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 January 2025
Commission File Number 001-35754
Infosys Limited
(Exact name of Registrant as specified in its charter)
Not Applicable.
(Translation of Registrant's name into English)
Electronics City, Hosur Road, Bengaluru - 560 100,
Karnataka, India. +91-80-2852-0261
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F:
Form 20-F þ
Form 40-F o
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check
mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
TABLE OF CONTENTS
DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Infosys Limited (“we” or “the Company”)
hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public
disclosures regarding our results of operations and financial condition for the quarter and nine months ended December 31, 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 January 16, 2025, we announced our results of operations
for the quarter and nine months ended December 31, 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 and nine months ended December 31, 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.
Based on the recommendations of the Nomination
and Remuneration Committee, the Board approved annual time-based stock incentives in the form of Restricted Stock Units (RSUs) to
Salil Parekh, CEO & MD having a market value of 
3 crore as on the date of grant under
the 2015 Stock Incentive Compensation Plan (2015 Plan) in accordance with the terms of his employment agreement. The RSUs will be
granted w.e.f. February 1, 2025 and the number of RSUs will be calculated based on the market price at the close of trading on a
date immediately preceding the grant date. The exercise price of RSUs will be equal to the par value of the share.
The Board of Directors of the Company
amongst other matters, approved Allotted 5,552 equity shares of face value of 5 each,
pursuant to exercise of Restricted Stock Units by eligible employees as hereunder :
| · | | 1,982 equity shares
under the 2015 Incentive Compensation Plan; |
| · | | 3,570 equity shares
under the Infosys Expanded Stock Ownership Program 2019. |
Consequently, effective from January
16, 2025, the issued and subscribed share capital of the Company stands increased to
20,76,13,73,730/- divided into 4,15,22,74,746 equity shares of 5/- each.
Also, the Board of Directors, considered and approved
amendments to the Whistleblower policy. Copy of the policy will be made available on the website of the Company under the following link
: https://www.infosys.com/investors/corporate-governance/policies.html.
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: January 16, 2025 |
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
Strong growth of 6.1% YoY in CC, 80
bps YoY operating margin expansion
Large deal TCV of $2.5 billion including
63% net new; Headcount increased by 5,591
FY25 revenue guidance revised to 4.5%-5.0%
Bengaluru, India – January 16, 2025: Infosys (NSE, BSE, NYSE: INFY), a global leader in nextgeneration digital services and consulting, delivered
strong and broad-based performance with $4,939 million in Q3 revenues, growth of 1.7% sequentially and 6.1% year on year in constant
currency. Operating margin for Q3 was at 21.3%, increase of 0.2% sequentially. Free cash flow for Q3 was highest ever at $1,263
million, growing 90% year on year. TCV of large deal wins was $2.5 billion, with 63% net new growing at 57% sequentially. Headcount
increased for second consecutive quarter.
Revenues for YTD Dec’24 grew at 3.9% year on year in constant currency and in reported terms. Operating margin was at 21.2%, increase
of 0.3% year on year.
“Our strong revenue growth sequentially
in a seasonally weak quarter and broad-based year on year growth, along with robust operating parameters and margins, is a clear reflection
of the success of our differentiated digital offerings, market positioning, and key strategic initiatives. We continue to strengthen
our enterprise AI capabilities, particularly focusing on generative AI, which is witnessing increasing client traction”, said Salil
Parekh, CEO and MD. “This has led to another quarter of strong large deal wins and improved deal pipeline giving us greater
confidence as we look ahead”, he added.
Guidance
for FY25:
| · | | Revenue growth of 4.5%-5.0% in constant currency |
| · | | Operating margin
of 20%-22% |
|
For quarter ended December 31, 2024
|
For the nine months ended December 31, 2024
|
·
Revenues in CC terms grew by 6.1% YoY and 1.7% QoQ
·
Reported revenues at $4,939 million, growth of 5.9% YoY
·
Operating margin at 21.3%, increase of 0.8% YoY and 0.2% QoQ
·
Basic EPS at $0.19, growth of 9.6% YoY
·
FCF at $1,263 million, growth of 89.9% YoY; FCF conversion at 156.6% of net profit
|
·
Revenues in CC terms grew by 3.9% YoY
·
Reported revenues at $14,547 million, growth of 3.9% YoY
·
Operating margin at 21.2%, growth of 0.3% YoY
·
Basic EPS at $0.57, growth of 6.1% YoY
·
FCF at $3,196 million, growth of 57.1% YoY; FCF conversion at 136.1% of net profit
|
“We had another quarter
of strong performance with revenue growth across segments and operating margin expansion, leading to 11.4% EPS growth year on year in
rupee terms. Our structured approach to operating margin expansion yielded more results in Q3, particularly due to benefits from improving
realization and scale benefits” said Jayesh Sanghrajka, CFO. “Our sharp focus on cash flow is reflected in Free cash
conversion to net profits of 157% in Q3 with free cash generation for 9 months of FY25 surpassing that of entire FY24”, he added.
1. Client wins &
Testimonials
| · | Infosys Compaz and Temasek, announced a strategic collaboration with StarHub to accelerate their
operations and drive technology-led innovations. Tan Kit Yong, Head of Enterprise Business Group, StarHub, said, “At StarHub,
we have always prided ourselves on being at the forefront of innovation. By collaborating with iCompaz, we are expanding our horizons
to offer an even wider range of offerings and technologies that are co-created to address the unique needs of our customers. Aligned with
our DARE+ strategy, this powerful synergy will better position us as the go-to full-service supplier for businesses that need connectivity,
cloud, cybersecurity, and other ICT services to accelerate their digital journeys.” |
| · | Infosys announced the extension of its existing collaboration with Old National Bank to accelerate its
operational and technological transformation. Jim Ryan, Chairman & CEO, Old National Bank, said, “At Old National,
we are committed to creating exceptional client and team member experiences. Infosys is expertly guiding us through business process enhancements,
with a strong emphasis on efficiency and value generation. We greatly appreciate Infosys’ commitment to our growth and success.” |
| · | Infosys announced its collaboration with RheinEnergie to help enterprises drive their energy
transition and sustainability agenda forward. Stephan Segbers, Chief Sales Officer and member of the board, RheinEnergie, said, “RheinEnergie
firmly believes that innovative technological and digital solutions are intrinsic to achieving the ‘Energiewende’ and the
‘Wärmewende’, Germany’s planned transition to a low-carbon, nuclear-free economy. The powerful combination of Infosys’
global expertise in energy transition and cutting-edge technologies such as cloud and AI, and RheinEnergie’s extensive experience
in providing energy services allows us to offer enterprises a comprehensive suite of solutions to help manage their energy costs and navigate
their energy transition journey. We are excited about joining forces with Infosys and extend this innovative approach to businesses across
various sectors. Together, we can accelerate the transition to a clean energy future for a healthier planet.” |
| · | Infosys announced the extension of its existing collaboration with Microsoft to help accelerate customer
adoption of generative AI and Microsoft Azure, globally. Nicole Dezen, Chief Partner Officer at Microsoft, said, “Our
expanded collaboration with Infosys will transform industries, enhance business operations, elevate employee experiences, and deliver
new value for customers. Together, we will harness the power of generative AI to deliver innovative solutions, drive AI Adoption and enable
unprecedented innovation for customers.” |
| · | Infosys announced the launch of its small language models – Infosys Topaz BankingSLM and Infosys
Topaz ITOpsSLM – built using the powerful NVIDIA AI Stack. Jay Puri, Executive Vice President, Worldwide Field Operations,
NVIDIA, said, “Generative AI and the recent advancements in agentic and physical AI are ushering in a new era of innovation
and productivity for enterprises worldwide. NVIDIA's full-stack AI platform combined with Infosys Topaz empowers businesses to build and
deploy custom AI applications that will transform industries, helping businesses unlock their full potential.” |
| · | Infosys announced the launch of Google Cloud center of excellence, powered by Infosys Topaz, to foster
enterprise AI innovation. Victor Morales, Vice President of GSI and Consulting Partnerships, Google Cloud, said, “Infosys
and Google Cloud are committed to providing customers with the industry expertise and technology needed to accelerate digital transformation.
The center of excellence is a testament to our strong collaboration and dedication to helping businesses innovate with breakthrough solutions
powered by generative AI.” |
| · | Infosys announced its strategic collaboration with zooplus to enhance its service capability and scalability.
Geoffroy Lefebvre, Chief Executive Officer, zooplus SE, said, “At zooplus our growth strategy has always been focused
on leveraging data-driven insights to meet our customers’ demands. Our collaboration with Infosys to establish our new technology
hub is a strategic decision driven by their AI-first strategies combined with expertise in delivering AI-powered solutions, with Infosys
Topaz. We are confident that through this collaboration we will unlock greater operational efficiencies, enhance customer experience,
and stay ahead in the competitive e-commerce landscape.” |
| · | Infosys announced a strategic collaboration with Kardex to transform its business operations
using SAP S/4HANA. Thomas Reist, Chief Financial Officer of Kardex, said, “Our mission is to empower our customers to
optimize their intralogistics operations, enhancing efficiency, agility, and overall success. By continually evolving our solutions and
adapting to changing market demands, we aim to be the trusted partner of choice for companies seeking to boost their productivity. We
are confident that our partnership with Infosys will propel us forward. With their extensive expertise in process transformation, supported
by SAP solutions, and a proven track record of successful implementations, Infosys is the ideal partner to help us achieve our strategic
objectives. We look forward to this collaboration as a means to advance our growth and further strengthen our position as a market leader.” |
| · | Infosys announced its collaboration with Southwark Council to launch its digital learning platform - Springboard in
the borough. Dionne Lowndes, Chief Digital & Technology Officer, Southwark Council, said, “Partnering with Infosys
to bring the Springboard platform to Southwark is a significant step towards realising our ambitious three-year digital strategy. The
initiative will not only empower our residents, but local businesses too, with vital digital skills and resources. By enhancing this kind
of accessibility and fostering innovation, we are working to enable our community to thrive in an ever-advancing technological world.” |
2. Recognitions & Awards
Brand
| · | Awarded Silver in the India Workplace Equality Index (IWEI) 2024 |
| · | Received the 2024 UN Women’s WEP India Award in the Gender-inclusive Workplace category |
| · | Received multiple recognitions at The Asset ESG Corporate Awards 2024 - Platinum Award for Excellence,
Best Investor Relations Team, Best Initiative in Environmental Responsibility, and Best Initiative in Diversity and Inclusion categories |
| · | Received the Shorty Impact Awards in the Gender Equality category for the #SpotItToStopIt campaign |
AI and Cloud Services
| · | Received Binding Corporate Rules Certification from EU Data Protection Authorities |
| · | Positioned as a leader in Gartner Magic Quadrant for Cloud ERP Services |
| · | Rated as a leader in The Forrester Wave™: Automation Fabric Services, Q4 2024 |
| · | Positioned as a leader in Microsoft Azure Services PEAK Matrix® Assessment 2024 by Everest Group |
| · | Recognized as a leader in IDC MarketScape: Asia/Pacific Managed Cloud Services 2024–2025 Vendor
Assessment |
| · | Recognized as a leader in IDC MarketScape: Worldwide Adobe Experience Cloud Professional Services 2024–2025
Vendor Assessment |
| · | Positioned as a leader in HFS Horizons: AADA Quadfecta of Analytics, AI, Data Platforms, and Automation
Services for Generative Enterprise 2024 |
| · | Positioned as a leader in HFS Horizons: Azure Ecosystem Services Providers, 2024 |
Key Digital Services
| · | Rated as a leader in The Forrester Wave™: Infrastructure Outsourcing Services, Q4 2024 |
| · | Recognized as a leader in IDC MarketScape: Asia/Pacific Salesforce Implementation Services 2024–2025
Vendor Assessment |
| · | Recognized as a leader in IDC MarketScape: Worldwide Digital Workplace Services 2024 Vendor Assessment |
| · | Recognized as a leader in IDC MarketScape: European SAP Modernization Services 2024 Vendor Assessment |
| · | Positioned as a leader in HFS Horizons: IoT Service Providers, 2024 |
| · | Positioned as a leader in HFS Horizons: Sustainability Services, 2024 |
| · | Rated as a leader in Quality Engineering NEAT 2024 by NelsonHall |
| · | Recognized as a Market Maker in CapioIT Salesforce SI and Solutions Providers Ecosystem Capture Share
Report, 2024 |
| · | Infosys BPM won the ‘Outsourcing Impact Champion’ award at the Outsourcing Impact Review (OIR)
2024 for ‘Project Genesis’ |
| · | Infosys BPM ranked as a Leader in ISG Provider Lens™ Quadrant Study on Procurement Services 2024 |
| · | Infosys BPM recognized as a Leader in the IDC MarketScape: Worldwide Enterprise Analytics and AI Business
Process Services for Finance and Accounting 2024 Vendor Assessment |
Industry & Solutions
| · | Recognized as a leader in IDC MarketScape Worldwide Life Science R&D ITO Services 2024 |
| · | Recognized as a leader in IDC MarketScape: Worldwide Smart Insurance Producer Management Applications |
| · | Recognized as a leader in IDC MarketScape: Worldwide Service Providers for Utilities Customer Operations
2024 Vendor Assessment |
| · | Positioned as a leader in HFS Horizons: Healthcare Payer Services 2024 |
| · | Positioned as a leader in HFS Horizons: The Best Service Providers for Commercial Banks, 2025 |
| · | Infosys Finacle has been positioned as a Leader by Everest Group in the Wealth Management Products PEAK Matrix®
Assessment 2024 Report |
| · | Infosys Finacle has been positioned as a Leader by Everest Group in the Consumer Loan Origination Systems
(LOS) – Products PEAK Matrix® Assessment 2024 Report |
| · | MEA Finance Banking Technology Awards 2024: Best Composable Banking Transformation - Emirates NBD and Infosys
Finacle |
Read more about our Awards & Recognitions
here.
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 AIpowered 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, the McCamish cybersecurity
incident and the related review and notification process are forwardlooking 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 amount of any additional costs, including indemnities or damages or claims, resulting
directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of pending litigation. 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 https://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)
| |
December 31, 2024 |
March 31, 2024 |
| ASSETS |
|
|
| Current assets |
|
|
| Cash and cash equivalents |
2,663 |
1,773 |
| Current investments |
933 |
1,548 |
| Trade receivables |
3,896 |
3,620 |
| Unbilled revenue |
1,318 |
1,531 |
| Other current assets |
1,428 |
2,250 |
| Total current assets |
10,238 |
10,722 |
| Non-current assets |
|
|
| Property, plant and equipment and Right-of-use assets |
2,183 |
2,323 |
| Goodwill and other Intangible assets |
1,508 |
1,042 |
| Non-current investments |
1,105 |
1,404 |
| Unbilled revenue |
301 |
213 |
| Other non-current assets |
956 |
819 |
| Total non-current assets |
6,053 |
5,801 |
| Total assets |
16,291 |
16,523 |
| LIABILITIES AND EQUITY |
|
|
| Current liabilities |
|
|
| Trade payables |
429 |
474 |
| Unearned revenue |
988 |
880 |
| Employee benefit obligations |
336 |
314 |
| Other current liabilities and provisions |
3,050 |
2,983 |
| Total current liabilities |
4,803 |
4,651 |
| Non-current liabilities |
|
|
| Lease liabilities |
667 |
767 |
| Other non-current liabilities |
465 |
500 |
| Total non-current liabilities |
1,132 |
1,267 |
| Total liabilities |
5,935 |
5,918 |
| Total equity attributable to equity holders of the company |
10,307 |
10,559 |
| Non-controlling interests |
49 |
46 |
| Total equity |
10,356 |
10,605 |
| Total liabilities and equity |
16,291 |
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 December 31, 2024 |
3 months ended December 31, 2023 |
9 months ended December 31, 2024 |
9 months ended December 31, 2023 |
| Revenues |
4,939 |
4,663 |
14,547 |
13,997 |
| Cost of sales |
3,444 |
3,274 |
10,103 |
9,755 |
| Gross profit |
1,495 |
1,389 |
4,444 |
4,242 |
| Operating expenses: |
|
|
|
|
| Selling and marketing expenses |
218 |
204 |
671 |
633 |
| Administrative expenses |
224 |
229 |
693 |
692 |
| Total operating expenses |
442 |
433 |
1,364 |
1,325 |
| Operating profit |
1,053 |
956 |
3,080 |
2,917 |
| Other income, net (3) |
90 |
79 |
249 |
196 |
| Profit before income taxes |
1,143 |
1,035 |
3,329 |
3,113 |
| Income tax expense |
337 |
301 |
981 |
904 |
| Net profit (before minority interest) |
806 |
734 |
2,348 |
2,209 |
| Net profit (after minority interest) |
804 |
733 |
2,345 |
2,208 |
| Basic EPS ($) |
0.19 |
0.18 |
0.57 |
0.53 |
| Diluted EPS ($) |
0.19 |
0.18 |
0.56 |
0.53 |
NOTES:
|
1.
|
|
The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the
quarter and nine months ended December 31, 2024, which have been taken on record at the Board meeting held on January 16, 2025.
|
|
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.
|
|
As the quarter and nine months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement
added up to the figures reported for the previous quarter might not always add up to the nine months ended figures reported in this statement.
|
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 and nine months ended December 31, 2024 prepared in compliance with the Indian Accounting
Standards (Ind-AS)
(in crore, except per equity share data)
| Particulars |
Quarter
ended
December 31, |
Quarter
ended
September 30, |
Quarter
ended
December 31, |
Nine months
ended
December 31, |
Year ended
March 31, |
| |
2024 |
2024 |
2023 |
2024 |
2023 |
2024 |
| |
Audited |
Audited |
Audited |
Audited |
Audited |
Audited |
| Revenue from operations |
41,764 |
40,986 |
38,821 |
122,064 |
115,748 |
153,670 |
| Other income, net |
859 |
712 |
789 |
2,410 |
1,982 |
4,711 |
| Total Income |
42,623 |
41,698 |
39,610 |
124,474 |
117,730 |
158,381 |
| Expenses |
|
|
|
|
|
|
| Employee benefit expenses |
21,436 |
21,564 |
20,651 |
63,934 |
62,228 |
82,620 |
| Cost of technical sub-contractors |
3,302 |
3,190 |
3,066 |
9,661 |
9,264 |
12,232 |
| Travel expenses |
439 |
458 |
387 |
1,375 |
1,288 |
1,759 |
| Cost of software packages and others |
4,607 |
3,949 |
3,722 |
12,012 |
9,828 |
13,515 |
| Communication expenses |
157 |
169 |
169 |
473 |
531 |
677 |
| Consultancy and professional charges |
459 |
451 |
504 |
1,354 |
1,237 |
1,726 |
| Depreciation and amortization expenses |
1,203 |
1,160 |
1,176 |
3,512 |
3,515 |
4,678 |
| Finance cost |
101 |
108 |
131 |
314 |
360 |
470 |
| Other expenses |
1,249 |
1,396 |
1,185 |
3,894 |
3,731 |
4,716 |
| Total expenses |
32,953 |
32,445 |
30,991 |
96,529 |
91,982 |
122,393 |
| Profit before tax |
9,670 |
9,253 |
8,619 |
27,945 |
25,748 |
35,988 |
| Tax expense: |
|
|
|
|
|
|
| Current tax |
3,202 |
3,146 |
2,419 |
9,346 |
7,216 |
8,390 |
| Deferred tax |
(354) |
(409) |
87 |
(1,113) |
258 |
1,350 |
| Profit for the period |
6,822 |
6,516 |
6,113 |
19,712 |
18,274 |
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 |
(45) |
78 |
71 |
53 |
94 |
120 |
| Equity instruments through other comprehensive income, net |
(15) |
(9) |
(9) |
(10) |
31 |
19 |
| Items that will be reclassified subsequently to profit or loss |
|
|
|
|
|
|
| Fair value changes on derivatives designated as cash flow hedges, net |
56 |
(21) |
(46) |
32 |
(17) |
11 |
| Exchange differences on translation of foreign operations |
(483) |
560 |
436 |
(27) |
457 |
226 |
| Fair value changes on investments, net |
10 |
86 |
52 |
136 |
107 |
144 |
| Total other comprehensive income/(loss), net of tax |
(477) |
694 |
504 |
184 |
672 |
520 |
| |
|
|
|
|
|
|
| Total comprehensive income for the period |
6,345 |
7,210 |
6,617 |
19,896 |
18,946 |
26,768 |
| |
|
|
|
|
|
|
| Profit attributable to: |
|
|
|
|
|
|
| Owners of the company |
6,806 |
6,506 |
6,106 |
19,680 |
18,264 |
26,233 |
| Non-controlling interests |
16 |
10 |
7 |
32 |
10 |
15 |
| |
6,822 |
6,516 |
6,113 |
19,712 |
18,274 |
26,248 |
| Total comprehensive income attributable to: |
|
|
|
|
|
|
| Owners of the company |
6,336 |
7,190 |
6,605 |
19,863 |
18,934 |
26,754 |
| Non-controlling interests |
9 |
20 |
12 |
33 |
12 |
14 |
| |
6,345 |
7,210 |
6,617 |
19,896 |
18,946 |
26,768 |
| Paid up share capital (par value 5/- each, fully paid) |
2,072 |
2,072 |
2,070 |
2,072 |
2,070 |
2,071 |
| Other equity *# |
86,045 |
86,045 |
73,338 |
86,045 |
73,338 |
86,045 |
| Earnings per equity share (par value 5/- each)** |
|
|
|
|
|
|
| Basic (in per share) |
16.43 |
15.71 |
14.76 |
47.52 |
44.13 |
63.39 |
| Diluted (in per share) |
16.39 |
15.68 |
14.74 |
47.40 |
44.08 |
63.29 |
| * | | Balances for the quarter and nine months ended December 31, 2024 and quarter ended September 30,
2024 represent balances as per the audited Balance Sheet as at March 31, 2024 and balances for the quarter and nine months ended
December 31, 2023 represent balances as per the audited Balance Sheet as at March 31, 2023 as required by SEBI (Listing and Other
Disclosure Requirements) Regulations, 2015 |
| ** | | EPS is not annualized for the quarter and nine months ended December 31, 2024, quarter
ended September 30, 2024 and quarter and nine months ended December 31, 2023 |
| # | | Excludes non-controlling interest |
1. Notes pertaining to the current quarter
a) The audited interim condensed consolidated
financial statements for the quarter and nine months ended December 31, 2024 have been taken on record by the Board of Directors at its
meeting held on January 16, 2025. 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 stock grants
The Board, on January 16, 2025, based on the recommendations
of the Nomination and Remuneration Committee, approved the annual time-based stock incentives in the form of Restricted Stock Units (RSUs)
to Salil Parekh, CEO & MD having a market value of 3 crore as on the date of grant under the 2015 Stock Incentive Compensation
Plan (2015 Plan) in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The
RSUs will be granted w.e.f February 1, 2025 and the number of RSUs will be calculated based on the market price at the close of trading
on a date immediately preceding the grant date. The exercise price of RSUs will be equal to the par value of the share.
2. Information on dividends for the quarter and
nine months ended December 31, 2024
The Board of Directors (in the meeting held on October
17, 2024) declared an interim dividend of 21/- per equity share. The record date for the payment was October 29, 2024 and the same
was paid on November 8, 2024. The interim dividend declared in the previous year was 18/- per equity share.
(in )
| Particulars |
Quarter
ended
December 31, |
Quarter
ended
September 30, |
Quarter
ended
December 31, |
Nine months ended December 31, |
Year ended
March 31, |
| |
2024 |
2024 |
2023 |
2024 |
2023 |
2024 |
| Dividend per share (par value 5/- each) |
|
|
|
|
|
|
| Interim dividend |
– |
21.00 |
– |
21.00 |
18.00 |
18.00 |
| Final dividend |
– |
– |
– |
– |
– |
20.00 |
| Special dividend |
– |
– |
– |
– |
– |
8.00 |
3. Segment reporting (Consolidated - Audited)
(in crore)
| Particulars |
Quarter
ended
December 31, |
Quarter
ended
September 30, |
Quarter
ended
December 31, |
Nine months ended December 31, |
Year ended
March 31, |
| |
2024 |
2024 |
2023 |
2024 |
2023 |
2024 |
| Revenue by business segment |
|
|
|
|
|
|
| Financial Services (1) |
11,589 |
11,156 |
10,783 |
33,561 |
32,149 |
42,158 |
| Retail (2) |
5,746 |
5,446 |
5,649 |
16,619 |
17,075 |
22,504 |
| Communication (3) |
4,688 |
4,879 |
4,421 |
14,311 |
13,325 |
17,991 |
| Energy, Utilities, Resources and Services |
5,635 |
5,546 |
5,121 |
16,402 |
14,966 |
20,035 |
| Manufacturing |
6,479 |
6,424 |
5,786 |
18,680 |
16,710 |
22,298 |
| Hi-Tech |
3,279 |
3,266 |
2,985 |
9,692 |
9,095 |
12,411 |
| Life Sciences (4) |
3,195 |
3,004 |
2,954 |
9,065 |
8,753 |
11,515 |
| All other segments (5) |
1,153 |
1,265 |
1,122 |
3,734 |
3,675 |
4,758 |
| Total |
41,764 |
40,986 |
38,821 |
122,064 |
115,748 |
153,670 |
| Less: Inter-segment revenue |
– |
– |
– |
– |
– |
– |
| Net revenue from operations |
41,764 |
40,986 |
38,821 |
122,064 |
115,748 |
153,670 |
| Segment profit before tax, depreciation and non-controlling interests: |
|
|
|
|
|
|
| Financial Services (1) |
2,679 |
2,860 |
2,260 |
8,150 |
7,384 |
9,324 |
| Retail (2) |
1,975 |
1,768 |
1,715 |
5,493 |
5,018 |
6,882 |
| Communication (3) |
818 |
892 |
860 |
2,506 |
2,879 |
3,688 |
| Energy, Utilities , Resources and Services |
1,528 |
1,435 |
1,450 |
4,520 |
4,091 |
5,523 |
| Manufacturing |
1,357 |
1,297 |
1,110 |
3,661 |
3,116 |
4,197 |
| Hi-Tech |
816 |
794 |
758 |
2,424 |
2,349 |
3,153 |
| Life Sciences (4) |
819 |
614 |
766 |
2,045 |
2,266 |
2,898 |
| All other segments (5) |
123 |
149 |
218 |
562 |
538 |
760 |
| Total |
10,115 |
9,809 |
9,137 |
29,361 |
27,641 |
36,425 |
| Less: Other Unallocable expenditure |
1,203 |
1,160 |
1,176 |
3,512 |
3,515 |
4,678 |
| Add: Unallocable other income |
859 |
712 |
789 |
2,410 |
1,982 |
4,711 |
| Less: Finance cost |
101 |
108 |
131 |
314 |
360 |
470 |
| Profit before tax and non-controlling interests |
9,670 |
9,253 |
8,619 |
27,945 |
25,748 |
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
December 31, |
Quarter
ended
September 30, |
Quarter
ended
December 31, |
Nine months ended December 31, |
Year ended
March 31, |
| |
2024 |
2024 |
2023 |
2024 |
2023 |
2024 |
| Revenue from operations |
34,915 |
34,257 |
32,491 |
102,455 |
96,932 |
128,933 |
| Profit before tax |
8,844 |
9,407 |
8,876 |
26,379 |
25,539 |
35,953 |
| Profit for the period |
6,358 |
6,813 |
6,552 |
18,939 |
18,754 |
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
January 16, 2025 |
Salil Parekh
Chief Executive Officer and Managing Director |
The Board has also taken on record the condensed
consolidated results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 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
December 31, |
Quarter
ended
September 30, |
Quarter
ended
December 31, |
Nine months ended December 31, |
Year ended
March 31, |
| |
2024 |
2024 |
2023 |
2024 |
2023 |
2024 |
| |
Audited |
Audited |
Audited |
Audited |
Audited |
Audited |
| Revenues |
4,939 |
4,894 |
4,663 |
14,547 |
13,997 |
18,562 |
| Cost of sales |
3,444 |
3,400 |
3,274 |
10,103 |
9,755 |
12,975 |
| Gross profit |
1,495 |
1,494 |
1,389 |
4,444 |
4,242 |
5,587 |
| Operating expenses |
442 |
461 |
433 |
1,364 |
1,325 |
1,753 |
| Operating profit |
1,053 |
1,033 |
956 |
3,080 |
2,917 |
3,834 |
| Other income, net |
102 |
85 |
95 |
287 |
239 |
568 |
| Finance cost |
12 |
13 |
16 |
38 |
43 |
56 |
| Profit before income taxes |
1,143 |
1,105 |
1,035 |
3,329 |
3,113 |
4,346 |
| Income tax expense |
337 |
327 |
301 |
981 |
904 |
1,177 |
| Net profit |
806 |
778 |
734 |
2,348 |
2,209 |
3,169 |
| Earnings per equity share * |
|
|
|
|
|
|
| Basic (in $ per share) |
0.19 |
0.19 |
0.18 |
0.57 |
0.53 |
0.77 |
| Diluted (in $ per share) |
0.19 |
0.19 |
0.18 |
0.56 |
0.53 |
0.76 |
| Total assets |
16,291 |
16,928 |
15,606 |
16,291 |
15,606 |
16,523 |
| Cash and cash equivalents and current investments |
3,596 |
3,488 |
2,598 |
3,596 |
2,598 |
3,321 |
| * | | EPS is not annualized for the quarter and nine months ended December 31, 2024, quarter
ended September 30, 2024 and quarter and nine months ended December 31, 2023. |
Certain statements in this release concerning our future
growth prospects, our future financial or operating performance, the McCamish cybersecurity incident and the related 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 amount of any
additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident
and the outcome and effect of pending litigation. 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.
Infosys (NYSE:INFY)
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Infosys (NYSE:INFY)
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