Approaching Strategy Delivering Statutory Financial

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Management’s discussion
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Management’s discussion and analysis

Overview
Infosys is a leading provider of consulting, technology, outsourcing and next-generation digital services, enabling clients in 54 countries
to create and execute strategies for their digital transformation.
Our vision is to build a globally-respected organization delivering the best-of-breed business solutions, leveraging technology, delivered
by the best-in-class people. We are guided by our value system which motivates our attitudes and actions. Our core values are Client
Value, Leadership by Example, Integrity and Transparency, Fairness, and Excellence (C-LIFE).
Our strategic objective is to build a sustainable organization that remains relevant to the agenda of our clients, while creating growth
opportunities for our employees, generating profitable growth for our investors and contributing to the communities that we operate in.
There are numerous risks and challenges affecting our business. These are discussed in the ‘Risk factors’ section in this Annual Report.

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I. Industry structure and developments We offer end-to-end service offering capabilities in consulting,
software application development, integration, maintenance,
Software and computing technology are transforming validation, enterprise system implementation, product
businesses in every industry around the world in a profound engineering, infrastructure management and business
and fundamental way. During fiscal 2022, we witnessed process management.
an acceleration in the adoption of digital technologies as
We have built industry-specific domain and technology
businesses attempted to reimagine their cost structures, increase
expertise, and capabilities in methodologies such as Design
business resilience and agility, personalize experiences for their
Thinking and agile software development. These give us the
customers and employees, and launch new and disruptive
ability to articulate and demonstrate long-term value to our
products and services.
clients around the world, with whom we have deep, enduring
For more information, refer to the Operating context section of and expansive relationships.
the Integrated Report.
We have invested in building proprietary intellectual property
in software platforms and products, such as Infosys Cobalt™,
II. Opportunities and threats Finacle®, McCamish, Panaya, Meridian, Helix, Infosys Equinox,
Wingspan, the Edge suite of products, Stater, Infosys Applied AI,
Our strategy CyberNext, Infosys Cortex and Infosys Live Enterprise Application
Our clients and prospective clients are faced with transformative Suite, which either amplify our own services or provide
business opportunities due to advances in software and differentiated solutions for our clients’ business processes.
computing technology. These organizations are dealing with the
We have continued to invest in Infosys Cobalt™ – a set of services,
challenge of having to reinvent their core offerings, processes
solutions and platforms for enterprises to accelerate their cloud
and systems rapidly and position themselves as ‘digitally
journey. It offers 35,000 cloud assets and over 300 industry cloud
enabled’. The journey to the digital future requires not just an
solution blueprints.
understanding of new technologies and new ways of working,
but a deep appreciation of existing technology landscapes, We launched Infosys Equinox, our flagship digital commerce
business processes and practices. Our strategy is to be a platform, a set of core microservices encompassing all
navigator for our clients as they ideate, plan and execute their digital commerce scenarios. This enables enterprises to
journey to a digital future. rapidly build and deploy features across all touchpoints and
channels, without the friction and challenges associated with
In 2018, we embraced a four-pronged strategy to strengthen our
existing legacy platforms.
relevance with clients and drive accelerated value creation:
We have perfected sophisticated service delivery and quality
• Scale agile digital
control processes, standards and frameworks, which have
• Energize the core resulted in a track record of performance excellence and client
• Reskill our people satisfaction. Our Global Delivery Model effectively integrates
• Expand localization global and local execution capabilities to deliver high-quality,
seamless, scalable and cost-effective services for large-scale
For more information, refer to the Strategy section of
outsourcing of technology projects fueled by automation,
the Integrated report.
intelligence and collaboration technologies.

COVID-19 We have nurtured premier ecosystem alliances with enterprise

software companies, cloud providers and innovative startup
At Infosys, as we continue in our endeavor to fight waves of
companies to be able to offer holistic solutions to our clients.
the COVID-19 pandemic, our priority remains the safety and
well‑being of our employees, and business continuity for our We have the ability to attract and retain high-quality
clients. Business continuity programs were tested and practiced, management and technology professionals, and sales personnel
and the processes were proven to be resilient. We received the globally and at scale.
ISO 22301 Business Continuity Management System certification
Our internal research and development teams identify,
for being a company with resilient processes.
develop and deploy new offerings leveraging next-generation
For details of our COVID-19 initiatives, refer to the Board’s report technologies. We have invested extensively in infrastructure and
in this Integrated Annual Report. systems to enable learning and education across the enterprise at
scale. These give us the ability to keep pace with ever-changing
Our strengths technology and how they apply to customer requirements.
We believe that we are well-positioned for the principal We have a strong and well-recognized brand.
competitive factors in our business. With almost four decades
of experience in managing the systems and workings of global We have the financial strength to be able to invest in personnel
enterprises, we believe we are uniquely positioned to help and infrastructure to support the evolving demands of customers.
them steer through their digital transformation with our Digital We maintain high ethical and corporate governance standards
Navigation Framework. to ensure honest and professional business practices and protect
the reputation of the Company and its customers.

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Our competition 4. Goodwill and other intangible assets

We experience intense competition in traditional services and There was no addition to goodwill and other intangible assets
see a rapidly-changing marketplace with new competitors in the current year.
in niche technology areas who are focused on agility,
flexibility and innovation. 5. Financial assets
We typically compete with other large, global technology A. Investments
service providers in response to requests for proposals. On a standalone level, during the year, we invested additionally
Clients often cite our industry expertise, comprehensive end in our subsidiaries for operations and expansions.
to‑end service capability and solutions, ability to scale, digital
capabilities, established platforms, superior quality and process Refer to Annexure 1 to the Board’s report for the statement
execution, distributed agile global delivery model, experienced pursuant to Section 129(3) of the Companies Act, 2013, for
management team, talented professionals and track record as the summary of the financial performance of our subsidiaries.
reasons for awarding us contracts. The audited financial statements and related information of
subsidiaries will be available on our website, at www.infosys.com.
We potentially see emerging competition to our services
from niche software-as-a-service companies, cloud platform We invest in the startup ecosystem to gain access to innovation
companies and, insourcing of technology services by the that, when combined with our services and solutions, can benefit
technology departments of our clients. our clients. These investments are typically minority equity
positions in startup companies and / or venture capital funds.

III. Financial condition Our investments comprise mutual funds, fixed maturity
plan securities, tax-free bonds, non-convertible debentures,
The Company has considered the possible effects that may result certificates of deposit, commercial paper and government
from the pandemic relating to COVID-19 in the preparation of securities. Certificates of deposit represent marketable securities
its financial statements, including the recoverability of carrying of banks and eligible financial institutions for a specified time
amounts of financial and non-financial assets. The impact period and with a high credit rating by domestic credit rating
of COVID-19 on the Company’s financial statements may agencies. Investments made in non-convertible debentures
differ from that estimated as at the date of approval of its represent debt instruments issued by government-aided
financial statements. institutions and financial institutions with high credit rating.
The majority of investments of the Company are fair valued
Refer to the Standalone and Consolidated financial statements in
based on Level 1 or Level 2 inputs. The Company invests after
this Integrated Annual Report for detailed schedules and notes.
considering counterparty risks based on multiple criteria
including Tier I capital, capital adequacy ratio, credit rating,
1. Equity share capital profitability, NPA levels and deposit base of banks and financial
We have one class of shares – equity shares of par value ` 5 each. institutions. These risks are monitored regularly as per our
During the year, the movement in share capital was primarily risk management program.
on account of buyback of 5,58,07,337 shares resulting in a cash
outflow of ` 9,200 crore. B. Trade receivables
Days Sales Outstanding has reduced to 67 days in the current
2. Other equity comprises mainly reserves and surplus year from 71 days in the previous year due to the Management’s
and other comprehensive income strong focus on ensuring timely collection from clients.
The movement in retained earnings was on account of profit
earned during the year, payment of dividends and buyback C. Cash and cash equivalents
of equity. Changes in securities premium are mainly due Our cash and cash equivalents comprise deposits with banks
to a decrease on account of the buyback of equity shares and financial institutions with high credit ratings assigned by
and an increase on account of the exercise of stock options. international and domestic credit-rating agencies which can be
On a standalone level, other reserves include profit on withdrawn at any point of time without prior notice or penalty on
transfer of business between entities under common control. principal. Ratings are monitored periodically and the Company
The Group has made an irrevocable election to present the has considered the latest credit rating information to the extent
subsequent changes in fair value of certain instruments in other available as at the date of approval of these financial statements.
comprehensive income.
D. Loans
3. Property, plant and equipment We provide personal loans and salary advances to employees and
Additions to gross block were on buildings, plant and machinery, loans to subsidiaries as per business requirement on a need base.
land acquired primarily in Bengaluru, Hiriyur and Hyderabad
in the current year and primarily in Bengaluru, Tumakuru and
Hyderabad in the previous year.

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E. Other financial assets 10. Other liabilities

Restricted deposits represent amounts deposited with Withholding and other taxes payable represent local taxes
financial institutions to settle employee-related obligations payable in various countries in which we operate. Invoicing
as and when they arise during the normal course of business. in excess of revenues are classified as unearned revenues.
Unbilled revenues are classified as financial assets as right to We provide for provident fund to eligible employees of Infosys,
consideration is unconditional and is due only after passage which is a defined benefit plan as the Company has an obligation
of time. Foreign currency forward and options contracts are to make good the shortfall, if any, between the return from
entered into to mitigate the risk of changes in exchange rates on the investments of the trust and the notified interest rate.
foreign currency exposures. The counterparty for these contracts The Company operates defined benefit pension plan in certain
is generally a bank. overseas jurisdictions, in accordance with local laws. These plans
are managed by third-party fund managers.
6. Other assets
Unbilled revenues are classified as non-financial asset where the 11. Provisions
right to consideration is dependent on completion of contractual Provision for post-sales client support is towards likely
milestones. Withholding taxes and others represent local taxes cost for providing client support to fixed-price and
payable in various countries in which we operate. Deferred fixed‑timeframe contracts.
contract cost mainly comprises the cost of obtaining a contract
and the cost of fulfilling a contract recorded in accordance with 12. Leases
Ind AS 115, Revenue from Contracts with Customers. We provide
Additions mainly comprise lease of computers and building
for gratuity, a defined benefit retirement plan (“Gratuity Plan”),
taken on lease in certain locations outside India.
covering eligible employees. The Gratuity Plan provides
a lump sum payment to vested employees at retirement,
death, incapacitation, or termination of employment, of an IV. Results of our operations
amount based on the respective employee’s salary and the
tenure of employment. The function-wise classification of the Standalone Statement of
Profit and Loss is as follows:
7. Deferred tax assets / liabilities in ` crore
Net deferred tax asset comprising deferred tax assets less
deferred tax liabilities has decreased primarily on account of Particulars Year ended March 31,
temporary difference on Special Economic Zone Reinvestment 2022 % 2021 %
Reserve, property, plant and equipment and on branch profit tax Revenue from operations 1,03,940 100.0 85,912 100.0
partially offset by deferred tax asset on credits related to branch
profits and intangible assets. Cost of sales 69,629 67.0 55,541 64.6
Gross profit 34,311 33.0 30,371 35.4
8. Income tax assets / liabilities Operating expenses
Our net profit earned from providing software development Selling and marketing 4,125 4.0 3,676 4.3
and other services outside India is subject to tax in the country expenses
where we perform the work. Most of our taxes paid in countries
General and 4,787 4.6 4,559 5.3
other than India can be claimed as credit against our tax
administration expenses
liabilities in India.
Total operating expenses 8,912 8.6 8,235 9.6
9. Financial liabilities Operating profit 25,399 24.4 22,136 25.8
Liabilities for accrued compensation to employees include the Finance cost 128 0.1 126 0.1
provision for bonus, accrued salaries, incentives and retention
Other income, net 3,224 3.1 2,467 2.8
bonus payable to the staff. Financial liability under option
arrangements represents redemption liability towards Stater Profit before tax 28,495 27.4 24,477 28.5
and HIPUS acquisitions to purchase / sell the corresponding Tax expense 7,260 7.0 6,429 7.5
minority stake. Accrued expenses represent amounts accrued for Profit for the year 21,235 20.4 18,048 21.0
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.

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

in ` crore

Particulars Year ended March 31,

2022 % 2021 %
Revenue from operations 1,21,641 100.0 1,00,472 100.0
Cost of sales 81,998 67.4 65,413 65.1
Gross profit 39,643 32.6 35,059 34.9
Operating expenses
Selling and marketing expenses 5,156 4.2 4,627 4.6
General and administration expenses 6,472 5.4 5,810 5.8
Total operating expenses 11,628 9.6 10,437 10.4
Operating profit 28,015 23.0 24,622 24.5
Finance cost 220 0.2 195 0.2
Other income, net 2,295 2.0 2,201 2.2
Profit before tax 30,110 24.8 26,628 26.5
Tax expense 7,964 6.6 7,205 7.1
Profit after tax 22,146 18.2 19,423 19.4
Non-controlling interests 36 0.0 72 0.1
Profit attributable to the owners of the Company 22,110 18.2 19,351 19.3

1. Revenue
The growth in our revenues in fiscal 2022 from fiscal 2021 is as follows:

in ` crore

Particulars Standalone Consolidated

2022 2021 % change 2022 2021 % change
Revenue 1,03,940 85,912 21.0 1,21,641 1,00,472 21.1
The increase in revenues was primarily attributable to an increase in digital revenues, deal wins including large deals and volume
increases across most of the segments.
The revenues from digital and core services for fiscals 2022 and 2021 are as follows:

in ` crore

Particulars Consolidated
2022 2021 % change
Digital revenue 69,404 48,687 42.6
Core revenue 52,237 51,785 0.9
Revenue growth in reported terms includes impact of currency fluctuations. We, therefore, additionally report the revenue growth
in constant currency terms, which represents the real growth in revenue excluding the impact of currency fluctuations. We calculate
constant currency growth by comparing current period revenues in respective local currencies converted to INR using prior-period
exchange rates and comparing the same to our prior-period reported revenues. Our revenues in reported currency terms for fiscal 2022
is US$ 16,311 million, a growth of 20.3%. Our revenues for fiscal 2022 in constant currency grew by 19.7%.
We added 451 new customers (gross) during fiscal 2022 as compared to 475 new customers (gross) during fiscal 2021.
On a consolidated basis, for the years ended March 31, 2022 and March 31, 2021, approximately 97.1% were export revenues whereas
2.9% were domestic revenues.
Refer to the ‘Segmental profitability’ section in this report for more details on the analysis of segment revenues.

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2. Expenditure forward and options contracts to hedge our exposure against

Cost of sales movements in foreign exchange rates. Finance cost is on
account of leases. The lease payments are discounted using the
The cost of efforts, comprising employee cost and cost of
interest rate implicit in the lease or, if not readily determinable,
technical sub-contractors, has increased as a percentage of
using the incremental borrowing rates in the country of
revenue from 58.3% in fiscal 2021 to 60.7% in fiscal 2022 on a
domicile of these leases.
standalone basis and from 56.3% in fiscal 2021 to 57.6% in fiscal
2022 on a consolidated basis. The cost of efforts has increased
mainly on account of compensation increase and increase in
4. Provision for tax
sub‑contractors cost offset by improvement in offshore mix. We have provided for our tax liability both in India and overseas.
The applicable Indian corporate statutory tax rate for both the
Third-party items bought for service delivery to clients include years ended March 31, 2022, and March 31, 2021 is 34.94%.
software and hardware items.
Particulars Standalone Consolidated
Selling and marketing expenses
2022 2021 2022 2021
The selling and marketing expenses on standalone and
Income tax expense 7,260 6,429 7,964 7,205
consolidated basis have reduced as a percentage of revenue
(in ` crore)
during fiscal 2022 to 4.0% from 4.3% in fiscal 2021, and 4.2%
during fiscal 2022 from 4.6% in fiscal 2021, mainly on account Effective tax rate (in %) 25.5 26.3 26.4 27.1
of a decrease in employee benefit costs offset by increase in Effective tax rate is generally influenced by various factors,
branding and marketing expenses and professional charges. including differential tax rates, non-deductible expenses, exempt
non-operating income, overseas taxes, benefits from SEZ units,
General and administration expenses tax reversals and provisions pertaining to prior periods primarily
The general and administration expenses on standalone and on account of adjudication of certain disputed matters in favor
consolidated basis have reduced as a percentage of revenue of the Company and upon filing of tax return across various
during fiscal 2022 to 4.6% from 5.3% in fiscal 2021, and 5.3% jurisdictions and other tax deductions.
during fiscal 2022 from 5.8% in fiscal 2021, respectively, mainly on
account of a decrease in employee benefit costs, communication 5. Segmental profitability
costs, repairs and maintenance partially offset by increase in The Company’s operations predominantly relate to providing
consulting and professional expenses. end-to-end business solutions to enable clients to enhance
performance of their business. Business segments of the
3. Other income and finance cost Company are primarily enterprises in Financial Services
Other income primarily includes income from investments gain / and Insurance; enterprises in Manufacturing; enterprises in
loss on investments, foreign exchange gain / loss on forward and Retail, Consumer Packaged Goods and Logistics; enterprises
options contracts and foreign exchange gain / loss on translation in the Energy, Utilities, Resources and Services; enterprises
of other assets and liabilities. In the current year, the Company in Communication, Telecom OEM and Media; enterprises in
received ` 1,218 crore of dividend from its subsidiary, which is Hi‑Tech; enterprises in Life Sciences and Healthcare; and all other
reflected in the Standalone financial statements. segments. All other segments represent the operating segments
of businesses in India, Japan, China, Infosys Public Services and
Interest income in fiscal 2022 has declined as compared to other enterprises in public services. This is discussed in detail
fiscal 2021 primarily due to a decrease in yield on investments in Note 2.26 to the Consolidated financial statements in this
and decrease in investable base. We use foreign exchange Integrated Annual Report.

Business segments – Consolidated

in ` crore
Particulars Financial Retail Communication Energy, Utilities, Manufacturing Hi-Tech Life All other Total
Services Resources and Services Sciences segments
Segmental revenues
2022 38,902 17,734 15,182 14,484 13,336 10,036 8,517 3,450 1,21,641
2021 32,583 14,745 12,628 12,539 9,447 8,560 6,870 3,100 1,00,472
Growth % 19.4 20.3 20.2 15.5 41.2 17.2 24.0 11.3 21.1
Segmental operating income
2022 10,314 6,130 3,372 4,225 2,408 2,495 2,308 167 31,491
2021 8,946 5,117 2,795 3,552 2,563 2,454 2,156 306 27,889
Growth % 15.3 19.8 20.6 18.9 (6.0) 1.7 10.4 (45.4) 12.9
Segmental operating margin (%)
2022 26.5 34.6 22.2 29.2 18.1 24.9 27.9 4.8 25.9
2021 27.5 34.7 22.1 28.3 27.1 28.7 31.4 9.9 27.8

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The following graph sets forth our revenue by geography: The Company has identified the following ratios as
key financial ratios:
75,058 (61.7%) 61,640 (61.3%)
12,869 (10.6%) 11,630 (11.6%) Particulars Standalone Consolidated
3,585 (2.9%) 2,899 (2.9%) 2022 2021 2022 2021
30,129 (24.8%) 24,303 (24.2%)
2022 2021 Market capitalization to NA NA 6.6 5.8
revenues (times)
Price / Earnings (times) NA NA 36.3 30.0
1,21,641 1,00,472 Days sales outstanding (1)
– – 67 71
Growth in % Cash and investment(2) as 30.1 32.7 31.7 35.7
North America - 21.8% India - 23.7% Total growth a % of total assets
Europe - 24.0% Rest of the World - 10.7% 21.1%
Revenue growth (%) 20.9 8.7 21.1 10.7
Overall segment profitability has decreased primarily on account Operating margin (%) 24.4 25.8 23.0 24.5
of increase in employee compensation, higher cost of technical Net profit margin (%) 20.4 21.0 18.2 19.3
sub-contractors and third-party items bought for service delivery
Basic EPS (`) 50.27 42.37 52.52 45.61
to clients, drop in realization partially offset by increase in
utilization, benefit on account of cost optimization initiatives, (1)
The Company does not track DSO at a standalone level.
scale benefits and currency fluctuations. (2)
Includes cash and cash equivalents and investments, excluding
investments in unquoted equity, preference shares, compulsorily
6. Liquidity convertible debentures and others.
Our principal source of liquidity are cash and cash equivalents
Ratios where there has been a significant change from fiscal
and cash flow that we generate from operations. We have no
2021 to fiscal 2022
outstanding borrowings. We believe our working capital is
sufficient for our requirements. Revenue growth has been explained in the relevant
sections above.
Our growth has been financed largely through cash
generated from operations. The details of return on net worth at standalone and
Our cash flows are robust and our operating cash flows have consolidated levels are as follows:
increased in fiscal 2022 as compared to fiscal 2021 mainly on
account of increase in net profit adjusted for non-cash items Particulars Standalone Consolidated
partially offset by higher income tax payments. 2022 2021 2022 2021
Consolidated cash and investments of ` 37,419 crore comprise Return on net worth (%) 30.2 27.0 29.1 27.3
cash and cash equivalents, current and non-current investments Net profit has increased from ` 19,351 crore to ` 22,110 crore on a
excluding investments in unquoted equity and preference consolidated basis and from ` 18,048 crore to ` 21,235 crore on a
shares, compulsorily convertible debentures and others. standalone basis which has resulted in increase in the return on
net worth. Average net worth hasn’t increased at the same rate as
Capital Allocation Policy increase in net profits due to better Balance Sheet management
Refer to the Board’s report in this Integrated Annual Report resulting from shareholder payouts like buyback and dividend.
for details on our Capital Allocation Policy reviewed and
approved on July 12, 2019. V. Outlook, risks and concerns
7. Related party transactions This section lists forward-looking statements that involve risks
and uncertainties. Our actual results could differ materially
These have been discussed in detail in Note 2.24 to the
from those anticipated in these statements as a result of certain
Standalone financial statements in this Integrated Annual Report.
factors. Our outlook, risks and concerns are as follows:
8. Events occurring after Balance Sheet date
Risks related to global COVID-19 health pandemic and
There were no significant events that occurred after the Balance post-pandemic resilience:
Sheet date apart from the ones mentioned in ‘Material changes
and commitments affecting financial position between the end The COVID-19 pandemic is a global humanitarian and health
of the fiscal and date of the report’ in the Board’s report. crisis, that continues to impact key geographies that we operate
in, with many countries reporting multiple waves of infections.
The actions taken by various governments to contain the
9. Key financial ratios
pandemic, such as closing of borders and lockdown restrictions,
In accordance with the SEBI (Listing Obligations and Disclosure has resulted in significant disruption to people and businesses.
Requirements) (Amendment) Regulations, 2018, the Company is While vaccines have been made available, there are increased
required to give details of significant changes (change of 25% or instances of variants and infections, and consequential stress
more as compared to the immediately previous financial year) in on the health sector. India, where most of our operations are
key sector-specific financial ratios.

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located, has experienced multiple waves of infections, including • Continued employee preference to work out of remote
new variants of the COVID-19 virus. There was marked increase locations on a long-term basis, together with expectations
in the number of cases across regions where our development from clients to return to office, if not managed adequately,
centers are located, and a small percentage of our employees may impact attrition, client satisfaction, and our ability to
or their families were adversely affected. We have initiated grow profitably;
several interventions to help our employees and their families, • We could be subject to lawsuits from our employees alleging
including establishing COVID Care Centers, vaccination centers they are exposed to health risks as we transition them back to
and providing them medical loans and access to medical working out of our clients’ offices;
care facilities. However, the continued stress on the medical • Our ability to procure goods and services may be impacted as
infrastructure and any increase in the cases in India may impact some of our suppliers may not be able to operate efficiently
the health and safety of our employees. during a lockdown;
The COVID-19 pandemic has impacted, and may further impact, • Unfavorable currency movements accentuated due to
all of our stakeholders – employees, clients, vendors, investors COVID-19 may impact our profitability;
and the communities we operate in. During fiscal 2022, the • An increase in insurance premiums may adversely impact our
impact on our revenue due to supply and demand risks we profitable growth or coverage;
experienced from the COVID-19 pandemic was not significant. • Heightened regional or macro risks, such as an increase in
COVID-19 pandemic has heightened several other risks that are unemployment, protectionism and changing immigration
described in this section: regulations;
• Client contractual terms restricting our ability to offer a • Lack of comprehensive assessment to test the level of skills of
hybrid working model to our employees, which may lead to students may impact quality of our hiring;
increased attrition;
• Reduced value of PSUs / RSUs due to stock price returns
• Restrictions on travel may impact our ability to sell and being depressed from a prolonged pandemic;
deliver our services to Clients, thereby impacting our revenue
• Prolonged continuation of the COVID-19 pandemic
and / or profitability;
may create breakdown in our Business Continuity
• Impact on profitability and cash flows as some clients may Procedures (BCP);
ask for price reductions, discounts or longer payment terms;
• Potential impairment of acquired entities and investments as
• Impact on business continuity due to local lockdown in the a result of prolonged slower economic growth may impact
key geographies in which we operate; business momentum and synergies that were expected; and
• Additional cost to ensure safety and hygienic workplaces • We may be unable to recoup the investments made in various
for our employees and to convert them for a hybrid geographies due to the impact of a prolonged economic
working model; downturn.
• Additional costs to procure and deploy hardware assets,
technology infrastructure, information security infrastructure Some of the other key risks that the Company is facing
and data connectivity charges for remote working; are as follows:
• Impact on revenue and sub-optimal branding due to
I. Risks related to the markets in which we and our clients
localized lockdowns or restrictions on travel, marketing
operate
events and in-person client meetings due to future
COVID-19 waves; • Spending on technology products and services by our clients
and prospective clients fluctuates depending on many
• Increased penalties or litigation initiated by clients if we fail
factors, including the economic, geo-political, monetary and
to meet project quality, productivity and scheduled service
fiscal policies and regulatory environment in the markets in
level agreements due to our employees working remotely;
which they operate.
• Negative impact on profitability if fixed or committed costs
• An economic slowdown or other factors may affect the
are not reduced in line with reduced demand. Sudden
economic health of the United States, the United Kingdom,
change in demand may change utilization thus impacting
the European Union (“EU”), Australia or those industries
profit margin;
where our revenues are concentrated.
• Impact on profitability as clients may refuse to recognize
• Our clients may operate in sectors which are adversely
unbilled revenues during COVID-19 pandemic;
impacted by climate change which could consequently
• Increased exposure to cyber security and data privacy breach impact our business and reputation.
incidents may continue due to a large number of employees
• Restrictions on visas, cost increases in obtaining such
working remotely.
visas, increases in required minimum wage levels for visa
• The productivity of our employees may be negatively dependent employees, inordinate delays in obtaining visas
impacted due to extended remote work, quarantine due to the pandemic and/ or increased enforcement in
requirements, negative social sentiment and different countries may affect our ability to compete for, and
personal anxiety; provide services to clients in work location countries, which
• Impact on fulfilment if any of some of our employees and or could adversely affect our business, results of operations, and
their families are impacted by future COVID-19 waves; financial condition.
• Our clients may be the subject of economic or other
sanctions by governments and regulators in key geographies

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Management’s discussion
and analysis

that we operate in, limiting our ability to grow these V. Risks related to our contractual obligations
relationships and risking increased penalties and exposure of • Our failure to complete fixed-price (including maintenance)
our business to consequential sanctions. and fixed-timeframe contracts, or transaction-based pricing
• A large part of our revenues are dependent on our limited contracts, within budget and on time, may negatively affect
number of clients, and the loss of any one of our major clients our profitability.
could significantly impact our business. • Our client contracts can typically be terminated without
• Financial stability of our clients may be affected owing to cause, which could negatively impact our revenues and
several factors such as demand and supply challenges, profitability.
currency fluctuations, regulatory sanctions, geo-political • Our client contracts are often conditional upon our
conflicts and other macroeconomic conditions which may performance, which, if unsatisfactory, could result in lower
adversely impact our ability to recover fees for the services revenues than previously anticipated.
rendered to them.
• Some of our long-term client contracts contain
• We may not be able to provide end-to-end business solutions benchmarking provisions which, if triggered, could result in
for our clients, which could lead to clients discontinuing their lower future revenues and profitability under the contract.
work with us, which in turn could harm our business.
• Our work with governmental agencies may expose us to
• Intense competition in the market for technology services additional risks.
could affect our win rates and pricing, which could reduce
• Inability to execute contracts and / or amendments with
our market share and decrease our revenues and our profits.
clients on a timely basis can impact our revenue & profit,
• Our engagements with clients are typically singular in nature causing fluctuations in our reported results
and do not necessarily provide for subsequent engagements.
VI. Risks related to our operations
II. Risks related to the investments we make for our growth
• Our reputation could be at risk and we may be liable to our
• Our business will suffer if we fail to anticipate and develop clients or to regulators for damages caused by inadvertent
new services and enhance existing services in order to keep disclosure of confidential information and sensitive data.
pace with rapid changes in technology and in the industries
• Our reputation could be at risk and we may be liable to our
on which we focus.
clients for damages caused by cyber security incidents.
• We may be unable to recoup investment costs incurred in
• Our reputation may be impacted and we may incur financial
developing our software products and platforms.
liabilities if privacy breaches and incidents under General
• We may engage in acquisitions, strategic investments, Data Protection Regulation (“GDPR”) adopted by the
strategic partnerships or alliances or other ventures that may European Union (“EU”) or other data privacy regulations
or may not be successful. across the globe are attributed to us or if we are not able to
• Goodwill that we carry on our balance sheet could give rise to take necessary steps to report such breaches and incidents
significant impairment charges in the future. to regulators and data subjects, wherever applicable, within
the stipulated time. Further, any claim from our clients for
III. Risks related to our cost structure losses suffered by them due to privacy breaches caused
• Our expenses are difficult to predict and can vary by our employees may impact us financially and affect our
significantly from period to period, which could cause reputation.
fluctuations to our profitability. • We may be the subject of litigation which, if adversely
• Any inability to manage our growth could disrupt our determined, could harm our business and operating results.
business, reduce our profitability and adversely impact our • Our insurance coverage may not be adequate to protect us
ability to implement our growth strategy. against all potential losses to which we may be subject, which
• Wage pressures in India and the hiring of employees could adversely affect our business.
outside India may prevent us from sustaining some of our • The markets in which we operate are subject to the risk of
competitive advantage and may reduce our profit margins. earthquakes, floods, tsunamis, storms, pandemics and other
• We are investing substantial cash in creating physical and natural and manmade disasters.
technological infrastructure, and our profitability could be • The safety of our employees, assets and infrastructure may
reduced if our business does not grow proportionately. be affected by untoward incidents beyond our control,
• Currency fluctuations and declining interest rates may affect impacting business continuity or reputation.
the results of our operations and yield on cash balances. • Terrorist attacks or a war could adversely affect our business,
results of operations and financial condition.
IV. Risks related to our employee workforce • Climate change risks are increasingly manifesting in our
• Our success depends largely upon our highly skilled business as strategic risks, physical risks and transitional
technology professionals and our ability to hire, attract, (market and compliance) risks, which if not managed
motivate, retain and train these personnel. adequately, can affect our operations and profitability.
• Our success depends in large part upon our management • Our reputation, access to capital and longer-term financial
team and key personnel and our ability to attract and stability could be at risk if we are unable to meet our stated
retain them. goals under our 2030 Environmental, Social and Governance
(ESG) vision.

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• Negative media coverage and public scrutiny may divert • Sales of our equity shares may adversely affect the prices of
the time and attention of our board and management and our equity shares and ADSs.
adversely affect our reputation and the prices of our equity • The price of our ADSs and the U.S. dollar value of any
shares and ADSs. dividends we declare may be negatively affected by
fluctuations in the U.S. dollar to Indian rupee exchange rate.
VII. Risks related to legislation and regulatory compliance • An investor in our ADSs may not be able to exercise
• Initially, the COVID-19 pandemic led to substantial increases pre‑emptive rights for additional shares and may thereby
in unemployment rates across certain countries in which we suffer dilution of such investor’s equity interest in us.
operate, including the United States, United Kingdom, EU and • ADS holders may be restricted in their ability to exercise
Australia. A key risk at that time was widespread enactment voting rights.
of restrictive legislation and regulations which would limit
• ADS holders may be restricted in their ability to participate in
companies in those countries from outsourcing work to us
a buy-back of shares offered by us.
or could inhibit our ability to staff client projects in a timely
manner thereby impacting our revenue and profitability. • It may be difficult for holders of our ADSs to enforce any
judgment obtained in the United States against us.
• New and changing regulatory compliance, corporate
governance and public disclosure requirements add • Holders of ADSs are subject to the Securities and Exchange
uncertainty to our compliance policies and increase our costs Board of India’s Takeover Code with respect to their
of compliance. acquisitions of ADSs or the underlying equity shares, and
this may impose requirements on such holders with respect
• The intellectual property laws of India do not give sufficient
to disclosure and offers to purchase additional ADSs or
protection to software and the related intellectual property
equity shares.
rights to the same extent as those in the United States. We
may be unsuccessful in protecting our intellectual property • The reintroduction of dividend distribution tax rate or
rights. We may also be subject to third party claims of introduction of new forms of taxes on distribution of profits
intellectual property infringement. or changes to the basis of application of these taxes could
adversely affect the returns to our shareholders.
• Our net income would decrease if the government of India
reduces or withdraws tax benefits and other incentives it
provides to us or when our tax holidays expire, reduce or VI. Internal control systems and their adequacy
terminate.
The CEO and CFO certification provided in the CEO and CFO
• In the event that the government of India or the government
Certification section of the Integrated Annual Report discusses
of another country changes its tax policies in a manner that
the adequacy of our internal control systems and procedures.
is adverse to us, our tax expense may materially increase,
reducing our profitability.
• We operate in jurisdictions that impose transfer pricing and VII. Material developments in human resources /
other tax-related regulations on us, and any failure to comply industrial relations, including number of
could materially and adversely affect our profitability. people employed
• Changes in the policies of the government of India or political
instability may adversely affect economic conditions in India Our culture and reputation as a leader in consulting, technology,
generally, which could impact our business and prospects. outsourcing and next-generation digital services enable us to
• Attempts to fully address concerns of activist shareholders attract and retain some of the best talent.
may divert the time and attention of our management and
Board of Directors and may impact the prices of our equity Human resources management
shares and ADSs. Infosys is not a technology company full of people, but a people
• Our international expansion plans subject us to risks inherent company that understands the immense potential of technology.
to doing business internationally. Our people, with a little ‘digital’ help, move our clients forward
and in turn, the world. Thus, it is our constant endeavor to make
• Our ability to acquire companies organized outside India may
Infosys a place where people can be their best selves.
depend on the approval of the Reserve Bank of India and the
government of India and failure to obtain this approval could Careers don’t stand still at Infosys and talent transformation is
negatively impact our business. an important focus area. It begins with sensing employee needs
• Indian laws limit our ability to raise capital outside India and and responding with a value proposition that delivers meaning,
may limit the ability of others to acquire us, which could purpose and value for them. It builds synergy between how we
prevent us from operating our business or entering into a look to differentiate ourselves as a Company and deliver on the
transaction that is in the best interests of our shareholders. expectations of our employees.
We have a three-pronged strategy to deliver value to
VIII. Risks related to the ADSs our employees:
• Historically, our ADSs have traded at a significant premium to • Inspire our people with meaningful work and passionate
the trading prices of our underlying equity shares. Currently, teams, enabling them to find purpose and make an
they do not do so, and they may not continue to do so in indelible impact.
the future.

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• Ensure that our people are continuously learning take the suggested learning path on Lex, which outlines all
and progressing in their careers, and shaping our the courses required to acquire that skill. After they complete
collective future. the required courses and gain six months of experience in
• Create opportunities for every employee to navigate further, that technology, they qualify for a Skill Tag.
powered by our culture and partnered by other Infoscions • Digital Quotient: Our Digital Quotient is a comprehensive
with shared aspirations. score that helps Infoscions keep track of their digital
capabilities. Using the score, Infoscions can understand how
Here are the key initiatives of this year: their skills compare to others. Those with a higher Digital
• InTap is our smart sourcing and interview management Quotient have greater access to new opportunities and
application to attract and manage candidates and provide interesting projects.
best-in-class candidate experience along with an efficient • iEngage: We expanded the reach of iEngage across geos and
hiring process. also integrated aspiration management in this platform. We
• Launchpad: We expanded the coverage of Launchpad to all use iEngage to inform, inspire, and build a happier workplace.
our entities and across the globe. This mobile app-based, self- It helps us drive vertical engagement between employee and
service platform provides new hires a guided flow, which is unit leadership. Managers can use this to schedule connect
digital, remote and seamless, during the onboarding process. events, invite employees and track actions identified during
It helps us onboard new hires remotely and make them Day such events. It also captures employee aspirations and
One Ready. provides a platform to track and achieve them.
• Lex: We created Lex, the anywhere, anytime, any device • DataVillage: We’re creating this dashboard that provides
app, to help Infoscions upskill, cross-skill, and reskill. Lex immediate and relevant insights that allow us to make
recommends skills and learning paths based on employee thoughtful decisions about employees in key areas such as
interests, skills, and roles. Employees can even mentor others performance management, bonus recommendations, role
by uploading their own learning modules. Users can create changes, and more.
their own learning goals, and measure the time they spend • Intelligent automation: We are making our systems smarter
learning, as well as track their learning history. with: 1) Nudges to managers and employees, which are
• Infosys Meridian enables a remote-first workplace that driving the right behavior and guiding managers to take the
mirrors the offline experience. With its event management right decisions in matters like role change, retention etc., 2)
platform and breakout sessions capabilities, employees Chatbots that are transforming query management, and 3)
use Meridian to connect at a large scale. Meridian is Robotic process automation, which is being leveraged by HR
fast becoming an important engagement platform for to reduce manual work of our teams.
employees. • Talent Anywhere model: The future workplace looks
• InfyMe: We continued to enrich our InfyMe app with headed to a hybrid remote model. Flexibility of location
more services that enables teams to operate, connect and and time will be key to attract and retain talent. Hence,
collaborate easily and it is particularly effective in the remote we rolled out the Talent Anywhere model in India that
working model. More than 200 touchpoints for activities provides flexibility of work location for our new and existing
were merged into the single intuitive interface of InfyMe. employees. We have kept client and statutory requirements
in mind while enabling working from any location within
• iCount: Our performance management framework and
India. We also renewed our flexi-time policy in India that now
application provides continuous and specific measurement
provides more flexibility to employees to work part time.
of employee performance, and enables transparent sharing
of goals with focus on role and career development. • To drive more focus on employee experience, we set up an
Employee experience Centre Of Excellence with the mission
• iRise brings our rewards and recognitions philosophy to life.
to create workplace experiences that employees cherish and
This platform celebrates key achievements of our employees.
thrive in. The objectives are: 1) To ensure our processes and
Managers can create reward categories and nominate
systems create memorable moments that matter across an
employees for these awards.
employee’s journey at Infosys, 2) To create listening posts
• FLUID: With reskilling gaining momentum, more and to sense employee responses at transaction and process
more Infoscions are acquiring new skills and capabilities. levels, and 3) Reinforce the experience through better
To better manage this, we created F.L.U.I.D., our internal communication.
talent marketplace. It enables Infoscions to constantly move
• Manager Code: We have designed the Infosys manager
towards acquiring higher skills and experiences.
enablement framework to equip our leaders with the
• Accelerate: This platform enables hiring managers to list capabilities to help their teams build technical, business
gig work jobs and internal talent to pick up these jobs for and people skills along with a digital mindset to accelerate
execution. Accelerate also allows skill-based job matches to their development journeys. Managers also have a behavior
recommend the right gigs and incentivizes gig workers and code that encourages them to adhere to seven fundamental
hiring managers. The platform helps to provide richer job principles that shape a good manager at Infosys. We’ve
variety and more immersive learning. integrated the code into our everyday work lives and
• Skill Tags: Skill Tags are skill badges that identify proficiency measure our managers’ performance against it.
in different technologies. Employees can select a Skill Tag,
and then a variant within it, to specialize in. They can then

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• SALESFLEX: Our in-house capability development and • Facilitating a positive work environment: Infosys is
experience charter for the Sales team has proved to be committed to providing a positive work environment free
the cornerstone in our Sales transformation journey. of discrimination and harassment. Equal opportunity and
We ushered in SALESFLEX almost two years ago and fair treatment are part of our Code of Conduct to which all
today, our Sales colleagues are reaping the benefits of a employees subscribe. The resolution hubs at Infosys provide
plethora of matured programs which have been a strategic fair, neutral, and independent forums for employees to voice
game-changer in enhancing Sales productivity and their concerns. The Company has also instituted multiple
improving Sales experience. SALESFLEX filled the gap in channels to address employee grievances, such as ASHI
the people dimension, which is the beating heart of a Sales (Anti-Sexual Harassment Initiative), HEAR (Hearing Employees
transformation, by setting a direction and establishing and Resolving their concerns) platform, the Grievance
personalized learning platforms, tracking performance, Redressal Body, the Whistleblower Policy, and iCARE. In the
enabling recurring career conversations, incentivizing post-pandemic scenario, there is greater focus on providing
desired behaviors and helping Sales warriors continuously psychological safety to employees.
act to improve outcomes. Today, SALESFLEX is successfully
Infosys HR Team was one among the top three organizations
engaging a dynamic globe-trotting, market-facing Sales
named in SHRM HR Excellence Awards 2021, in the categories
team of 1,294 employees spread across 24 countries, through
nine major programs covering the entire realm of employee • Excellence in HR Analytics
experience starting from onboarding, reskilling, career • Excellence in Diversity & Inclusion
coaching, recognition, nurturing diversity and inclusivity, • Excellence in Health and Wellness Initiatives
effective usage of people analytics to mitigate attrition and • Excellence in Managing the Hybrid Workplace – The HR Lens
optimizing work force planning.
• Employee engagement: Our employee engagement Employee well-being
framework is based on the 5Cs – Connect, Collaborate,
At Infosys, employee well-being has taken precedence over the
Celebrate, Care and Culture. Its main objective is to ensure
past year and developed into a more substantial model with
effective engagement, well-being and sustained motivation
the help of our program HALE (Health Assessment and Lifestyle
levels among employees in the new hybrid model of work.
Enrichment). With HALE, our endeavor has been to enhance the
• Awards for Excellence (AFE): The AFE remains our largest well-being experience for our employees and their families with
rewards and recognition platform for employees. This year an increased focus on pandemic well-being and mental health.
marked its 27th anniversary, and we received about a All our wellness programs stand on the foundational pillars of
thousand nominations across geographies in over 20 physical, social and emotional well-being, and safety.
categories.
Our focus over the last few years has been to provide a
• Rewards philosophy: At Infosys, we look at rewards
high‑touch and high-tech experience to our employees.
holistically – what we call total rewards, a mixture of both
monetary and non-monetary rewards. It includes an element
of fixed pay, supplemented with ‘pay at risk’ which is based • Digital well-being: In an effort to stay ahead of the curve
on performance, and could be paid in cash as well as through in building digital capabilities, we looked at creating digital
stock grants. For a global and diverse workforce, it also touchpoints in the lives of our employees by providing them
ensures inclusion of localized benefits plans. In addition a holistic wellness platform both on the go and on their
to the standard compensation and benefits, we have laptops. This platform entails a host of offerings like wellness
made rewards available through learning, diverse career content, expert talks by professionals around the country,
experiences and platforms for creative contributions as well. self-help tools, availability of HALE counselors 24*7 and
Skill bonuses, for people with niche skills, is a new concept much more.
we have introduced. Our key objectives are enabling financial • Emotional well-being: Transitioning the handling of mental
stability and ensuring that our pay is competitive to drive health-related issues from the physical to the virtual mode of
high performance and the right behavior. communication had to be done with utmost care. We have
• Culture and values: Our company values – C-LIFE – define wellness coaches supporting our employees 24*7 in times
our approach to everything. C-LIFE stands for Client of distress, our peer-to-peer counseling network called
value, Leadership by example, Integrity and transparency, Samaritans catering to various segments, weekly webinars
Fairness, and Excellence. The organization culture, driven and discussions by experts, online self-help tools for
by our core values, is one of the main levers that drive our employees to assess their emotional health and mindfulness
business. Employees are regularly reminded about the workshops.
acceptable standards of conduct through various forums • Physical well-being: During the pandemic, Infosys tied
like onboarding, mail communications, town halls, and team up with COVID-19 testing labs nationwide, collaborated
meetings. with emergency ambulance providers in every major
• Be the Navigator (BTN): An empowerment program to city, provided teleconsultation facilities and launched a
encourage purposeful innovation for clients, BTN has been COVID-19 crisis support helpline for employees. Multiple
repurposed to build the momentum of our business focus on teams were tasked to consistently check on the well-being of
cloud and digital. employees who had tested positive. Infosys was one of the
first large private organizations to spearhead vaccinations
for its employees and dependents. We collaborated with

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vaccination providers / manufacturers, local authorities, and We also recruit students from campuses in the US, UK, Australia,
administrators to execute this task. There were targeted Singapore, Japan, Germany, Canada, Mexico and China.
and consistent messaging and campaigns to bust the myths We rely on a rigorous selection process involving evaluation of
around COVID-19 and vaccination, such as nominating peers mathematical and logical aptitude, coding ability and in-depth
to get vaccinated challenge, featuring employees who interviews to identify the best applicants. This selection process
emerged stronger post pandemic and sessions by experts. is continually assessed and refined based upon multiple factors
• Social well-being: We create opportunities for work‑life including performance tracking of past recruits. Most interviews
balance and help Infoscions have a fulfilling and in fiscal 2022 were conducted virtually across the globe, using
multi‑faceted life. We conduct several leisure events to video conferencing platforms, and the end-to-end process was
cater to their interests, hobbies, and lifestyle. We have digitalized. The team also implemented an in-house applicant
been successfully able to transform the concept of physical tracking system for India hiring, in place of a third-party software
communities to virtual communities, and our clubs and that was used traditionally.
groups continue to drive well-being programs. During fiscal 2022, we received 58,66,636 employment
• HALE won the Bronze Medal for SHRM Excellence Award 2021 applications, interviewed 5,23,385 applicants and extended
• HALE won AFE Gold for Internal Customer Delight 2022 offers of employment to 2,22,500 applicants. These statistics do
not include our subsidiaries. We added 54,396 new employees,
Internal complaints committee net of attrition, during fiscal 2022.
At Infosys, our goal has been to create an open and safe
workplace where each and every employee feels empowered Education, training and assessment
to contribute to the best of their abilities, irrespective of gender, Amplifying human talent through a sustained culture of
sexual preferences or any other classification that has no bearing lifelong learning has always defined Infosys. The Foundation
on the employee’s work output. Towards this, the Company Training Program anchored by the Global Education Center has
has set up the Anti-Sexual Harassment Initiative (ASHI), which been grooming fresh graduates into corporate professionals.
proudly completes 22+ years of enabling a positive and safe work Comprising over 46 technology streams, the curriculum has kept
environment for our employees. Our ASHI practices have set an pace with the dynamic business requirements and the preferred
industry benchmark as it ranked first among 350+ companies pedagogical approach of the current generation of talent.
that participated in an external survey on the best anti-sexual
With localization as an important strategic pillar, Infosys
harassment initiatives in 2017, 2019, 2020 and 2021.
has invested in a training center, like the Mysuru Global
Infosys has constituted an Internal Committee (IC) in all the Education Center in Indianapolis in the US to reskill local talent.
development centers of the Company across India to consider The Foundation Program for fresh hires caters to fresh graduate
and resolve all sexual harassment complaints reported hires in Mexico, UK, Germany, Australia, Singapore, and Japan.
by women. The constitution of the IC is as per the Sexual With the deep adoption of the Infosys Learning Experience
Harassment of Women at Workplace (Prevention, Prohibition platform Lex, the shift from offline classes to online learning,
and Redressal) Act, 2013 and the committee includes external complete with learner engagement components, was seamless
members from NGOs or with relevant experience. Investigation and continues to engage the fresh hires in the second year
is conducted and decisions made by the IC at the respective of the pandemic too.
location, and a senior woman employee is the presiding officer
Our Continuous Education program is aimed at reskilling /
over every case. Half of the total members of the IC are women.
upskilling our existing employees by instilling a culture of
The details of complaints pertaining to sexual harassment that
lifelong learning. This program has twin objectives — increasing
were filed, disposed of and pending during the financial year are
fulfillment of skilled talent requirements for client projects
provided in the Business Responsibility and Sustainability Report of
and enriching the expertise of our global workforce in next-
this Integrated Annual Report.
generation digital technologies and methodologies. We continue
to invest in and scale our digital reskilling program globally.
Recruitment Lex, the in-house learning platform, offers over 13,700 curated
As of March 31, 2022, the Group employed 3,14,015 employees, of courses, which includes over 10,000 courses procured from
which 2,97,859 were professionals involved in service delivery to vendor partners both for enterprise consumption and niche
the clients, including trainees. communities who have specific content requirements. About
30,000 employees use Lex on weekdays with an average learning
We have built our global talent pool by recruiting freshers
time of about 40 minutes, and 14,000 employees use Lex on
from premier universities, colleges and institutes globally.
weekends with an average learning time of about 50 minutes. We
We constantly attract and hire developers, architects, technical
continue to engage with academia to bring in fresh perspectives
leaders and project managers in areas of digital and cloud,
while creating learning courses to meet the demands of this
and transformation. We have build robust relationships with
accelerated digital adoption. We continue to experiment with
top institutions in the country and recruit students who have
industry leading approaches of adaptive learning, learning in
consistently shown high levels of achievement. In addition, we
virtual classrooms and learning in the metaverse as well.
have also scaled up InfyTQ which brings the best of our Mysuru
training to the hands of the learners across the country. This has Infosys Wingspan, our configurable talent transformation
amplified the learning experience of students who actively platform for clients, is already live in several global client
participate in learning and assessments to get the coveted organizations. Lex, which is powered by Infosys Wingspan,
Infosys Certification.

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was repurposed for college students in India under the brand exactly that, through a holistic transformation of the ways
of InfyTQ. Infosys Wingspan has also been leveraged for the of working. The Quality team also consulted with several
flagship ESG initiative, Infosys Springboard. In alignment with large clients and helped them drive their agile, DevOps,
the Infosys ESG Vision 2030 to enable digital skills at scale, project to product ways of working shift, and overall
Infosys Springboard has been identified as the primary digital workplace transformation.
learning platform to empower people, communities, and society
Quality has been leading the way in driving Lean and automation
with skills to be successful in the 21st century. This program is
in the organization to enhance productivity and quality, which
led by a dedicated team of experts collaborating globally with
has resulted in large optimization in projects. It deployed
the Infosys Education Training and Assessment (ETA) team,
robust frameworks, tools and platforms across service lines
curriculum partners, non-profits, and a global network of leading
in a collaborative manner to drive hyper-productivity and
educational institutions. About 3,900 learning resources are
engineering excellence. Last year, the Quality team also created
available in Springboard and about 1.8 million learners from
frameworks to help projects operate with a more optimal
across India are actively consuming the content on Infosys
resource pyramid and deployed the same across hundreds
Springboard platform. We intend to reach 10 million learners by
of projects. The Quality team worked with cross-functional
2025 as part of our Springboard initiative.
teams to drive enterprise agility by simplifying many enterprise
processes, thus reducing cost, improving agility in operations,
VIII. Other details and enhancing employee experience.
1. Quality Quality continues to drive best practices and sustenance
The Quality function at Infosys, in line with organization’s vision through structured audits and assessment frameworks, focusing
and strategy of ‘Navigate the Next’, has three strategic imperatives: on de-risking the organization, with augmented coverage of
services, centers and subsidiaries. We continue to comply with
• Differentiate Infosys’ services through superior performance
international management system standards and models, viz.,
and quality.
ISO 9001, ISO 27001, ISO 14001, ISO 45001, ISO 22 301, ISO 20000,
• Optimize Infosys client projects as well as internal functions AS 9100 and ISO 27701.
for greater efficiency and agility.
• De-risk Infosys operations by ensuring delivery excellence, In fiscal 2021, Infosys published its first Environmental, Social
compliance and sustainability. and Governance (ESG) report in accordance with GRI standards.
Infosys is the first IT company to comply with and get assessed
Our Quality team has been driving the org-wide agile at enterprise level on SSAE18 -SOC 3 report attestation.
transformation to scale our capabilities for agile digital in tune Infosys successfully completed CMMI 2.0 assessments for
with the Company strategy. This has resulted in a marked onsite locations, rated at L5 maturity. Infosys continued to
improvement in agile capabilities, with HfS rating Infosys No.1 comply with and get assessed at enterprise level for SSAE 18
among all agile service providers. SOC 2 type II & ISAE 3402 / SSAE 18 SOC 1 type II including
Clients now need to go beyond agile practices and do much cloud platforms and has received an independent auditors’
more to achieve business agility. Last year, we launched our assurance compliance report.
Product Centric Value Delivery approach to help clients do

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iCETS is the emerging technology solution incubation partner iCETS enables enterprises to realize their Live Enterprise vision
for Infosys’ clients and units. We provide next-generation by developing and deploying next-generation offerings –
platforms and innovation-as-a-service to future-proof enterprise such as the Live Enterprise Application Management Platform
businesses. The aim is to envision and evolve New Emerging (LEAP), which has a platform-centric approach for AMS services
eXploratory Technology (NEXT) solutions for our clients both making application management agile, intelligent, integrated
organically (driving innovation bottom-up across Infosys) and and business-aligned. As a leader in data privacy, Infosys
inorganically via the IIN (partnering with hyperscalers, startups, Enterprise Data Privacy Suite (iEDPS) assists in tackling the
universities, and large product players). iCETS incubates complexity and data privacy responsibilities of organizations
emerging technologies under different Centers of Excellence to achieve compliance and business productivity objectives.
(CoE), such as Quantum Computing, Metaverse, Hyperscaler To address the increased cyber threats faced by our clients,
and more. The centers focus on building capability, developing Infosys has built CyberNext, a holistic security-as-a-service
thought leadership, and offering early client validation. platform. Through Infosys Cortex, an AI-driven cloud-first
The IP development moves on to building of platforms customer engagement platform, clients can transform digital
driving a significant part of innovation for our clients and customer service via purposeful communication and smart
monetization for Infosys. decision-making capabilities. Infosys Conversational AI Suite is
an end-to-end technology-agnostic platform providing a holistic
One of the key CoEs Infosys unveiled is the Metaverse
approach by developing prototypes using a low-code / no-code
Foundry. It leverages assets like the Infosys XR platform
(LCNC) approach and managing conversational AI solutions
to build cross‑platform AR experiences, Infosys Virtual
(chatbots / virtual assistants). It brings together a collection of
Living Labs platform to showcase immersive innovations
tools (prototype, design, test, measure, and evolve), people
virtually, and Infosys Physical Living Labs platform to offer
and processes to strengthen the adoption of conversational AI
phygital experiences to our clients. Among numerous client
within an enterprise. The Infosys recruitment platform reduces
engagements, we are working with one of the leading global
the time to hire and analyse candidates resume powered by
manufacturing companies to build 3D CPQ and digital twins.
advanced AI, with multi-tenancy in place, the platform keeps the
For one of the top American multinational financial services
process flows configurable for different tenants with embedded
companies, we are creating a virtual branch and formulating
knowledge on domain and geography requirements. The Infosys
crypto transactions.

Infosys Integrated Annual Report 2021-22 127

 Approaching Strategy Delivering Statutory Financial
Introduction Governance BRSR
value creation review value reports statements
Management’s discussion
and analysis

CXM is a continuously learning suite of products that aims large-scale implementations with our global innovation hubs.
to bring the best of intelligence into automation, the focus is Our evolving partner ecosystem, including startups, universities
to prioritize orchestration and personalization of the entire and hyperscalers, plays a critical role in the increased velocity of
end‑to-end customer experience at scale, on any channel, in ideas and solutions for our clients.
real time. We are incubating several domain platforms like Helix
IIN is a well-orchestrated partnership between select startups,
and EaaS. The Energy-as-a-Service (EaaS) platform is under
universities, hyperscalers, and Infosys to incubate and bring
development by iCETS in collaboration with other units and a
the best of emerging tech innovations from across the globe.
lead client, this platform will enable management of renewable
The IIN program aims to create lighthouse wins for clients to
energy generation, storage and smart consumption for larger
experiment and implement the art of the possible leveraging
facilities and industries. One of the critical differentiating
our global innovation ecosystem. Infosys de-risks client adoption
factors is infusion of startups. Most of our platforms are
of technology innovations and solutions by carefully curating
designed to be Platform‑as‑a-Service (PaaS) offerings with
these startups, finding the right fit and implementing early
IP / patent-led differentiation. These platforms have been
pilots. Infosys has also established partnerships with key client
able to bring in differentiated services while accelerating
Corporate Venture Capital (CVC) firms to bring their portfolio
innovations for our clients.
startups onto Infosys’ network. Over the past 12 months, we’ve
Infosys Living Labs brings our entire innovation ecosystem engaged with numerous startups, universities and hyperscalers
together to help clients meet their innovation-at-scale needs on across geographies like the US, Finland, Israel, and India,
multiple dimensions. Here, we proactively expand our services in spaces like AI, fintech, cloud, cybersecurity, InsureTech,
and capabilities to meet growing and dynamic innovation needs HealthTec, and more.
of clients with the aid of Joint Innovation Centers, Experience
iCETS has supported over 100 innovation programs for clients
Centers, IIN & Industry Living Labs, Complexity Studio, and
like American telecom companies, large banking institutions,
more. We also monitor and publish Trend Trees of Horizon
European national postal service, and more by combining Infosys
3 technologies and business trends and assist our clients
platforms, innovations, and startup networks. There have been
foresee disruptions with Listening-Post-as-a-Service (LPaaS).
several analyst mentions recognizing us as notable accelerators
Jointly working with our clients, we enable rapid prototyping,
in Quantum Computing, positioning us as leaders in services
incubating, and piloting of innovative solutions. Additionally,
like Oracle Cloud, AI, Automation, LEAP, as well as commending
we instill a culture of innovation with our BTN program across
the work of Metaverse Foundry and Living Labs. We act as the
large teams, provide shared innovation infrastructure for
contextualizers, crucible and orchestrators for our clients to
collaborations, and ensure a seamless transition from a PoC to
boost their next-generation innovations.

Emerging Technology incubation model

NextGen Computing
(Quantum Computing)
NextGen Languages
Emerging offerings Adaptive / Autonomous Systems
Future of Work
Resilence
Envision 5G
Emerging offerings Invent
Disrupt Blockchain
Smart Spaces
Near-new offerings Metaverse
Cybersecurity
Technology uncertainty

NextGen IoT

AI and Machine Learning

Adopt Internet of Things
New offerings Scale Incubated to new offerings Modernization
Enhance Automation
Data for Digital

Mobility
Differentiate
Core offerings Part of core offerings Cloud Services
Diversify
Big Data and Analytics
Deploy

Business uncertainty

128 Infosys Integrated Annual Report 2021-22

 Approaching Strategy Delivering Statutory Financial
Introduction Governance BRSR
value creation review value reports statements
Management’s discussion
and analysis

3. Branding The IamtheFuture women in leadership program had 307

Brand Infosys is a key intangible asset for the Company. It serves women leaders completing the ILI-Stanford GSB certification
to position Infosys as the next-generation digital services partner with a collective effort of attending 40+ development programs,
of choice for enterprises navigating their transformation. It is turning in 3,300+ assignments and 2,500+ learning days.
built around the premise that the experience we have gained, for The comprehensive talent reviews with the business heads
four decades, in managing the systems and workings of global have ensured specific actions to provide the right career and
enterprises enables us uniquely to be navigators for our clients. We development support for every woman leader as also to gain
do it by enabling them with an AI-powered core. We also empower commitment from the business heads on the representation
the business with agile digital at scale to deliver unprecedented of women in leadership roles in their organizations. In just the
levels of performance and customer delight. Our Always-on first year, the program has received the Women’s Icon Asia D&I
Learning foundation drives their continuous improvement through Champions Award in the category of Advancing Women.
building and transferring digital skills, expertise and ideas from ILI continued to offer an array of leadership programs, both
our innovation ecosystem. Our localization investments in talent internal and external, to all senior leaders in the organization.
and digital centers help accelerate the business transformation Working with eminent academic institutions, consulting firms
agenda. With this, we help every client build their Live Enterprise – and other leadership development organizations, ILI offered
an organization that is always navigating its next. 100+ programs with 14,000+ total participants and 5,000+
Our marketing reach extends globally through digital-first multi- learning days. Senior leaders, including the CXOs, facilitated
channel campaigns. As the digital innovation partner for the a series of Leaders Teach programs to ensure contextualized
Australian Open, Roland-Garros and the ATP, we help showcase development for our leaders.
how brand Infosys is reimagining the tennis ecosystem for a billion
fans globally leveraging data, insights and digital experiences. 6. Infosys Knowledge Institute
We are also the official digital innovation partner of key MSG The Infosys Knowledge Institute (IKI) harnesses the intellectual
properties including the New York Knicks, New York Rangers and capital of our employees, clients, partners, and academics to
the Madison Square Garden Arena. Our strategic partnerships develop and share a deeper understanding of the business impact
with Dow Jones, Bloomberg Media, The Economist Group and of technology and market trends. Combining surveys, quantitative
Financial Times further accentuate this position. We participate analysis, and expert interviews, IKI creates perspectives,
in premier business and industry events around the world, while benchmarks, and diagnostic tools on trends across industries
also organizing our own signature events and CXO roundtables. and functions. Current research themes include sustainability,
Confluence, our flagship client event series across the US, Europe artificial intelligence, data analytics, cloud, modernization, digital
and APAC, is rated highly by our clients and industry partners. commerce, agile methods, and cybersecurity. Major works
include the Digital Radar maturity assessment, TechCompass
4. Client base series, Practical Sustainability book and the Tech Navigator for
Our client-centric approach continues to bring us high levels future trends. IKI also publishes regularly in leading business
of client satisfaction. We, along with our subsidiaries, added and technology media, and conducts roundtables and seminars.
451 new clients, including a substantial number of large global For more information, go to https://infosys.com/iki.
corporations. Our total client base at the end of the year stood
at 1,741. The client segmentation, based on the last 12 months’ 7. ESG vision and ambitions
revenue for the current and previous years, on a consolidated In October 2020, we launched our ESG Vision 2030 to “shape
basis, is as follows: and share solutions that serve the development of businesses
and communities”. Today, our 2030 vision reflects how ESG
Clients 2022 2021 will continue to be integral to Infosys’ sustainable business
100 million dollar + 38 32 performance. We will continue to be carbon-neutral across
Scope 1, 2 and 3 emissions every year. We will expand reskilling
50 million dollar + 64 59
initiatives to empower more than 10 million people with digital
10 million dollar + 275 252 skills and more than 80 million with Tech for Good programs
1 million dollar + 853 779 in e-governance, healthcare and education. We commit to
nurturing greater inclusivity and strengthening our gender-
5. Infosys Leadership Institute diverse workforce with at least 45% women employees.
The Infosys Leadership Institute (ILI) continued its focus on We will grow our stakeholder focus and bring the interests of
enabling individual and collective leadership capabilities in fiscal our stakeholders to the fore through an empowered, diverse
2022. This was also the year when some of the key leadership and inclusive Board. We will further strengthen data privacy and
programs created organizational impact and won international information security standards across global operations.
recognition along the way. The succession planning program,
Constellation Program, was awarded the prestigious ATD Award For more information about our ESG initiatives, read our ESG
for Excellence in Practice 2022. The first phase of the program Vision 2030 document at
concluded with a significant addition to the succession pool and https://www.infosys.com/content/dam/infosys-web/en/about/
all the organizational strategic projects achieving the desired corporate-responsibility/esg-vision-2030/index.html.
objectives. Working with a senior leadership panel, ILI has added
a few more high potential leaders to the Constellation Program in
the second phase commencing fiscal 2023.

Infosys Integrated Annual Report 2021-22 129