INFY Infosys Limited

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

 

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

 

For the month of July 2024

 

Commission File Number 001-35754

 

Infosys Limited

(Exact name of Registrant as specified in its charter)

 

Not Applicable.

(Translation of Registrant's name into English)

 

Electronics City, Hosur Road, Bengaluru - 560 100, Karnataka, India. +91-80-2852-0261

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F þ Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

 

 

 

  

 

 

 

 

TABLE OF CONTENTS

 

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

SIGNATURES

INDEX TO EXHIBITS

EXHIBIT 99.1

EXHIBIT 99.2

EXHIBIT 99.3

 

  

 

 

 

 

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

Infosys Limited (“we” or “the Company”) hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter ended June 30, 2024.

 

The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

On July 18, 2024, we announced our results of operations for the quarter ended June 30, 2024. A copy of the outcome of the board meeting is attached to this Form 6-K as Exhibit 99.1.

 

We issued press releases announcing our results under International Financial Reporting Standards ("IFRS"), copies of which are attached to this Form 6-K as Exhibit 99.2.

 

We have placed the form of release to stock exchanges concerning our results of operations for the quarter ended June 30, 2024 under Indian Accounting Standards (Ind-AS). A copy of the release to stock exchanges is attached to this Form 6-K as Exhibit 99.3.

 

Among other matters, the Board of Directors of the Company, based on the recommendation of the Nomination and Remuneration Committee, considered and approved the grant of 32,850 RSUs to six eligible employees under the 2015 plan w.e.f. August 1, 2024.

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	Infosys Limited
Date: July 18, 2024	Inderpreet Sawhney General Counsel and Chief Compliance Officer

   

 

 

 

 

 

 

 

INDEX TO EXHIBITS

 

Exhibit No.	Description of Document
99.1	Outcome of the Board Meeting
99.2	IFRS USD press release
99.3	Form of Release to Stock Exchanges

 

 

 Exhibit 99.1
Outcome of the Board meeting

 

 

 

 

 

 

 

 

 

 

Exhibit 99.2

IFRS USD Press Release

 

Stellar all round performance with 3.6% sequential revenue growth in cc, 1% operating margin expansion

Revenue guidance at 3%-4% and operating margin guidance at 20%-22%

 

Highest Free Cash Flow at $1.1 billion; Record number of large deals at 34 with $4.1 billion TCV

 

 

Bengaluru, India – July 18, 2024: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $4,714 million in Q1 revenues with a sequential growth of 3.6% and year on year growth of 2.5% in constant currency. Operating margin was at 21.1%, a sequential expansion of 1%. Free cash flow was highest ever at $1,094 million, an increase of 56.5% year over year. Number of large deal wins were highest ever at 34 with TCV of $4.1 billion, 57.6% being net new.

 

“We had an excellent start to FY25 with strong and broad-based growth, operating margin expansion, robust large deals, and highest ever cash generation. This is a testimony to our differentiated service offerings, enormous client trust, and relentless execution”, said Salil Parekh, CEO and MD. “With our focused approach for generative AI for enterprises working with their data sets on a cloud foundation, we have strong traction with our clients. This is building on our Topaz and Cobalt capabilities” he added.

 

 

 

Guidance for FY25:

·	Revenue growth of 3%-4% in constant currency

·	Operating margin of 20%-22%

 

 

1.

Key highlights:

 

For the quarter ended June 30, 2024

·         Revenues in CC terms grew by 2.5% YoY and by 3.6% QoQ   ·         Reported revenues at $4,714 million, growth of 2.1% YoY   ·         Operating margin at 21.1%, growth of 0.3% YoY and 1.0% QoQ   ·         Basic EPS at $0.18, increase of 5.4% YoY   ·         FCF at $1,094 million, growth of 56.5% YoY; FCF conversion at 143.2% of net profit

 

“Our relentless drive on cost optimization through Project Maximus, a comprehensive margin expansion program, is reflected in the all-round improvement in key operating metrices leading to 1.0% growth in operating margin in Q1”, said Jayesh Sanghrajka, CFO. “We had the highest ever FCF generation at $1.1 bn and ROE increased to 33.6% due to higher payouts to investors”, he added.

 

2. Update on in-tech acquisition

 

Infosys has completed the acquisition of in-tech, a leading Engineering R&D services provider focused on German automotive industry. This follows the announcement the company made on April 18, 2024.

 

Headquartered in Germany, in-tech, is one of the fastest growing Engineering R&D services providers that shapes digitization in the automotive, rail transport and smart industry sectors. in-tech develops solutions in e-mobility, connected and autonomous driving, electric vehicles, off-road vehicles and railroad. in-tech brings to Infosys, marquee German original equipment manufacturers, deep client relationships, and an extensive industry expertise with a multidisciplinary team of 2,200 people across locations in Germany, Austria, China, UK, and nearshore locations in Czech Republic, Romania, Spain, and India.

 

The entire shareholding in in-tech Group India Private Limited, a step-down subsidiary of in-tech Holding GmbH, will be acquired by Infosys Limited. Infosys is delighted to welcome in-tech and its leadership team.

 

3. Client wins & Testimonials

·

Infosys announced a strategic multi-year collaboration with Telstra to accelerate its software engineering and IT transformation journey and further enhance their customer experience. Kim Krogh Andersen, Group Executive, Product and Technology, Telstra, said, “Consumers around the world have significantly increased their expectations when it comes to the seamless, digital delivery of their products and services. As we approach the tipping point of Generative AI and an avalanche of digital adoption, strategic partnerships with global leaders such as Infosys are critical to support our shared ambitions for digital leadership.”

 

·

Infosys launched Infosys AsterTM – a set of AI-amplified marketing services, solutions and platforms that deliver engaging brand experiences, enhanced marketing efficiency, and accelerated effectiveness for business growth. Tom Portman, Group VP, Online Transformation and Group Head of Digital Channels, ABB, said, “Infosys Aster™ is bringing expertise to help us reimagine, engineer, and activate best-in-class omnichannel experiences for our customers, partners, and prospects enabling them to quickly access the relevant and up to date information they need. We see the potential of AI to amplify these capabilities and significantly raise the bar in the delivery of personalized content, ensuring predictability of engagement. We are elevating the way we connect with our customers and how our customers connect with us.”

 

·

Infosys collaborated with La-Z-Boy to establish a Testing Center of Excellence. Infosys will provide comprehensive Quality Engineering services by leveraging modern technologies and AI automation tools. Carol Lee, CIO, La-Z-Boy, said, “We chose Infosys as our strategic partner due to their impressive track record of establishing strong testing center of excellence along with providing comprehensive testing services by leveraging their QA methodologies, industry leading tools, transforming QA powered by Gen AI, AI/ML led tools and accelerators.”

 

·

Infosys announced a strategic three-year partnership with the ABB FIA Formula E World Championship as its official Digital Innovation Partner. Jeff Dodds, Chief Executive Officer, Formula E, said, “Infosys' expertise in cutting-edge technologies makes them the ideal partner to help us drive the future of electric motorsport. We are excited to work with them to deliver exceptional experiences for our global fan base and further strengthen Formula E's position as a leader in sustainable, digital-first sports. Infosys' commitment to sustainability and innovation aligns perfectly with our vision, and we are confident that this collaboration will unlock new avenues in our key focus areas."

 

·

Infosys announced a multi-year strategic collaboration with First Abu Dhabi Bank (FAB) to optimize and modernize FAB’s IT infrastructure services. Suhail Bin Tarraf, Group Chief Operating Officer, First Abu Dhabi Bank (FAB), said, “At FAB, we are committed to transforming our IT organization and delivering world-class services that drive tangible business outcomes. After a thorough evaluation, we selected Infosys as our strategic partner due to their proven expertise, innovative solutions, and the strong trust they built at all levels. Infosys’ outcome-oriented managed services model coupled with their automation-powered delivery approach will help us significantly improve service quality, compliance, and operational efficiency.”

 

·

Infosys and Posti extended their strategic collaboration to help Posti enhance its customer experience and operational efficiency, leveraging Infosys Topaz. Petteri Naulapää, CIO & SVP, ICT and Digitalization, Posti Group, said, “We are pleased to announce the renewal of our collaboration with Infosys for another seven years. This decision is underpinned by a robust service delivery coupled with a spirit of continuous innovation by leveraging enterprise AI capabilities through Infosys Topaz. Infosys' continuous commitment to delivering customer satisfaction and a sharp focus on emerging technologies such as cloud, data, and AI will help in catalysing Posti’s digital transformation journey in line with its larger corporate strategy of delivering on an industry-leading operational efficiency.”

 

·

Infosys collaborated with Proximus to revamp their ServiceNow platform by leveraging Infosys Cobalt. Antonietta Mastroianni, Chief Digital and IT Officer, Proximus, said, “Our collaboration with Infosys marks a transformative leap in reshaping the telecom realm. Infosys' technical expertise in transforming legacy environments with the ServiceNow platform makes it an ideal choice for collaboration. Together, we will continue to revolutionize service delivery and provide enhanced customer experience.”

 

·

Infosys announced successful completion of the technology landscape separation program of Team Global Express. Danny Gravell, CIO of Team Global Express, said, “Our partnership with Infosys enabled us to successfully set up an independent technology capability and transform our foundation technology platforms. We value Infosys’ thought leadership, collaborative approach, and experience in implementing infrastructure and cloud transformation programs as a true strategic partner. By using the ready-to-use templates from Infosys Cobalt, we could complete the transformation at speed with maximum efficiency. This program has enabled us to work towards providing the best possible experience for our customers."

 

·

Infosys collaborated with Commerzbank to consolidate their trading ecosystem on a unified Murex platform to help the bank accelerate its digital transformation journey. Sebastian Kauck, CIO Corporate Clients, Commerzbank, said, "The successful platform consolidation is a major achievement after three years of hard work. Throughout this project, the collaboration of our internal teams with Murex, Infosys and other external partners has always been an integral part to its success. The new setup enables Commerzbank to significantly enhance process efficiency and simultaneously reduce costs. Additionally, it lays the foundation for future business growth as adapting to market changes can be done more swiftly.”

 

4. Recognitions & Awards

Brand

·

Rated as Top 100 most valuable brand in the world by Kantar BrandZ; Ranked among the most-trusted brands in India and the US

·

Recognized as one of India’s Best Employers Among Nation-Builders 2024 by the Great Place To Work® Institute

·

Recognized as one of India’s Best Companies to Work for 2024 by the Great Place To Work® Institute

·

Infosys was recognized as one of the “Most Honored” companies, receiving multiple awards at the 2024 All-Asia Executive Team Rankings from Institutional Investor

·

Infosys’ Investor Relations (IR) function has been recognized one of the top two IR Functions amongst Indian companies in an annual survey conducted by FinanceAsia

 

AI and Cloud Services

·

Positioned as a leader in HFS Horizons: Industry Cloud Service Providers, 2024

·

Recognized as a leader in Avasant’s Applied AI Services 2024 Radarview

 

Key Digital Services

·

Rated as a leader in The Forrester Wave: Continuous Automation And Testing Services, Q2 2024

·

Recognized as a leader in Capital Markets IT Services PEAK Matrix Assessment 2024 by Everest

·

Positioned as a leader in ISG’s SAP Ecosystem 2024 Provider Lens study in US, Germany, and Global

·

Positioned as a leader in ISG Salesforce Ecosystem Partners 2024 Provider Lens study in US

·

Recognized as a leader in Avasant’s Cybersecurity Services 2024 Radarview

·

Recognized as a leader in Avasant’s Multisourcing Service Integration 2023–2024 Radarview

·

Infosys-Fluido won ‘Best Salesforce Partner to Work For’ at the 2024 Digital Revolution Awards

 

Industry & Solutions

·

Rated as a leader in Healthcare Industry Cloud Services PEAK Matrix Assessment 2024 by Everest

·

Recognized as a leader in Wealth & Asset Management 2024 by NelsonHall

·

Positioned as a leader in IDC MarketScape: Worldwide Distributed Energy Resource Management Systems Service Providers 2024 Vendor Assessment

·

Positioned as a leader in IDC MarketScape: Worldwide Consulting and Digital Services Providers for the Upstream Oil and Gas Industry 2024 Vendor Assessment

·

Positioned as a leader in IDC MarketScape: Worldwide Consulting and Digital Services Providers for the Downstream Oil and Gas Industry 2024 Vendor Assessment

·

Recognized as a leader in Avasant’s Manufacturing Digital Services 2024 Radarview

·

Infosys Finacle won the ‘Innovation in Offering Award with RCBC DiskarTech’ and the ‘Customer & Program Impact Award with IndusInd Bank’ at the IBSi Digital Banking Awards 2024

·

Infosys BPM recognised as a leader in 2024 Gartner Magic Quadrant for Finance and Accounting Business Process Outsourcing

·

Infosys BPM won the SS&C Blue Prism Partner Excellence Award 2024, under the ‘Intelligent Automation Award’ category for the APAC Region

·

Infosys BPM won two awards at ATD 2024: ‘Excellence in Practice Award 2024’ and ‘ATD Best Award 2024’

·

Infosys BPM won the PeopleFirst HR Excellence Award 2024, in the ‘Learning & Development’ category

·

Infosys BPM won an award at the CII National Lean Competition 2024

 

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

 

Safe Harbor

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident review and notification process are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the findings of the review of the extent and nature of data subject to unauthorized access and exfiltration in relation to the McCamish cybersecurity incident and reaction to such findings, the timing of the notification process, and the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the incident. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

.

Contact

Investor Relations	Sandeep Mahindroo +91 80 3980 1018 Sandeep_Mahindroo@infosys.com
Media Relations	Rishi Basu +91 80 4156 3998 Rajarshi.Basu@infosys.com	Harini Babu +1 469 996 3516 Harini_Babu@infosys.com

 

 

Infosys Limited and subsidiaries

 

Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:

 

(Dollars in millions)

	June 30, 2024	March 31, 2024
ASSETS
Current assets
Cash and cash equivalents	1,971	1,773
Earmarked bank balance for dividend (4)	1,394	-
Current investments	1,051	1,548
Trade receivables	3,709	3,620
Unbilled revenue	1,511	1,531
Other Current assets	1,882	2,250
Total current assets	11,518	10,722
Non-current assets
Property, plant and equipment and Right-of-use assets	2,285	2,323
Goodwill and other Intangible assets	1,055	1,042
Non-current investments	1,340	1,404
Unbilled revenue	198	213
Other non-current assets	874	819
Total non-current assets	5,752	5,801
Total assets	17,270	16,523
LIABILITIES AND EQUITY
Current liabilities
Trade payables	443	474
Unearned revenue	834	880
Employee benefit obligations	336	314
Other current liabilities and provisions	4,473	2,983
Total current liabilities	6,086	4,651
Non-current liabilities
Lease liabilities	740	767
Other non-current liabilities	441	500
Total non-current liabilities	1,181	1,267
Total liabilities	7,267	5,918
Total equity attributable to equity holders of the company	9,956	10,559
Non-controlling interests	47	46
Total equity	10,003	10,605
Total liabilities and equity	17,270	16,523

 

Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for:

 

(Dollars in millions except per equity share data)

	3 months ended June 30, 2024	3 months ended June 30, 2023
Revenues	4,714	4,617
Cost of sales	3,259	3,211
Gross profit	1,455	1,406
Operating expenses:
Selling and marketing expenses	232	217
Administrative expenses	229	228
Total operating expenses	461	445
Operating profit	994	961
Other income, net (3)	88	57
Profit before income taxes	1,082	1,018
Income tax expense	318	294
Net profit (before minority interest)	764	724
Net profit (after minority interest)	763	724
Basic EPS ($)	0.18	0.17
Diluted EPS ($)	0.18	0.17

 

NOTES:

1.

The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter ended June 30, 2024, which have been taken on record at the Board meeting held on July 18, 2024.

2.

A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.

3.

Other income is net of Finance Cost.

4.

Represents bank balance earmarked for final and special dividend. Payment date for dividend was July 1, 2024.

 

 

Exhibit 99.3
Form of Release to Stock Exchanges

 

Infosys Limited Regd. office: Electronics City, Hosur Road, Bengaluru 560 100, India

CIN : L85110KA1981PLC013115 Website: www.infosys.com email: investors@infosys.com T: 91 80 2852 0261, F: 91 80 2852 0362

 

Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2024 prepared in compliance with the Indian Accounting Standards (Ind-AS)

 

(in crore, except per equity share data)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2024	2024	2023	2024
	Audited	Audited	Audited	Audited
Revenue from operations	39,315	37,923	37,933	153,670
Other income, net	838	2,729	561	4,711
Total Income	40,153	40,652	38,494	158,381
Expenses
Employee benefit expenses	20,934	20,393	20,781	82,620
Cost of technical sub-contractors	3,169	2,967	3,124	12,232
Travel expenses	478	471	462	1,759
Cost of software packages and others	3,455	3,687	2,720	13,515
Communication expenses	147	147	182	677
Consultancy and professional charges	445	489	346	1,726
Depreciation and amortisation expenses	1,149	1,163	1,173	4,678
Finance cost	105	110	90	470
Other expenses	1,250	985	1,254	4,716
Total expenses	31,132	30,412	30,132	122,393
Profit before tax	9,021	10,240	8,362	35,988
Tax expense:
Current tax	2,998	1,173	2,307	8,390
Deferred tax	(351)	1,092	110	1,350
Profit for the period	6,374	7,975	5,945	26,248
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	20	26	87	120
Equity instruments through other comprehensive income, net	14	(12)	1	19
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	(3)	28	6	11
Exchange differences on translation of foreign operations	(104)	(231)	15	226
Fair value changes on investments, net	40	37	75	144
Total other comprehensive income/(loss), net of tax	(33)	(152)	184	520
Total comprehensive income for the period	6,341	7,823	6,129	26,768
Profit attributable to:
Owners of the company	6,368	7,969	5,945	26,233
Non-controlling interests	6	6	–	15
	6,374	7,975	5,945	26,248
Total comprehensive income attributable to:
Owners of the company	6,337	7,821	6,132	26,754
Non-controlling interests	4	2	(3)	14
	6,341	7,823	6,129	26,768
Paid up share capital (par value 5/- each, fully paid)	2,072	2,071	2,070	2,071
Other equity *#	86,045	86,045	73,338	86,045
Earnings per equity share (par value 5/- each)**
Basic (in per share)	15.38	19.25	14.37	63.39
Diluted (in per share)	15.35	19.22	14.35	63.29

 

*

Balances for the quarter ended June 30, 2024 and June 30, 2023 represent balances as per the audited Balance Sheet for the year ended March 31, 2024 and March 31, 2023, respectively as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015

**

EPS is not annualized for the quarter ended June 30, 2024, quarter ended March 31, 2024 and quarter ended June 30, 2023

#

Excludes non-controlling interest

 

1. Notes pertaining to the current quarter

 

a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2024 have been taken on record by the Board of Directors at its meeting held on July 18, 2024. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

 

b) Update on employee stock grants

 

The Board, on July 18, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved the grant of 32,850 RSUs to six eligible employees under the 2015 plan w.e.f August 1, 2024. These RSUs will vest equally over a period of three to four years.

 

c) Update on acquisitions

 

i) InSemi Technology Services Private Limited

 

On May 10, 2024, Infosys Ltd acquired 100% voting interests in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India for a consideration including earn-outs, and management incentive and retention bonuses totalling up to 280 crore.

 

ii) in-tech Holding GmbH

 

On April 18, 2024, Infosys Germany GmBH wholly owned step down subsidiary of Infosys Limited entered into a definitive agreement to acquire 100% of the equity share capital in in-tech Holding GmbH, leading provider of Engineering R&D services headquartered in Germany, for a consideration including earn-outs amounting up to EUR 450 million (approximately 4,045 crore), subject to customary closing adjustments. Subsequently as on the date of these results, Infosys Germany GmBH has completed its acquisition of 100% of the equity share capital of in-tech Holding GmbH.

 

2. Information on dividends for the quarter ended June 30, 2024

 

For financial year 2024, the Board recommended a final dividend of 20/- (par value of 5/- each) per equity share and additionally a special dividend of 8/- (par value of 5/- each) per equity share. The same was approved by the shareholders in the Annual General Meeting (AGM) of the Company held on June 26, 2024 and paid on July 1, 2024.

 

(in )

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2024	2024	2023	2024
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	18.00
Final dividend	–	20.00	–	20.00
Special dividend	–	8.00	–	8.00

 

3. Segment reporting (Consolidated - Audited)

 

(in crore)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2024	2024	2023	2024
Revenue by business segment
Financial Services (1)	10,816	10,010	10,661	42,158
Retail (2)	5,428	5,429	5,513	22,504
Communication (3)	4,744	4,666	4,441	17,991
Energy, Utilities, Resources and Services	5,220	5,068	4,889	20,035
Manufacturing	5,778	5,589	5,350	22,298
Hi-Tech	3,147	3,316	3,056	12,411
Life Sciences (4)	2,866	2,762	2,749	11,515
All other segments (5)	1,316	1,083	1,274	4,758
Total	39,315	37,923	37,933	153,670
Less: Inter-segment revenue	–	–	–	–
Net revenue from operations	39,315	37,923	37,933	153,670
Segment profit before tax, depreciation and non-controlling interests:
Financial Services (1)	2,612	1,941	2,545	9,324
Retail (2)	1,751	1,864	1,629	6,882
Communication (3)	796	810	984	3,688
Energy, Utilities , Resources and Services	1,557	1,431	1,290	5,523
Manufacturing	1,006	1,081	972	4,197
Hi-Tech	814	803	802	3,153
Life Sciences (4)	611	632	702	2,898
All other segments (5)	290	222	140	760
Total	9,437	8,784	9,064	36,425
Less: Other Unallocable expenditure	1,149	1,163	1,173	4,678
Add: Unallocable other income	838	2,729	561	4,711
Less: Finance cost	105	110	90	470
Profit before tax and non-controlling interests	9,021	10,240	8,362	35,988

 

(1)

Financial Services include enterprises in Financial Services and Insurance

(2)

Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics

(3)

Communication includes enterprises in Communication, Telecom OEM and Media

(4)

Life Sciences includes enterprises in Life sciences and Health care

(5)

All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services

 

Notes on segment information

 

Business segments

 

Based on the "management approach" as required by Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.

 

Segmental capital employed

 

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

 

4. Audited financial results of Infosys Limited (Standalone Information)

 

(in crore)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2024	2024	2023	2024
Revenue from operations	33,283	32,001	31,811	128,933
Profit before tax	8,128	10,414	8,146	35,953
Profit for the period	5,768	8,480	5,956	27,234

 

The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the Stock Exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone financial statements as stated.

 

	By order of the Board for Infosys Limited
Bengaluru, India July 18, 2024	Salil Parekh Chief Executive Officer and Managing Director

 

The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2024, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:

 

(in US$ million, except per equity share data)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2024	2024	2023	2024
	Audited	Audited	Audited	Audited
Revenues	4,714	4,564	4,617	18,562
Cost of sales	3,259	3,219	3,211	12,975
Gross profit	1,455	1,345	1,406	5,587
Operating expenses	461	428	445	1,753
Operating profit	994	917	961	3,834
Other income, net	101	328	68	568
Finance cost	13	13	11	56
Profit before income taxes	1,082	1,232	1,018	4,346
Income tax expense	318	273	294	1,177
Net profit	764	959	724	3,169
Earnings per equity share *
Basic	0.18	0.23	0.17	0.77
Diluted	0.18	0.23	0.17	0.76
Total assets	17,270	16,523	16,007	16,523
Cash and cash equivalents and current investments	3,022	3,321	2,176	3,321

 

*

EPS is not annualized for the quarter ended June 30, 2024, quarter ended March 31, 2024 and quarter ended June 30, 2023.

 

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident review and notification process are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the findings of the review of the extent and nature of data subject to unauthorized access and exfiltration in relation to the McCamish cybersecurity incident and reaction to such findings, the timing of the notification process, and the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the incident. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forwardlooking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

 

 

 

 

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