348
2.21 Leases ........................................................................................................................................................................................................................................349
2.22 Employee benefits................................................................................................................................................................................................................351
2.23 Reconciliation of basic and diluted shares used in computing earnings per equity share.......................................................................356
2.24 Contingent liabilities and commitments......................................................................................................................................................................356
2.25 Related party transactions.................................................................................................................................................................................................357
2.26 Segment reporting...............................................................................................................................................................................................................365
2.27 Function-wise classification of Consolidated Statement of Profit and Loss....................................................................................................366

290 Infosys Integrated Annual Report 2022-23

Independent Auditor’s Report
To The Members of Infosys Limited

Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the accompanying consolidated financial statements of INFOSYS LIMITED (the “Company”) and its subsidiaries (the
Company and its subsidiaries together referred to as the “Group”) which comprise the Consolidated Balance Sheet as at March 31, 2023,
and the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Statement of Changes
in Equity and the Consolidated Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and
other explanatory information (hereinafter referred to as the “consolidated financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial
statements, give the information required by the Companies Act, 2013 (the “Act”) in the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended (“Ind AS”) and other accounting principles generally accepted in India, of the consolidated state of
affairs of the Group as at March 31, 2023 and their consolidated profit, their consolidated total comprehensive income, their consolidated
changes in equity and their consolidated cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (“SA”s) specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit
of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of
the consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained
by us is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated
financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined the matters described below to be the key audit matters to be communicated in our report.

Infosys Integrated Annual Report 2022-23 291

Consolidated Financial Statements

Sr. No. Key Audit Matter

1 Revenue recognition
The Group’s contracts with customers include contracts with multiple products and services. The group derives
revenues from IT services comprising software development and related services, maintenance, consulting and package
implementation, licensing of software products and platforms across the Group’s core and digital offerings and business
process management services. The Group assesses the services promised in a contract and identifies distinct performance
obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of
the customer to benefit independently from such deliverables involves significant judgement.
In certain integrated services arrangements, contracts with customers include subcontractor services or third-party vendor
equipment or software. In these types of arrangements, revenue from sales of third-party vendor products or services is
recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group
is the principal for the transaction. In doing so, the Group first evaluates whether it controls the products or service before
it is transferred to the customer. The Group considers whether it has the primary obligation to fulfil the contract, inventory
risk, pricing discretion and other factors to determine whether it controls the products or service and therefore, is acting as a
principal or an agent.
Fixed price maintenance revenue is recognized ratably either on (1) a straight-line basis when services are performed through
an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the
pattern of benefits from the services rendered to the customer and the Group’s costs to fulfil the contract is not even through
the period of contract because the services are generally discrete in nature and not repetitive. The use of method to recognize
the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.
As certain contracts with customers involve management’s judgment in (1) identifying distinct performance obligations,
(2) determining whether the Group is acting as a principal or an agent and (3) whether fixed price maintenance revenue
is recognized on a straight-line basis or using the percentage of completion method, revenue recognition from these
judgments were identified as a key audit matter and required a higher extent of audit effort.
Refer Notes 1.5 and 2.18 to the consolidated financial statements.
Auditor’s Response
Principal Audit Procedures Performed
Our audit procedures related to the (1) identification of distinct performance obligations, (2) determination of whether the
Group is acting as a principal or agent and (3) whether fixed price maintenance revenue is recognized on a straight-line basis
or using the percentage of completion method included the following, among others:

• 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.

292 Infosys Integrated Annual Report 2022-23

Sr. No. Key Audit Matter
2 Revenue recognition - Fixed price contracts using the percentage of completion method
Fixed price maintenance revenue is recognized ratably either (1) on a straight-line basis when services are performed through
an indefinite number of repetitive acts over a specified period or (2) using a percentage of completion method when the
pattern of benefits from services rendered to the customer and the Group’s costs to fulfil the contract is not even through the
period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price,
fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-
of-completion method.
Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date
as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure
progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts
or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on
the latest available information. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in
which such losses become probable based on the estimated efforts or costs to complete the contract.
We identified the estimate of total efforts or costs to complete fixed price contracts measured using the percentage
of completion method as a key audit matter as the estimation of total efforts or costs involves significant judgement
and is assessed throughout the period of the contract to reflect any changes based on the latest available information.
This estimate has a high inherent uncertainty and requires consideration of progress of the contract, efforts or costs incurred
to-date and estimates of efforts or costs required to complete the remaining contract performance obligations over the
term of the contracts.
This required a high degree of auditor judgment in evaluating the audit evidence and a higher extent of audit effort to
evaluate the reasonableness of the total estimated amount of revenue recognized on fixed-price contracts.
Refer Notes 1.5 and 2.18 to the consolidated financial statements.
Auditor’s Response
Principal Audit Procedures Performed
Our audit procedures related to estimates of total expected costs or efforts to complete for fixed-price contracts included the
following, among others:

• 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 the using 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.

Infosys Integrated Annual Report 2022-23 293

Consolidated Financial Statements

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 and Sustainability 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.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation and
presentation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated
financial performance including other comprehensive income, consolidated changes in equity and consolidated cash flows of the
Group in accordance with the Ind AS and other accounting principles generally accepted in India. The respective Boards of Directors
of the companies included in the Group are responsible for maintenance of 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 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 financial statements 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 statements by the Directors of the Company, as aforesaid.
In preparing the consolidated financial statements, 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 intend 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 also responsible for overseeing the financial reporting
process of the Group.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:

• 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 with reference to
consolidated financial statements 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.

294 Infosys Integrated Annual Report 2022-23

• 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.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit of the aforesaid consolidated financial statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial
statements have been kept so far as it appears from our examination of those books.
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including Other Comprehensive Income,
Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows dealt with by this Report
are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated
financial statements.
d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under
section 133 of the Act.
e) On the basis of the written representations received from the directors of the Company as on March 31, 2023 taken on record
by the Board of Directors of the Company and the reports of the statutory auditors of its subsidiary companies incorporated
in India, none of the directors of the Group companies incorporated in India is disqualified as on March 31, 2023 from being
appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to consolidated financial statements and
the operating effectiveness of such controls, refer to our separate Report in “Annexure A” which is based on the auditors’
reports of the Company and its subsidiary companies incorporated in India. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of internal financial controls with reference to consolidated financial
statements of those companies.
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 consolidated financial statements disclose the impact of pending litigations on the consolidated financial position
of the Group. (Refer Note 2.24) to the consolidated financial statements.

Infosys Integrated Annual Report 2022-23 295

Consolidated Financial Statements

ii) The Group has made provision as required under applicable law or accounting standards for material foreseeable
losses. (Refer Note 2.16 to the consolidated financial statements). The Group did not have any long-term
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 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, outside the Group, 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.
vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting
software which has a feature of recording audit trail (edit log) facility is applicable with effect from April 1, 2023 to the
Company and its subsidiaries, which are companies incorporated in India, and accordingly, reporting under Rule 11(g)
of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year ended March 31, 2023.
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.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

Sanjiv V. Pilgaonkar
Partner
Place: Bengaluru (Membership No.039826)
Date: April 13, 2023 UDIN: 23039826BGXRYQ2725

296 Infosys Integrated Annual Report 2022-23

Annexure “A” To The Independent Auditor’s Report
(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of
Infosys Limited of even date)

Report on the Internal Financial Controls with reference to Consolidated Financial Statements 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, 2023,
we have audited the internal financial controls with reference to Consolidated Financial Statements of INFOSYS LIMITED (hereinafter
referred to as the “Company”) and its subsidiary companies, which are companies incorporated in India, as of that date.

Management’s Responsibility for Internal Financial Controls

The respective Boards of Directors of the Company and its subsidiary companies, which are companies incorporated in India, are
responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria
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 Institute of Chartered Accountants of India (the “ICAI”).
These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records,
and the timely preparation of reliable financial information, as required under the Act.

Auditor’s Responsibility
Our responsibility is to express an opinion on the internal financial controls with reference to Consolidated Financial Statements 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 Act, to the
extent applicable to an audit of internal financial controls with reference to Consolidated Financial Statements. 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 with reference to Consolidated Financial Statements 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 with reference
to Consolidated Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to
Consolidated Financial Statements included obtaining an understanding of internal financial controls with reference to Consolidated
Financial Statements, 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 with reference to Consolidated Financial Statements of the Company and its subsidiary companies, which are
companies incorporated in India.

Infosys Integrated Annual Report 2022-23 297

Consolidated Financial Statements

Meaning of Internal Financial Controls with reference to Consolidated Financial Statements

A company's internal financial control with reference to Consolidated Financial Statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company's internal financial control with reference to Consolidated Financial
Statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors
of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to Consolidated Financial Statements
Because of the inherent limitations of internal financial controls with reference to Consolidated Financial Statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the internal financial controls with reference to Consolidated Financial Statements to
future periods are subject to the risk that the internal financial control with reference to Consolidated Financial Statements may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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 with
reference to Consolidated Financial Statements and such internal financial controls with reference to Consolidated Financial Statements
were operating effectively as at March 31, 2023, based on the criteria for internal financial control with reference to Consolidated
Financial Statements 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.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)

Sanjiv V. Pilgaonkar
Partner
Place: Bangalore (Membership No.039826)
Date: April 13, 2023 UDIN: 23039826BGXRYQ2725

298 Infosys Integrated Annual Report 2022-23

Consolidated Balance Sheet
(In ₹ crore)

Particulars Note As at March 31,

2023 2022
Assets
Non-current assets
Property, plant and equipment 2.2 13,346 13,075
Right-of-use assets 2.21 6,882 4,823
Capital work-in-progress 2.3 288 416
Goodwill 2.4.1 and 2.1 7,248 6,195
Other intangible assets 2.4.2 1,749 1,707
Financial assets
Investments 2.5 12,569 13,651
Loans 2.6 39 34
Other financial assets 2.7 2,798 1,460
Deferred tax assets (net) 2.17 1,245 1,212
Income tax assets (net) 2.17 6,453 6,098
Other non-current assets 2.10 2,318 2,029
Total non-current assets 54,935 50,700
Current assets
Financial assets
Investments 2.5 6,909 6,673
Trade receivables 2.8 25,424 22,698
Cash and cash equivalents 2.9 12,173 17,472
Loans 2.6 289 248
Other financial assets 2.7 11,604 8,727
Income tax assets (net) 2.17 6 54
Other current assets 2.10 14,476 11,313
Total current assets 70,881 67,185
Total assets 1,25,816 1,17,885

Infosys Integrated Annual Report 2022-23 299

Consolidated Financial Statements

Consolidated Balance Sheet (contd.)

Particulars Note As at March 31,
2023 2022
Equity and liabilities
Equity
Equity share capital 2.12 2,069 2,098
Other equity 73,338 73,252
Total equity attributable to equity holders of the Company 75,407 75,350
Non-controlling interests 388 386
Total equity 75,795 75,736
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 2.21 7,057 4,602
Other financial liabilities 2.13 2,058 2,337
Deferred tax liabilities (net) 2.17 1,220 1,156
Other non-current liabilities 2.15 500 451
Total non-current liabilities 10,835 8,546
Current liabilities
Financial liabilities
Lease liabilities 2.21 1,242 872
Trade payables 2.14 3,865 4,134
Other financial liabilities 2.13 18,558 15,837
Other current liabilities 2.15 10,830 9,178
Provisions 2.16 1,307 975
Income tax liabilities (net) 2.17 3,384 2,607
Total current liabilities 39,186 33,603
Total equity and liabilities 1,25,816 1,17,885

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

Sanjiv V. Pilgaonkar D. Sundaram Salil Parekh Bobby Parikh

Partner Lead Independent Director Chief Executive Officer Director
Membership No. 039826 and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer

300 Infosys Integrated Annual Report 2022-23

Consolidated Statement of Profit and Loss
(In ₹ crore, except equity share and per equity share data)

Particulars Note Year ended March 31,

2023 2022
Revenue from operations 2.18 1,46,767 1,21,641
Other income, net 2.19 2,701 2,295
Total income 1,49,468 1,23,936
Expenses
Employee benefit expenses 2.22 78,359 63,986
Cost of technical sub-contractors 14,062 12,606
Travel expenses 1,525 827
Cost of software packages and others 2.20 10,902 6,811
Communication expenses 713 611
Consultancy and professional charges 1,684 1,885
Depreciation and amortization expenses 2.2, 2.4.2 and 2.21 4,225 3,476
Finance cost 284 200
Other expenses 2.20 4,392 3,424
Total expenses 1,16,146 93,826
Profit before tax 33,322 30,110
Tax expense:
Current tax 2.17 9,287 7,811
Deferred tax 2.17 (73) 153
Profit for the period 24,108 22,146

Infosys Integrated Annual Report 2022-23 301

Consolidated Financial Statements

Consolidated Statement of Profit and Loss (contd.)

Particulars Note Year ended March 31,
2023 2022
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net 2.22 8 (85)
Equity instruments through other comprehensive income, net 2.5 (7) 96
1 11
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net 2.11 (7) (8)
Exchange differences on translation of foreign operations 776 228
Fair value changes on investments, net 2.5 (256) (49)
513 171
Total other comprehensive income / (loss), net of tax 514 182
Total comprehensive income for the period 24,622 22,328
Profit attributable to:
Owners of the Company 24,095 22,110
Non-controlling interests 13 36
24,108 22,146
Total comprehensive income attributable to:
Owners of the Company 24,598 22,293
Non-controlling interests 24 35
24,622 22,328
Earnings per equity share
Equity shares of par value ₹5 each
Basic (₹) 57.63 52.52
Diluted (₹) 57.54 52.41
Weighted average equity shares used in computing earnings per equity share
Basic (in shares) 2.23 418,08,97,857 420,95,46,724
Diluted (in shares) 2.23 418,77,31,070 421,85,25,134

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

Sanjiv V. Pilgaonkar D. Sundaram Salil Parekh Bobby Parikh

Partner Lead Independent Director Chief Executive Officer Director
Membership No. 039826 and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer

302 Infosys Integrated Annual Report 2022-23

 Consolidated Statement of Changes in Equity
Infosys Integrated Annual Report 2022-23

(In ₹ crore)
Particulars Equity Other equity Total equity Non- Total
share attributable controlling equity
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
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 1,331 10 (158) 76,351 431 76,782
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
benefit liability /
asset, net * (Refer to
Note 2.22) – – – – – – – – – – – – (85) (85) – (85)
Equity instruments
through other
comprehensive
income, net * (Refer
to Notes 2.5 and
2.17) – – – – – – – – – 96 – – – 96 – 96
Fair value changes
on derivatives
designated as cash
flow hedge, net *
(Refer to Note 2.11) – – – – – – – – – – – (8) – (8) – (8)
Exchange
differences on
translation of
foreign operations – – – – – – – – – – 229 – – 229 (1) 228
Fair value changes
on investments, net
*
(Refer to Notes 2.5
and 2.17) – – – – – – – – – – – – (49) (49) – (49)
Total
Comprehensive
income for the
period – – – – 22,110 – – – – 96 229 (8) (134) 22,293 35 22,328
Shares issued
on exercise of
employee stock
303

options (Refer to
Note 2.12) 2 – – 19 – – – – – – – – – 21 – 21
304

Consolidated Financial Statements

Particulars Equity Other equity Total equity Non- Total
share attributable controlling equity
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
statements
of a
foreign
operation
Employee stock
compensation
expense (Refer to
Note 2.12) – – – – – – 393 – – – – – – 393 – 393
Transfer on account
of options not
exercised – – – – – 1 (1) – – – – – – – – –
Buyback of equity
shares (Refer to Note
2.12) ** (28) – – (640) (8,822) (1,603) – – – – – – – (11,093) – (11,093)
Transaction costs
relating to buyback * – – – – – (24) – – – – – – – (24) – (24)
Amount transferred
to capital
redemption reserve
upon buyback – – 28 – – (28) – – – – – – – – – –
Transfer to legal
reserve – – – – (10) – – – 10 – – – – – – –
Transferred on
account of exercise
of stock options
(Refer to Note 2.12) – – – 218 – – (218) – – – – – – – – –
Income tax benefit
arising on exercise
of stock options
(Refer to Note 2.12) – – – 3 – – 60 – – – – – – 63 – 63
Changes in the
controlling stake of
the subsidiary – – – – 1 – – – – – – – – 1 (1) –
Infosys Integrated Annual Report 2022-23

Dividends (1) – – – – (12,655) – – – – – – – – (12,655) – (12,655)

Dividends paid to
non-controlling
interest of
subsidiary – – – – – – – – – – – – – – (79) (79)
Transferred to
Special Economic
Zone Re-
investment Reserve – – – – (3,054) – – 3,054 – – – – – – – –
Transferred from
Special Economic
Zone Re-
investment Reserve
on 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
 Consolidated Statement of Changes in Equity (contd.)
Infosys Integrated Annual Report 2022-23

(In ₹ crore)
Particulars Equity Other equity Total equity Non- Total
share attributable controlling equity
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
statements
of a
foreign
operation
Balance as at
April 1, 2022 2,098 54 139 200 61,313 1,061 606 8,339 16 254 1,560 2 (292) 75,350 386 75,736
Impact on adoption
of amendment to
Ind AS 37# – – – – (19) – – – – – – – – (19) – (19)
2,098 54 139 200 61,294 1,061 606 8,339 16 254 1,560 2 (292) 75,331 386 75,717
Changes in equity
for the year ended
March 31, 2023
Profit for the period – – – – 24,095 – – – – – – – – 24,095 13 24,108
Remeasurement
of the net defined
benefit liability /
asset, net * (Refer to
Note 2.22) – – – – – – – – – – – – 8 8 – 8
Equity instruments
through other
comprehensive
income, net * (Refer
to Notes 2.5 and
2.17) – – – – – – – – – (7) – – – (7) – (7)
Fair value changes
on derivatives
designated as cash
flow hedge, net *
(Refer to Note 2.11) – – – – – – – – – – – (7) – (7) – (7)
Exchange
differences on
translation of
foreign operations – – – – – – – – – – 765 – – 765 11 776
Fair value changes
on investments,
net * (Refer to Notes
2.5 and 2.17) – – – – – – – – – – – – (256) (256) – (256)
Total
Comprehensive
income for the
period – – – – 24,095 – – – – (7) 765 (7) (248) 24,598 24 24,622
Shares issued
305

on exercise of
employee stock
options (Refer to
Note 2.12) 1 – – 34 – – – – – – – – – 35 – 35
306

Consolidated Financial Statements

Particulars Equity Other equity Total equity Non- Total
share attributable controlling equity
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
statements
of a
foreign
operation
Employee stock
compensation
expense (Refer to
Note 2.12) – – – – – – 514 – – – – – – 514 – 514
Transferred to legal
reserve – – – – (3) – – – 3 – – – – – – –
Transferred on
account of exercise
of stock options – – – 291 – – (291) – – – – – – – – –
Transferred on
account of options
not exercised – – – – – 2 (2) – – – – – – – – –
Buyback of equity
shares (Refer to Note
2.12) ** (30) – – (340) (11,096) – – – – – – – – (11,466) – (11,466)
Transaction costs
relating to buyback * – – – (19) (5) – – – – – – – – (24) – (24)
Amount transferred
to capital
redemption reserve
upon buyback – – 30 – (21) (9) – – – – – – – – – –
Income tax benefit
arising on exercise
of stock options – – – – – – 51 – – – – – – 51 – 51
Dividends (1)
– – – – (13,632) – – – – – – – – (13,632) – (13,632)
Dividends paid to
non-controlling
interest of
Infosys Integrated Annual Report 2022-23

subsidiary – – – – – – – – – – – – – – (22) (22)

Transferred to
Special Economic
Zone Re-
investment Reserve – – – – (3,139) – – 3,139 – – – – – – – –
Transferred from
Special Economic
Zone Re-
investment Reserve
on utilization – – – – 1,464 – – (1,464) – – – – – – – –
Balance as at
March 31, 2023 2,069 54 169 166 58,957 1,054 878 10,014 19 247 2,325 (5) (540) 75,407 388 75,795
 *
Net of tax
Infosys Integrated Annual Report 2022-23

**
Including tax on buyback of ₹2,166 crore and ₹1,893 crore for the years ended March 31, 2023 and March 31, 2022, respectively.
#
Impact on account of adoption of amendment to Ind AS 37, Provisions, Contingent Liabilities and Contingents Assets
(1)
Net of treasury shares
(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(i)(ii) of 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, few subsidiaries of Infosys Consulting are required to appropriate a certain percentage of the annual profit to legal reserve which may be used only to cover losses or
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

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 D. Sundaram Salil Parekh Bobby Parikh

Partner Lead Independent Chief Executive Officer Director
Membership No. 039826 Director and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer
307
Consolidated Financial Statements

Consolidated Statement of Cash Flows

Accounting policy
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-
cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated
with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated.
The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

(In ₹ crore)

Particulars Note Year ended March 31,

2023 2022
Cash flow from operating activities
Profit for the year 24,108 22,146
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense 2.17 9,214 7,964
Depreciation and amortization 2.2, 2.4.2 and 2.21 4,225 3,476
Interest and dividend income 2.19 (1,817) (1,645)
Finance cost 284 200
Impairment loss recognized / (reversed) under expected credit loss model 283 170
Exchange differences on translation of assets and liabilities, net 161 119
Stock compensation expense 2.12 519 415
Other adjustments 628 76
Changes in assets and liabilities
Trade receivables and unbilled revenue (7,076) (7,937)
Loans, other financial assets and other assets (3,108) (1,914)
Trade payables (279) 1,489
Other financial liabilities, other liabilities and provisions 4,119 6,938
Cash generated from operations 31,261 31,497
Income taxes paid (8,794) (7,612)
Net cash generated by operating activities 22,467 23,885
Cash flows from investing activities
Expenditure on property, plant and equipment and intangibles (2,579) (2,161)
Deposits placed with corporation (996) (906)
Redemption of deposits placed with corporation 762 753
Interest and dividend received 1,525 1,898
Payment towards acquisition of business, net of cash acquired (910) –
Payment of contingent consideration pertaining to acquisition of business (60) (53)
Escrow and other deposits pertaining to buyback (483) (420)
Redemption of escrow and other deposits pertaining to buyback 483 420
Other receipts 71 67
Other payments – (22)
Payments to acquire investments
Tax-free bonds and government bonds (27) –
Liquid mutual fund units (70,631) (54,064)
Target maturity fund (400) –
Certificates of deposit (10,348) (4,184)

308 Infosys Integrated Annual Report 2022-23

Consolidated Statement of Cash Flows (contd.)
Particulars Note Year ended March 31,
2023 2022
Commercial paper (3,003) –
Non-convertible debentures (249) (1,609)
Government securities (1,569) (4,254)
Others (20) (24)
Proceeds on sale of investments
Tax-free bonds and government bonds 221 20
Liquid mutual funds units 71,851 53,669
Certificates of deposit 10,404 787
Commercial paper 2,298 –
Non-convertible debentures 470 2,201
Government securities 1,882 1,457
Equity and preference securities 99 –
Others – 9
Net cash (used in) / generated from investing activities (1,209) (6,416)
Cash flows from financing activities
Payment of lease liabilities (1,231) (915)
Payment of dividends (13,631) (12,652)
Payment of dividend to non-controlling interest of subsidiary (22) (79)
Shares issued on exercise of employee stock options 35 21
Payment towards purchase of non-controlling interest – (2)
Other receipts 132 236
Other payments (479) (126)
Buyback of equity shares including transaction cost and tax on buyback (11,499) (11,125)
Net cash used in financing activities (26,695) (24,642)
Net increase / (decrease) in cash and cash equivalents (5,437) (7,173)
Effect of exchange rate changes on cash and cash equivalents 138 (69)
Cash and cash equivalents at the beginning of the period 2.9 17,472 24,714
Cash and cash equivalents at the end of the period 2.9 12,173 17,472
Supplementary information
Restricted cash balance 2.9 362 471

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

Sanjiv V. Pilgaonkar D. Sundaram Salil Parekh Bobby Parikh

Partner Lead Independent Chief Executive Officer Director
Membership No. 039826 Director and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer

Infosys Integrated Annual Report 2022-23 309

Consolidated Financial Statements

Overview and notes to the Consolidated Financial Statements

1. Overview The financial statements of the Group companies are
consolidated on a line-by-line basis and intra-group balances
1.1 Company overview and transactions including unrealized gain / loss from such
Infosys Limited ("the Company" or Infosys) provides transactions are eliminated upon consolidation. These financial
consulting, technology, outsourcing and next-generation statements are prepared by applying uniform accounting policies
digital services, to enable clients to execute strategies for their in use at the Group. Non-controlling interests which represent
digital transformation. Infosys' strategic objective is to build a part of the net profit or loss and net assets of subsidiaries
sustainable organization that remains relevant to the agenda of that are not, directly or indirectly, owned or controlled by the
clients, while creating growth opportunities for employees and Company, are excluded.
generating profitable returns for investors. Infosys' strategy is to
be a navigator for our clients as they ideate, plan and execute on 1.4 Use of estimates and judgments
their journey to a digital future. The preparation of the financial statements in conformity
with Ind AS requires the Management to make estimates,
Infosys together with its subsidiaries and controlled trusts is
judgments and assumptions. These estimates, judgments and
hereinafter referred to as 'the Group'.
assumptions affect the application of accounting policies and
The Company is a public limited company incorporated and the reported amounts of assets and liabilities, the disclosures
domiciled in India, and has its registered office at Electronics city, of contingent assets and liabilities at the date of the financial
Hosur Road, Bengaluru 560100, Karnataka, India. The Company statements and reported amounts of revenues and expenses
has its primary listings on the BSE Ltd. and National Stock during the period. The application of accounting policies that
Exchange of India Limited. The Company’s American Depositary require critical accounting estimates, which involve complex
Shares (ADS) representing equity shares are listed on the New and subjective judgments and the use of assumptions in
York Stock Exchange (NYSE). these financial statements, have been disclosed in Note 1.5.
Accounting estimates could change from period to period.
The Group's Consolidated financial statements are approved for
Actual results could differ from those estimates. Appropriate
issue by the Company's Board of Directors on April 13, 2023.
changes in estimates are made as the Management becomes
aware of changes in circumstances surrounding the estimates.
1.2 Basis of preparation of financial statements Changes in estimates and judgments are reflected in the
These Consolidated financial statements are prepared in financial statements in the period in which changes are made
accordance with the Indian Accounting Standard (Ind AS), under and, if material, their effects are disclosed in the notes to the
the historical cost convention on accrual basis, except for certain Consolidated financial statements.
financial instruments which are measured at fair values, the
provisions of the Companies Act, 2013 ("the Act") and guidelines 1.5 Critical accounting estimates and judgments
issued by the Securities and Exchange Board of India (SEBI).
a. Revenue recognition
The Ind AS are prescribed under Section 133 of the Act read with
Rule 3 of the Companies (Indian Accounting Standards) Rules, The Group’s contracts with customers include promises to
2015 and relevant amendment rules issued thereafter. transfer multiple products and services to a customer. Revenues
from customer contracts are considered for recognition and
Accounting policies have been consistently applied, except measurement when the contract has been approved, in
where a newly-issued accounting standard is initially adopted or writing, by the parties to the contract, the parties to contract
a revision to an existing accounting standard requires a change in are committed to perform their respective obligations under
the accounting policy hitherto in use. the contract, and the contract is legally enforceable. The Group
As the year-end figures are taken from the source and rounded assesses the services promised in a contract and identifies
to the nearest digits, the figures reported for the previous distinct performance obligations in the contract. Identification of
quarters might not always add up to the year-end figures distinct performance obligations to determine the deliverables
reported in this statement. and the ability of the customer to benefit independently from
such deliverables, and allocation of transaction price to these
1.3 Basis of consolidation distinct performance obligations involves significant judgment.
Infosys consolidates entities which it owns or controls. Fixed-price maintenance revenue is recognized ratably on a
The Consolidated financial statements comprise the financial straight-line basis when services are performed through an
statements of the Company, its controlled trusts and its indefinite number of repetitive acts over a specified period.
subsidiaries. Control exists when the parent has power over Revenue from fixed-price maintenance contract is recognized
the entity, is exposed, or has rights to variable returns from its ratably using a percentage-of-completion method when the
involvement with the entity and has the ability to affect those pattern of benefits from the services rendered to the customer
returns by using its power over the entity. Power is demonstrated and the Group’s costs to fulfil the contract is not even through
through existing rights that give the ability to direct relevant the period of the contract because the services are generally
activities, those which significantly affect the entity's returns. discrete in nature and not repetitive. The use of method to
Subsidiaries are consolidated from the date control commences
until the date control ceases.
310 Infosys Integrated Annual Report 2022-23
recognize the maintenance revenues requires judgment c. Business combinations and intangible assets
and is based on the promises in the contract and nature Business combinations are accounted for using Ind AS 103,
of the deliverables. Business Combinations. Ind AS 103 requires the identifiable
The Group uses the percentage-of-completion method intangible assets and contingent consideration to be fair valued
in accounting for other fixed-price contracts. Use of the in order to ascertain the fair value of identifiable assets, liabilities
percentage-of-completion method requires the Group to and contingent liabilities of the acquiree. These valuations are
determine the actual efforts or costs expended to date as a conducted by external valuation experts. Estimates are required
proportion of the estimated total efforts or costs to be incurred. to be made in determining the value of contingent consideration,
Efforts or costs expended have been used to measure progress value of option arrangements and intangible assets.
towards completion as there is a direct relationship between These measurements are based on information available at the
input and productivity. The estimation of total efforts or costs acquisition date and are based on expectations and assumptions
involves significant judgment and is assessed throughout the that have been deemed reasonable by the Management (Refer to
period of the contract to reflect any changes based on the latest Notes 2.1 and 2.4.2).
available information.
d. Property, plant and equipment
Contracts with customers includes subcontractor services or
Property, plant and equipment represent a significant proportion
third-party vendor equipment or software in certain integrated
of the asset base of the Group. The charge in respect of periodic
services arrangements. In these types of arrangements, revenue
depreciation is derived after determining an estimate of an
from sales of third-party vendor products or services is recorded
asset’s expected useful life and the expected residual value at
net of costs when the Group is acting as an agent between the
the end of its life. The useful lives and residual values of Group's
customer and the vendor, and gross when the Group is the
assets are determined by the Management at the time the asset
principal for the transaction. In doing so, the Group first evaluates
is acquired and reviewed periodically, including at each financial
whether it controls the good or service before it is transferred to
year end. The lives are based on historical experience with similar
the customer. The Group considers whether it has the primary
assets as well as anticipation of future events, which may impact
obligation to fulfil the contract, inventory risk, pricing discretion
their life, such as changes in technology (Refer to Note 2.2).
and other factors to determine whether it controls the goods or
service and therefore, is acting as a principal or an agent.
e. Impairment of goodwill
Provisions for estimated losses, if any, on incomplete Goodwill is tested for impairment on an annual basis and
contracts are recorded in the period in which such losses whenever there is an indication that the recoverable amount
become probable, based on the estimated efforts or costs to of a Cash Generating Unit (CGUs) is less than its carrying
complete the contract. amount. For the impairment test, goodwill is allocated to the
CGU or groups of CGUs which benefit from the synergies of
b. Income taxes the acquisition and which represent the lowest level at which
The Group's two major tax jurisdictions are India and the United goodwill is monitored for internal management purposes.
States, though the Company also files tax returns in other
The recoverable amount of CGUs is determined based on higher
overseas jurisdictions.
of value-in-use and fair value less cost to sell. Key assumptions
Significant judgments are involved in determining the provision in the cash flow projections are prepared based on current
for income taxes, including amount expected to be paid / economic conditions and comprises estimated long term growth
recovered for uncertain tax positions. rates, weighted average cost of capital and estimated operating
margins (Refer to Note 2.4.1).
In assessing the realizability 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 1.6 Recent accounting pronouncements
realization of deferred income tax assets is dependent upon The Ministry of Corporate Affairs (MCA) notifies new standards
the generation of future taxable income during the periods or amendments to the existing standards under Companies
in which the temporary differences become deductible. (Indian Accounting Standards) Rules as issued from time to time.
The Management considers the scheduled reversals of deferred On March 31, 2023, the MCA amended the Companies (Indian
income tax liabilities, projected future taxable income and tax Accounting Standards) Amendment Rules, 2023, as below :
planning strategies in making this assessment. Based on the level Ind AS 1, Presentation of Financial Statements – The amendment
of historical taxable income and projections for future taxable requires the entities to disclose their material accounting policies
income over the periods in which the deferred income tax assets rather than their significant accounting policies. The effective
are deductible, the Management believes that the Group will date for adoption of this amendment is annual periods
realize the benefits of those deductible differences. The amount beginning on or after April 1, 2023. The Group has evaluated the
of the deferred income tax assets considered realizable, amendment and the impact of the amendment is insignificant in
however, could be reduced in the near term if estimates of future the Group’s financial statements.
taxable income during the carry forward period are reduced
(Refer to Note 2.17). Ind AS 8, Accounting Policies, Changes in Accounting Estimates
and Errors – The amendment has introduced a definition of
‘accounting estimates’ and included amendments to Ind AS 8
to help entities distinguish changes in accounting policies from

Infosys Integrated Annual Report 2022-23 311

Consolidated Financial Statements

changes in accounting estimates. The effective date for adoption Acquisition

of this amendment is annual periods beginning on or after During the year ended March 31, 2023, the Group, completed two
April 1, 2023. The Group has evaluated the amendment and there business combinations to complement its digital offerings by
is no impact on its consolidated financial statements. acquiring 100% voting interests in:
Ind AS 12, Income Taxes – This amendment has narrowed the (i) oddity GmbH, oddity group services GmbH, oddity space
scope of the initial recognition exemption so that it does not GmbH, oddity jungle GmbH, oddity code GmbH and oddity
apply to transactions that give rise to equal and offsetting waves GmbH (collectively known as oddity), a Germany-
temporary differences. The effective date for adoption of this based digital marketing, experience, and commerce
amendment is annual periods beginning on or after April 1, 2023. agencies on April 20, 2022.
The Group has evaluated the amendment and there is no impact
on its consolidated financial statements. (ii) BASE life science A/S, a consulting and technology firm in the
life science industry in Europe on September 1, 2022.
2. Notes to the Consolidated financial statements These acquisitions are expected to strengthen the Group’s
creative, branding and experience design capabilities and
2.1 Business combinations augment the Group’s life sciences expertise, scales its digital
Accounting policy transformation capabilities with cloud-based industry solutions
and expand its presence across Europe.
Business combinations have been accounted for using the
acquisition method under the provisions of Ind AS 103, The purchase price allocated to assets acquired and liabilities
Business Combinations. assumed based upon determination of fair values at the dates of
acquisition is as follows :
The purchase price in an acquisition is measured at the fair value
of the assets transferred, equity instruments issued and liabilities
(In ₹ crore)
incurred or assumed at the date of acquisition, which is the date
on which control is transferred to the Group. The purchase price Particulars Acquiree’s Fair value Purchase
also includes the fair value of any contingent consideration. carrying adjustments price
Identifiable assets acquired and liabilities and contingent amount allocated
liabilities assumed in a business combination are measured Net assets(1) 103 – 103
initially at their fair value on the date of acquisition. Contingent
Intangible assets –
consideration is remeasured at fair value at each reporting date
and changes in the fair value of the contingent consideration are Customer contracts
recognized in the Consolidated Statement of Profit and Loss. and relationships – 274 274
Vendor relationships – 30 30
The interest of non-controlling shareholders is initially
measured either at fair value or at the non-controlling interests’ Brand – 24 24
proportionate share of the acquiree’s identifiable net assets. Deferred tax
The choice of measurement basis is made on an acquisition-by- liabilities on
acquisition basis. Subsequent to acquisition, the carrying amount intangible assets – (80) (80)
of non-controlling interests is the amount of those interests at
Total 103 248 351
initial recognition plus the non-controlling interests’ share of
subsequent changes in equity of subsidiaries. Goodwill 630
Total purchase price 981
Business combinations between entities under common
control is accounted for at carrying value of the assets (1)
Includes cash and cash equivalents acquired of ₹26 crore.
acquired and liabilities assumed in the Group's consolidated
financial statements. The excess of the purchase consideration paid over the fair value
of assets acquired has been attributed to goodwill. The primary
The payments related to options issued by the Group over the items that generated this goodwill are the value of the acquired
non-controlling interests in its subsidiaries are accounted as assembled workforce and estimated synergies, neither of which
financial liabilities and initially recognized at the estimated qualify as an intangible asset.
present value of gross obligations. Such options are subsequently
measured at fair value in order to reflect the amount payable Goodwill is not tax-deductible. Goodwill pertaining to these
under the option at the date at which it becomes exercisable. business combinations is allocated to operating segments as
In the event that the option expires unexercised, the more fully described in Note 2.4.1.
liability is derecognized.

312 Infosys Integrated Annual Report 2022-23

The purchase consideration of ₹981 crore includes cash of ₹936 Depreciation methods, useful lives and residual values are
crore and contingent consideration with an estimated fair value reviewed periodically, including at each financial year end.
of ₹45 crore as on the date of acquisition. The useful lives are based on historical experience with similar
assets as well as anticipation of future events, which may impact
At the acquisition date, the key inputs used in determination of
their life, such as changes in technology.
the fair value of contingent consideration are the probabilities
assigned towards achievement of financial targets and Advances paid towards the acquisition of property, plant and
discount rate of 12.5%. The undiscounted value of contingent equipment outstanding at each Balance Sheet date is classified
consideration as of March 31, 2023 was ₹58 crore. as capital advances under other non-current assets and the cost
of assets not ready to use before such date are disclosed under
Additionally, these acquisitions have shareholder and employee
‘Capital work-in-progress’. Subsequent expenditures relating
retention bonus payable to the employees of the acquiree
to property, plant and equipment is capitalized only when it is
over three years, subject to their continuous employment with
probable that future economic benefits associated with these
the Group along with achievement of financial targets for the
will flow to the Group and the cost of the item can be measured
respective years. Performance and Retention bonus is recognized
reliably. The cost and related accumulated depreciation
in employee benefit expenses in the Consolidated Statement of
are eliminated from the financial statements upon sale or
Profit and Loss over the period of service.
retirement of the asset.
Fair value of trade receivables acquired is ₹111 crore as of
acquisition date and as of March 31, 2023, the amounts are Impairment
substantially collected. Property, plant and equipment are evaluated for recoverability
Transaction costs that the Group incurs in connection with whenever events or changes in circumstances indicate that their
a business combination such as finder’s fees, legal fees, due carrying amounts may not be recoverable. For the purpose of
diligence fees, and other professional and consulting fees are impairment testing, the recoverable amount (i.e. the higher of
expensed as incurred. The transaction costs of ₹7 crore related the fair value less cost to sell and the value-in-use) is determined
to the acquisition have been included under administrative on an individual asset basis unless the asset does not generate
expenses in the Consolidated Statement of Profit and Loss for the cash flows that are largely independent of those from other
year ended March 31, 2023. assets. In such cases, the recoverable amount is determined for
the Cash Generating Unit (CGU) to which the asset belongs.
2.2 Property, plant and equipment If such assets are considered to be impaired, the impairment to
Accounting policy be recognized in the Consolidated Statement of Profit and Loss
Property, plant and equipment are stated at cost, less is measured by the amount by which the carrying value of the
accumulated depreciation and impairment, if any. Costs directly assets exceeds the estimated recoverable amount of the asset.
attributable to acquisition are capitalized until the property, An impairment loss is reversed in the Consolidated Statement of
plant and equipment are ready for use, as intended by the Profit and Loss if there has been a change in the estimates used
Management. The charge in respect of periodic depreciation is to determine the recoverable amount. The carrying amount
derived at after determining an estimate of an asset’s expected of the asset is increased to its revised recoverable amount,
useful life and the expected residual value at the end of its life. provided that this amount does not exceed the carrying amount
The Group depreciates property, plant and equipment over that would have been determined (net of any accumulated
their estimated useful lives using the straight-line method. depreciation) had no impairment loss been recognized for the
The estimated useful lives of assets are as follows : 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 is 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 25 years

Infosys Integrated Annual Report 2022-23 313

Consolidated Financial Statements

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2023 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, 2022 1,431 11,224 3,210 1,427 8,527 2,278 1,234 44 29,375
Additions – Business
Combination (Refer
to Note 2.1) – – – 5 6 1 2 – 14
Additions 2 337 273 122 1,510 364 220 2 2,830
Deletions * (2) – (182) (76) (1,563) (348) (25) (1) (2,197)
Translation
difference – 1 1 4 39 8 14 – 67
Gross carrying
value as at March
31, 2023 1,431 11,562 3,302 1,482 8,519 2,303 1,445 45 30,089
Accumulated
depreciation as at
April 1, 2022 – (4,100) (2,344) (1,150) (6,034) (1,779) (856) (37) (16,300)
Depreciation – (434) (273) (121) (1,322) (236) (187) (4) (2,577)
Accumulated
depreciation on
deletions * – – 181 76 1,556 347 21 1 2,182
Translation
difference – (1) (1) (3) (26) (7) (10) – (48)
Accumulated
depreciation as at
March 31, 2023 – (4,535) (2,437) (1,198) (5,826) (1,675) (1,032) (40) (16,743)
Carrying value as
at April 1, 2022 1,431 7,124 866 277 2,493 499 378 7 13,075
Carrying value as
at March 31, 2023 1,431 7,027 865 284 2,693 628 413 5 13,346
*
During the year ended March 31, 2023, certain assets which were not in use having gross book value of ₹1,918 crore (net book value: Nil) were retired.

The changes in the carrying value of property, plant and equipment for the year ended March 31, 2022 were 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

314 Infosys Integrated Annual Report 2022-23

Particulars Land – Buildings (1) Plant and Office Computer Furniture Leasehold Vehicles Total
Freehold machinery equipment equipment and improvements
fixtures
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 not in use having gross book value of ₹316 crore (net book value: Nil) respectively, were
retired.
(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.
Repairs and maintenance costs are recognized in the Consolidated Statement of Profit and Loss when incurred.

2.3 Capital work-in-progress

(In ₹ crore)

Particulars As at March 31,

2023 2022
Capital work-in-progress 288 416
Total capital work-in-progress 288 416

The capital work-in-progress ageing schedule for the years ended March 31, 2023 and March 31, 2022 is as follows :

(In ₹ crore)
Particulars Amount in capital-work-in progress for a period of
Less than 1 year 1-2 years 2-3 years More than 3 Total
years
Projects in progress 235 21 12 20 288
272 48 51 45 416
Total capital work-in-progress 235 21 12 20 288
272 48 51 45 416

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, 2023 and March 31, 2022 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
KL-SP-SDB1 114 – – – 114
– 27 – – 27
Infosys Integrated Annual Report 2022-23 315
Consolidated Financial Statements

Particulars To be completed in
Less than 1 year 1-2 years 2-3 years More than 3 Total
years
BN-SP-MET 20 – – – 20
– – – – –
NG-SZ-SDB1 – – – – –
89 – – – 89
BN-SP-RETRO – – – – –
30 – – – 30
BH-SZ-MLP – – – – –
116 – – – 116
Total capital work-in-progress (1)
134 – – – 134
235 27 – – 262
(1)
There are no subsidiaries in the Group having more than 10% of the total capital work-in-progress.

2.4 Goodwill and other intangible assets A summary of changes in the carrying amount of
2.4.1 Goodwill goodwill is as follows :
Accounting policy (In ₹ crore)
Goodwill represents the purchase consideration in excess of
Particulars As at March 31,
the Group's interest in the net fair value of identifiable assets,
liabilities and contingent liabilities of the acquired entity. 2023 2022
When the net fair value of the identifiable assets, liabilities and Carrying value at the beginning 6,195 6,079
contingent liabilities acquired exceeds purchase consideration,
Goodwill on acquisitions
the fair value of net assets acquired is reassessed and the bargain (Refer to Note 2.1) 630 –
purchase gain is recognized in capital reserve. Goodwill is
measured at cost less accumulated impairment losses. Translation differences 423 116
Carrying value at the end 7,248 6,195
Impairment
Goodwill is tested for impairment on an annual basis and For the purpose of impairment testing, goodwill acquired in
whenever there is an indication that the recoverable amount of a a business combination is allocated to the CGU or groups of
Cash Generating Unit (CGU) is less than its carrying amount. For CGUs, which benefit from the synergies of the acquisition.
the impairment test, goodwill is allocated to the CGU or groups The Group internally reviews the goodwill for impairment at
of CGUs which benefit from the synergies of the acquisition and the operating segment level, after allocation of the goodwill to
which represents the lowest level at which goodwill is monitored CGUs or groups of CGUs.
for internal management purposes. A CGU is the smallest The allocation of goodwill to operating segments as at
identifiable group of assets that generates cash inflows that are March 31, 2023 and March 31, 2022 is as follows :
largely independent of the cash inflows from other assets or
group of assets. Impairment occurs when the carrying amount of (In ₹ crore)
a CGU including the goodwill, exceeds the estimated recoverable
amount of the CGU. The recoverable amount of a CGU is the Segment As at March 31,
higher of its fair value less cost to sell and its value-in-use. 2023 2022
Value-in-use is the present value of future cash flows expected Financial services 1,465 1,366
to be derived from the CGU. Key assumptions in the cash flow
Retail 929 817
projections are prepared based on current economic conditions
and includes estimated long term growth rates, weighted Communication 668 619
average cost of capital and estimated operating margins. Energy, Utilities, Resources and
Services 1,152 1.070
Manufacturing 573 499
Life Sciences 943 407
5,730 4,778
Operating segments without
significant goodwill 559 531
Total 6,289 5,309

316 Infosys Integrated Annual Report 2022-23

The goodwill pertaining to Panaya amounting to ₹959 crore and and the level of maintenance expenditures required to obtain
₹886 crore as at March 31, 2023 and March 31, 2022, respectively the expected future cash flows from the asset. Amortization
is tested for impairment at the entity level. methods and useful lives are reviewed periodically, including at
each financial year end.
The recoverable amount of a CGU is the higher of its fair value
less cost to sell and its value-in-use. The fair value of a CGU is Research costs are expensed as incurred. Software product
determined based on the market capitalization. Value-in-use development costs are expensed as incurred unless technical
is determined based on discounted future cash flows. The key and commercial feasibility of the project is demonstrated, future
assumptions used for the calculations are as follows : economic benefits are probable, the Group has an intention and
ability to complete and use or sell the software and the costs can
(In %) be measured reliably. The costs which can be capitalized include
Particulars As at March 31,
the cost of material, direct labor, and overhead costs that are
directly attributable to prepare the asset for its intended use.
2023 2022
Long-term growth rate 8-10 8-10 Impairment
Operating margins 19-21 19-21 Intangible assets are evaluated for recoverability whenever
Discount rate 13 12 events or changes in circumstances indicate that their carrying
amounts may not be recoverable. For the purpose of impairment
The above discount rate is based on the Weighted Average Cost testing, the recoverable amount (i.e. the higher of the fair
of Capital (WACC) of the Company. As at March 31, 2023, the value less cost to sell and the value-in-use) is determined on an
estimated recoverable amount of the CGU exceeded its carrying individual asset basis unless the asset does not generate cash
amount. Reasonable sensitivities in key assumptions is unlikely to flows that are largely independent of those from other assets.
cause the carrying amount to exceed the recoverable amount of In such cases, the recoverable amount is determined for the CGU
the cash generating units. to which the asset belongs.
If such assets are considered to be impaired, the impairment to
2.4.2 Other intangible assets be recognized in the Consolidated Statement of Profit and Loss
Accounting policy is measured by the amount by which the carrying value of the
Intangible assets are stated at cost less accumulated amortization assets exceeds the estimated recoverable amount of the asset.
and impairment. Intangible assets are amortized over their An impairment loss is reversed in the Consolidated Statement of
respective individual estimated useful lives on a straight-line Profit and Loss if there has been a change in the estimates used
basis, from the date that they are available for use. The estimated to determine the recoverable amount. The carrying amount
useful life of an identifiable intangible asset is based on a of the asset is increased to its revised recoverable amount,
number of factors, including the effects of obsolescence, provided that this amount does not exceed the carrying amount
demand, competition, and other economic factors (such as the that would have been determined (net of any accumulated
stability of the industry, and known technological advances) amortization) had no impairment loss been recognized for the
asset in prior years.

The changes in the carrying value of acquired intangible assets for the year ended March 31, 2023 are as follows :

(In ₹ crore)

Particulars Customer- Software- Intellectual Brand or Others * Total

related related property Trademark-
rights- Related
related
Gross carrying value as at April 1, 2022 2,080 915 1 299 686 3,981
Additions - 62 – – – 62
Acquisition through business combination (Refer to Note 2.1) 274 – – 24 30 328
Deletions – (4) – – – (4)
Translation difference 153 58 – 23 58 292
Gross carrying value as at March 31, 2023 2,507 1,031 1 346 774 4,659
Accumulated amortization as at April 1, 2022 (1,279) (569) (1) (141) (284) (2,274)
Amortization expense (236) (84) – (45) (119) (484)
Deletions – 3 – – – 3
Translation differences (85) (38) – (9) (23) (155)
Accumulated amortization as at March 31, 2023 (1,600) (688) (1) (195) (426) (2,910)

Infosys Integrated Annual Report 2022-23 317

Consolidated Financial Statements

Particulars Customer- Software- Intellectual Brand or Others * Total

related related property Trademark-
rights- Related
related
Carrying value as at April 1, 2022 801 346 – 158 402 1,707
Carrying value as at March 31, 2023 907 343 – 151 348 1,749
Estimated useful life (in years) 1-15 3-10 – 3-10 3-7
Estimated remaining useful life (in years) 1-11 1-6 – 1-7 1-5

The changes in the carrying value of acquired intangible assets for the year ended March 31, 2022 were as follows :

(In ₹ crore)

Particulars Customer- Software- Intellectual Brand or Others *

Total
related related property Trademark-
rights- Related
related
Gross carrying value as at April 1, 2021 2,064 824 1 293 666 3,848
Additions – 85 – – – 85
Deletions – – – – – –
Translation difference 16 6 – 6 20 48
Gross carrying value as at March 31, 2022 2,080 915 1 299 686 3,981
Accumulated amortization as at April 1, 2021 (1,021) (492) (1) (99) (163) (1,776)
Amortization expense (238) (68) – (40) (118) (464)
Deletions – – – – – –
Translation differences (20) (9) – (2) (3) (34)
Accumulated amortization as at March 31, 2022 (1,279) (569) (1) (141) (284) (2,274)
Carrying value as at April 1, 2021 1,043 332 – 194 503 2,072
Carrying value as at March 31, 2022 801 346 – 158 402 1,707
Estimated useful life (in years) 1-15 3-10 – 3-10 3-7
Estimated remaining useful life (in years) 1-12 1-7 – 1-8 1-6

Majorly includes intangibles related to vendor relationships

*

The amortization expense has been included under depreciation and amortization expense in the Consolidated Statement of Profit and Loss.

Research and Development expenditure

Research and Development expense recognized in the Consolidated Statement of Profit and Loss for the years ended March 31, 2023 and
March 31, 2022 was ₹1,042 crore and ₹922 crore, respectively.

2.5 Investments
(In ₹ crore)

Particulars As at March 31,

2023 2022
Non-current
Unquoted
Investments carried at fair value through other comprehensive income
Preference securities 193 192
Equity instruments 3 2
196 194
Investments carried at fair value through profit or loss
Preference securities – 24
Compulsorily convertible debentures – 7

318 Infosys Integrated Annual Report 2022-23

Particulars As at March 31,
2023 2022
Target maturity fund units 402 –
Others (1) 169 152
571 183
Quoted
Investments carried at amortized cost
Government bonds 28 –
Tax-free bonds 1,742 1,901
1,770 1,901
Investments carried at fair value through other comprehensive income
Non-convertible debentures 2,713 3,718
Government securities 7,319 7,655
10,032 11,373
Total non-current investments 12,569 13,651
Current investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units 975 2,012
975 2,012
Investments carried at fair value through other comprehensive income
Commercial paper 742 –
Certificates of deposit 3,574 3,429
4,316 3,429
Quoted
Investments carried at amortized cost
Government bonds – 21
Tax-free bonds 150 200
150 221
Investments carried at fair value through other comprehensive income
Non-convertible debentures 1,155 495
Government securities 313 516
1,468 1,011
Total current investments 6,909 6,673
Total investments 19,478 20,324
Aggregate amount of quoted investments 13,420 14,506
Market value of quoted investments (including interest accrued), current 1,637 1,247
Market value of quoted investments (including interest accrued), non-current 12,042 13,612
Aggregate amount of unquoted investments 6,058 5,818
Investments carried at amortized cost 1,920 2,122
Investments carried at fair value through other comprehensive income 16,012 16,007
Investments carried at fair value through profit or loss 1,546 2,195
(1)
Uncalled capital commitments outstanding as at March 31, 2023 and March 31, 2022 was ₹92 crore and ₹28 crore, respectively.

Refer to Note 2.11 for accounting policies on Financial Instruments.

Infosys Integrated Annual Report 2022-23 319

Consolidated Financial Statements

The details of amounts recorded in other comprehensive income are as follows :

(In ₹ crore)

Particulars Year ended March 31, 2023 Year ended March 31, 2022
Gross Tax Net Gross Tax Net
Net gain / (loss) on
Non-convertible debentures (100) (1) (101) (13) 1 (12)
Certificates of deposit (1) – (1) 2 (1) 1
Government securities (162) 8 (154) (60) 22 (38)
Equity and preference securities (8) 1 (7) 119 (23) 96

Method of fair valuation

(In ₹ crore)

Class of investment Method Fair value as at March 31,

2023 2022
Liquid mutual fund units Quoted price 975 2,012
Target maturity fund units Quoted price 402 –
Tax-free bonds and government bonds Quoted price and market observable inputs 2,148 2,447
Non-convertible debentures Quoted price and market observable inputs 3,868 4,213
Government securities Quoted price and market observable inputs 7,632 8,171
Commercial papers Market observable inputs 742 –
Certificates of deposit Market observable inputs 3,574 3,429
Unquoted equity and preference securities – carried Discounted cash flows method, Market multiples 196 194
at fair value through other comprehensive income method, Option pricing model
Unquoted equity and preference securities – carried Discounted cash flows method, Market multiples – 24
at fair value through profit or loss method, Option pricing model
Unquoted compulsorily convertible debentures – Discounted cash flows method – 7
carried at fair value through profit or loss
Others Discounted cash flows method, Market multiples 169 152
method, Option pricing model
Total 19,706 20,649

Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

2.5.1 Details of investments

The details of investments in preference, equity and other instruments at March 31, 2023 and March 31, 2022 are as follows :

(In ₹ crore, except otherwise stated)

Particulars As at March 31,

2023 2022
Preference securities
Airviz, Inc. – –
2,89,695 (2,82,279) Series A Preferred Stock, fully paid-up, par value USD 0.001 each
Whoop, Inc. 53 150
1,10,59,340 (1,10,59,340) Series B Preferred Stock, fully paid-up, par value USD 0.0001 each
Nivetti Systems Private Limited 26 22
2,28,501 (2,28,501) Preferred Stock, fully paid-up, par value ₹1 each
Tidalscale, Inc. – 23
36,74,269 (36,74,269) Series B Preferred Stock

320 Infosys Integrated Annual Report 2022-23

Particulars As at March 31,
2023 2022
Ideaforge Technology Limited (formerly Ideaforge Technology Private Limited) 114 20
5,402 (5,402) Series A compulsorily convertible cumulative Preference shares of ₹10 each, fully paid-up
1,787 (Nil) Series B compulsorily convertible cumulative Preference shares of ₹10 each, fully paid-up
Total investment in preference securities 193 215
Equity instruments
Merasport Technologies Private Limited – –
2,420 (2,420) equity shares at ₹8,052 each, fully paid-up, par value ₹10 each
Global Innovation and Technology Alliance 2 2
15,000 (15,000) equity shares at ₹1,000 each, fully paid-up, par value ₹1,000 each
Ideaforge Technology Limited (formerly Ideaforge Technology Private Limited) 1 –
22,600 (100) equity shares at ₹10, fully paid-up
Total investment in equity instruments 3 2
Compulsorily convertible debentures
Ideaforge Technology Limited (formerly Ideaforge Technology Private Limited) – 7
Nil (3,886) compulsorily convertible debentures, fully paid-up, par value ₹19,300 each
Total investment in compulsorily convertible debentures – 7
Others
Stellaris Venture Partners India 82 76
The House Fund II, L.P. 84 77
The House Fund III, L.P. 3 –
Total investment in others 169 153
Total 365 377

2.6 Loans 2.7 Other financial assets

(In ₹ crore) (In ₹ crore)

Particulars As at March 31, Particulars As at March 31,

2023 2022 2023 2022
Non-current Non-current
Loans considered good – Unsecured Security deposits (1) 47 47
Other loans Rental deposits (1) 240 186
Loans to employees 39 34 Unbilled revenues (1)# 1,185 695
39 34 Net investment in sublease of
Loans credit impaired – Unsecured right-of-use asset (1) 305 322

Other loans Restricted deposits (1) *

96 33

Loans to employees 2 – Others (1) 925 177

Less: Allowance for credit (2) – Total non-current other financial

impairment assets 2,798 1,460
– – Current

Total non-current loans 39 34 Security deposits (1) 10 7

Current Rental deposits (1) 32 58

Loans considered good – Unsecured Restricted deposits (1) * 2,348 2,177

Other loans Unbilled revenues (1)#

8,317 5,659

Loans to employees 289 248 Interest accrued but not due (1) 488 362

Total current loans 289 248 Foreign currency forward and

options contracts (2) (3) 101 143
Total loans 328 282
Infosys Integrated Annual Report 2022-23 321
Consolidated Financial Statements

Particulars As at March 31, 2.8 Trade receivables

(In ₹ crore)
2023 2022
Net investment in sublease of Particulars As at March 31,
right of-use-asset (1) 53 50 2023 2022
Others (1) 255 271 Current
Total current other financial assets 11,604 8,727 Trade receivable considered
Total other financial assets 14,402 10,187 good – Unsecured 25,965 23,252
(1)
Financial assets carried at amortized Less: Allowance for expected
cost 14,301 10,044 credit loss 541 554
(2)
Financial assets carried at fair value Trade receivable considered
through other comprehensive income 32 20 good – Unsecured 25,424 22,698
(3)
Financial assets carried at fair value Trade receivable – credit impaired
through profit or loss 69 123
Unsecured 142 113
Restricted deposits represent deposits with financial institutions to settle
*
Less: Allowance for credit
employee related obligations as and when they arise during the normal impairment 142 113
course of business.
Trade receivable – credit
#
Classified as financial asset as right to consideration is unconditional and
is due only after a passage of time.
impaired Unsecured – –
Total trade receivables 25,424 22,698

The trade receivables ageing schedule for the years ended as on March 31, 2023 and March 31, 2022 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 18,397 7,501 58 3 4 2 25,965
17,394 5,561 230 11 35 21 23,252
Undisputed trade receivables – credit
impaired 14 7 2 4 69 38 134
– 1 3 62 34 4 104
Disputed trade receivables – considered good – – – – – – –
– – – – – – –
Disputed trade receivables – credit impaired – – – – 3 5 8
– – – 4 – 5 9
18,411 7,508 60 7 76 45 26,107
17,394 5,562 233 77 69 30 23,365
Less: Allowance for credit loss – – – – – – 683
– – – – – – 667
Total trade receivables – – – – – – 25,424
– – – – – – 22,698

322 Infosys Integrated Annual Report 2022-23

2.9 Cash and cash equivalents As at March 31,
Particulars
(In ₹ crore)
2023 2022
Particulars As at March 31, Withholding taxes and others 3,268 1,941
2023 2022 Prepaid expenses 2,745 1,996
Balances with banks Deferred contract cost –
In current and deposit accounts 10,026 13,942 Cost of obtaining a contract *
853 858
Cash on hand – – Cost of fulfillment 175 91
Others Other receivables 261 325
Deposits with financial Total current other assets 14,476 11,313
institutions 2,147 3,530
Total other assets 16,794 13,342
Total cash and cash equivalents 12,173 17,472
Balances with banks in unpaid
#
Classified as non-financial asset as the contractual right to consideration is
dividend accounts 37 36 dependent on completion of contractual milestones.
*
Includes technology assets taken over by the Group from a customer
Deposit with more than 12 months as a part of transformation project which is not considered as distinct
maturity 833 1,616 goods or services, and the control related to the assets is not transferred
Balances with banks held as margin to the Group in accordance with Ind AS 115, Revenue from Contract with
Customers. Accordingly, the same has been considered as a reduction
money deposits against guarantees – 1
to the total contract value and accounted as deferred contract cost.
The Group has entered into financing arrangements with a third party for
Cash and cash equivalents as at March 31, 2023 and these assets. As at March 31, 2023, the financial liability pertaining to such
March 31, 2022 include restricted cash and bank balances of arrangements amounts to ₹731 crore. This includes ₹118 crore settled
₹362 crore and ₹471 crore, respectively. The restrictions are directly by the third party to the customer on behalf of the Group and
accordingly considered as non-cash transaction (Refer to Note 2.13).
primarily on account of bank balances held by irrevocable trusts
controlled by the Company. Withholding taxes and others primarily consist of input tax
credits and Cenvat recoverable from Government of India.
The deposits maintained by the Group with banks and
financial institutions comprise time deposits, which can be
withdrawn by the Group at any point without prior notice or 2.11 Financial instruments
penalty on the principal. Accounting policy
2.11.1 Initial recognition
2.10 Other assets The Group recognizes financial assets and financial liabilities
(In ₹ crore) when it becomes a party to the contractual provisions of the
As at March 31, instrument. All financial assets and liabilities are recognized
Particulars
at fair value on initial recognition, except for trade receivables
2023 2022 which are initially measured at transaction price. Transaction
Non-current costs that are directly attributable to the acquisition or issue
Capital advances 159 88 of financial assets and financial liabilities, which are not at fair
value through profit or loss, are added to the fair value on initial
Advances other than capital advances
recognition. Regular way purchase and sale of financial assets are
Others accounted for at trade date.
Withholding taxes and others 684 674
2.11.2 Subsequent measurement
Unbilled revenues #
264 246
a. Non-derivative financial instruments
Defined benefit plan assets 36 20
(i) Financial assets carried at amortized cost
Prepaid expenses 332 99
A financial asset is subsequently measured at amortized cost
Deferred contract cost
if it is held within a business model whose objective is to hold
Cost of obtaining a contract * 191 593 the asset in order to collect contractual cash flows and the
Cost of fulfillment 652 309 contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and
Total non-current other assets 2,318 2,029 interest on the principal amount outstanding.
Current
(ii) Financial assets carried at fair value through other
Advances other than capital advances comprehensive income (FVOCI)
Payment to vendors for supply of
A financial asset is subsequently measured at fair value through
goods 202 193
other comprehensive income if it is held within a business model
Others whose objective is achieved by both collecting contractual cash
Unbilled revenues # 6,972 5,909 flows and selling financial assets and the contractual terms of the

Infosys Integrated Annual Report 2022-23 323

Consolidated Financial Statements

financial asset give rise on specified dates to cash flows that are or is sold, terminated or exercised, the cumulative gain or loss
solely payments of principal and interest on the principal amount on the hedging instrument recognized in cash flow hedging
outstanding. The Group has made an irrevocable election for its reserve, till the period the hedge was effective, remains in
investments which are classified as equity instruments to present cash flow hedging reserve until the forecasted transaction
the subsequent changes in fair value in other comprehensive occurs. The cumulative gain or loss previously recognized in
income based on its business model. the cash flow hedging reserve is transferred to the net profit
in the Consolidated Statement of Profit and Loss upon the
(iii) Financial assets carried at fair value through profit or loss
occurrence of the related forecasted transaction. If the forecasted
A financial asset which is not classified in any of the above transaction is no longer expected to occur, then the amount
categories is subsequently fair valued through profit or loss. accumulated in cash flow hedging reserve is reclassified to net
profit in the Consolidated Statement of Profit and Loss.
(iv) Financial liabilities
Financial liabilities are subsequently carried at amortized cost 2.11.3 Derecognition of financial instruments
using the effective interest method, except for contingent The Group derecognizes a financial asset when the contractual
consideration and financial liability under option arrangements rights to the cash flows from the financial asset expire or
recognized in a business combination, which is subsequently it transfers the financial asset and the transfer qualifies for
measured at fair value through profit or loss. derecognition under Ind AS 109. A financial liability (or a part of a
financial liability) is derecognized from the Group's Balance Sheet
b. Derivative financial instruments when the obligation specified in the contract is discharged or
The Group holds derivative financial instruments, such as foreign cancelled or expires.
exchange forward and option contracts, to mitigate the risk
of changes in exchange rates on foreign currency exposures. 2.11.4 Fair value of financial instruments
The counterparty for such contracts is generally a bank. In determining the fair value of its financial instruments, the
(i) Financial assets or financial liabilities, carried at fair value Group uses a variety of methods and assumptions that are based
through profit or loss. on market conditions and risks existing at each reporting date.
The methods used to determine fair value include discounted
This category includes derivative financial assets or liabilities cash flow analysis, option pricing model, market multiples,
which are not designated as hedges. available quoted market prices and dealer quotes. All methods of
Although the Group believes that these derivatives constitute assessing fair value result in general approximation of value, and
hedges from an economic perspective, they may not qualify such value may never actually be realized.
for hedge accounting under Ind AS 109, Financial Instruments. Refer to table 'Financial instruments by category' below for the
Any derivative that is either not designated as hedge, or disclosure on carrying value and fair value of financial assets and
is so designated but is ineffective as per Ind AS 109, is liabilities. For financial assets and liabilities maturing within one
categorized as a financial asset or financial liability, at fair value year from the Balance Sheet date and which are not carried at fair
through profit or loss. value, the carrying amounts approximates fair value due to the
Derivatives not designated as hedges are recognized initially at short maturity of these instruments.
fair value and attributable transaction costs are recognized in
net profit in the Consolidated Statement of Profit and Loss when 2.11.5 Impairment
incurred. Subsequent to initial recognition, these derivatives are The Group recognizes loss allowances using the expected credit
measured at fair value through profit or loss and the resulting loss (ECL) model for the financial assets and unbilled revenue
exchange gains or losses are included in other income. Assets / which are not fair valued through profit or loss. Loss allowance
liabilities in this category are presented as current assets / current for trade receivables and unbilled revenues with no significant
liabilities if they are either held for trading or are expected to be financing component is measured at an amount equal to
realized within 12 months after the Balance Sheet date. lifetime ECL. For all other financial assets, ECLs are measured at
an amount equal to the 12-month ECL, unless there has been a
(ii) Cash flow hedge
significant increase in credit risk from initial recognition, in which
The Group designates certain foreign exchange forward case those are measured at lifetime ECL.
and options contracts as cash flow hedges to mitigate
The Group determines the allowance for credit losses based
the risk of foreign exchange exposure on highly probable
on historical loss experience adjusted to reflect current
forecasted cash transactions
and estimated future economic conditions. The Group
When a derivative is designated as a cash flow hedging considers current and anticipated future economic
instrument, the effective portion of changes in the fair value of conditions relating to industries the Group deals with and the
the derivative is recognized in other comprehensive income and countries where it operates.
accumulated in the cash flow hedging reserve. Any ineffective
The amount of ECL (or reversal) that is required to adjust the loss
portion of changes in the fair value of the derivative is recognized
allowance at the reporting date to the amount that is required
immediately in the net profit in the Consolidated Statement
to be recorded is recognized as an impairment loss or gain in
of Profit and Loss. If the hedging instrument no longer meets
Consolidated Statement of Profit and Loss.
the criteria for hedge accounting, then hedge accounting is
discontinued prospectively. If the hedging instrument expires

324 Infosys Integrated Annual Report 2022-23

Financial instruments by category
The carrying value and fair value of financial instruments by categories as at March 31, 2023 are as follows :

(In ₹ crore)

Particulars Amortized Financial assets / liabilities Financial assets / liabilities Total Total fair
cost at fair value through profit at fair value through OCI carrying value
or loss value
Designated Mandatory Equity Mandatory
upon initial instruments
recognition designated
upon initial
recognition
Assets
Cash and cash equivalents (Refer to
Note 2.9) 12,173 – – – – 12,173 12,173
Investments (Refer to Note 2.5)
Equity and preference securities – – – 196 – 196 196
Tax-free bonds and government
bonds 1,920 – – – – 1,920 2,148(1)
Liquid mutual fund units – – 975 – – 975 975
Target maturity fund units – – 402 – – 402 402
Non-convertible debentures – – – – 3,868 3,868 3,868
Government securities – – – – 7,632 7,632 7,632
Commercial paper – – – – 742 742 742
Certificates of deposit – – – – 3,574 3,574 3,574
Other investments – – 169 – – 169 169
Trade receivables (Refer to Note 2.8) 25,424 – – – – 25,424 25,424
Loans (Refer to Note 2.6) 328 – – – – 328 328
Other financial assets
(Refer to Note 2.7) (3) 14,301 – 69 – 32 14,402 14,318(2)
Total 54,146 – 1,615 196 15,848 71,805 71,949
Liabilities
Trade payables 3,865 – – – – 3,865 3,865
Lease liabilities (Refer to Note 2.21) 8,299 – – – – 8,299 8,299
Financial liability under option
arrangements (Refer to Note 2.13) – – 600 – – 600 600
Other financial liabilities
(Refer to Note 2.13) 17,359 – 161 – 14 17,534 17,534
Total 29,523 – 761 – 14 30,298 30,298
(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 ₹84 crore
(3)
Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones

Infosys Integrated Annual Report 2022-23 325

Consolidated Financial Statements

The carrying value and fair value of financial instruments by categories as at March 31, 2022 were as follows :

(In ₹ crore)

Particulars Amortized Financial assets / liabilities Financial assets / liabilities Total Total fair
cost at fair value through profit at fair value through OCI carrying value
or loss value
Designated Mandatory Equity Mandatory
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
Certificates of deposit – – – – 3,429 3,429 3,429
Other investments – – 152 – – 152 152
Trade receivables (Refer to Note 2.8) 22,698 – – – – 22,698 22,698
Loans (Refer to Note 2.6) 282 – – – – 282 282
Other financial 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

For trade receivables, 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).

326 Infosys Integrated Annual Report 2022-23

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2023 is as follows :

(In ₹ crore)

Particulars As at March Fair value measurement at end of the

31, 2023 reporting period using
Level 1 Level 2 Level 3
Assets
Investments (Refer to Note 2.5)
Liquid mutual funds 975 975 – –
Target maturity fund units 402 402 – –
Tax-free bonds 2,120 1,331 789 –
Government bonds 28 28 – –
Non-convertible debentures 3,868 1,793 2,075 –
Government securities 7,632 7,549 83 –
Equity instruments 3 – – 3
Preference securities 193 – – 193
Commercial paper 742 – 742 –
Certificates of deposit 3,574 – 3,574 –
Other investments 169 – – 169
Others
Derivative financial instruments gain on outstanding foreign exchange forward
and option contracts (Refer to Note 2.7) 101 – 101 –
Liabilities
Derivative financial instruments loss on outstanding foreign exchange forward and
option contracts (Refer to Note 2.13) 78 – 78 –
Financial liability under option arrangements (Refer to Note 2.13) (1)
600 – – 600
Liability towards contingent consideration (Refer to Note 2.13)(1) 97 – – 97
(1)
Discount rate ranges from 10% to 15%

During the year ended March 31, 2023, government securities and tax-free bonds of ₹383 crore was transferred from Level 2 to Level 1 of
fair value hierarchy, since these were valued based on quoted price. Further, non-convertible debentures of ₹1,611 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, 2022 was as follows :

(In ₹ crore)

Particulars As at March Fair value measurement at end of the

31, 2022 reporting period using
Level 1 Level 2 Level 3
Assets
Investments (Refer to Note 2.5)
Liquid mutual funds 2,012 2,012 – –
Tax-free bonds 2,425 1,238 1,187 –
Government bonds 22 22 – –
Non-convertible debentures 4,213 3,736 477 –
Government securities 8,171 8,046 125 –
Equity instruments 2 – – 2
Preference securities 216 – – 216
Certificates of deposit 3,429 – 3,429 –
Compulsorily convertible debentures 7 – – 7

Infosys Integrated Annual Report 2022-23 327

Consolidated Financial Statements

Particulars As at March Fair value measurement at end of the

31, 2022 reporting period using
Level 1 Level 2 Level 3
Other investments 152 – – 152
Others
Derivative financial instruments gain on outstanding foreign exchange
forward and option contracts (Refer to Note 2.7) 143 – 143 –
Liabilities
Derivative financial instruments loss on outstanding foreign exchange forward
and option contracts (Refer to Note 2.13) 61 – 61 –
Financial liability under option arrangements (Refer to Note 2.13) (1)
655 – – 655
Liability towards contingent consideration (Refer to Note 2.13)(1) 123 – – 123
(1)
Discount rate pertaining to contingent consideration ranges from 8% to 14.5% .

During the year ended March 31, 2022, tax-free bonds and non- exposure to credit risk is influenced mainly by the individual
convertible debentures of ₹576 crore were transferred from Level characteristic of each customer and the concentration of risk
2 to Level 1 of fair value hierarchy, since these were valued based from the top few customers.
on quoted price. Further, tax-free bonds and non-convertible
debentures of ₹965 crore was transferred from Level 1 to Level Market risk
2 of fair value hierarchy, since these were valued based on The Group operates internationally and a major portion of the
market observable inputs. business is transacted in several currencies and consequently
A one percentage point change in the unobservable inputs used the Group is exposed to foreign exchange risk through its sales
in fair valuation of Level 3 assets and liabilities does not have a and services in the United States and elsewhere, and purchases
significant impact in its value. from overseas suppliers in various foreign currencies. The Group
holds derivative financial instruments, such as foreign exchange
Financial risk management forward and option contracts, to mitigate the risk of changes
in exchange rates on foreign currency exposures. The Group is
Financial risk factors also exposed to foreign exchange risk arising on intercompany
The Group's activities expose it to a variety of financial risks: transaction in foreign currencies. The exchange rate between
market risk, credit risk and liquidity risk. The Group's primary the Indian rupee and foreign currencies has changed
focus is to foresee the unpredictability of financial markets substantially in recent years and may fluctuate substantially in
and seek to minimize potential adverse effects on its financial the future. Consequently, the results of the Group’s operations
performance. The primary market risk to the Group is foreign are adversely affected as the rupee appreciates / depreciates
exchange risk. The Group uses derivative financial instruments against these currencies.
to mitigate foreign exchange related risk exposures. The Group's

The foreign currency risk from financial assets and liabilities as at March 31, 2023 is as follows :

(In ₹ crore)

Particulars US Dollar Euro UK Pound Australian Other Total

Sterling Dollar currencies
Net financial assets 20,777 7,459 1,816 1,809 2,604 34,465
Net financial liabilities (12,148) (3,734) (737) (953) (2,208) (19,780)
Total 8,629 3,725 1,079 856 396 14,685

The foreign currency risk from financial assets and liabilities as at March 31, 2022 was as follows :

(In ₹ crore)

Particulars US Dollar Euro UK Pound Australian Other Total

Sterling Dollar currencies
Net financial assets 18,224 4,976 1,510 1,350 2,115 28,175
Net financial liabilities (9,205) (3,158) (666) (975) (1,806) (15,810)
Total 9,019 1,818 844 375 309 12,365

328 Infosys Integrated Annual Report 2022-23

Sensitivity analysis between Indian rupee and US Dollar
Particulars Year ended March 31,
2023 2022
Impact on the Group's incremental operating margins 0.44% 0.46%

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.

Derivative financial instruments

The Group holds derivative financial instruments such as foreign currency forward and option contracts to mitigate the risk of changes
in exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank. These derivative financial
instruments are valued based on quoted prices for similar assets and liabilities in active markets or inputs that are directly or indirectly
observable in the marketplace.
The details in respect of outstanding foreign currency forward and option contracts are as follows :

Particulars As at March 31, 2023 As at March 31, 2023

In million In ₹ crore In million In ₹ crore
Derivatives designated as cash flow hedges
Forward contracts
In Euro – – 8 67
Option contracts
In Australian Dollar 140 770 185 1,050
In Euro 325 2,907 280 2,358
In UK Pound Sterling 55 559 32 318
Other derivatives
Forward contracts
In Australian Dollar 10 55 – –
In Brazilian Real – – 6 8
In Canadian Dollar – – 34 205
In Chinese Yuan 41 49 38 45
In Czech Koruna 364 134 296 101
In Euro 316 2,825 297 2,501
In New Zealand Dollar 30 154 20 105
In Norwegian Krone 100 79 80 70
In Singapore Dollar 204 1,245 252 1,366
In Swiss Franc 1 8 15 123
In US Dollar 1,670 13,726 1,166 8,853
In UK Pound Sterling 86 877 65 646
In South African rand 85 39 45 24
Option contracts
In Australian Dollar 30 165 – –
In Euro 160 1,431 81 682
In UK Pound Sterling 15 153 – –
In US Dollar 300 2,465 677 5,131
Total forward and option contracts 27,641 23,653

Infosys Integrated Annual Report 2022-23 329

Consolidated Financial Statements

The foreign exchange forward and option 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
2023 2022 Loss at the time of the hedge relationship rebalancing.
Not later than one month 13,155 6,237
The reconciliation of cash flow hedge reserve for the years ended
Later than one month and not later March 31, 2023 and March 31, 2022 is as follows :
than three months 11,159 12,444
Later than three months and not later (In ₹ crore)
than one year 3,327 4,972 Particulars Year ended March 31,
Total 27,641 23,653
2023 2022
Gain / (Loss)
During the years ended March 31, 2023 and March 31, 2022, the
Group has designated certain foreign exchange forward and Balance at the beginning of the year 2 10
option contracts as cash flow hedges to mitigate the risk of Gain / (Loss) recognised in other 90 102
foreign exchange exposure on highly probable forecasted cash comprehensive income during the
transactions. The related hedge transactions for balance in cash year
flow hedges as of March 31, 2023 are expected to occur and will
Amount reclassified to profit or loss (99) (113)
be reclassified to the Consolidated Statement of Profit and Loss
during the year
within three months.
Tax impact on above 2 3
The Group determines the existence of an economic relationship
Balance at the end of the period (5) 2
between the hedging instrument and the hedged item based
on the currency, amount and timing of its forecasted cash flows.
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 realise 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)

Particulars As at March 31, 2023 As at March 31, 2022

Derivative Derivative Derivative Derivative
financial asset financial liability financial asset financial liability
Gross amount of recognized financial asset / liability 127 (104) 179 (97)
Amount set off (26) 26 (36) 36
Net amount presented in Balance Sheet 101 (78) 143 (61)

Credit risk located in the US. Credit risk has always been managed by the
Credit risk refers to the risk of default on its obligation by Group through credit approvals, establishing credit limits and
the counterparty resulting in a financial loss. The maximum continuously monitoring the creditworthiness of customers
exposure to the credit risk at the reporting date is primarily to which the Group grants credit terms in the normal course
from trade receivables amounting to ₹25,424 crore and ₹22,698 of business. The Group uses the expected credit loss model
crore as at March 31, 2023 and March 31, 2022, respectively and to assess any required allowances; and uses a provision matrix
unbilled revenues amounting to ₹16,738 crore and ₹12,509 to compute the expected credit loss allowance for trade
crore as at March 31, 2023 and March 31, 2022, respectively. receivables and unbilled revenues. This matrix takes into
Trade receivables and unbilled revenues are typically unsecured account credit reports and other related credit information to
and are derived from revenues from customers primarily the extent available.

330 Infosys Integrated Annual Report 2022-23

The Group's exposure to credit risk is influenced mainly Days Sales Outstanding was 62 days and 67 days as of
by the individual characteristic of each customer and the March 31, 2023 and March 31, 2022, respectively.
concentration of risk from the top few customers. Exposure
Credit risk on cash and cash equivalents is limited as the Group
to customers is diversified and there is no single customer
generally invests in deposits with banks and financial institutions
contributing more than 10% of outstanding trade receivables
with high ratings, assigned by international and domestic credit
and unbilled revenues.
rating agencies. Ratings are monitored periodically and the
The details in respect of percentage of revenues generated from the Group has considered the latest available credit ratings as at the
top five customers and top ten customers are as follows : date of approval of these Consolidated financial statements.

(In %)
Majority of investments of the Group are fair valued based on
Level 1 or Level 2 inputs. These investments primarily include
Particulars Year ended March 31, investment in liquid mutual fund units, target maturity fund
2023 2022 units, tax-free bonds, certificates of deposit, commercial paper,
Revenue from top five customers 12.7 11.4 treasury bills, government securities, quoted bonds issued by
government and quasi-government organizations and non-
Revenue from top ten customers 20.2 19.3 convertible debentures. The Group invests after considering
Credit risk exposure counterparty risks based on multiple criteria including Tier I
capital, capital adequacy ratio, credit rating, profitability, NPA
The Group’s credit period generally ranges from 30-75 days. levels and deposit base of banks and financial institutions.
The allowance for lifetime ECL on customer balances for the years These risks are monitored regularly as per the Group's
ended March 31, 2023 and March 31, 2022 was ₹228 crore and risk management program.
₹143 crore, respectively.
Liquidity risk
The movement in credit loss allowance on customer
Liquidity risk is defined as the risk that the Group will not be able
balance is as follows :
to settle or meet its obligations on time.
(In ₹ crore) The Group's principal sources of liquidity are cash and cash
Particulars Year ended March 31, equivalents and the cash flow that is generated from operations.
The Group has no outstanding borrowings. The Group
2023 2022 believes that the working capital is sufficient to meet its
Balance at the beginning 858 752 current requirements.
Impairment loss recognized / 228 143 As at March 31, 2023, the Group had a working capital of ₹31,695
(reversed), net crore including cash and cash equivalents of ₹12,173 crore
Amounts written off (166) (62) and current investments of ₹6,909 crore. As at March 31, 2022,
Translation differences 41 25 the Group had a working capital of ₹33,582 crore including
cash and cash equivalents of ₹17,472 crore and current
Balance at the end 961 858
investments of ₹6,673 crore.
Credit exposure As at March 31, 2023 and March 31, 2022, the outstanding
compensated absences were ₹2,482 crore and ₹2,274 crore,
(In ₹ crore) respectively, which have been substantially funded. Accordingly,
Particulars As at March 31, no liquidity risk is perceived.
2023 2022
Trade receivables 25,424 22,698
Unbilled revenues 16,738 12,509

The details regarding the contractual maturities of significant financial liabilities as at March 31, 2023 are as follows :

(In ₹ crore)
Particulars Less than 1 year 1-2 years 2-4 years 4-7 years Total
Trade payables 3,865 – – – 3,865
Financial liability under option arrangements (Refer to Note 2.13) 600 – – – 600
Other financial liabilities (excluding liability towards contingent
consideration) on an undiscounted basis (Refer to Note 2.13) 15,403 1,532 438 13 17,386
Liability towards contingent consideration on an undiscounted
basis (Refer to Note 2.13) 101 – – – 101

Infosys Integrated Annual Report 2022-23 331

Consolidated Financial Statements

The details regarding the contractual maturities of significant financial liabilities as at March 31, 2022 were 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
Financial liability under option arrangements (Refer to Note 2.13) – 72 80 503 655
Other financial liabilities (excluding liability towards contingent
consideration) (Refer to Note 2.13) 13,539 1,089 457 10 15,095
Liability towards contingent consideration on an undiscounted
basis (Refer to Note 2.13) 68 25 39 – 132

2.12 Equity provisions of Sec 10AA (1)(ii) of Income-tax Act, 1961. The reserve
Accounting policy should be utilized by the Company for acquiring new plant
and machinery for the purpose of its business in terms of the
Ordinary shares
provisions of the Sec 10AA (2) of the Income-tax Act, 1961.
Ordinary shares are classified as equity share capital. Incremental
Other components of equity
costs directly attributable to the issuance of new ordinary shares,
share options and buyback are recognized as a deduction from Other components of equity include currency translation,
equity, net of any tax effects. remeasurement of net defined benefit liability / asset, equity
instruments fair valued through other comprehensive income,
Treasury shares
changes on fair valuation of investments and changes in fair
When any entity within the Group purchases the Company's value of derivatives designated as cash flow hedges, net of taxes.
ordinary shares, the consideration paid including any directly
Currency translation reserve
attributable incremental cost is presented as a deduction
from total equity, until they are cancelled, sold or reissued. The exchange differences arising from the translation of financial
When treasury shares are sold or reissued subsequently, the statements of foreign subsidiaries with functional currency other
amount received is recognized as an increase in equity, and the than the Indian rupees is recognized in other comprehensive
resulting surplus or deficit on the transaction is transferred to / income and is presented within equity.
from securities premium.
Cash flow hedge reserve
Description of reserves When a derivative is designated as a cash flow hedging
Capital redemption reserve instrument, the effective portion of changes in the fair value of
the derivative is recognized in other comprehensive income and
In accordance with Section 69 of the Indian Companies Act, 2013, accumulated in the cash flow hedging reserve. The cumulative
the Company creates capital redemption reserve equal to the gain or loss previously recognized in the cash flow hedging
nominal value of the shares bought back as an appropriation reserve is transferred to the Consolidated Statement of Profit and
from general reserve / retained earnings. Loss upon the occurrence of the related forecasted transaction.
Retained earnings
2.12.1 Equity share capital
Retained earnings represent the amount of accumulated
(In ₹ crore, except as otherwise stated)
earnings of the Group.
Particulars As at March 31,
Securities premium
2023 2022
The amount received in excess of the par value of equity
Authorized
shares has been classified as securities premium. Amounts
have been utilized for bonus issue and share buyback from Equity shares, ₹5 par value
share premium account. 480,00,00,000 (480,00,00,000) 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) 2,069 2,098
employees. The amounts recorded in share options outstanding 413,63,87,925 (419,30,12,929) equity
account are transferred to securities premium, upon exercise of shares fully paid-up (2)
stock options, and transferred to general reserve on account of 2,069 2,098
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 1,21,72,119 (1,37,25,712)
created out of the profit of the eligible SEZ unit in terms of the

332 Infosys Integrated Annual Report 2022-23

The Company has only one class of shares referred to as equity Buyback completed in February 2023
shares having a par value of ₹5. Each holder of equity shares is
In line with the Capital Allocation Policy, the Board, at its meeting
entitled to one vote per share. The equity shares represented by
held on October 13, 2022, approved the buyback of equity
American Depositary Shares (ADS) carry similar rights to voting
shares, from the open market route through the Indian stock
and dividends as the other equity shares. Each ADS represents
exchanges, amounting to ₹9,300 crore (Maximum Buyback Size,
one underlying equity share.
excluding buyback tax) at a price not exceeding ₹1,850 per share
In the event of liquidation of the Company, the holders of equity (Maximum Buyback Price), subject to shareholders' approval by
shares will be entitled to receive any of the remaining assets way of Postal Ballot.
of the Company in proportion to the number of equity shares
The shareholders approved the proposal of buyback of equity
held by the shareholders, after distribution of all preferential
shares recommended by its Board of Directors by way of
amounts. However, no such preferential amounts exist currently,
e-voting on the postal ballot, the results of which were declared
other than the amounts held by irrevocable controlled trusts.
on December 3, 2022. The buyback was offered to all equity
For irrevocable controlled trusts, the corpus would be settled in
shareholders of the Company (other than the Promoters, the
favor of the beneficiaries.
Promoter Group and Persons in Control of the Company) under
For details of shares reserved for issue under the employee stock the open market route through the stock exchange. The buyback
option plan of the Company refer to the note below. of equity shares through the stock exchange commenced on
December 7, 2022 and was completed on February 13, 2023.
In the period of five years immediately preceding During this buyback period, the Company had purchased and
March 31, 2023: extinguished a total of 6,04,26,348 equity shares from the stock
Bonus issue exchange at a volume weighted average buyback price of
₹1,539.06 per equity share comprising 1.44% of the pre-buyback
The Company has allotted 218,41,91,490 fully paid-up shares of paid-up equity share capital of the Company. The buyback
face value ₹5 each during the quarter ended September 30, 2018 resulted in a cash outflow of ₹9,300 crore (excluding transaction
pursuant to bonus issue approved by the shareholders through costs and tax on buyback). The Company funded the buyback
postal ballot. The bonus shares were issued by capitalization from its free reserves including Securities Premium as explained
of profits transferred from general reserve. Bonus share of one in Section 68 of the Companies Act, 2013.
equity share for every equity share held, and a bonus issue, viz., a
stock dividend of one American Depositary Share (ADS) for every In accordance with Section 69 of the Companies Act, 2013, as at
ADS held, respectively, has been allotted. Consequently, the March 31, 2023, the Company has created ‘Capital Redemption
ratio of equity shares underlying the ADSs held by an American Reserve’ of ₹30 crore equal to the nominal value of the
Depositary Receipt holder remains unchanged. Options granted shares bought back as an appropriation from general reserve
under the stock option plan have been adjusted for bonus shares and retained earnings.
wherever appropriate. Buyback completed in September 2021
The bonus shares once allotted shall rank pari passu in all In line with the Capital Allocation Policy, the Board, at its meeting
respects and carry the same rights as the existing equity held on April 14, 2021, approved the buyback of equity shares,
shareholders and shall be entitled to participate in full, in from the open market route through the Indian stock exchanges,
any dividend and other corporate action, recommended and amounting to ₹9,200 crore (Maximum Buyback Size, excluding
declared after the new equity shares are allotted. buyback tax) at a price not exceeding ₹1,750 per share (Maximum
Buyback Buyback Price), subject to shareholders' approval in the ensuing
Annual General Meeting.
In the period of five years immediately preceding March 31, 2023,
including the buyback completed in February 2023 the Company The shareholders approved the proposal of buyback of Equity
had purchased and extinguished a total of 22,67,52,951 fully paid- Shares recommended by its Board of Directors in the Annual
up equity shares of face value ₹5 each from the stock exchange. General meeting held on June 19, 2021.
The Company has only one class of equity shares. The buyback was offered to all equity shareholders of the
Capital Allocation Policy Company (other than the Promoters, the Promoter Group and
Persons in Control of the Company) under the open market
Effective fiscal 2020, the Company expects to return route through the stock exchange. The buyback of equity shares
approximately 85% of the free cash flow cumulatively over a through the stock exchange commenced on June 25, 2021 and
5-year period through a combination of semi-annual dividends was completed on September 8, 2021. During this buyback
and / or share buyback and / or special dividends, subject period, the Company had purchased and extinguished a total of
to applicable laws and requisite approvals, if any. Free cash 5,58,07,337 equity shares from the stock exchange at a volume
flow is defined as net cash provided by operating activities weighted average buy back price of ₹1,648.53 per equity share
less capital expenditure as per the Consolidated Statement comprising 1.31% of the pre buyback paid-up equity share
of Cash Flows prepared under IFRS. Dividend and buyback capital of the Company. The buyback resulted in a cash outflow
include applicable taxes. of ₹9,200 crore (excluding transaction costs and tax on buyback).

Infosys Integrated Annual Report 2022-23 333

Consolidated Financial Statements

The Company funded the buyback from its free reserves The Company’s objective when managing capital is to safeguard
including Securities Premium as explained in Section 68 of the its ability to continue as a going concern and to maintain an
Companies Act, 2013. optimal capital structure so as to maximize shareholder value.
In order to maintain or achieve an optimal capital structure, the
In accordance with Section 69 of the Companies Act, 2013, as at
Company may adjust the amount of dividend payment, return
March 31, 2022, the Company has created ‘Capital Redemption
capital to shareholders, issue new shares or buy back issued
Reserve’ of ₹28 crore equal to the nominal value of the shares
shares. As of March 31, 2023, the Company has only one class of
bought back as an appropriation from general reserve.
equity shares and has no debt. Consequent to the above capital
structure, there are no externally imposed capital requirements.

2.12.2 Shareholding of promoter

Shares held by promoters at March 31, 2023:

Promoter name No. of shares % of total shares % Change during the year
Sudha Gopalakrishnan 9,53,57,000 2.30 –
Rohan Murty 6,08,12,892 1.47 –
S Gopalakrishnan 4,18,53,808 1.01 –
Nandan M Nilekani 4,07,83,162 0.98 –
Akshata Murty 3,89,57,096 0.94 –
Asha Dinesh 3,85,79,304 0.93 –
Sudha N Murty 3,45,50,626 0.83 –
Rohini Nilekani 3,43,35,092 0.83 –
Dinesh Krishnaswamy 3,24,79,590 0.78 –
Shreyas Shibulal 2,37,04,350 0.57 –
N. R. Narayana Murthy 1,66,45,638 0.40 –
Nihar Nilekani 1,26,77,752 0.31 –
Janhavi Nilekani 85,89,721 0.21 –
Kumari Shibulal 52,48,965 0.13 –
Deeksha Dinesh 76,46,684 0.18 –
Divya Dinesh 76,46,684 0.18 –
Meghana Gopalakrishnan 48,34,928 0.12 –
Shruti Shibulal 27,37,538 0.07 –
S. D. Shibulal 58,14,733 0.14 –
Promoters Group
Gaurav Manchanda 1,37,36,226 0.33 –
Milan Shibulal Manchanda 69,67,934 0.17 –
Nikita Shibulal Manchanda 69,67,934 0.17 –
Bhairavi Madhusudhan Shibulal 66,79,240 0.16 –
Shray Chandra 7,19,424 0.02 –
Tanush Nilekani Chandra 33,56,017 0.08 –
The percentage shareholding above has been computed considering the outstanding number of shares of 414,85,60,044
as at March 31, 2023.

2.12.3 Dividend recognized those past transactions or events that generated

The final dividend on shares is recorded as a liability on the distributable profits.
date of approval by the shareholders and interim dividends The Company declares and pays dividends in Indian rupees.
are recorded as a liability on the date of declaration by the Companies are required to pay / distribute dividend after
Company's Board of Directors. Income tax consequences deducting applicable taxes. The remittance of dividends outside
of dividends on financial instruments classified as equity India is governed by Indian law on foreign exchange and is also
will be recognized according to where the entity originally subject to withholding tax at applicable rates.

334 Infosys Integrated Annual Report 2022-23

The amount of per share dividend recognized as distribution During the year ended March 31, 2023, on account of the final
to equity shareholders in accordance with Companies Act dividend for fiscal 2022 and interim dividend for fiscal 2023,
2013 is as follows : the Company has incurred a net cash outflow of ₹13,632 crore
(excluding dividend paid on treasury shares).
(In ₹)
The Board of Directors in their meeting held on April 13, 2023
Particulars Year ended March 31, recommended a final dividend of ₹17.50 per equity share for the
2023 2022 financial year ended March 31, 2023. This payment is subject to
the approval of shareholders in the AGM of the Company to be
Final dividend for fiscal 2021 – 15.00
held on June 28, 2023 and if approved, would result in a net cash
Interim dividend for fiscal 2022 – 15.00 outflow of approximately ₹7,239 crore (excluding dividend paid
Final dividend for fiscal 2022 16.00 – on treasury shares).
Interim dividend for fiscal 2023 16.50 –

The details of shareholders holding more than 5% shares as at March 31, 2023 and March 31, 2022 are as follows :

Name of the shareholder As at March 31, 2023 As at March 31, 2022

Number of shares % held Number of shares % held
Deutsche Bank Trust Company Americas (Depository of ADR's legal 50,57,90,851 12.19 66,63,70,669 15.84
ownership)
Life Insurance Corporation of India 29,82,44,977 7.19 24,33,47,641 5.78

The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2023 and
March 31, 2022 are as follows :

(In ₹ crore, except as stated otherwise)

Particulars As at March 31, 2023 As at March 31, 2022

Number of shares Amount Number of shares Amount
As at the beginning of the period 419,30,12,929 2,098 424,51,46,114 2,124
Add: Shares issued on exercise of employee stock options 38,01,344 1 36,74,152 2
Less: Shares bought back 6,04,26,348 30 5,58,07,337 28
As at the end of the period 413,63,87,925 2,069 419,30,12,929 2,098

2.12.4 Employee Stock Option Plan (ESOP) The performance parameters will be based on a combination of
Accounting policy relative Total Shareholder Return (TSR) against selected industry
peers and certain broader market domestic and global indices,
The Group recognizes compensation expense relating to share- and operating performance metrics of the Company as decided
based payments in net profit based on estimated fair values of by administrator. Each of the above performance parameters will
the awards on the grant date. The estimated fair value of awards be distinct for the purposes of calculation of quantity of shares
is recognized as an expense in the statement of profit and loss to vest based on performance. These instruments will generally
on a straight-line basis over the requisite service period for each vest between a minimum of one to maximum of three years
separately vesting portion of the award as if the award was from the grant date.
in-substance, multiple awards with a corresponding increase to
share options outstanding account. 2015 Stock Incentive Compensation Plan ("the 2015 Plan")

Infosys Expanded Stock Ownership Program 2019 ("the 2019 Plan") On March 31, 2016, pursuant to the approval by the shareholders
through postal ballot, the Board was authorized to introduce,
On June 22, 2019, pursuant to approval by the shareholders in offer, issue and allot share-based incentives to eligible employees
the Annual General Meeting, the Board has been authorized to of the Company and its subsidiaries under the 2015 Plan.
introduce, offer, issue and provide share-based incentives to The maximum number of shares under the 2015 Plan shall not
eligible employees of the Company and its subsidiaries under exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity
the 2019 Plan. The maximum number of shares under the 2019 shares which are held by the trust towards the 2011 Plan as at
Plan shall not exceed 5,00,00,000 equity shares. To implement March 31, 2016). These instruments will generally vest over a
the 2019 Plan, up to 4,50,00,000 equity shares may be issued period of 4 years. The plan numbers mentioned above are further
by way of secondary acquisition of shares by Infosys Expanded adjusted with the September 2018 bonus issue.
Stock Ownership Trust. The Restricted Stock Units (RSUs) granted
under the 2019 Plan shall vest based on the achievement of The equity-settled and cash-settled RSUs and stock options
defined annual performance parameters as determined by the would vest generally over a period of four years and shall be
administrator (Nomination and Remuneration Committee). exercisable within the period as approved by the Nomination

Infosys Integrated Annual Report 2022-23 335

Consolidated Financial Statements

and Remuneration Committee (NARC). The exercise price of The controlled trust holds 1,21,72,119 and 1,37,25,712 shares as
the RSUs will be equal to the par value of the shares and the at March 31, 2023 and March 31, 2022, respectively, under the
exercise price of the stock options would be the market price as 2015 Plan. Out of these shares, 2,00,000 equity shares each have
on the date of grant. been earmarked for welfare activities of the employees as at
March 31, 2023 and March 31, 2022.

The summary of grants during the years ended March 31, 2023 and March 31, 2022 is as follows :

Particulars 2019 Plan 2015 Plan

Year ended March 31, Year ended March 31,
2023 2022 2023 2022
Equity-settled RSUs
Key Management Personnel (KMP) 2,10,643 1,48,762 3,67,479 2,84,543
Employees other than KMP 37,04,014 27,01,867 17,84,975 13,05,880
39,14,657 28,50,629 21,52,454 15,90,423
Cash-settled RSUs
KMP – – – –
Employees other than KMP – – 92,400 49,960
– – 92,400 49,960
Total Grants 39,14,657 28,50,629 22,44,854 16,40,383

Notes on grants to KMP: determined by the Board. Accordingly, 12,894 performance

CEO & MD based RSUs were granted effective August 1, 2022.
Based on the recommendations of the Board and the approval of • Approved the performance-based grant of RSUs (Annual
the shareholders at the AGM held on June 25, 2022, Salil Parekh performance Equity TSR grant) of fair value of ₹5 crore for
has been reappointed as the CEO and MD of the Company for a fiscal 2023 under the 2015 Plan. These RSUs will vest in line
term commencing on July 1, 2022 and ending on March 31, 2027. with the employment agreement based on Company’s
The remuneration is approved by the shareholders in the AGM. performance on cumulative relative TSR over the years and as
The revised employment agreement is effective July 1, 2022. determined by the Board. Accordingly, 32,236 performance
based RSUs were granted effective August 1, 2022.
Under the 2015 Plan
The Board, on April 13, 2022, based on the recommendations of For the above RSUs, the grant date in accordance with Ind AS 102,
the Nomination and Remuneration Committee, in accordance Share-based payment is July 1, 2022.
with the terms of his employment agreement effective till Further, in accordance with the employee agreement which
June 30, 2022, approved the grant of performance-based RSUs of has been approved by the shareholders, the CEO is eligible to
fair value of ₹13 crore for fiscal 2023 under the 2015 Plan. These receive an annual grant of RSUs of fair value ₹3 crore which
RSUs will vest in line with the employment agreement based on will vest overtime in three equal annual installments upon the
achievement of certain performance targets. Accordingly, 84,361 completion of each year of service from the respective grant
performance based RSU’s were granted effective May 2, 2022. date. Accordingly, an annual time-based grant of 19,341 RSUs was
Further, in line with the shareholders approval and revised made effective February 1, 2023 for fiscal 2023.
employment contract which is effective July 1, 2022, the Though the annual time-based grants and annual performance
Board, on July 24, 2022, based on the recommendations of the equity TSR grant for the remaining employment term ending
Nomination and Remuneration Committee: on March 31, 2027 have not been granted as of March 31, 2023,
since the service commencement date precedes the grant date,
• Approved the grant of performance-based RSUs (Annual the Company has recorded employment stock compensation
performance equity grant) of fair value of ₹21.75 crore expense in accordance with Ind AS 102, Share-based payment.
for fiscal 2023 under the 2015 Plan. These RSUs will
vest in line with the employment agreement based on Under the 2019 Plan
achievement of certain performance targets. Accordingly, The Board, on April 13, 2022, based on the recommendations
140,228 performance based RSUs were granted effective of the Nomination and Remuneration Committee, approved a
August 1, 2022. performance-based grant of RSUs amounting to ₹10 crore for
• Approved the performance-based grant of RSUs (annual fiscal 2023 under the 2019 Plan. These RSUs will vest in line with
performance equity ESG grant) of fair value of ₹2 crore for the employment agreement effective till June 30, 2022 based on
fiscal 2023 under the 2015 Plan. These RSUs will vest in line achievement of certain performance targets. Accordingly, 64,893
with the employment agreement based on achievement of performance-based RSUs were granted effective May 2, 2022.
certain environment, social and governance milestones as
336 Infosys Integrated Annual Report 2022-23
Other KMP Under the 2019 Plan
Under the 2015 Plan During the year ended March 31, 2023, based on
During the year ended March 31, 2023, based on recommendations of the Nomination and Remuneration
recommendations of the Nomination and Remuneration Committee, the Board approved performance-based grants of
Committee, the Board approved 66,872 time-based RSUs and 1,45,750 RSUs to other KMPs under the 2019 Plan. These RSUs
11,547 performance-based RSUs to other KMP under the 2015 will vest over three years based on achievement of certain
Plan. Time-based RSUs will vest over four years and performance- performance targets.
based RSUs will vest over one to three years based on certain
performance targets.

The break-up of employee stock compensation expense is as follows :

(In ₹ crore)

Particulars Year ended March 31,

2023 2022
Granted to:
KMP# 49 65
Employees other than KMP 470 350
Total (1) 519 415
(1)
Cash-settled stock compensation expense included in the above 5 22
#
Includes reversal of employee stock compensation expense on account of resignation / retirement of key management personnel.

The activity in the 2015 and 2019 Plan for equity-settled, share-based payment transactions during the years ended March 31, 2023 and
March 31, 2022 is as follows :

Particulars Year ended March 31, 2023 Year ended March 31, 2022
Shares arising Weighted average Shares arising Weighted average
out of options exercise price (₹) out of options exercise price (₹)
2015 Plan: RSU
Outstanding at the beginning 62,32,975 4.82 80,47,240 4.52
Granted 21,52,454 5.00 15,90,423 5.00
Exercised 21,05,904 4.50 25,69,983 4.07
Forfeited and expired 8,71,507 4.93 8,34,705 4.63
Outstanding at the end 54,08,018 5.00 62,32,975 4.82
Exercisable at the end 7,87,976 4.97 6,53,775 4.51
2015 Plan: Employee Stock Options (ESOPs)
Outstanding at the beginning 7,00,844 557 10,49,456 535
Granted – – – –
Exercised 5,66,814 596 3,48,612 529
Forfeited and expired – – – –
Outstanding at the end 1,34,030 529 7,00,844 557
Exercisable at the end 1,34,030 529 7,00,844 557
2019 Plan: RSU
Outstanding at the beginning 49,58,938 5.00 30,50,573 5.00
Granted 39,14,657 5.00 28,50,629 5.00
Exercised 11,28,626 5.00 7,55,557 5.00
Forfeited and expired 5,22,931 5.00 1,86,707 5.00
Outstanding at the end 72,22,038 5.00 49,58,938 5.00
Exercisable at the end 13,52,150 5.00 6,92,638 5.00

Infosys Integrated Annual Report 2022-23 337

Consolidated Financial Statements

During the years ended March 31, 2023 and March 31, 2022, the weighted average share price of options exercised under the 2015 Plan
on the date of exercise was ₹1,515 and ₹1,705, respectively.
During the years ended March 31, 2023 and March 31, 2022, the weighted average share price of options exercised under the 2019 Plan
on the date of exercise was ₹1,485 and ₹1,560, respectively.

The summary of information about equity-settled RSUs and ESOPs outstanding as at March 31, 2023 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) 72,22,038 1.33 5.00 54,08,018 1.49 5.00
450 - 630 (ESOP) – – – 1,34,030 1.77 529

The summary of information about equity-settled RSUs and ESOPs outstanding as at March 31, 2022 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) 49,58,938 1.43 5.00 62,32,975 1.47 4.82
450 - 600 (ESOP) – – – 7,00,844 0.65 557

As at March 31, 2023 and March 31, 2022, 2,24,924 and 2,65,561 cash-settled options were outstanding, respectively. The carrying value of
liability towards cash-settled, share-based payments was ₹4 crore and ₹13 crore as at March 31, 2023 and March 31, 2022, 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 have 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 :

Particulars For options granted in

Fiscal 2023 Equity Fiscal 2023–ADS– Fiscal 2022–Equity Fiscal 2022–ADS–
shares–RSU RSU shares–RSU RSU
Weighted average share price (₹) / ($ ADS) 1,525 18.08 1,791 24.45
Exercise price (₹) / ($ ADS) 5.00 0.07 5.00 0.07
Expected volatility (%) 23-32 27-34 20-35 25-36
Expected life of the option (years) 1-4 1-4 1-4 1-4
Expected dividends (%) 2-3 2-3 2-3 2-3
Risk-free interest rate (%) 5-7 2-5 4-6 1-3
Weighted average fair value as on grant date (₹) / ($ ADS) 1,210 13.69 1,548 20.82
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.

338 Infosys Integrated Annual Report 2022-23

2.13 Other financial liabilities Particulars As at March 31,
(In ₹ crore)
2023 2022
Particulars As at March 31, (1)
Financial liability carried at amortized
2023 2022 cost 17,359 15,061
Non-current
(2)
Financial liability carried at fair value
through profit or loss 761 836
Others (3)
Financial liability carried at fair value
Accrued compensation to through other comprehensive income 14 3
employees (1) 5 8
Contingent consideration on
Accrued expenses (1) 1,628 946 undiscounted basis 101 132
Compensated absences 83 92 (4)
Deferred contract cost (Refer to Note 2.10) includes technology assets
Financial liability under option taken over by the Group from a customer as a part of transformation
arrangements (2)# – 655 project, which is not considered as distinct goods or services and the
control related to the assets is not transferred to the Group in accordance
Payable for acquisition of business with Ind AS 115, Revenue from Contract with Customers. Accordingly,
- Contingent consideration (2) – 56 the same has been considered as a reduction to the total contract
Other payables (1)(4) value and accounted as deferred contract cost. The Group has entered
342 580
into financing arrangements with a third party for these assets. As at
Total non-current other financial March 31, 2023, the financial liability pertaining to such arrangements
liabilities 2,058 2,337 amounts to ₹731 crore. During the year ended March 31, 2023, ₹118 crore
was settled directly by the third party to the customer on behalf of the
Current Group and accordingly considered as non-cash transaction.
Unpaid dividends (1) 37 36 #
Represents liability related to options issued by the Group over the non-
controlling interests in its subsidiaries
Others
Accrued compensation to Accrued expenses primarily relates to cost of technical sub-
employees (1) 4,174 4,061 contractors, telecommunication charges, legal and professional
charges, brand building expenses, overseas travel expenses
Accrued expenses (1) 7,802 7,476 and office maintenance.
Retention monies (1) 20 13
Payable for acquisition of business 2.14 Trade payables
– Contingent consideration (2) 97 67 (In ₹ crore)
Payable by controlled trusts (1) 211 211 Particulars As at March 31,
Compensated absences 2,399 2,182 2023 2022
Financial liability under option Trade payables 3,865 4,134
arrangements (2)# 600 –
Total trade payables 3,865 4,134
Foreign currency forward and
options contracts (2)(3) 78 61
Capital creditors (1)
674 431
Other payables (1)(4) 2,466 1,299
Total current other financial
liabilities 18,558 15,837
Total other financial liabilities 20,616 18,174

The trade payables ageing schedule for the years ended as on March 31, 2023 and March 31, 2022 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 3,040 825 – – – 3,865
3,299 835 – – – 4,134
Total trade payables 3,040 825 – – – 3,865
3,299 835 – – – 4,134

Infosys Integrated Annual Report 2022-23 339

Consolidated Financial Statements

Relationship with struck off companies for the year ending March 31, 2022 was as follows :

Name of struck off company Nature of Transactions during Balance outstanding Relationship with the
transactions the year ended at the end of the year struck off company,
March 31, 2022 as at March 31, 2022 if any, to be disclosed
Compulease Networks Private Limited Payables –* – Vendor
Mysodet Private Limited Payables –* – Vendor

Less than ₹1 crore

*

There are no transactions with struck off companies for the year ending March 31, 2023.

2.15 Other liabilities b. Onerous contracts

(In ₹ crore) Provisions for onerous contracts are recognized when the
Particulars As at March 31, expected benefits to be derived by the Group from a contract
are lower than the unavoidable costs of meeting the future
2023 2022
obligations under the contract. Provisions for estimated losses, if
Non-current any, on incomplete contracts are recorded in the period in which
Others such losses become probable based on the estimated efforts or
costs to complete the contract. The provision is measured at the
Deferred income – government
present value of the lower of the expected cost of terminating
grants 43 64
the contract and the expected net cost of continuing with the
Accrued defined benefit liability 445 367 contract. Before a provision is established the Group recognizes
Deferred income 6 9 any impairment loss on the assets associated with that contract.
Others 6 11
Provision for post-sales client support and other provisions
Total non-current other liabilities 500 451 (In ₹ crore)
Current
Particulars As at March 31,
Unearned revenue 7,163 6,324 2023 2022
Others Current
Withholding taxes and others 3,632 2,834 Others
Accrued defined benefit liability 4 5 Post-sales client support and
Deferred income – government others 1,307 975
grants 29 11 Total provisions 1,307 975
Others 2 4
Total current other liabilities The movement in the provision for post-sales client
10,830 9,178
support is as follows :
Total other liabilities 11,330 9,629
(In ₹ crore)
2.16 Provisions
Particulars Year ended
Accounting policy March 31, 2023
A provision is recognized if, as a result of a past event, the Group Balance at the beginning 935
has a present legal or constructive obligation that is reasonably
estimable, and it is probable that an outflow of economic Impact on adoption of amendment to Ind AS 37 19
benefits will be required to settle the obligation. Provisions are Provision recognized / (reversed) 456
determined by discounting the expected future cash flows at a Provision utilized (142)
pre-tax rate that reflects current market assessments of the time
Translation difference 39
value of money and the risks specific to the liability.
Balance at the end 1,307
a. Post-sales client support
The Group provides its clients with a fixed-period post-sales Provision for post-sales client support and other provisions
support on its fixed-price, fixed-timeframe contracts. Costs majorly represents costs associated with providing sales support
associated with such support services are accrued at the time services which are accrued at the time of recognition of revenues
related revenues are recorded and included in Consolidated and are expected to be utilized over a period of one year.
Statement of Profit and Loss. The Group estimates such costs
Provision for post-sales client support and other provisions
based on historical experience and estimates are reviewed on
is included in cost of sales in the condensed Consolidated
a periodic basis for any material changes in assumptions and
Statement of Profit and Loss.
likelihood of occurrence.

340 Infosys Integrated Annual Report 2022-23

2.17 Income taxes Income tax expense for the years ended March 31, 2023 and
Accounting policy March 31, 2022 includes reversal (net of provisions) of ₹106
crore and ₹268 crore, respectively. These reversals pertaining to
Income tax expense comprises current and deferred income
prior periods are primarily on account of adjudication of certain
tax. Income tax expense is recognized in net profit in the
disputed matters, upon filing of tax return and completion of
Consolidated Statement of Profit and Loss, except to the extent
assessments, across various jurisdictions.
that it relates to items recognized directly in equity, in which
case it is recognized in equity or other comprehensive income. A reconciliation of the income tax provision to the amount
Current income tax for current and prior periods is recognized computed by applying the statutory income tax rate to the
at the amount expected to be paid to or recovered from the income before income taxes is summarized below:
tax authorities, using the tax rates and tax laws that have been
enacted or substantively enacted by the Balance Sheet date. (In ₹ crore)
Deferred income tax assets and liabilities are recognized for Particulars Year ended March 31,
all temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the financial 2023 2022
statements except when the deferred income tax arises from Profit before income taxes 33,322 30,110
the initial recognition of goodwill or an asset or liability in a Enacted tax rates in India 34.94% 34.94%
transaction that is not a business combination and affects
Computed expected tax expense 11,644 10,522
neither accounting nor taxable profit or loss at the time of the
transaction. Deferred tax assets are reviewed at each reporting Tax effect due to non-taxable income
date and are reduced to the extent that it is no longer probable for Indian tax purposes (2,916) (2,949)
that the related tax benefit will be realized. Overseas taxes 1,060 984
Deferred income tax assets and liabilities are measured using Tax provision (reversals) (106) (268)
tax rates and tax laws that have been enacted or substantively Effect of exempt non-operating
enacted by the Balance Sheet date and are expected to apply to income (52) (52)
taxable income in the years in which those temporary differences
Effect of unrecognized deferred tax
are expected to be recovered or settled. The effect of changes
assets 109 72
in tax rates on deferred income tax assets and liabilities is
recognized as income or expense in the period that includes Effect of differential tax rates (329) (196)
the enactment or the substantive enactment date. A deferred Effect of non-deductible expenses 153 162
income tax asset is recognized to the extent that it is probable
Impact of change in tax rate – (94)
that future taxable profit will be available against which the
deductible temporary differences and tax losses can be utilized. Others (349) (217)
Deferred income taxes are not provided on the undistributed Income tax expense 9,214 7,964
earnings of subsidiaries and branches where it is expected that
the earnings of the subsidiary or branch will not be distributed in The applicable Indian corporate statutory tax rate for the years
the foreseeable future. ended March 31, 2023 and March 31, 2022 is 34.94% each.
The Group offsets current tax assets and current tax liabilities; The foreign tax expense is due to income taxes payable overseas
deferred tax assets and deferred tax liabilities; where it has a principally in the US. In India, the Group has benefited from
legally enforceable right to set off the recognized amounts certain tax incentives that the Government of India had provided
and where it intends either to settle on a net basis, or to for export of software and services from the units registered
realize the asset and settle the liability simultaneously. Tax under the Special Economic Zones (SEZs) Act, 2005. SEZ units,
benefits of deductions earned on exercise of employee which began the provision of services on or after April 1, 2005 are
share options in excess of compensation charged to income eligible for a deduction of 100% of profits or gains derived from
are credited to equity. the export of services for the first five years from the financial
Income tax expense in the Consolidated Statement of Profit year in which the unit commenced the provision of services and
and Loss is as follows: 50% of such profits or gains for further five years. Up to 50%
of such profits or gains is also available for a further five years
(In ₹ crore) subject to creation of a Special Economic Zone Re-investment
Reserve out of the profit of the eligible SEZ units and utilization
Particulars Year ended March 31, of such reserve by the Group for acquiring new plant and
2023 2022 machinery for the purpose of its business as per the provisions of
Current taxes 9,287 7,811 the Income-tax Act, 1961.
Deferred taxes (73) 153 Deferred income tax for the years ended March 31, 2023 and
Income tax expense 9,214 7,964 March 31, 2022 substantially relates to origination and reversal of
temporary differences.

Infosys Integrated Annual Report 2022-23 341

Consolidated Financial Statements

Infosys is subject to a 15% Branch Profit Tax (BPT) in the US to The details of income tax assets and income tax liabilities as at
the extent its US branch's net profit during the year is greater March 31, 2023 and March 31, 2022 are as follows :
than the increase in the net assets of the US branch during the
year, computed in accordance with the Internal Revenue Code. (In ₹ crore)
As at March 31, 2023, Infosys' US branch net assets amounted to Particulars As at March 31,
approximately ₹6,948 crore. As at March 31, 2023, the Company
has a deferred tax liability for Branch Profit Tax of ₹148 crore (net 2023 2022
of credits), as the Company estimates that these branch profits Income tax assets 6,459 6,152
are expected to be distributed in the foreseeable future. Current income tax liabilities 3,384 2,607
Deferred income tax liabilities have not been recognized on Net current income tax asset /
temporary differences amounting to ₹10,948 crore and ₹9,618 (liability) at the end 3,075 3,545
crore as at March 31, 2023 and March 31, 2022, respectively,
associated with investments in subsidiaries and branches as The gross movement in the current income tax assets / (liabilities) for
the Company is able to control the timing of reversal of the the years ended March 31, 2023 and March 31, 2022 is as follows :
temporary difference and it is probable that the temporary
differences will not reverse in the foreseeable future. The Group (In ₹ crore)
majorly intends to repatriate earnings from subsidiaries
Particulars Year ended March 31,
and branches only to the extent these can be distributed
in a tax-free manner. 2023 2022
Net current income tax asset /
Deferred income tax assets have not been recognized on
(liability) at the beginning 3,545 3,665
accumulated losses of ₹4,423 crore and ₹4,487 crore as at
March 31, 2023 and March 31, 2022, respectively, as it is probable Translation differences 1 (7)
that future taxable profit will not be available against which the Income tax paid 8,794 7,612
unused tax losses can be utilized in the foreseeable future.
Current income tax expense (9,287) (7,811)
The details of expiration of unused tax losses as at Income tax benefit arising on exercise
March 31, 2023 are as follows : of stock options 51 63

(In ₹ crore) Additions through business

combination (12) –
As at
Year Tax impact on buyback expenses 9 8
March 31, 2023
Income tax on other comprehensive
2024 122
income (24) 15
2025 138
Impact on account of Ind AS 37
2026 146 adoption (2) –
2027 88 Net current income tax asset /
2028 494 (liability) at the end 3,075 3,545

Thereafter 3,435
Total 4,423

The details of expiration of unused tax losses as at

March 31, 2022 were as follows :

(In ₹ crore)

As at
Year
March 31, 2022
2023 201
2024 154
2025 127
2026 153
2027 52
Thereafter 3,800
Total 4,487

342 Infosys Integrated Annual Report 2022-23

The movement in gross deferred income tax assets / liabilities (before set-off) for the year ended March 31, 2023 is as follows :

(In ₹ crore)

Particulars Carrying Changes Addition Impact on Changes Translation Carrying

value as at through through account of through OCI difference value as at
April 1, 2022 profit and business Ind AS 37 March 31,
loss combination adoption 2023
Deferred income tax assets / (liabilities)
Property, plant and equipment 156 17 – – – (4) 169
Lease liabilities 180 43 – – – – 223
Accrued compensation to employees 51 15 – – – 2 68
Trade receivables 213 48 – – – – 261
Compensated absences 529 47 – – – – 576
Post-sales client support 131 114 – 2 – 1 248
Credits related to branch profits 676 (13) – – – 55 718
Derivative financial instruments (25) 22 – – 2 1 –
Intangible assets 49 8 – – – 5 62
Intangibles arising on business
combinations (308) 70 (80) – – (26) (344)
Branch profit tax (834) 35 – – – (67) (866)
SEZ Re-investment Reserve (852) (499) – – – – (1,351)
Others 90 166 (1) – – 6 261
Total deferred income tax assets /
(liabilities) 56 73 (81) 2 2 (27) 25

The movement in gross deferred income tax assets / liabilities (before set-off) for the year ended March 31, 2022 was as follows :

(In ₹ crore)

Particulars Carrying Changes Addition Changes Translation Carrying

value as at through through through OCI difference value as at
April 1, 2021 profit and business March 31,
loss combination 2022
Deferred income tax assets / (liabilities)
Property, plant and equipment 255 (100) – – 1 156
Lease liabilities 166 14 – – – 180
Accrued compensation to employees 42 10 – – (1) 51
Trade receivables 217 (4) – – – 213
Compensated absences 497 32 – – – 529
Post-sales client support 121 9 – – 1 131
Credits related to branch profits 355 308 – – 13 676
Derivative financial instruments (57) 29 – 3 – (25)
Intangible assets 31 17 – – 1 49
Intangibles arising on business combinations (368) 62 – – (2) (308)
Branch profit tax (500) (316) – – (18) (834)
SEZ Re-investment Reserve (613) (239) – – – (852)
Others 77 25 – (12) – 90
Total deferred income tax assets / (liabilities) 223 (153) – (9) (5) 56

Infosys Integrated Annual Report 2022-23 343

Consolidated Financial Statements

The deferred income tax assets and liabilities are as follows : performance obligation based on the relative standalone selling
price. The price that is regularly charged for an item, when sold
(In ₹ crore) separately, is the best evidence of its standalone selling price.
Particulars As at March 31,
In the absence of such evidence, the primary method used to
estimate standalone selling price is the expected cost plus a
2023 2022 margin, under which the Group estimates the cost of satisfying
Deferred income tax assets after the performance obligation and then adds an appropriate
set-off 1,245 1,212 margin based on similar services.
Deferred income tax liabilities after The Group’s contracts may include variable consideration
set-off (1,220) (1,156)
including rebates, volume discounts and penalties. The Group
includes variable consideration as part of transaction price
In assessing the reliability of deferred income tax assets, the when there is a basis to reasonably estimate the amount of
management considers whether some portion or all of the the variable consideration and when it is probable that a
deferred income tax assets will not be realized. The ultimate significant reversal of cumulative revenue recognized will
realization of deferred income tax assets depends on the not occur when the uncertainty associated with the variable
generation of future taxable income during the periods in which consideration is resolved.
the temporary differences become deductible. The Management
considers the scheduled reversals of deferred income tax Revenue on time-and-material and unit-of-work-based contracts,
liabilities, projected future taxable income, and tax planning are recognized as the related services are performed. Fixed-price
strategies in making this assessment. Based on the level of maintenance revenue is recognized ratably either on a straight-
historical taxable income and projections for future taxable line basis, when services are performed through an indefinite
income over the periods in which the deferred income tax assets number of repetitive acts over a specified period, or ratably
are deductible, the Management believes that the Group will using a percentage-of-completion method when the pattern
realize the benefits of those deductible differences. The amount of benefits from the services rendered to the customer and
of the deferred income tax assets considered realizable, however, the Group’s costs to fulfil the contract is not even through the
could be reduced in the near term if estimates of future taxable period of contract because the services are generally discrete
income during the carry forward period are reduced. in nature and not repetitive. Revenue from other fixed-price,
fixed-timeframe contracts, where the performance obligations
The Company’s Advanced Pricing Arrangement (APA) with the are satisfied over time, is recognized using the percentage-
Internal Revenue Service (IRS) for US branch income tax expired of-completion method. Efforts or costs expended are used to
in March 2021. The Company has applied for renewal of APA and determine progress towards completion as there is a direct
currently the US taxable income is based on the Company’s best relationship between input and productivity. Progress towards
estimate determined based on the expected value method. completion is measured as the ratio of costs or efforts incurred to
date (representing work performed) to the estimated total costs
2.18 Revenue from operations or efforts. Estimates of transaction price and total costs or efforts
Accounting policy are continuously monitored over the term of the contracts and
The Group derives revenues primarily from IT services comprising are recognized in net profit in the period when these estimates
software development and related services, cloud and change or when the estimates are revised. Revenues and the
infrastructure services, maintenance, consulting and package estimated total costs or efforts are subject to revision as the
implementation, licensing of software products and platforms contract progresses. Provisions for estimated losses, if any, on
across the Group’s core and digital offerings (together called as incomplete contracts are recorded in the period in which such
“software-related services”) and business process management losses become probable based on the estimated efforts or costs
services. Contracts with customers are either on a time-and- to complete the contract.
material, unit of work, fixed-price or on a fixed-timeframe basis. The billing schedules agreed with customers include periodic
Revenues from customer contracts are considered for performance-based billing and / or milestone-based progress
recognition and measurement when the contract has been billings. Revenues in excess of billing are classified as unbilled
approved in writing by the parties, to the contract, the parties to revenue, while billing in excess of revenues is classified as
contract are committed to perform their respective obligations contract liabilities (which we refer to as unearned revenues).
under the contract, and the contract is legally enforceable. In arrangements for software development and related
Revenue is recognized upon transfer of control of promised services and maintenance services, by applying the revenue
products or services (“performance obligations”) to customers recognition criteria for each distinct performance obligation,
in an amount that reflects the consideration the Group has the arrangements with customers generally meet the criteria
received or expects to receive in exchange for these products for considering software development and related services as
or services (“transaction price”). When there is uncertainty as distinct performance obligations. For allocating the transaction
to collectability, revenue recognition is postponed until such price, the Group measures the revenue in respect of each
uncertainty is resolved. performance obligation of a contract at its relative standalone
The Group assesses the services promised in a contract and selling price. The price that is regularly charged for an item
identifies distinct performance obligations in the contract. when sold separately is the best evidence of its standalone
The Group allocates the transaction price to each distinct selling price. In cases where the Group is unable to determine

344 Infosys Integrated Annual Report 2022-23

the standalone selling price, the Group uses the expected cost customer and the vendor, and gross when the Group is the
plus margin approach in estimating the standalone selling principal for the transaction. In doing so, the Group first evaluates
price. For software development and related services, the whether it controls the good or service before it is transferred to
performance obligations are satisfied as and when the services the customer. The Group considers whether it has the primary
are rendered, since the customer generally obtains control of the obligation to fulfil the contract, inventory risk, pricing discretion
work as it progresses. and other factors to determine whether it controls the goods or
service and, therefore, is acting as a principal or an agent.
Certain cloud and infrastructure services contracts include
multiple elements which may be subject to other specific The incremental costs of obtaining a contract (i.e., costs
accounting guidance, such as leasing guidance. These contracts that would not have been incurred if the contract had not
are accounted in accordance with such specific accounting been obtained) are recognized as an asset if the Group
guidance. In such arrangements where the Group is able to expects to recover them.
determine that hardware and services are distinct performance
Certain eligible, nonrecurring costs (e.g. set-up or transition
obligations, it allocates the consideration to these performance
or transformation costs) that do not represent a separate
obligations on a relative standalone selling price basis. In the
performance obligation are recognized as an asset when
absence of standalone selling price, the Group uses the expected
such costs (a) relate directly to the contract; (b) generate
cost-plus margin approach in estimating the standalone
or enhance resources of the Group that will be used in
selling price. When such arrangements are considered as a
satisfying the performance obligation in the future; and (c) are
single performance obligation, revenue is recognized over
expected to be recovered.
the period and measure of progress is determined based on
promise in the contract. Capitalized contract costs, relating to upfront payments to
customers, are amortized to revenue and other capitalized
Revenue from licenses where the customer obtains a “right
costs are amortized to expenses over the respective contract
to use” the licenses is recognized at the time the license
life on a systematic basis consistent with the transfer of goods
are made available to the customer. Revenue from licenses
or services to customer to which the asset relates. Capitalized
where the customer obtains a “right to access” is recognized
costs are monitored regularly for impairment. Impairment losses
over the access period.
are recorded when the present value of projected remaining
Arrangements to deliver software products generally have operating cash flows is not sufficient to recover the carrying
three elements: license, implementation and Annual Technical amount of the capitalized costs.
Services (ATS). When implementation services are provided in
The Group presents revenues net of indirect taxes in its
conjunction with the licensing arrangement, and the license
Consolidated Statement of Profit and Loss.
and implementation have been identified as two distinct
separate performance obligations, the transaction price for Revenue from operations for the years ended March 31, 2023 and
such contracts are allocated to each performance obligation of March 31, 2022 is as follows :
the contract based on their relative standalone selling prices.
In the absence of standalone selling price for implementation, (In ₹ crore)
the Group uses the expected cost-plus-margin approach in
Particulars Year ended March 31,
estimating the standalone selling price. Where the license
is required to be substantially customized as part of the 2023 2022
implementation service, the entire arrangement fee for license Revenue from software services 1,37,575 1,13,536
and implementation is considered to be a single performance Revenue from
obligation and the revenue is recognized using the percentage- products and platforms 9,192 8,105
of-completion method while the implementation is performed.
Revenue from client training, support and other services arising Total revenue from operations 1,46,767 1,21,641
due to the sale of software products is recognized as the
performance obligations are satisfied. ATS revenue is recognized Disaggregated revenue information
ratably on a straight-line basis over the period in which the The table below presents disaggregated revenues from contracts
services are rendered. with customers by geography and offerings for each of our
Contracts with customers includes subcontractor services or business segments. The Group believes that this disaggregation
third-party vendor equipment or software in certain integrated best depicts how the nature, amount, timing and uncertainty of
services arrangements. In these types of arrangements, revenue our revenues and cash flows are affected by industry, market and
from sales of third-party vendor products or services is recorded other economic factors.
net of costs when the Group is acting as an agent between the

Infosys Integrated Annual Report 2022-23 345

Consolidated Financial Statements

For the years ended March 31, 2023 and March 31, 2022 :

(In ₹ crore)

Particulars Financial Retail(2) Communication(3) Energy , Manufacturing Hi-Tech Life Others (5) Total
Services (1) Utilities, Sciences(4)
Resources
and Services
Revenues by
Geography *
North America 28,086 14,700 10,903 9,953 7,560 11,101 7,334 1,087 90,724
24,410 11,989 8,474 7,430 6,303 9,342 6,173 937 75,058
Europe 7,373 5,344 3,836 6,993 10,910 275 2,580 364 37,675
6,746 4,759 3,598 5,766 6,606 224 2,203 227 30,129
India 1,909 72 164 213 84 423 28 968 3,861
1,933 90 315 153 69 412 27 586 3,585
Rest of the World 6,395 1,088 3,183 1,380 481 68 143 1,769 14,507
5,813 896 2,795 1,135 358 58 114 1,700 12,869
Total 43,763 21,204 18,086 18,539 19,035 11,867 10,085 4,188 1,46,767
38,902 17,734 15,182 14,484 13,336 10,036 8,517 3,450 1,21,641
Revenue by offerings
Digital 24,006 13,970 11,959 11,627 13,626 7,629 6,394 2,061 91,272
20,391 10,857 9,310 8,412 8,240 5,817 4,925 1,452 69,404
Core 19,757 7,234 6,127 6,912 5,409 4,238 3,691 2,127 55,495
18,511 6,877 5,872 6,072 5,096 4,219 3,592 1,998 52,237
Total 43,763 21,204 18,086 18,539 19,035 11,867 10,085 4,188 1,46,767
38,902 17,734 15,182 14,484 13,336 10,036 8,517 3,450 1,21,641
(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 and China, Infosys Public Services and other enterprises in Public Services
*
Geographical revenue is based on the domicile of customer.

Digital services Products and platforms

Digital services comprise service and solution offerings of the The Group also derives revenues from the sale of products and
Group that enable our clients to transform their businesses. platforms including Finacle® – core banking solution, Edge Suite
These include offerings that enhance customer experience, of products, Panaya platform, Infosys Equinox, Infosys Helix,
leverage AI-based analytics and Big Data, engineer digital Infosys Applied AI, Infosys Cortex, Stater digital platform and
products and IoT, modernize legacy technology systems, Infosys McCamish – insurance platform.
migrate to cloud applications and implement advanced
The percentage of revenue from fixed-price contracts for
cybersecurity systems.
each of the years ended March 31, 2023 and March 31, 2022 is
approximately 52% and 53%, respectively.
Core services
Core Services comprise traditional offerings of the Group that Trade Receivables and Contract Balances
have scaled and industrialized over a number of years. These
The timing of revenue recognition, billings and cash collections
primarily include application management services, proprietary
results in receivables, unbilled revenue, and unearned revenue
application development services, independent validation
on the Group’s Consolidated Balance Sheet. Amounts are billed
solutions, product engineering and management, infrastructure
as work progresses in accordance with agreed-upon contractual
management services, traditional enterprise application
terms, either at periodic intervals (e.g., monthly or quarterly) or
implementation, support and integration services.
upon achievement of contractual milestones.

346 Infosys Integrated Annual Report 2022-23

The Group’s receivables are rights to consideration that are 2.19 Other income, net
unconditional. Unbilled revenues, comprising revenues in Accounting policy
excess of billings from time and material contracts and fixed-
Other income is comprised primarily of interest income, dividend
price maintenance contracts are classified as financial asset
income, gain / loss on investment and exchange gain / loss on
when the right to consideration is unconditional and is due only
forward and options contracts, and on translation of foreign
after a passage of time.
currency assets and liabilities. Interest income is recognized using
Invoicing to the clients for other fixed-price contracts is based on the effective interest method. Dividend income is recognized
milestones as defined in the contract and, therefore, the timing when the right to receive payment is established.
of revenue recognition is different from the timing of invoicing to
the customers. Therefore, unbilled revenues for other fixed-price Foreign currency – Accounting policy
contracts (contract asset) are classified as non-financial asset Functional currency
because the right to consideration depends on completion of
contractual milestones. The functional currency of Infosys, Infosys BPM, EdgeVerve,
Skava, Infosys Green Forum and controlled trusts is the Indian
Invoicing in excess of earnings are classified as unearned revenue. Rupee. The functional currencies for foreign subsidiaries are
Trade receivables and unbilled revenues are presented net of their respective local currencies. These financial statements
impairment in the consolidated Balance Sheet. are presented in Indian rupees (rounded off to crore; one crore
equals ten million).
During the years ended March 31, 2023 and March 31, 2022, the
Company recognized revenue of ₹5,387 crore and ₹3,551 crore Transactions and translations
arising from opening unearned revenue as of April 1, 2022 and Foreign-currency denominated monetary assets and liabilities
April 1, 2021, respectively. are translated into the relevant functional currency at
During the years ended March 31, 2023 and March 31, 2022, exchange rates in effect at the Balance Sheet date. The gains
₹5,950 crore and ₹4,047 crore of unbilled revenue pertaining or losses resulting from such translations are recognized in
to other fixed-price and fixed-time frame contracts as the Consolidated Statement of Profit and Loss and reported
of April 1, 2022 and April 1, 2021, respectively has been within exchange gains / (losses) on translation of assets and
reclassified to Trade receivables upon billing to customers on liabilities, net, except when deferred in Other Comprehensive
completion of milestones. Income as qualifying cash flow hedges. Non-monetary assets
and non-monetary liabilities denominated in a foreign currency
Remaining performance obligation disclosure and measured at fair value are translated at the exchange rate
prevalent at the date when the fair value was determined. Non-
The remaining performance obligation disclosure provides the
monetary assets and non-monetary liabilities denominated in a
aggregate amount of the transaction price yet to be recognized
foreign currency and measured at historical cost are translated
as at the end of the reporting period, and an explanation as to
at the exchange rate prevalent at the date of transaction.
when the Group expects to recognize these amounts in revenue.
The related revenue and expense are recognized using
Applying the practical expedient as given in Ind AS 115, the
the same exchange rate.
Group has not disclosed the remaining performance obligation
related disclosures for contracts where the revenue recognized Transaction gains or losses realized upon settlement of foreign
corresponds directly with the value to the customer of the currency transactions are included in determining net profit
entity's performance completed to date, typically those contracts for the period in which the transaction is settled. Revenue,
where invoicing is on time and material and unit of work-based expense and cash-flow items denominated in foreign currencies
contracts. Remaining performance obligation estimates are are translated into the relevant functional currencies using the
subject to change and are affected by several factors, including exchange rate in effect on the date of the transaction.
terminations, changes in the scope of contracts, periodic
The translation of financial statements of the foreign subsidiaries
revalidations, adjustment for revenue that has not materialized
to the presentation currency is performed for assets and
and adjustments for currency fluctuations.
liabilities using the exchange rate in effect at the Balance Sheet
The aggregate value of performance obligations that are date and for revenue, expense and cash-flow items using the
completely or partially unsatisfied as at March 31, 2023, other average exchange rate for the respective periods. The gains or
than those meeting the exclusion criteria mentioned above, losses resulting from such translation are included in currency
is ₹80,867 crore. Out of this, the Group expects to recognize translation reserves under other components of equity. When
revenue of around 57% within the next one year and the a subsidiary is disposed off, in full, the relevant amount is
remaining thereafter. The aggregate value of performance transferred to net profit in the Consolidated Statement of Profit
obligations that are completely or partially unsatisfied as at and Loss. However when a change in the parent's ownership
March 31, 2022 was ₹74,254 crore. The contracts can generally does not result in loss of control of a subsidiary, such changes are
be terminated by the customers and typically include an recorded through equity.
enforceable termination penalty payable by them. Generally,
Other comprehensive income, net of taxes includes translation
customers have not terminated contracts without cause.
differences on non-monetary financial assets measured at
fair value at the reporting date, such as equities classified as
financial instruments and measured at fair value through other
comprehensive income (FVOCI).

Infosys Integrated Annual Report 2022-23 347

Consolidated Financial Statements

Goodwill and fair value adjustments arising on the acquisition 2.20 Expenses
of a foreign entity are treated as assets and liabilities of the (In ₹ crore)
foreign entity and translated at the exchange rate in effect at
the Balance Sheet date. Particulars Year ended March 31,
2023 2022
Government grant
Employee benefit expenses
The Group recognizes government grants only when there is
Salaries including bonus 75,239 61,522
reasonable assurance that the conditions attached to them will
be complied with, and the grants will be received. Government Contribution to provident and
grants related to assets are treated as deferred income and are other funds 2,143 1,617
recognized in net profit in the Consolidated Statement of Profit Share-based payments to
and Loss on a systematic and rational basis over the useful life of employees (Refer to Note 2.12) 519 415
the asset. Government grants related to revenue are recognized Staff welfare 458 432
on a systematic basis in net profit in the consolidated Statement
of Profit and Loss over the periods necessary to match them with 78,359 63,986
the related costs which they intend to compensate. Cost of software packages and others
Other income for the years ended March 31, 2023 and March 31, For own use 1,937 1,417
2022 is as follows : Third party items bought for
service delivery to clients 8,965 5,394
(In ₹ crore)
10,902 6,811
Particulars Year ended March 31,
Other expenses
2023 2022
Repairs and maintenance 1,208 1,066
Interest income on financial assets
Power and fuel 176 132
carried at amortized cost
Brand and marketing 905 553
Tax-free bonds and government
bonds 149 152 Short-term leases 92 61
Deposit with bank and others 712 851 Rates and taxes 299 265
Interest income on financial assets Consumables 158 146
carried at fair value through other Insurance 174 164
comprehensive income
Provision for post-sales client
Non-convertible debentures, support and others 120 78
commercial paper, certificates of
deposit and government securities 955 642 Commission to non-whole time
directors 15 11
Income on investments carried at fair
value through profit or loss Impairment loss recognized /
(reversed) under expected credit
Gain / (loss) on liquid mutual funds loss model 283 170
and other investments 148 177
Contributions towards Corporate
Income on investments carried at fair Social Responsibility 471 426
value through other comprehensive
income 1 1 Others 491 352
Exchange gains / (losses) on forward 4,392 3,424
and options contracts (647) 88
During the year ended March 31, 2022, in accordance with the
Exchange gains / (losses) on translation
of other assets and liabilities 1,062 186
Companies (Corporate Social Responsibility Policy) Amendment
Rules, 2021 (“the Rules”), the Company transferred certain assets
Miscellaneous income, net 321 198 to its controlled subsidiary ‘Infosys Green Forum’, a Company
Total other income 2,701 2,295 created under Section 8 of the Companies Act, 2013.

348 Infosys Integrated Annual Report 2022-23

2.21 Leases Certain lease arrangements include the options to extend or
Accounting policy terminate the lease before the end of the lease term. ROU assets
and lease liabilities includes these options when it is reasonably
The Group as a lessee certain that they will be exercised.
The Group’s lease asset classes primarily consist of leases for
land, buildings and computers. The Group assesses whether a The right-of-use assets are initially recognized at cost, which
contract contains a lease, at inception of a contract. A contract comprises the initial amount of the lease liability adjusted for
is, or contains, a lease if the contract conveys the right to control any lease payments made at or prior to the commencement date
the use of an identified asset for a period of time in exchange of the lease plus any initial direct costs less any lease incentives.
for consideration. To assess whether a contract conveys the They are subsequently measured at cost less accumulated
right to control the use of an identified asset, the Group assesses depreciation and impairment losses.
whether: (1) the contract involves the use of an identified asset (2) Right-of-use assets are depreciated from the commencement
the Group has substantially all of the economic benefits from use date on a straight-line basis over the shorter of the lease term
of the asset through the period of the lease and (3) the Group has and useful life of the underlying asset.
the right to direct the use of the asset.
Right-of-use assets are evaluated for recoverability whenever
At the date of commencement of the lease, the Group recognizes events or changes in circumstances indicate that their carrying
a right-of-use asset (“ROU”) and a corresponding lease liability amounts may not be recoverable. For the purpose of impairment
for all lease arrangements in which it is a lessee, except for leases testing, the recoverable amount (i.e. the higher of the fair
with a term of twelve months or less (short-term leases) and value less cost to sell and the value-in-use) is determined on an
low value leases. For these short-term and low value leases, the individual asset basis unless the asset does not generate cash
Group recognizes the lease payments as an operating expense flows that are largely independent of those from other assets. In
on a straight-line basis over the term of the lease. such cases, the recoverable amount is determined for the Cash
As a lessee, the Group determines the lease term as the non- Generating Unit (CGU) to which the asset belongs.
cancellable period of a lease adjusted with any option to extend The lease liability is initially measured at amortized cost at the
or terminate the lease, if the use of such option is reasonably present value of the future lease payments. The lease payments
certain. The Group makes an assessment on the expected lease are discounted using the interest rate implicit in the lease or, if
term on a lease-by-lease basis and thereby assesses whether it not readily determinable, using the incremental borrowing rates
is reasonably certain that any options to extend or terminate in the country of domicile of these leases. Lease liabilities are
the contract will be exercised. In evaluating the lease term, the remeasured with a corresponding adjustment to the related right
Company considers factors such as any significant leasehold of use asset if the Group changes its assessment to whether it will
improvements undertaken over the lease term, costs relating exercise an extension or a termination option.
to the termination of the lease and the importance of the
underlying asset to Group’s operations taking into account Lease liability and ROU asset have been separately presented in
the location of the underlying asset and the availability of the Balance Sheet and lease payments have been classified as
suitable alternatives. The lease term in future periods is financing cash flows.
reassessed to ensure that the lease term reflects the current
economic circumstances.

The Group as a lessor

Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially
all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified
as operating leases.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is
classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.
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 right-of-use assets for the year ended March 31, 2023 are as follows :

(In ₹ crore)

Particulars Category of ROU asset Total

Land Buildings Vehicles Computers
Balance as of April 1, 2022 628 3,711 16 468 4,823
Additions *
– 847 8 2,646 3,501
Deletions – (45) – (364) (409)
Depreciation (6) (671) (10) (499) (1,186)
Translation difference 1 54 1 97 153
Balance as of March 31, 2023 623 3,896 15 2,348 6,882
*Net of adjustments on account of modifications and lease incentives

Infosys Integrated Annual Report 2022-23 349

Consolidated Financial Statements

The changes in the carrying value of right-of-use assets for the year ended March 31, 2022 were as follows :

(In ₹ crore)

Particulars Category of ROU asset Total

Land Buildings Vehicles Computers
Balance as of April 1, 2021 630 3,984 19 161 4,794
Additions *
– 449 6 459 914
Deletions – (85) – (47) (132)
Depreciation (6) (657) (10) (108) (781)
Translation difference 4 20 1 3 28
Balance as of March 31, 2022 628 3,711 16 468 4,823
*Net of adjustments on account of modifications and lease incentives

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the Consolidated
Statement of Profit and Loss.

The break-up of current and non-current lease liabilities as at The Group does not face a significant liquidity risk with regard to
March 31, 2023 and March 31, 2022 is as follows : its lease liabilities as the current assets are sufficient to meet the
obligations related to lease liabilities as and when they fall due.
(In ₹ crore)
Rental expense recorded for short-term leases was ₹92
Particulars As at March 31, crore and ₹61 crore for the years ended March 31, 2023 and
2023 2022 March 31, 2022, respectively.
Current lease liabilities 1,242 872 The movement in the net investment in sublease of
Non-current lease liabilities 7,057 4,602 ROU assets during the years ended March 31, 2023 and
March 31, 2022 is as follows :
Total 8,299 5,474
(In ₹ crore)
The movement in lease liabilities during the years ended
March 31, 2023 and March 31, 2022 is as follows : Particulars Year ended March 31
2023 2022
(In ₹ crore)
Balance at the beginning 372 388
Particulars Year ended March 31, Additions 6 5
2023 2022 Interest income accrued during the 13 13
Balance at the beginning 5,474 5,325 period
Additions 3,503 933 Lease receipts (63) (48)
Deletions (49) (134) Translation difference 30 14
Finance cost accrued during the Balance at the end 358 372
period 245 175
Payment of lease liabilities (1,241) (956) The details regarding the contractual maturities of net
investment in sublease of ROU asset on an undiscounted
Translation difference 367 131 basis during the year ended March 31, 2023 and March 31,
Balance at the end 8,299 5,474 2022 are as follows :

The table below provides details regarding the contractual (In ₹ crore)
maturities of lease liabilities as at March 31, 2023 and
Particulars As at March 31,
March 31, 2022 on an undiscounted basis :
2023 2022
(In ₹ crore) Less than one year 63 55
As at March 31, One to five years 264 235
Particulars
2023 2022 More than five years 69 126
Less than one year 1,803 991 Total 396 416
One to five years 5,452 3,244 Leases not yet commenced to which the Group is committed is
More than five years 1,978 1,972 ₹172 crore for a lease term ranging from three to ten years.
Total 9,233 6,207

350 Infosys Integrated Annual Report 2022-23

2.22 Employee benefits invests in specific designated instruments as permitted by Indian
Accounting policy law. The remaining portion is contributed to the government
administered pension fund. The rate at which the annual interest
Gratuity and pensions
is payable to the beneficiaries by the trust is being administered
The Group provides for gratuity, a defined benefit retirement by the Government of India. The Company has an obligation
plan ("the Gratuity Plan") covering eligible employees majorly of to make good the shortfall, if any, between the return from the
Infosys and its Indian subsidiaries. The Gratuity Plan provides a investments of the trust and the notified interest rate.
lump-sum payment to vested employees at retirement, death,
In respect of Indian subsidiaries, eligible employees receive
incapacitation or termination of employment, of an amount
benefits from a provident fund, which is a defined contribution
based on the respective employee's salary and the tenure of
plan. Both the eligible employee and the respective companies
employment with the Group. The Company contributes gratuity
make monthly contributions to this provident fund plan
liabilities to the Infosys Limited Employees' Gratuity Fund Trust
equal to a specified percentage of the covered employee's
(the Trust). In case of Infosys BPM and EdgeVerve, contributions
salary. Amounts collected under the provident fund plan are
are made to the Infosys BPM Employees' Gratuity Fund Trust
deposited in a government administered provident fund. The
and EdgeVerve Systems Limited Employees' Gratuity Fund Trust,
Companies have no further obligation to the plan beyond its
respectively. Trustees administer contributions made to the
monthly contributions.
Trusts and contributions are invested in a scheme with the Life
Insurance Corporation of India as permitted by Indian law. Superannuation
The Group operates defined benefit pension plan in certain Certain employees of Infosys, Infosys BPM and EdgeVerve are
overseas jurisdictions, in accordance with the local laws. These participants in a defined contribution plan. The Group has no
plans are managed by third party fund managers. The plans further obligations to the plan beyond its monthly contributions,
provide for periodic payouts after retirement and / or a lump- which are periodically contributed to a trust fund, the corpus of
sum payment as set out in rules of each fund and includes which is invested with the Life Insurance Corporation of India.
death and disability benefits. The defined benefit plans require
Compensated absences
contributions, which are based on a percentage of salary that
varies depending on the age of the respective employees. The Group has a policy on compensated absences which
are both accumulating and non-accumulating in nature.
Liabilities with regard to these defined benefit plans are
The expected cost of accumulating compensated absences is
determined by actuarial valuation, performed by an external
determined by actuarial valuation performed by an independent
actuary, at each Balance Sheet date using the projected
actuary at each Balance Sheet date using projected unit credit
unit credit method. These defined benefit plans expose the
method on the additional amount expected to be paid / availed
Group to actuarial risks, such as longevity risk, interest rate
as a result of the unused entitlement that has accumulated at the
risk and market risk.
Balance Sheet date. Expense on non-accumulating compensated
The Group recognizes the net obligation of a defined benefit absences is recognized in the period in which the absences occur.
plan in its Balance Sheet as an asset or liability. Gains and losses
through re-measurements of the net defined benefit liability
/ (asset) are recognized in other comprehensive income and
are not reclassified to profit or loss in subsequent periods. The
actual return of the portfolio of plan assets, in excess of the yields
computed by applying the discount rate used to measure the
defined benefit obligation is recognized in other comprehensive
income. The effect of any plan amendments is recognized in net
profit in the Consolidated Statement of Profit and Loss.
Provident fund
Eligible employees of Infosys receive benefits from a provident
fund, which is a defined benefit plan. Both the eligible employee
and the Company make monthly contributions to the provident
fund plan equal to a specified percentage of the covered
employee's salary. The Company contributes a portion to the
Infosys Limited Employees' Provident Fund Trust. The trust

Infosys Integrated Annual Report 2022-23 351

Consolidated Financial Statements

2.22.1 Gratuity and pension

The details of the defined benefit retirement plans and the amounts recognized in the Group's financial statements as at March 31, 2023
and March 31, 2022 are as follows :

(In ₹ crore)

Particulars Gratuity Pension

As at March 31, As at March 31,
2023 2022 2023 2022
Change in benefit obligations
Benefit obligations at the beginning 1,722 1,624 926 814
Transfer – – 19 55
Service cost 276 219 41 40
Interest expense 103 89 5 3
Remeasurements – Actuarial (gains) / losses (72) 81 (143) (14)
Past service cost – Plan amendments (1) – – 14
Employee contribution – – 27 27
Benefits paid (268) (291) (46) (41)
Translation difference 18 – 88 28
Benefit obligations at the end 1,778 1,722 917 926
Change in plan assets
Fair value of plan assets at the beginning 1,711 1,610 846 690
Transfer – – 19 55
Interest income 105 96 4 3
Remeasurements – Return on plan assets excluding
amounts included in interest income 24 24 (95) 53
Employer contribution 175 267 37 37
Employee contribution – – 27 27
Benefits paid (260) (286) (46) (41)
Translation difference – – 78 22
Fair value of plan assets at the end 1,755 1,711 870 846
Funded status (23) (11) (47) (80)
Defined benefit plan asset 23 22 13 8
Defined benefit plan liability (46) (33) (60) (88)

The amounts for the years ended March 31, 2023 and March 31, 2022 recognized in the Consolidated Statement of Profit and Loss under
employee benefit expense, are as follows :

(In ₹ crore)

Particulars Gratuity Pension

Year ended March 31, Year ended March 31,
2023 2022 2023 2022
Service cost 276 219 41 40
Net interest on the net defined benefit liability / (asset) (2) (7) 1 –
Plan amendments (1) – – 14
Net cost 273 212 42 54

352 Infosys Integrated Annual Report 2022-23

The amounts for the years ended March 31, 2023 and March 31, 2022 recognized in the Consolidated Statement of Other Comprehensive
Income are as follows :

(In ₹ crore)

Particulars Gratuity Pension

Year ended March 31, Year ended March 31,
2023 2022 2023 2022
Remeasurements of the net defined benefit liability
/ (asset)
Actuarial (gains) / losses (72) 81 (143) (14)
(Return) / loss on plan assets, excluding amounts
included in the net interest on the net defined benefit
liability / (asset) (24) (24) 95 (53)
(96) 57 (48) (67)

(In ₹ crore)

Particulars Gratuity Pension

Year ended March 31 Year ended March 31,
2023 2022 2023 2022
(Gain) / loss from change in – – – (1)
demographic assumptions
(Gain) / loss from change in financial assumptions (62) (46) (148) (22)
(Gain) / loss from experience adjustment (10) 127 5 9
(72) 81 (143) (14)

The weighted-average assumptions used to determine benefit obligations as at March 31, 2023 and March 31, 2022 are as follows :

Particulars Gratuity Pension

As at March 31, As at March 31,
2023 2022 2023 2022
Discount rate (in %) (1) 7.1 6.5 1.8-3.8 0.4-1.7
Weighted average rate of increase in compensation
levels (in %) (2) 6 6 1-3 1-3
Weighted average duration of defined benefit
obligation (3) 5.9 years 5.9 years 12 years 14 years

The weighted-average assumptions used to determine net periodic benefit cost for the years ended March 31, 2023 and
March 31, 2022 are as follows :

(In %)

Particulars Gratuity Pension

Year ended March 31, Year ended March 31,
2023 2022 2023 2022
Discount rate 6.5 6.1 0.4-1.7 0.1-0.9
Weighted average rate of increase in compensation
levels 6 6 1-3 1-3
(1)
For domestic defined benefit plan in India, the market for high quality corporate bonds being not developed, the yield of government bonds is considered
as the discount rate. For most of our overseas defined benefit plan, given that the market for high quality corporate bonds is not developed, the Government
bond rate adjusted for corporate spreads is used.
(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, inflation in respective markets and the Management’s estimate of future salary increases.
(3)
Attrition rate considered is the Management’s estimate based on the past long-term trend of employee turnover in the Company. The tenure has been
considered taking into account the past long-term trend of employees' average remaining service life which reflects the average estimated term of post-
employment benefit obligation.

Infosys Integrated Annual Report 2022-23 353

Consolidated Financial Statements

For domestic defined benefit plan in India, assumptions converting the lump-sum to a pension and there is the risk that
regarding future mortality experience are set in accordance the members live longer than implied by these conversion rates
with the published statistics by the Life Insurance Corporation and that the pension assets don’t achieve the investment return
of India. For overseas defined benefit plan, the assumptions implied by these conversion rates.
regarding future mortality experience are set with regard to
Asset volatility: A proportion of the pension fund is held in
the latest statistics in life expectancy, plan experience and
equities, which is expected to outperform corporate bonds
other relevant data.
in the long term but give exposure to volatility and risk in the
The Group assesses all of the above assumptions short term. The pension fund board of insurer is responsible
with its projected long-term plans of growth and for the investment strategy and equity allocation is justified
prevalent industry standards. given the long-term investment horizon of the pension fund
and the objective to provide a reasonable long term return on
The Company contributes all ascertained liabilities towards
members’ account balances.
gratuity to the Infosys Limited Employees' Gratuity Fund Trust.
In case of Infosys BPM and EdgeVerve, contributions are made to The sensitivity of significant assumptions used for valuation of
the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve defined benefit obligation is as follows :
Systems Limited Employees Gratuity Fund Trust, respectively.
Trustees administer contributions made to the trust as at (In ₹ crore)
March 31, 2023 and March 31, 2022, and contributions for gratuity Impact from As at March 31, 2023
are invested in a scheme with the Life Insurance Corporation
of India as permitted by Indian law. The plan assets of the Gratuity Pension
overseas defined benefit plan have been primarily invested in 1% point 0.5% point
insurer managed funds and the asset allocation for plan assets is increase / increase /
determined based on the investment criteria prescribed under decrease decrease
the relevant regulations applicable to pension funds and the Discount rate 94 40
insurer managers. The insurers' investment are well diversified Weighted average rate of increase
and also provide for guaranteed interest rates arrangements. in compensation levels 85 5
Actual return on assets (including remeasurements) of
the Gratuity Plan for the years ended March 31, 2023 and Sensitivity to significant actuarial assumptions is computed
March 31, 2022 were ₹129 crore and ₹120 crore, respectively and by varying one actuarial assumption used for the valuation of
for the pension plan were (₹91) crore and ₹56 crore, respectively. the defined benefit obligation and keeping all other actuarial
assumptions constant. In practice, this is not probable, and
The contributions for gratuity are invested in a scheme with the
changes in some of the assumptions may be correlated.
Life Insurance Corporation of India as permitted by Indian law.
The details of major plan assets into various categories as at The Group expects to contribute ₹219 crore to gratuity and
March 31, 2023 and March 31, 2022 are as follows : ₹40 crore to pension during the fiscal 2024.

(In %)
The maturity profile of defined benefit obligation is as follows :

Particulars Pension (In ₹ crore)

As at March 31, Particulars Gratuity Pension
2023 2022 Within 1 year 274 58
Equity 34 34 1-2 years 278 55
Bonds 32 32 2-3 years 277 61
Real estate / Property 26 26 3-4 years 309 59
Cash and cash equivalents 1 1 4-5 years 389 64
Other 7 7 5-10 years 1,953 322

These defined benefit plans expose the Group to actuarial risk 2.22.2 Provident fund
which are set out below : Infosys has an obligation to fund any shortfall on the yield of
Interest rate risk: The present value of the defined benefit plan the trust’s investments over the administered interest rates
liability is generally calculated using a discount rate determined on an annual basis. These administered rates are determined
with reference to government bond yields and in certain annually, predominantly considering the social rather than
overseas jurisdictions, it is calculated in reference to government economic factors. The actuary has provided a valuation for
bond yield adjusted for a corporate spread. If bond yields fall, the provident fund liabilities on the basis of guidance issued by the
defined benefit obligation will tend to increase. Actuarial Society of India.
Life expectancy and investment risk: The pension fund offers
the choice between a lifelong pension and a cash lump-sum
upon retirement. The pension fund has defined rates for

354 Infosys Integrated Annual Report 2022-23

The funded status of the defined benefit provident fund The assumptions used in determining the present value
plan of Infosys Limited and the amounts recognized in obligation of the defined benefit plan under the Deterministic
the Group's financial statements as at March 31, 2023 and Approach are as follows :
March 31, 2022 is as follows :
Particulars As at March 31,
(In ₹ crore) 2023 2022
Particulars As at March 31, Government of India (GOI) bond 7.10% 6.50%
2023 2022 yield (1)
Change in benefit obligations Expected rate of return on plan assets 8.15% 7.70%
Benefit obligations at the Remaining term to maturity of
beginning 9,304 8,287 portfolio 6 years 6 years
Service cost 814 656 Expected guaranteed interest rate 8.15% 8.10%

Employee contribution 1,689 1,153 (1)

In India, the market for high quality corporate bonds being not
Interest expense 625 516 developed, the yield of government bonds is considered as the discount
rate. The tenure has been considered taking into account the past long-
Actuarial (gains) / loss (82) 118 term trend of employees’ average remaining service life which reflects the
average estimated term of the post- employment benefit obligations.
Benefits paid (1,823) (1,426)
Benefit obligations at the end The breakup of the plan assets into various categories as at
10,527 9,304
March 31, 2023 and March 31, 2022 are as follows :
Change in plan assets
Fair value of plan assets at the (In %)
beginning 9,058 8,140
Particulars As at March 31,
Interest income 609 507
2023 2022
Remeasurements – Return on plan
Central and state government bonds 60 57
assets excluding amounts included in
interest income (186) 18 Public sector undertakings and 33 37
Private sector bonds
Employer contribution 837 666
Others 7 6
Employee contribution 1,689 1,153
Benefits paid (1,823) (1,426) The asset allocation for plan assets is determined based on the
Fair value of plan assets at the end 10,184 9,058 investment criteria prescribed under the relevant regulations.
Net liability (343) (246) The actuarial valuation of PF liability exposes the Group to
interest rate risk. The defined benefit obligation calculated uses a
The amounts for the years ended March 31, 2023 and discount rate based on government bonds. If bond yields fall, the
March 31, 2022 recognized in the Consolidated Statement of defined benefit obligation will tend to increase.
Other Comprehensive Income are as follows :
As at March 31, 2023, the defined benefit obligation would
(In ₹ crore)
be affected by approximately ₹48 crore and ₹97 crore on
account of a 0.25% increase / decrease in the expected rate of
Particulars Year ended March 31, return on plan assets.
2023 2022 The Group contributed ₹1,193 crore and ₹882 crore to the
Remeasurements of the net defined provident fund during the years ended March 31, 2023 and
benefit liability / (asset) March 31, 2022, respectively. The same has been recognized in
Actuarial (gains) / losses (82) 118 the Consolidated Statement of Profit and Loss under the head,
Employee benefit expense.
(Return) / loss on plan assets, 186 (18)
excluding amounts included in The provident plans are applicable only to employees drawing a
the net interest on the net defined salary in Indian rupees.
benefit liability / (asset)
104 100 2.22.3 Superannuation
The Group contributed ₹487 crore and ₹364 crore during the
years ended March 31, 2023 and March 31, 2022, respectively and
the same has been recognized in the Consolidated Statement of
Profit and Loss under the head employee benefit expense.

Infosys Integrated Annual Report 2022-23 355

Consolidated Financial Statements

2.22.4 Employee benefit costs 2.24 Contingent liabilities and commitments

(In ₹ crore) Accounting policy
Particulars Year ended March 31, Contingent liability is a possible obligation arising from past
2023 2022 events and whose existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future
Salaries and bonus (1) 76,365 62,483 events, not wholly within the control of the entity, or a present
Defined contribution plans 627 478 obligation that arises from past events but is not recognized
Defined benefit plans 1,367 1,025 because it is not probable that an outflow of resources
embodying economic benefits will be required to settle the
78,359 63,986
obligation or the amount of the obligation cannot be measured
(1)
Includes employee stock compensation expense of ₹519 crore and ₹415 with sufficient reliability.
crore for the years ended March 31, 2023 and March 31, 2022, respectively.
(In ₹ crore)
2.23 Reconciliation of basic and diluted shares used in
Particulars As at March 31,
computing earnings per equity share
2023 2022
Accounting policy
Contingent liabilities
Basic earnings per equity share is computed by dividing the net
profit attributable to the equity holders of the Group by the Claims against the Group, not
weighted average number of equity shares outstanding during acknowledged as debts (1) 4,762 4,641
the period. Diluted earnings per equity share is computed by [Amount paid to statutory authorities
dividing the net profit attributable to the equity holders of ₹6,539 crore (₹6,006 crore)]
the Group by the weighted average number of equity shares
Commitments
considered for deriving basic earnings per equity share and also
the weighted average number of equity shares that could have Estimated amount of contracts
been issued upon conversion of all dilutive potential equity remaining to be executed on capital
shares. The dilutive potential equity shares are adjusted for the contracts and not provided for
proceeds receivable, had the equity shares been actually issued (net of advances and deposits) (2) 959 1,245
at fair value (i.e. the average market value of the outstanding Other commitments * 92 28
equity shares). Dilutive potential equity shares are deemed
*
Uncalled capital pertaining to investments
converted as at the beginning of the period, unless issued at
a later date. Dilutive potential equity shares are determined
(1)
As at March 31, 2023 and March 31, 2022, claims against the Group not
acknowledged as debts in respect of income tax matters amounted to
independently for each period presented. ₹4,062 crore and ₹4,001 crore, respectively.
The number of equity shares and potentially dilutive equity The claims against the Group primarily represent demands arising on
shares are adjusted retrospectively for all periods presented for completion of assessment proceedings under the Income-tax Act, 1961.
These claims are on account of multiple issues of disallowances, such as
any share splits and bonus shares issues, including for changes
disallowance of profits earned from STP Units and SEZ Units, disallowance
effected prior to the approval of the financial statements by of deductions in respect of employment of new employees under Section
the Board of Directors. 80JJAA, disallowance of expenditure towards software being held as
capital in nature, and payments made to Associated Enterprises held as
A reconciliation of the equity shares used in the computation of liable for withholding of taxes. These matters are pending before various
basic and diluted earnings per equity share is as follows : Income Tax Authorities and the Management including its tax advisors
expect that its position will likely be upheld on ultimate resolution, and
Particulars Year ended March 31, will not have a material adverse effect on the Group's financial position
and results of operations.
2023 2022
Amount paid to statutory authorities against the tax claims amounted to
Basic earnings per equity share ₹6,528 crore and ₹5,996 crore as at March 31, 2023 and March 31, 2022,
– weighted average number of respectively.
equity shares outstanding (1) 418,08,97,857 420,95,46,724 (2)
Capital contracts primarily comprise commitments for infrastructure
facilities and computer equipments.
Effect of dilutive common
equivalent shares – share Legal proceedings
options outstanding 68,33,213 89,78,410
The Group is subject to legal proceedings and claims, which
Diluted earnings per equity
have arisen in the ordinary course of business. The Group’s
share – weighted average
number of equity shares and management reasonably expects that these legal actions, when
common equivalent shares ultimately concluded and determined, will not have a material
outstanding 418,77,31,070 421,85,25,134 and adverse effect on the Group’s results of operations or
financial condition.
(1)
Excludes treasury shares

For the years ended March 31, 2023 and March 31, 2022, there
were 9,960 and Nil options to purchase equity shares which had
an anti-dilutive effect.

356 Infosys Integrated Annual Report 2022-23

2.25 Related party transactions
List of related parties

(In %)

Name of subsidiaries Country Holdings as at March 31,

2023 2022
Infosys Technologies (China) Co. Limited (Infosys China) (1)
China 100 100
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) (1) Mexico 100 100
Infosys Technologies (Sweden) AB (Infosys Sweden) (1)
Sweden 100 100
Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) (1)
China 100 100
Infosys Nova Holdings LLC. (Infosys Nova) (1) US 100 100
EdgeVerve Systems Limited (EdgeVerve) (1)
India 100 100
Infosys Austria GmbH (1) Austria 100 100
Skava Systems Private Limited (Skava Systems) (1)(26)
India 100 100
Infosys Chile SpA (1)
Chile 100 100
Infosys Arabia Limited (2)(26) Saudi Arabia 70 70
Infosys Consulting Ltda. (1)
Brazil 100 100
Infosys Luxembourg S.a.r.l (1) Luxembourg 100 100
Infosys Americas Inc. (Infosys Americas) (1)(26)
US 100 100
Infosys Public Services, Inc. USA (Infosys Public Services) (1)
US 100 100
Infosys Canada Public Services Inc (19)(35) Canada – –
Infosys BPM Limited (1)(43)
India 100 100
Infosys (Czech Republic) Limited s.r.o. (3) Czech Republic 100 100
Infosys Poland Sp z.o.o (3)
Poland 100 100
Infosys McCamish Systems LLC (3)
US 100 100
Portland Group Pty. Ltd (3) Australia 100 100
Infosys BPO Americas LLC. (3)
US 100 100
Infosys Consulting Holding AG (Infosys Lodestone) (1) Switzerland 100 100
Infosys Management Consulting Pty. Limited (4)
Australia 100 100
Infosys Consulting AG (4)
Switzerland 100 100
Infosys Consulting GmbH (4) Germany 100 100
Infosys Consulting S.R.L. (1)
Romania 100 100
Infosys Consulting SAS (4) France 100 100
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) (4)(34)
Czech Republic – –
Infosys Consulting (Shanghai) Co., Ltd. (4)(30)
China – –
Infy Consulting Company Ltd (4) UK 100 100
Infy Consulting B.V. (4) The Netherlands 100 100
Infosys Consulting S.R.L. (45) Argentina 100 100
Infosys Consulting (Belgium) NV (4)
Belgium 100 100
Panaya Inc. (Panaya) (1) US 100 100
Panaya Ltd. (6)
Israel 100 100
Infosys Financial Services GmbH. (formerly Panaya GmbH) (54)
Germany 100 100
Brilliant Basics Holdings Limited (Brilliant Basics) (1)(26) UK 100 100
Brilliant Basics Limited (7)(26)
UK 100 100
Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (1) Singapore 100 100
Infosys Middle East FZ LLC (8)
Dubai 100 100

Infosys Integrated Annual Report 2022-23 357

Consolidated Financial Statements

Name of subsidiaries Country Holdings as at March 31,

2023 2022
Fluido Oy (8) Finland 100 100
Fluido Sweden AB (Extero) (11)
Sweden 100 100
Fluido Norway A/S (11) Norway 100 100
Fluido Denmark A/S (11)
Denmark 100 100
Fluido Slovakia s.r.o (11)
Slovakia 100 100
Infosys Compaz Pte. Ltd (9) Singapore 60 60
Infosys South Africa (Pty.) Ltd (8)
South Africa 100 100
WongDoody Holding Company Inc. (WongDoody) (1)(36) US – –
WDW Communications, Inc (10)(37)
US – –
WongDoody, Inc (10)(38)
US 100 100
HIPUS Co., Ltd (9) Japan 81 81
Stater N.V. (9)
The Netherlands 75 75
Stater Nederland B.V. (12) The Netherlands 75 75
Stater XXL B.V. (12)
The Netherlands 75 75
HypoCasso B.V. (12)
The Netherlands 75 75
Stater Participations B.V. (12) The Netherlands 75 75
Stater Belgium N.V./S.A. (13)
Belgium 75 75
Stater Gmbh (12)(28) Germany 75 75
Outbox systems Inc. dba Simplus (US) (15)
US 100 100
Simplus North America Inc. (16)(27)
Canada – –
Simplus ANZ Pty. Ltd. (16) Australia 100 100
Simplus Australia Pty. Ltd (17) Australia 100 100
Sqware Peg Digital Pty. Ltd (18)(31) Australia – –
Simplus Philippines, Inc. (16)
Philippines 100 100
Simplus Europe, Ltd. (16)(29) UK – –
Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd) (11)
UK 100 100
Infosys Fluido Ireland, Ltd.(formerly Simplus Ireland, Ltd) (20)
Ireland 100 100
Infosys Limited Bulgaria EOOD (1) Bulgaria 100 100
Kaleidoscope Animations, Inc. (15)
US 100 100
Kaleidoscope Prototyping LLC (22) US 100 100
GuideVision s.r.o. (14)
Czech Republic 100 100
GuideVision Deutschland GmbH (21)
Germany 100 100
GuideVision Suomi Oy (21) Finland 100 100
GuideVision Magyarország Kft (21)
Hungary 100 100
GuideVision Polska Sp. z.o.o (21) Poland 100 100
GuideVision UK Ltd (21)(26)
UK 100 100
Blue Acorn iCi Inc (formerly Beringer Commerce Inc) (15)
US 100 100
Beringer Capital Digital Group Inc (15)(41) US – –
Mediotype LLC (23)(41)
US – –
Beringer Commerce Holdings LLC (23)(41) US – –
SureSource LLC (24)(39)
US – –
Blue Acorn LLC (24)(39)
US – –
Simply Commerce LLC (24)(39) US – –
iCiDIGITAL LLC (25)(40)
US – –

358 Infosys Integrated Annual Report 2022-23

Name of subsidiaries Country Holdings as at March 31,
2023 2022
Infosys BPM UK Limited (3) UK 100 –
Infosys Turkey Bilgi Teknolojileri Limited Sirketi (1)
Turkey 100 100
Infosys Germany Holding Gmbh (1) Germany 100 100
Infosys Automotive and Mobility GmbH & Co. KG (1)
Germany 100 100
Infosys Green Forum (1)(32)
India 100 100
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) (33) Malaysia 100 100
Infosys Business Solutions LLC (1)(42)
Qatar 100 –
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (44) Germany 100 –
oddity GmbH (46)
Germany 100 –
oddity (Shanghai) Co., Ltd. (47)
China 100 –
oddity Limited (Taipei) (47) Taiwan 100 –
oddity space GmbH (46)
Germany 100 –
oddity jungle GmbH (46) Germany 100 –
oddity code GmbH (46)
Germany 100 –
oddity code d.o.o (48)
Serbia 100 –
oddity waves GmbH (46) Germany 100 –
oddity group services GmbH (46)
Germany 100 –
Infosys Public Services Canada Inc. (19)(5) Canada 100 –
BASE life science AG (50)
Switzerland 100 –
BASE life science GmbH (50)
Germany 100 –
BASE life science A/S (49) Denmark 100 –
BASE life science S.A.S (50)
France 100 –
BASE life science Ltd. (50) UK 100 –
BASE life science S.r.l. (50)
Italy 100 –
Innovisor Inc. (50) US 100 –
BASE life science Inc. (50)
US 100 –
BASE life science S.L. (50)(51)
Spain 100 –
Panaya Germany GmbH (6)(52) Germany 100 –
Infosys Norway (8)(53)
Norway 100 –

(1)
Wholly-owned subsidiary of Infosys Limited (15)
Wholly-owned subsidiary of Infosys Nova Holdings LLC
(2)
Majority-owned and controlled subsidiary of Infosys Limited (16)
Wholly-owned subsidiary of Outbox Systems Inc.
(3)
Wholly-owned subsidiary of Infosys BPM Limited (17)
Wholly-owned subsidiary of Simplus ANZ Pty. Ltd
(4)
Wholly-owned subsidiary of Infosys Consulting Holding AG (18)
Wholly-owned subsidiary of Simplus Australia Pty. Ltd
(5)
Incorporated on July 8, 2022 (19)
Wholly-owned subsidiary of Infosys Public Services, Inc.
(6)
Wholly-owned subsidiary of Panaya Inc. (20)
Wholly-owned subsidiary of Infosys Fluido UK, Ltd. (formerly Simplus U.K.,
(7)
Wholly-owned subsidiary of Brilliant Basics Holding Limited. Ltd)
(8)
Wholly-owned subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys
(21)
Wholly-owned subsidiary of GuideVision s.r.o.
Consulting Pte. Ltd.) (22)
Wholly-owned subsidiary of Kaleidoscope Animations, Inc.
(9)
Majority-owned and controlled subsidiary of Infosys Singapore Pte. Ltd. (23)
Wholly-owned subsidiary of Blue Acorn iCi Inc
(formerly Infosys Consulting Pte. Ltd.) (24)
Wholly-owned subsidiary of Beringer Commerce Holdings LLC
(10)
Wholly-owned subsidiary of WongDoody Holding Company Inc. (25)
Wholly-owned subsidiary of Beringer Capital Digital Group Inc.
(WongDoody) (26)
Under liquidation
(11)
Wholly-owned subsidiary of Fluido Oy (27)
Liquidated effective April 27,2021
(12)
Wholly-owned subsidiary of Stater N.V (28)
Incorporated on August 4, 2021
(13)
Majority-owned and controlled subsidiary of Stater Participations B.V. (29)
Liquidated effective July 20, 2021
(14)
Wholly-owned subsidiary of Infy Consulting Company Limited (30)
Liquidated effective September 1, 2021

Infosys Integrated Annual Report 2022-23 359

Consolidated Financial Statements
(31)
Liquidated effective September 2, 2021 of voting interests in Infosys Germany GmbH (formerly Kristall 247. GmbH
(32)
Incorporated on August 31, 2021 (“Kristall”)).
(33)
On December 14, 2021, Infosys Singapore Pte. Ltd (formerly Infosys
(45)
Infosys Consulting S.R.L. (Argentina) (formerly a wholly-owned subsidiary
Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited of Infosys Consulting Holding AG) became the majority-owned and
acquired 100% of voting interests in Infosys (Malaysia) SDN. BHD. controlled subsidiary of Infosys Limited with effect from April 1, 2022
(formerly Global Enterprise International (Malaysia) Sdn. Bhd.) (46)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH
(34)
Liquidated effective December 16, 2021 (“Kristall”)) (a wholly-owned subsidiary of Infosys Singapore Pte. Ltd
(formerly Infosys Consulting Pte. Ltd.)) acquired 100% of voting interests in
(35)
Liquidated effective November 23, 2021 oddity space GmbH, oddity jungle GmbH, oddity waves GmbH, oddity
(36)
Wholly-owned subsidiary of Infosys Limited, merged with WongDoody group services GmbH, oddity code GmbH and oddity GmbH.
Inc, effective December 31, 2021 (47)
Wholly-owned subsidiary of oddity GmbH
(37)
Wholly-owned subsidiary of WongDoody Holding Company Inc. (48)
Wholly-owned subsidiary of oddity code GmbH.
(WongDoody), merged with WongDoody Inc, effective December 31, 2021
(49)
On September 1, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys
(38)
Wholly-owned subsidiary of Infosys Limited, effective December 31, 2021 Consulting Pte. Ltd.) (a wholly-owned subsidiary of Infosys Limited)
(39)
Merged with Beringer Commerce Holdings LLC, effective January 1, 2022 acquired 100% of voting interests in BASE life science A/S.
(40)
Merged with Beringer Capital Digital Group Inc, effective January 1, 2022 (50)
Wholly-owned subsidiary of BASE life science A/S
(41)
Merged with Blue Acorn iCi Inc, effective January 1, 2022 (51)
Incorporated on September 6, 2022
(42)
Incorporated on February 20, 2022 (52)
Incorporated effective December 15, 2022
(43)
On March 17, 2022, Infosys Limited acquired non-controlling interest of (53)
Incorporated effective February 7, 2023.
0.01% of the voting interests in Infosys BPM Limited. (54)
Infosys Financial Services GmbH. (formerly Panaya GmbH) became a
(44)
On March 22, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys
Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited acquired 100% Consulting Pte. Ltd.) with effect from February 23, 2023.

Infosys has provided guarantee for performance of certain contracts entered into by its subsidiaries.

List of other related party

Particulars Country Nature of relationship
Infosys Limited Employees' Gratuity Fund Trust India Post-employment benefit plan of Infosys Limited
Infosys Limited Employees' Provident Fund Trust India Post-employment benefit plan of Infosys Limited
Infosys Limited Employees' Superannuation Fund Trust India Post-employment benefit plan of Infosys Limited
Infosys BPM Limited Employees' Superannuation Fund Trust India Post-employment benefit plan of Infosys BPM Limited
Infosys BPM Limited Employees' Gratuity Fund Trust India Post-employment benefit plan of Infosys BPM Limited
EdgeVerve Systems Limited Employees' Gratuity Fund Trust India Post-employment benefit plan of EdgeVerve Systems Limited
EdgeVerve Systems Limited Employees' Superannuation Fund Trust India Post-employment benefit plan of EdgeVerve Systems Limited
Infosys Employees Welfare Trust India Controlled trust
Infosys Employee Benefits Trust India Controlled trust
Infosys Science Foundation India Controlled trust
Infosys Foundation (1) (2)
India Trust jointly controlled by KMPs
Infosys Expanded Stock Ownership Trust India Controlled trust
Refer to Note 2.20 for information on transactions with post-employment benefit plans mentioned above.
(1)
Effective January 1, 2022
(2)
During the year ended March 31, 2023, the Group contributed ₹354 crore towards CSR. During the quarter ended March 31, 2022, the Group contributed
₹2 crore towards CSR.

360 Infosys Integrated Annual Report 2022-23

List of key management personnel Executive Officers
Whole-time Directors Nilanjan Roy, Chief Financial Officer
Salil Parekh, Chief Executive Officer and Managing Director Inderpreet Sawhney, Group General Counsel and
U.B. Pravin Rao, Chief Operating Officer (retired as Chief Compliance Officer
a Chief Operating Officer and Whole-time director Shaji Mathew (appointed as Group Head - Human Resources
effective December 12, 2021) effective March 22, 2023)
Non-whole-time Directors Krishnamurthy Shankar (retired as Group Head - Human
Nandan M. Nilekani Resources effective March 21, 2023)

D. Sundaram (appointed as lead independent director Mohit Joshi (resigned as President effective March 11, 2023
effective March 23, 2023) and will be on leave till his last date with the Company which
will be June 9, 2023)
Kiran Mazumdar-Shaw (retired as lead independent director
effective March 22, 2023) Ravi Kumar S (resigned as President effective October 11, 2022)

Micheal Gibbs Company Secretary

Uri Levine A.G.S. Manikantha

Bobby Parikh
Chitra Nayak
Govind Iyer (appointed as an independent director
effective January 12, 2023)

Transaction with key management personnel

The compensation to key management personnel which comprise directors and executive officers is as follows :

(In ₹ crore)

Particulars Year ended March 31,

2023 2022
Salaries and other employee benefits to whole-time directors and executive officers (1)(2) 111 134
Commission and other benefits to non-executive / independent directors 16 11
Total 127 145

(1)
Total employee stock compensation expense for the years ended March 31, 2023 and March 31, 2022 includes a charge of ₹49 crore and ₹65 crore respectively,
towards key management personnel (Refer to Note 2.12). Stock compensation expense for the year ended March 31, 2023 includes reversal of expense on
account of resignation / retirement of key management personnel.
(2)
Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.

Additional information pursuant to para 2 of general instructions for the preparation of Consolidated financial statements
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 (In ₹ crore) consolidated (In ₹ crore) consolidated (In ₹ crore) consolidated (In ₹ crore)
net assets profit or loss other total
comprehensive comprehensive
income income
Infosys Limited 80.97 67,745 88.92 23,268 101.90 (268) 88.55 23,000
Indian subsidiaries
Infosys BPM Limited 5.30 4,438 3.23 846 7.98 (20) 3.18 826
EdgeVerve Systems Limited 1.75 1,467 3.55 930 (2.28) 6 3.60 936
Skava Systems Pvt. Ltd. 0.10 81 0.02 5 – – 0.02 5
Infosys Green Forum 0.35 294 0.02 4 – – 0.02 5
Foreign subsidiaries

Infosys Integrated Annual Report 2022-23 361

Consolidated Financial Statements

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 (In ₹ crore) consolidated (In ₹ crore) consolidated (In ₹ crore) consolidated (In ₹ crore)
net assets profit or loss other total
comprehensive comprehensive
income income
Brilliant Basics Holdings
Limited 0.08 63 – – – – – –
Brilliant Basics Limited – 1 – – – – – –
Blue Acorn iCi Inc 0.22 187 0.20 54 – – 0.21 54
Infosys BPO Americas LLC 0.05 37 0.09 24 – – 0.09 24
Portland Group Pty Ltd 0.11 92 0.11 29 – – 0.11 29
Fluido Denmark A/S – – (0.02) (6) – – (0.02) (6)
Fluido Oy 0.17 138 0.06 18 – – 0.07 18
Fluido Norway A/S 0.05 42 0.07 18 – – 0.07 18
Fluido Slovakia s.r.o. 0.01 6 – – – – – –
Fluido Sweden AB 0.03 25 0.08 20 – – 0.08 20
Infosys Fluido Ireland, Ltd. – 3 0.01 3 – – 0.01 3
Infosys Fluido U.K., Ltd. (0.03) (24) (0.04) (10) – – (0.04) (10)
GuideVision s.r.o. 0.09 71 0.06 16 – – 0.06 16
GuideVision Deutschland
GmbH – (2) (0.02) (6) – – (0.02) (6)
GuideVision Suomi Oy – 2 – 1 – – – 1
GuideVision Magyarország
Kft – 2 – – – – – –
GuideVision Polska SP.z.o.o – – – – – – – –
GuideVision UK Ltd – 2 – – – – – –
Infosys Germany Holding
GmbH – 2 – – – – – –
Infosys Chile SpA 0.03 21 0.02 5 – – 0.02 5
Infosys Americas Inc., – 1 – – – – – –
Infosys Austria GmbH – 1 (0.01) (3) – – (0.01) (3)
Infosys (Czech Republic)
Limited s.r.o. 0.13 110 (0.03) (7) – – (0.03) (7)
Infosys Limited Bulgaria – 2 – 1 – – – 1
Infosys Technologies
(China) Co. Limited 0.54 449 0.45 117 – – 0.45 117
Infosys Technologies
(Shanghai) Company
Limited 0.68 565 (0.37) (98) – – (0.38) (98)
HIPUS Co., Ltd. 0.14 112 0.11 31 – – 0.12 31
Infosys Public Services, Inc.
USA 1.20 1,008 0.57 153 – – 0.59 153
Infosys Consulting S.R.L.
(Argentina) (0.04) (33) (0.15) (40) – – (0.15) (40)
Infosys Management
Consulting Pty Limited 0.05 37 0.03 10 – – 0.04 10
Infosys Consulting
(Belgium) NV (0.01) (7) (0.01) (3) – – (0.01) (3)
Infosys Consulting Ltda. 0.14 117 0.06 15 – – 0.06 15

362 Infosys Integrated Annual Report 2022-23

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 (In ₹ crore) consolidated (In ₹ crore) consolidated (In ₹ crore) consolidated (In ₹ crore)
net assets profit or loss other total
comprehensive comprehensive
income income
Infosys Consulting AG 0.16 133 0.21 62 (4.56) 12 0.28 74
Innovisor Inc. – – – – – – – –
Infosys Consulting GmbH 0.10 89 0.06 17 – – 0.07 17
Infosys Consulting SAS 0.02 18 0.02 4 – – 0.02 4
Infy Consulting Company
Ltd. 0.28 231 0.15 40 – – 0.15 40
Infosys Consulting Holding
AG 0.61 507 0.21 57 – – 0.22 57
Infy Consulting B.V. 0.05 44 0.01 5 – – 0.02 5
BASE life science Inc. – – – – – – – –
Infosys Consulting S.R.L.
(Romania) 0.09 76 0.06 17 – – 0.07 17
Infosys Singapore Pte
Limited (0.61) (514) 0.60 161 – – 0.62 161
Infosys Luxembourg S.a.r.l. 0.02 14 0.03 8 – – 0.03 8
Infosys Technologies S. de
R. L. de C. V. 0.55 463 0.14 37 – – 0.14 37
Infosys Nova Holdings LLC 3.32 2,773 0.10 25 – – 0.10 25
Infosys Poland Sp Z.o.o. 0.96 806 0.30 84 – – 0.32 84
Infosys South Africa (Pty)
Ltd – 4 – – – – – –
Infosys Arabia Limited – 4 – – – – – –
Infosys Technologies
(Sweden) AB. 0.15 124 0.12 31 – – 0.12 31
Infosys Compaz Pte. Ltd 0.28 236 0.12 37 – – 0.14 37
Infosys Middle East FZ LLC (0.02) (17) (0.01) (2) (1.14) 3 0.00 1
WongDoody, Inc. 0.38 317 0.41 120 – – 0.46 120
Kaleidoscope Animations 0.13 105 0.06 22 – – 0.08 22
Kaleidoscope Prototyping 0.03 20 0.03 7 – – 0.03 7
Infosys Financial Services
GmbH – 2 – – – – – –
Panaya Inc. 0.19 163 0.02 5 – – 0.02 5
Panaya Ltd. (0.44) (370) 0.10 27 – – 0.10 27
Infosys McCamish Systems
LLC 1.40 1,171 0.95 255 – – 0.98 255
Simplus Philippines, Inc. 0.02 12 0.01 3 – – 0.01 3
Simplus Australia Pty Ltd (0.02) (18) 0.04 11 – – 0.04 11
Outbox systems Inc. dba
Simplus (US) 0.11 89 0.13 33 – – 0.13 33
Stater Belgium N.V./S.A. 0.11 91 0.02 6 – – 0.02 6
HypoCasso B.V. 0.02 20 0.03 9 – – 0.03 9
Stater Nederland B.V. 0.20 169 0.15 38 – – 0.15 38
Stater N.V. 0.77 641 0.32 83 – – 0.32 83

Infosys Integrated Annual Report 2022-23 363

Consolidated Financial Statements

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 (In ₹ crore) consolidated (In ₹ crore) consolidated (In ₹ crore) consolidated (In ₹ crore)
net assets profit or loss other total
comprehensive comprehensive
income income
Stater Participations B.V. (0.32) (265) – – – – – –
Stater XXL B.V. – – – – – – – –
Infosys Automotive and
Mobility GmbH & Co. KG (0.64) (535) (0.84) (219) (1.90) 5 (0.82) (214)
Infosys Turkey Bilgi
Teknolojileri Limited Sirketi (0.06) (51) (0.22) (58) – – (0.22) (58)
Infosys (Malaysia) SDN.
BHD. – 3 (0.12) (31) – – (0.12) (31)
Simplus ANZ Pty Ltd. – – – – – – – –
Stater GMBH (0.01) (10) (0.03) (7) – – (0.03) (7)
Infosys Germany GmbH (0.08) (67) (0.16) (43) – – (0.17) (43)
oddity GmbH 0.02 20 – – – – – –
oddity (Shanghai) Co., Ltd. – 4 – 1 – – – 1
oddity Limited(Taipei) – 1 – 1 – – – 1
oddity space GmbH 0.01 5 – (1) – – – (1)
oddity jungle GmbH 0.01 10 (0.02) (5) – – (0.02) (5)
oddity code GmbH – 2 – – – – – –
oddity code d.o.o – 2 – 1 – – – 1
oddity waves GmbH 0.02 20 0.03 12 – – 0.05 12
oddity group services
GmbH – 1 – (1) – – – (1)
Infosys BPM UK Limited – 1 – – – – – –
Infosys Business Solutions
LLC 0.02 14 0.02 5 – – 0.02 5
Infosys Public Services
Canada Inc. 0.01 12 – (1) – – – (1)
BASE life science AG 0.02 16 – 1 – – – 1
BASE life science GmbH – (1) – (1) – – – (1)
BASE life science A/S 0.03 25 (0.06) (17) – – (0.06) (17)
BASE life science S.A.S – 1 – 1 – – – 1
BASE life science Ltd. – 1 – (1) – – – (1)
BASE life science S.r.l. – (1) – – – – – –
BASE life science S.L. – 1 – 1 – – – 1
Panaya Germany GmbH – (3) – – – – – –
Infosys Norway – – – – – – – –
Subtotal 100.00 83,664 100.00 26,235 100.00 (262) 100.00 25,974
Adjustment arising out of
consolidation (8,421) (2,072) 765 (1,308)
Controlled trusts 164 (68) – (68)
75,407 24,095 503 24,598
Non-controlling Interests 388 13 11 24
Total 75,795 24,108 514 24,622

364 Infosys Integrated Annual Report 2022-23

2.26 Segment reporting
Ind AS 108, Operating segments, establishes standards for the way that public business enterprises report information about operating
segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations
predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief
Operating Decision Maker (CODM) 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 business segments. The accounting
principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual
segments, and are as set out in the accounting policies.
Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises
in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in
Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments.
The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle
operating segment because of the similarity of the economic characteristics. All other segments represent the operating segments of
businesses in India, Japan and China, Infosys Public Services and other enterprises in Public Services.
Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable
to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public services and revenue generated from
customers located in India, Japan and China and other enterprises in Public Services. Allocated expenses of segments include expenses
incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized
in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant
component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably.
The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly
these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.
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.
Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is
otherwise recognized.
Disclosure of revenue by geographic locations is given in Note 2.18, Revenue from operations.

Business segments
Years ended March 31, 2023 and March 31, 2022 :

(In ₹ crore)

Particulars Financial Retail (2)

Communication (3)
Energy, Manufacturing Hi-Tech Life All other Total
Services (1) Utilities, Sciences (4) segments (5)
Resources
and
Services
Revenue
from
operations 43,763 21,204 18,086 18,539 19,035 11,867 10,085 4,188 1,46,767
38,902 17,734 15,182 14,484 13,336 10,036 8,517 3,450 1,21,641
Identifiable
operating
expenses 24,990 10,892 11,101 9,923 12,493 6,959 5,834 2,801 84,993
22,119 8,632 9,179 7,673 8,457 5,952 4,840 2,357 69,209
Allocated
expenses 7,930 3,916 3,226 3,461 3,429 1,949 1,685 1,048 26,644
6,469 2,972 2,631 2,586 2,471 1,589 1,297 926 20,941
Segment
operating
income 10,843 6,396 3,759 5,155 3,113 2,959 2,566 339 35,130
10,314 6,130 3,372 4,225 2,408 2,495 2,380 167 31,491

Infosys Integrated Annual Report 2022-23 365

Consolidated Financial Statements

Particulars Financial Retail (2) Communication(3) Energy, Manufacturing Hi-Tech Life All other Total
Services (1) Utilities, Sciences (4) segments (5)
Resources
and
Services
Unallocable expenses 4,225
3,476
Other income, net (Refer to Note 2.17) 2,701
2,295
Finance cost 284
200
Profit before tax 33,322
30,110
Income tax expense 9,214
7,964
Net profit 24,108
22,146
Depreciation and amortization expense 4,225
3,476
Non-cash expenses other than depreciation and amortization –
–
(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 and China, Infosys Public Services and other enterprises in Public Services

Significant clients
No client individually accounted for more than 10% of the revenues for the years ended March 31, 2023 and March 31, 2022, respectively.

2.27 Function-wise classification of Consolidated Statement of Profit and Loss

(In ₹ crore)
Particulars Note Year ended March 31,
2023 2022
Revenue from operations 2.18 1,46,767 1,21,641
Cost of sales 1,02,353 81,998
Gross profit 44,414 39,643
Operating expenses
Selling and marketing expenses 6,249 5,156
General and administration expenses 7,260 6,472
Total operating expenses 13,509 11,628
Operating profit 30,905 28,015
Other income, net 2.19 2,701 2,295
Finance cost 284 200
Profit before tax 33,322 30,110

366 Infosys Integrated Annual Report 2022-23

Particulars Note Year ended March 31,
2023 2022
Tax expense:
Current tax 2.17 9,287 7,811
Deferred tax 2.17 (73) 153
Profit for the year 24,108 22,146
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net 2.22 8 (85)
Equity instruments through other comprehensive income, net 2.5 (7) 96
1 11
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net 2.11 (7) (8)
Exchange differences on translation of foreign operations, net 776 228
Fair value changes on investments, net 2.5 (256) (49)
513 171
Total other comprehensive income / (loss), net of tax 514 182
Total comprehensive income for the year 24,622 22,328
Profit attributable to
Owners of the Company 24,095 22,110
Non-controlling interests 13 36
24,108 22,146
Total comprehensive income attributable to:
Owners of the Company 24,598 22,293
Non-controlling interests 24 35
24,622 22,328

for and on behalf of the Board of Directors of Infosys Limited

D. Sundaram Salil Parekh Bobby Parikh

Lead Independent Director Chief Executive Officer Director
and Managing Director

Bengaluru Nilanjan Roy Jayesh Sanghrajka A.G.S. Manikantha

April 13, 2023 Chief Financial Officer Executive Vice President and Company Secretary
Deputy Chief Financial Officer

Infosys Integrated Annual Report 2022-23 367

 May 31, 2023

Dear Member,
You are cordially invited to attend the 42nd Annual General Meeting (AGM) of the members of Infosys Limited (“the Company”) to be held
on Wednesday, June 28, 2023 at 4:00 p.m. IST through video conference and other audio-visual means (“VC”).
The Notice of the meeting, containing the business to be transacted, is enclosed herewith. As per Section 108 of the Companies Act, 2013
(“the Act”), read with the related rules and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
as amended (“the LODR Regulations”), the Company is pleased to provide its members the facility to cast their vote by electronic means
on all resolutions set forth in the Notice.

Very truly yours,

Sd/-
Nandan M. Nilekani
Chairman

Enclosures:
1. Notice of the 42nd 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
[email protected]
www.infosys.com
Notice of the 42nd Annual General Meeting
Notice is hereby given that the 42nd Annual General Meeting (AGM) of the members of Infosys Limited (“the Company”) will be held on
Wednesday, June 28, 2023, at 4:00 p.m. IST through video conference / other audio-visual means (“VC”) to transact the following business:

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, 2023 and the reports of the Board of Directors (“the Board”) and auditors thereon.

Item no. 2 – Declaration of dividend

To declare a final dividend of ₹17.5 per equity share for the year ended March 31, 2023.

Item no. 3 – Appointment of Salil Parekh as a director, liable to retire by rotation

To appoint a director in place of Salil Parekh (DIN: 01876159 ), who retires by rotation and being eligible, seeks reappointment.
Explanation: Based on the terms of appointment, executive directors and the non-executive and non-independent chairman are subject
to retirement by rotation. Salil Parekh, Chief Executive Officer and Managing Director, whose office of directorship is liable to retire at the
ensuing AGM, being eligible, seeks reappointment as a director. Based on the performance evaluation and the recommendation of the
Nomination and Remuneration Committee, the Board recommends his reappointment as a director.
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 Salil Parekh (DIN: 01876159) as a director, who is liable
to retire by rotation.

Special business
Item no. 4 - Appointment of Helene Auriol Potier as an Independent Director of the Company
To consider and if thought fit, to pass the following resolution as a Special Resolution:
RESOLVED THAT pursuant to the provisions of Sections 149, 150, 152, 161, Schedule IV and other applicable provisions of the Companies
Act, 2013 (“the Act”) read with the Rules framed thereunder, and applicable provisions of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, (“the LODR Regulations”) [including any statutory modification(s) or re-enactment(s) thereof, for the
time being in force], and Articles of Association of the Company, approval and recommendation of the Nomination and Remuneration
Committee and that of the Board, Helene Auriol Potier (DIN: 10166891), who was appointed as an Additional Director in the capacity of
an Independent Director with effect from May 26, 2023, who meets the criteria for independence under Section 149(6) of the Act and
the Rules made thereunder and Regulation 16(1)(b) of the LODR Regulations and in respect of whom the Company has received a notice
in writing from a member under Section 160 of the Act, be and is hereby appointed as an Independent Director of the Company for a
period of 3 (three) years till May 25, 2026, and that she shall not be liable to retire by rotation.
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.

2 | Notice of the 42nd Annual General Meeting Infosys Limited

Item no. 5 – Reappointment of Bobby Parikh 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 applicable provisions of the Companies Act, 2013 (“the
Act”) read with the Rules made thereunder and applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, (“the LODR Regulations”) [including any statutory modification(s) or re-enactment(s) thereof, for the time being in
force], and Articles of Association of the Company, approval and recommendation of the Nomination and Remuneration Committee,
and that of the Board, Bobby Parikh (DIN: 00019437), who holds office as an independent director up to July 14, 2023, be and is hereby
reappointed as an independent director, not liable to retire by rotation, for a second term of 5 (five) years with effect from July 15, 2023
up to July 14, 2028.
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.

INFOSYS LIMITED by order of the Board of Directors

CIN: L85110KA1981PLC013115 for Infosys Limited
Electronics City, Hosur Road
Bengaluru 560 100, India Sd/-
Tel: 91 80 2852 0261 Fax: 91 80 2852 0362
A.G.S. Manikantha
[email protected] Company Secretary
www.infosys.com

May 31, 2023

Notes
1. Pursuant to the General Circular No. 10/2022 dated December 28, 2022, issued by the Ministry of Corporate Affairs (MCA) and Circular
SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated January 5, 2023 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 [email protected] with a copy marked to
[email protected].
5. The register of directors and key managerial personnel (KMP) 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 from the date of circulation of this Notice up to the date of AGM, i.e. June 28, 2023. Members
seeking to inspect such documents can send an email to [email protected].
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, 2023, has recommended a final dividend of ₹17.5 per share. The
record date for the purpose of final dividend for fiscal 2023 is June 2, 2023. The final dividend, once approved by the members in the
ensuing AGM, will be paid on July 3, 2023, 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 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 the 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.

Infosys Limited Notice of the 42nd Annual General Meeting | 3

 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 (GOI)
Members not having PAN / valid PAN 20% or as notified by the GOI

* As per the Finance Act, 2021, Section 206AB has been inserted effective July 1, 2021, wherein the 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 section 206AB of the Finance Act, 2021.
* As per section 139AA of the IT Act, every person who has been allotted a PAN and who is eligible to obtain Aadhaar, shall be required to link the PAN with
Aadhaar. In case of failure to comply with this, the PAN allotted shall be deemed to be invalid / inoperative and he shall be liable to all consequences under
the IT Act and tax shall be deducted at the higher rates as prescribed under the IT Act.

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 2023-24 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 GOI 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 2023-24 obtained from the revenue or tax authorities of the country of tax
residence, duly attested by shareholders
• Electronic Form 10F as per notification no. 03/2022 dated July 16, 2022 issued by the Central Board of Direct Tax [Notification can
be read under notification-no-3-2022-systems.pdf (incometaxindia.gov.in)]. Form 10F can be obtained electronically through the
e-filing portal of the income tax website at https://www.incometax.gov.in/iec/foportal
• 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 (FII) / Foreign Portfolio Investors (FPI), 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 the 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 of a non-resident shareholder or a non-resident FPI / FII, the 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, 2023. 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, 2023, regarding tax-withholding matters. Shareholders may write to [email protected]
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, 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 [email protected]. 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 the 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
to exercise their votes electronically through the electronic voting (e-voting) facility provided by the National Securities Depository

4 | Notice of the 42nd Annual General Meeting Infosys Limited

 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., (Membership No. FCS 6374) (CP No. 6519) Practicing Company
Secretaries, as the scrutinizer (“Scrutinizer”) for conducting the e-voting process in a fair and transparent manner.
12. Members holding shares either in physical or dematerialized form, as on cut-off date, i.e. June 21, 2023, may cast their votes
electronically. The e-voting period commences on Friday, June 23, 2023 (9:00 a.m. IST) and ends on Tuesday, June 27, 2023 (5:00 p.m.
IST). The e-voting module will be disabled by NSDL thereafter. Members 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. June 21, 2023. 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 21, 2023, may obtain the login ID
and password by sending a request to [email protected]. 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 21, 2023, may follow steps mentioned in the Notice under ‘Instructions for e-voting’.
15. In compliance with the Circulars, the Integrated Annual Report 2022-23, the Notice of the 42nd 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) (DP).
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 [email protected], to receive copies of the Integrated
Annual Report 2022-23 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.

Type of holder Process to be followed

Physical For availing the following investor services, send a written request in the prescribed forms to the RTA of the Company,
KFin Technologies Limited either by email to [email protected] or by post to
KFin Technologies Limited, Unit: Infosys Limited, Selenium Tower B, Plot 31-32, Financial District, Nanakramguda,
Serilingampally Mandal, Hyderabad-500 032
Form for availing investor services to register PAN, email address, bank details and other KYC details or Form ISR-1
changes / update thereof for securities held in physical mode
Update of signature of securities holder Form ISR-2
For nomination as provided in Rule 19(1) of the Companies (Share Capital and Debentures) Rules, 2014 Form SH-13
Declaration to opt out Form ISR-3
Cancellation of nomination by the holder(s) (along with ISR-3) / Change of nominee Form SH-14
Form for requesting issue of duplicate certificate and other service requests for shares / debentures / Form ISR-4
bonds, etc., held in physical form
Demat Please contact your DP and register your email address and bank account details in your demat account,
as per the process advised by your DP.

17. Members may also note that the Notice of the 42nd AGM and the Integrated Annual Report 2022-23 will also be available on the
Company’s website, https://www.infosys.com/investors/reports-filings.html, 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.

Infosys Limited Notice of the 42nd Annual General Meeting | 5

19. SEBI has mandated the submission of PAN, KYC details and nomination by holders of physical securities by October 1, 2023, and
linking PAN with Aadhaar by June 30, 2023 vide its circular dated March 16, 2023. Shareholders are requested to submit their PAN,
KYC and nomination details to the Company’s RTA, KFin Technologies Limited, at einward. [email protected]. 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 DP.
In case a holder of physical securities fails to furnish PAN and KYC details before October 1, 2023 or link their PAN with Aadhaar
before June 30, 2023, in accordance with the SEBI circular dated March 16, 2023, RTA is 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 RTA / 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 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 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.

INFOSYS LIMITED by order of the Board of Directors

CIN: L85110KA1981PLC013115 for Infosys Limited
Electronics City, Hosur Road
Bengaluru 560 100, India Sd/-
Tel: 91 80 2852 0261 Fax: 91 80 2852 0362
A.G.S. Manikantha
[email protected] Company Secretary
www.infosys.com

May 31, 2023

6 | Notice of the 42nd Annual General Meeting Infosys Limited

Explanatory statement
Item no. 4 - Appointment of Helene Auriol Potier as an Independent Director of the Company
Pursuant to Section 161 of the Companies Act, 2013, the Board, on May 26, 2023, appointed Helene Auriol Potier as an Additional Director
in the capacity of Independent Director of the Company for a term of 3 (three) years with effect from May 26, 2023 to May 25, 2026 (both
days inclusive) subject to the approval of the shareholders through a special resolution.
The Company has received the following from Helene:
(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 she is not disqualified under sub-section (2) of
Section 164 of the Act;
(iii) A declaration to the effect that she meets the criteria of independence as provided in sub-section (6) of Section 149 of the Act and
under the LODR Regulations;
(iv) Declaration pursuant to BSE Circular No. LIST/COMP/14/2018-19 dated June 20, 2018, and NSE Circular No. NSE/ CML/2018/24
dated June 20, 2018, that she has not been debarred from holding office of a director by virtue of any order passed by SEBI or any
other such authority;
(v) Confirmation that she is not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair
or impact her ability to discharge her duties as an Independent Director of the Company;
(vi) A declaration that she is in compliance with Rules 6(1) and 6(2) of the Companies (Appointment and Qualification of Directors)
Rules, 2014, with respect to her registration with the data bank of independent directors maintained by the Indian Institute
of Corporate Affairs.
The Company has received a notice in writing by a member proposing her candidature under Section 160 of the Act.
The Nomination and Remuneration Committee (NRC) had previously finalized the desired attributes for the selection of the independent
director(s). Based on those attributes, the NRC recommended the candidature of Helene Auriol Potier. In the opinion of the Board,
Helene fulfils the conditions for independence specified in the Act, the Rules made thereunder, the LODR Regulations and such
other laws / regulations for the time being in force, to the extent applicable to the Company. The Board noted that Helene’s skills,
background and experience are aligned to the role and capabilities identified by the NRC and that she is eligible for appointment as an
Independent Director.
The Board was satisfied that the appointment of Helene is justified due to the following reasons:
• She has global career spanning multiple geographies in digital transformation and in telecommunications industry.
• She has extensive experience in Technology, ESG and Corporate Governance in key global markets.
• Her experience of serving on the diversified boards of various multinational companies.
A copy of the draft letter for the appointment of Helene Auriol Potier as an Independent Director setting out the terms and conditions is
available for electronic inspection by the members during normal business hours on working days up to Wednesday, June 28, 2023.
The resolution seeks the approval of members for the appointment of Helene Auriol Potier as an Independent Director of the Company
for a term of 3 (three) years effective May 26, 2023 to May 25, 2026 (both days inclusive) 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
she shall not be liable to retire by rotation.
In compliance with Section 149 read with Schedule IV to the Act and Regulation 25 of the LODR Regulations, the approval of the
Members is sought for the appointment of Helene Auriol Potier as an Independent Director of the Company, as a special resolution.
No director, KMP or their relatives except Helene, to whom the resolution relates, is interested in or concerned, financially or otherwise, in
passing the proposed resolution set out in item no. 4.
The Board recommends the special resolution as set out in Item no. 4 of this notice for the approval of members.

Infosys Limited Notice of the 42nd Annual General Meeting | 7

Item no. 5 – Reappointment of Bobby Parikh as an independent director
Bobby Parikh was appointed as an independent director of the Company pursuant to Section 149 of the Act, read with the Companies
(Appointment and Qualification of Directors) Rules, 2014 (“the Appointment Rules”) by the Board, effective July 15, 2020, to hold office
up to July 14, 2023. The members at the AGM held on June 19, 2021 had approved the same. He is due for retirement from the first
term as an independent director on July 14, 2023. The Nomination and Remuneration Committee (NRC), after taking into account the
performance evaluation of Bobby Parikh during his first term of 3 (three) years and considering his knowledge, acumen, expertise,
experience and substantial contribution and time commitment, has recommended to the Board his reappointment for a second term of
5 (five) years. The NRC has considered his diverse skills, leadership capabilities, expertise in governance, finance, risk management, tax
& regulatory advisory, business reorganization, and vast business experience, among others, as being key requirements for this role. In
view of the above, the NRC and the Board are of the view that Bobby Parikh possesses the requisite skills and capabilities, which would
be of immense benefit to the Company, and hence, it is desirable to reappoint him as an independent director.
Based on the recommendation of the NRC, the Board, recommended the reappointment of Bobby Parikh as an independent director, not
liable to retire by rotation, for a second term of 5 (five) years effective July 15, 2023, to July 14, 2028 (both days inclusive).
As per Section 149 of the Act, an independent director may hold office for two terms up to 5 (five) consecutive years each.
Bobby Parikh fulfills the requirements of an independent director as laid down under Section 149(6) of the Act, and Regulation 16(1)(b) of
the LODR Regulations.
The Company has received notice in writing pursuant to Section 160 of the Act, from a member proposing the reappointment of Bobby
Parikh for the office of independent director under the provisions of Section 149 of the Act. The Company has received all statutory
disclosures / declarations from Bobby Parikh, including
(i) Consent in writing to act as director in Form DIR-2, pursuant to Rule 8 of 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 Act.
In the opinion of the Board and based on its evaluation, Bobby Parikh fulfils the conditions specified in the Act, 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 Bobby Parikh as an Independent Director setting out the terms and conditions is
available for electronic inspection by the members during normal business hours on working days up to Wednesday, June 28, 2023.
The Board considers that the continued association of Bobby Parikh would be of immense benefit to the Company and is desirable to
continue to avail his services as an independent director. The resolution seeks the approval of members for the reappointment of Bobby
Parikh as an independent director of the Company, for a second term of 5 (five) years effective July 15, 2023, to July 14, 2028, (both
days inclusive) 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, KMP or their relatives except Bobby Parikh, 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 special resolution as set out in Item no. 5 of this notice for the approval of members.

8 | Notice of the 42nd Annual General Meeting Infosys Limited

Additional information on directors recommended for appointment / reappointment as required under
Regulation 36 of the LODR Regulations and applicable secretarial standards

Salil Parekh
Chief Executive Officer and Managing Director

Salil is the Chief Executive Officer and Managing Director (CEO & Age: 58 years
MD) of Infosys and has been in this role since January 2018. Salil
Nature of expertise in specific functional areas: Information
has successfully led the Company over the last five years.
Technology, Leadership, Strategy, Board service & governance,
Salil, as CEO & MD, sets and evolves the strategic direction for the Financial, Diversity, Global business, Sales & marketing,
Company and its portfolio of offerings, while nurturing a strong Cybersecurity, Mergers & Acquisitions, Risk management, and
leadership team to drive its execution. Sustainability & ESG
Salil has over 30 years of global experience in the IT Disclosure of inter-se relationships between
services industry with a strong track record of driving directors and KMP: None
digital transformation, growth, automation, profitability,
Listed entities (other than the Infosys Group) in which Salil holds
executing business turnarounds, managing successful
directorship and committee membership: Nil
acquisitions, and creating value.
Listed entities from which Salil has resigned in the
Prior to this role, Salil was a member of the Group Executive
past three years: Nil
Board at Capgemini, where he held several leadership positions
for 25 years. Salil was also a Partner at Ernst & Young LLP and Remuneration proposed to be paid: As per the resolution
is widely credited for bringing scale and value to the Indian approved in Item no. 6 of the 41st Annual General Meeting Notice
operations of the consultancy firm. read with explanatory statement thereto-https://www.infosys.
com/investors/reports-filings/documents/agm-notice2022.pdf.
Salil holds Master of Engineering degrees in Computer Science
and Mechanical Engineering from Cornell University, and a Key terms and conditions of appointment: As per the resolution
Bachelor of Technology degree in Aeronautical Engineering from approved in Item no. 6 of the 41st Annual General Meeting Notice
the Indian Institute of Technology, Bombay. read with explanatory statement thereto: https://www.infosys.
com/investors/reports-filings/documents/agm-notice2022.pdf .
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 CEO & MD, and
reappointed on July 1, 2022 as CEO & MD. 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 2022-23.

Infosys Limited Notice of the 42nd Annual General Meeting | 9

 Helene Auriol Potier
Independent Director

Helene Auriol Potier has built her career in digital technologies Age: 60 years
and in the telecommunications industry. A truly global career
Nature of expertise in specific functional areas: Information
spanning multiple geographies, including the United States,
Technology, Leadership, Board service & governance,
Europe, Africa, and Asia.
Financial, Diversity, Global Business, Sales & marketing,
She started her career in New York in telecommunications in Cybersecurity, Mergers & Acquisitions, Risk management, and
1986. In 1990, Helene joined the Canadian mobile technology Sustainability & ESG
company Nortel Networks Corporation where she spent 15 years
Disclosure of inter-se relationships between
and held various senior leadership positions among which were
directors and KMP: Nil
also Vice President Sales Mobile Division Worldwide and Vice
President Services & Operations EMEA. Listed entities (other than the Infosys Group) in which Helene
holds directorship and committee membership: As per the LODR
In 2005, Helene joined Dell Inc. She was the CEO Africa,
Regulations, an independent director may hold directorships
Mediterranean and CEE.
in 7 (seven) Indian listed companies. Helene does not hold any
She joined Microsoft Corporation in 2008. During her 10 years directorships in any Indian listed entities. However, she holds
tenure at Microsoft, she served in various senior leadership 3 (three) directorships in overseas listed entities. Details of her
capacities including CEO Microsoft Singapore and, Managing directorships are given below:
Director Artificial Intelligence Europe.
Board Membership in listed entities
From November 2018 to December 2020, she was Executive Vice-
President in charge of International Business B2B for Orange. Indian Overseas
Nil • Accor S.A.
Helene is often called to speak on the topics of digital
transformation, corporate governance and ESG. • Randstad N.V.
• Safran S.A.
She served as independent director on the boards of US listed
company Mimecast Limited until May 2022, Ispen S.A. until May Listed entities from which Helene has resigned in the
2018 and Faiveley Transport S.A. until November 2016. past three years: Nil

Helene received a Master of Science in Engineering from Telecom Shareholding in the Company as on the date of her appointment
Paris and an Executive MBA from INSEAD. i.e., May 26, 2023: Nil

Helene currently serves as independent non-executive director Remuneration proposed to be paid: Shareholders at the 34th
on the boards of Safran S.A., Accor S.A., Randstad N.V. and Oddo AGM, held on June 22, 2015, approved a sum not exceeding
BHF S.C.A. She chairs the Accor board ESG committee and Oddo 1% of the net profit of the Company per annum, calculated in
BHF board compensation committee. Helene is also ESG co-chair accordance with the provisions of Section 198 of the Act, to be
and board member at Institut Français des Administrateurs, (IFA), paid and distributed among some or all of the non-executive
the French association of corporate directors. She is also a senior directors of the Company in a manner decided by the Board.
advisor at a leading global private equity firm. Independent directors are paid remuneration as per the criteria
set by the Board from time to time in accordance with the
shareholders’ approval at the 34th AGM. The detailed criteria
is available in the Nomination and Remuneration Policy of the
Company. The Policy can be accessed from https://www.infosys.
com/investors/corporate-governance/documents/nomination-
remuneration-policy.pdf.
Key terms and conditions of appointment: As per the
resolution in Item no. 4 of this Notice, read with the
explanatory statement thereto.
Date of first appointment to the Board, last drawn remuneration
and number of Board meetings attended: It is proposed to
appoint Helene as an Independent Director for her first term on
the Board and hence, these details are not applicable.
Skills and capabilities required for the role and the manner
in which Henele meets such requirements: As per the
resolution at Item no. 4 of this Notice, read with the
explanatory statement thereto.

10 | Notice of the 42nd Annual General Meeting Infosys Limited

 Bobby Parikh
Independent Director

Bobby Parikh is the Managing Partner of Bobby Parikh Associates, than the limit prescribed under the LODR Regulations. Details
a boutique firm focused on providing strategic tax and of his directorships and committee memberships in listed
regulatory advisory services. entities are given below:
Over the years, Bobby has had extensive experience in advising Directorships: Committee memberships
clients across a range of industries. India has witnessed
significant deregulation and a progressive transformation of its Biocon Limited 1. Audit Committee*
policy framework. An area of focus for Bobby has been to work 2. Stakeholders Relationship
with businesses, both Indian and multinational, in interpreting Committee
the implications of the deregulation as well as the changes to 3. Risk Management Committee*
India’s policy framework, to help businesses better leverage Indostar Capital Finance 1. Audit Committee*
opportunities that have become available and to address Limited 2. Stakeholders Relationship
challenges that resulted from such changes. He has led teams Committee
that have advised clients in the areas of entry strategy (MNCs 3. Corporate Social Responsibility
into India and Indian companies into overseas markets), business Committee
model identification, structuring a business presence, mergers,
4. Nomination and Remuneration
acquisitions and other business reorganizations.
Committee
Bobby’s particular area of focus is providing tax and regulatory 5. IT Strategy Committee*
advice in relation to transactions and other forms of business
* Chairperson
reorganizations, whether inbound, outbound or wholly
domestic. In this regard, he works extensively with private equity Listed entities from which Bobby Parikh has resigned in
funds, other institutional investors and owners and managers the past three years:
of businesses to develop bespoke solutions that optimally
address the commercial objectives underpinning a particular Name of the company Date of cessation
transaction or a business reorganization. He also works closely Aditya Birla Sunlife AMC Limited February 2, 2022
with regulators and policy formulators in providing inputs to
aid in the development of new regulations and policies, and in Shareholding in the Company as on March 31,
assessing the implications and efficacy of these and providing 2023: 6,887 equity shares
feedback for action.
Remuneration proposed to be paid: Shareholders at the 34th
Bobby was most recently co-founder of BMR Advisors, a highly AGM, held on June 22, 2015, approved a sum not exceeding
regarded tax and transactions firm which he helped establish 1% of the net profit of the Company per annum, calculated in
and run for over 12 years. Prior to forming BMR Advisors, Bobby accordance with the provisions of Section 198 of the Act, to be
was the Chief Executive Officer of Ernst & Young in India and held paid and distributed among some or all of the non-executive
that responsibility until December 2003. He worked with Arthur directors of the Company in a manner decided by the Board.
Andersen for over 17 years and was its Country Managing Partner Independent directors are paid remuneration as per the criteria
until the Andersen practice combined with that of Ernst & Young set by the Board from time to time in accordance with the
in June 2002. He led the Financial Services industry practice at shareholders’ approval at the 34th AGM. The detailed criteria
Arthur Andersen and then also at Ernst & Young. is available in the Nomination and Remuneration Policy of the
Company. The Policy can be accessed from https://www.infosys.
Bobby is a graduate in Commerce from the University of Mumbai
com/investors/corporate-governance/documents/nomination-
and qualified as a Chartered Accountant from the Indian Institute
remuneration-policy.pdf.
of Chartered Accountants of India in 1987.
Key terms and conditions of appointment: As per the
Age: 59 years resolution in Item no. 5 of this Notice, read with the
Nature of expertise in specific functional areas: Information explanatory statement thereto.
Technology, Leadership, Board service & governance, Financial, Date of first appointment to the Board, last drawn remuneration
Diversity, Global business, Sales & marketing, Mergers & and number of Board meetings attended: Bobby Parikh was
Acquisitions, Risk management, and Sustainability & ESG appointed to the Board as an independent director on July
Disclosure of inter-se relationships between 15, 2020. The details of remuneration drawn and number of
directors and KMP: Nil meetings attended are provided in the Corporate governance
report section of the Annual Report 2022-23.
Listed entities (other than the Infosys Group) in which
Bobby Parikh holds directorship and committee membership: Skills and capabilities required for the role and the manner in
which Bobby meets such requirements:
As per the LODR Regulations, an independent director may
hold directorships in 7 (seven) listed companies. Bobby holds 3 As per the resolution at Item no. 5 of this Notice, read with the
(three) independent directorships, which is significantly lower explanatory statement thereto.

Infosys Limited Notice of the 42nd Annual General Meeting | 11

Instructions for participation through VC
Please follow the below steps for registration and participation

Step 1: Access the VC portal by clicking this link: https://agm. System requirements for best VC experience
onwingspan.com/InfosysAGM or you could also join the Internet connection: Broadband, wired or wireless (3G or 4G/LTE),
AGM by visiting the investor page on our Company’s website, with a speed of 5 Mbps or more
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’.

General guidelines for VC participation

i. Members may note that the 42nd AGM of the Company will be convened through VC in compliance with the applicable provisions of
the Act, read with the Circulars. The facility to attend the meeting through VC will be provided by the Company. Members may access
the same at https://agm.onwingspan.com/InfosysAGM.
ii. The facility of joining the AGM through VC will be opened 60 minutes before the scheduled start time of the AGM and will be
available for members on a first-come-first-served basis.
iii. The Company reserves the right to limit the number of members asking questions depending on the availability of time at the AGM.
iv. Members can participate in the AGM through their desktops / smartphones / laptops etc. However, for better experience and smooth
participation, it is advisable to join the meeting through desktops / laptops with high-speed internet connectivity.
v. Please note that participants connecting from mobile devices or tablets, or through laptops via mobile hotspot may experience
audio / video loss due to fluctuation in their respective networks. It is therefore recommended to use a stable Wi-Fi or LAN
connection to mitigate any of the aforementioned glitches.

12 | Notice of the 42nd Annual General Meeting Infosys Limited

Instructions for e-voting
The details of the process and manner for remote e-voting and voting during the AGM are explained below:
Step 1: Access to the NSDL e-voting system
Step 2: Cast your vote electronically on NSDL e-voting system.

Step 1: Access to the NSDL e-voting system

A) Login method for e-voting and voting during the meeting for individual shareholders holding securities in demat mode
In terms of the SEBI circular SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 9, 2020 on the e-voting facility provided by
listed companies and as part of increasing the efficiency of the voting process, the e-voting process has been enabled to all
individual shareholders holding securities in demat mode to vote through their demat account maintained with depositories
and depository participants. Shareholders are advised to update their mobile number and email ID in their demat accounts to
access e-voting facility.
Login method for individual shareholders holding securities in demat mode is given below:

Type of shareholders Login method

Individual shareholders holding securities in I. NSDL IDeAS Facility
demat mode with NSDL If you are already registered for the NSDL IDeAS facility,
1. Visit the e-services website of NSDL. Open the web browser by typing the following
URL: https://eservices.nsdl.com/ either on a personal computer or mobile phone.
2. Once the homepage of e-Services is launched, click on the “Beneficial Owner” icon
under “Login”, available under the “IDeAS” section.
3. A new screen will open. You will have to enter your user ID and password. After
successful authentication, you will be able to see e-voting services.
4. Click on “Access to e-voting” under e-voting services and you will be able to see the
e-voting page.
5. Click on options available against company name or e-voting service provider – NSDL
and you will be redirected to the NSDL e-voting website for casting your vote during
the remote e-voting period or voting during the meeting.

If the user is not registered for IDeAS e-Services,

1. The option to register is available at https://eservices.nsdl.com.
2. Select “Register Online for IDeAS” or click on https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp
3. Upon successful registration, please follow steps given in points 1-5 above.

II. E-voting website of NSDL

1. Visit the e-voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a personal computer or mobile phone.
2. Once the homepage of e-voting system is launched, click on the “Login” icon, available
under the “Shareholder / Member” section.
3. A new screen will open. You will have to enter your User ID (i.e. your 16-digit demat
account number held with NSDL), Password / OTP and a verification code as shown on
the screen.
4. After successful authentication, you will be redirected to the NSDL Depository site
wherein you can see the e-voting page. Click on 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.
5. Shareholders / members can also download the NSDL mobile app ‘NSDL SPEED-e’ by
scanning the QR code mentioned below for seamless voting experience.

Infosys Limited Notice of the 42nd Annual General Meeting | 13

 Individual shareholders holding securities in 1. Users who have opted for the CDSL Easi / Easiest facility can log in using their existing
demat mode with CDSL user id and password. Option will be made available to reach e-voting page without
any further authentication. The users of Easi / Easiest are requested to visit CDSL
website www.cdslindia.com and click on the login icon and New System Myeasi Tab and
then use your existing my easi username and password.
2. Alternatively, the user can directly access the e-voting page by providing demat
account number and PAN from the e-voting link available on www.cdslindia.com home
page. The system will authenticate the user by sending OTP on the registered mobile
and email as recorded in the demat account. After successful authentication, the user
will be able to see the e-voting option where the e-voting is in progress and will also be
able to directly access the system of all e-voting service providers.
3. After successful login, the Easi / Easiest user will be able to see the e-voting option for
eligible companies where the e-voting is in progress as per the information provided
by the Company. On clicking the e-voting option, the user will be able to see e-voting
page of the e-voting service provider for casting your vote during the remote e-voting
period or joining the virtual meeting and voting during the meeting. Additionally, there
are also links provided to access the system of all e-voting service providers, so that the
user can visit the e-voting service providers’ website directly.
4. If the user is not registered for Easi / Easiest, the option to register is available on the
CDSL website www.cdslindia.com. Click on login and New System Myeasi Tab and then
click on the registration option.
Individual shareholders (holding securities 1. You can also log in using the login credentials of your demat account through your
in demat mode) logging in through their depository participant registered with NSDL / CDSL for the e-voting facility.
depository participants 2. Once logged in, you will be able to see the e-voting option. Once you click on the
e-voting option, you will be redirected to the NSDL / CDSL depository site after
successful authentication, wherein you can 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

Login type Helpdesk details

Individual shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending a request at
securities in demat mode with NSDL [email protected] or call 022 - 4886 7000 and 022 - 2499 7000
Individual shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending a request at
securities in demat mode with CDSL [email protected] or call the toll-free number 1800 22 55 33

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. 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:

14 | Notice of the 42nd Annual General Meeting Infosys Limited

 Manner of holding shares i.e. Demat (NSDL Your User ID is:
or CDSL) or Physical
a) For members who hold shares in demat 8-character DP ID followed by 8-digit Client ID
account with NSDL For example, if your DP ID is IN300*** and Client ID is 12****** then your User ID is
IN300***12******.
b) For members who hold shares in demat 16-digit Beneficiary ID For example, if your Beneficiary ID is 12************** then your User ID
account with CDSL is 12**************
c) For members holding shares in physical EVEN Number followed by Folio Number registered with the Company For example, if your
form Folio Number is 001*** and EVEN is 124041 then your User ID is 124041001***

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 [email protected] 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.

Step 2: Cast your vote electronically on NSDL e-voting system

1. After successfully logging in following Step 1, you will be able to see the EVEN of all companies in which you hold shares and whose
voting cycle is in active status.
2. Select the EVEN of Infosys Limited, which is 124041.
3. Now you are ready for e-voting as the voting page opens.
4. Cast your vote by selecting the appropriate options, i.e. assent or dissent, verify / modify the number of shares for which you wish to
cast your vote and click on the ‘Submit’ and ‘Confirm’ buttons when prompted.
5. Upon confirmation, the message, ‘Vote cast successfully’, will be displayed.
6. You can also take a printout of the votes cast by you by clicking on the ‘Print’ option on the confirmation page.
7. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

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 [email protected] 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.

Infosys Limited Notice of the 42nd Annual General Meeting | 15

General guidelines for e-voting
1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send a scanned copy (PDF / JPG format) of the
relevant Board resolution / authorization letter etc. with attested specimen signature of the duly authorized signatory(ies) who are
authorized to vote, to the Scrutinizer by email to [email protected] with a copy marked to [email protected].
2. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) can also upload their Board Resolution / Power of Attorney /
Authority Letter etc. by clicking on “Upload Board Resolution / Authority Letter” displayed under “e-Voting” tab in their login.
3. It is strongly recommended that you do not share your password with any other person and take utmost care to keep your password
confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such
an event, you will need to go through the “Forgot User Details / Password?” or “Physical User Reset Password?” option available on
www.evoting.nsdl.com to reset the password.
4. In case of any queries, you may refer to the Frequently Asked Questions (FAQs) for shareholders and the e-voting user manual for
shareholders available in the download section of www.evoting.nsdl.com or call the toll-free number: 022 - 4886 7000 and 022 - 2499
7000, or send a request to [email protected], or contact Amit Vishal, Assistant Vice President, or Pallavi Mhatre, Senior Manager,
National Securities Depository Ltd., at the designated email IDs: [email protected] or [email protected] or [email protected] to get
your grievances on e-voting addressed.

Information at a glance
Particulars Details
Time and date of AGM 4:00 p.m. IST, Wednesday, June 28, 2023
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 Friday, June 2, 2023
Final dividend payment date Monday, July 3, 2023
Information of tax on final dividend 2022-23 https://www.infosys.com/investors/shareholder-services/dividend-tax.html
Cut-off date for e-voting Wednesday, June 21, 2023
E-voting start time and date 9:00 a.m. IST, Friday, June 23, 2023
E-voting end time and date 5:00 p.m. IST, Tuesday, June 27, 2023
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:
[email protected];
[email protected];
[email protected];
Contact number: 022 - 4886 7000 and 022 - 2499 7000
Name, address and contact details of Registrar and Contact name:
Transfer Agent Shobha Anand
Deputy Vice President
KFin Technologies Limited,
Unit: Infosys Limited, Selenium Tower B, Plot 31-32, Financial District, Nanakramguda,
Serilingampally Mandal, Hyderabad-500 032
Contact details:
Email ID:
[email protected];
[email protected];
Contact number: 1800-309-4001

16 | Notice of the 42nd Annual General Meeting Infosys Limited

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 relating to the execution of our business strategy, increased competition for talent,
increase in wages, investments to reskill our employees, hybrid work model, economic uncertainties, technological disruption, complex
and evolving regulatory landscape, including immigration regulation changes, ESG vision, Capital Allocation Policy and expectations
concerning our market position, future operations, margins, profitability, liquidity, capital resources 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 detail in our Form 20-F filed with the U.S. 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.

Creative concept and design by Communication Design Group, Infosys Limited.

© 2023 Infosys Limited, Bengaluru, India. Infosys acknowledges the proprietary rights in the trademarks and product names of other companies mentioned in this report.

Infosys Integrated Annual Report 2022-23

www.infosys.com