Exhibit 99.1

IFRS USD Press Release

Highest ever large and mega deal wins with TCV of $7.7 billion lay solid foundation for future Q2 growth at 2.3% sequentially with resilient margins of 21.2%. Revenue guidance revised to 1.0%- 2.5%

Bengaluru, India – October 12, 2023: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $4,718 million in Q2 revenues with year-on-year growth of 2.5% and sequential growth of 2.3% in constant currency. Large deal TCV for the quarter was $7.7 billion, with net new of 48%. Operating margin for the quarter increased by 40 bps sequentially to 21.2%. Attrition declined further to 14.6%. FY24 revenue guidance revised to 1.0%-2.5% and operating margin guidance retained at 20%-22%.

“We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale”, said Salil Parekh, CEO and MD. “Strong H1 performance with significant large deal wins, builds a solid foundation for the future. The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share”, he added.

Guidance for FY24:

“Our Q2 operating margin of 21.2% demonstrates the early benefits of recently unveiled margin improvement plan and is a clear reflection of our ability to continuously identify opportunities for improving operational efficiencies”, said Nilanjan Roy, CFO. “In line with our capital allocation policy, the Board has announced an interim dividend of 18 per share, an increase of 9.1% over last year”, he added.

2. Client wins & Testimonials

3. Recognitions

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, or our future financial or operating performance 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, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological 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, and our corporate actions including acquisitions. 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, 2023. 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

Infosys Limited and subsidiaries

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

(Dollars in millions)

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

(Dollars in millions except per equity share data)

NOTES:

Exhibit 99.2

IFRS INR Press Release

Highest ever large and mega deal wins with TCV of $7.7 billion lay solid foundation for future Q2 growth at 2.3% sequentially with resilient margins of 21.2%. Revenue guidance revised to 1.0%- 2.5%

Bengaluru, India – October 12, 2023: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $4,718 million in Q2 revenues with year-on-year growth of 2.5% and sequential growth of 2.3% in constant currency. Large deal TCV for the quarter was $7.7 billion, with net new of 48%. Operating margin for the quarter increased by 40 bps sequentially to 21.2%. Attrition declined further to 14.6%. FY24 revenue guidance revised to 1.0%-2.5% and operating margin guidance retained at 20%-22%.

“We had our highest large deals value at $7.7 billion in Q2 spread across all verticals and geographies. This, in an uncertain macro-environment, is a testament to our ability to pivot and stay relevant to the evolving client needs, by delivering the benefits of transformation as well as productivity and cost savings at scale”, said Salil Parekh, CEO and MD. “Strong H1 performance with significant large deal wins, builds a solid foundation for the future. The growing adoption of our Generative AI offering, Topaz, is helping us deliver consistent value and expand market share”, he added.

Guidance for FY24:

“Our Q2 operating margin of 21.2% demonstrates the early benefits of recently unveiled margin improvement plan and is a clear reflection of our ability to continuously identify opportunities for improving operational efficiencies”, said Nilanjan Roy, CFO. “In line with our capital allocation policy, the Board has announced an interim dividend of 18 per share, an increase of 9.1% over last year”, he added.

2. Client wins & Testimonials

3. Recognitions

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, or our future financial or operating performance 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, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological 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, and our corporate actions including acquisitions. 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, 2023. 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

Infosys Limited and subsidiaries

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

(in crore) 

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

(in crore except per equity share data)

	3 months ended September 30, 2023	3 months ended September 30, 2022	6 months ended September 30, 2023	6 months ended September 30, 2022
Revenues	38,994	36,538	76,927	71,008
Cost of sales	27,031	25,412	53,412	49,781
Gross profit	11,963	11,126	23,515	21,227
Operating expenses:
Selling and marketing expenses	1,754	1,486	3,538	2,979
Administrative expenses	1,935	1,767	3,812	3,462
Total operating expenses	3,689	3,253	7,350	6,441
Operating profit	8,274	7,873	16,165	14,786
Other income, net (3)	494	518	965	1,139
Profit before income taxes	8,768	8,391	17,130	15,925
Income tax expense	2,553	2,365	4,970	4,537
Net profit (before minority interest)	6,215	6,026	12,160	11,388
Net profit (after minority interest)	6,212	6,021	12,157	11,381
Basic EPS ()	15.01	14.35	29.38	27.13
Diluted EPS ()	14.99	14.34	29.34	27.10

NOTES:

Exhibit 99.3

Press Conference

Infosys Limited
Q2 FY’24 Media Conference Call

October 12, 2023

CORPORATE PARTICIPANTS:

Salil Parekh

Chief Executive Officer & Managing Director

Nilanjan Roy

Chief Financial Officer

Rishi Basu
Corporate Communications

JOURNALISTS

Ritu Singh

CNBC TV18

Chandra Ranganathan

Moneycontrol

Haripriya Suresh

Moneycontrol

Beena Parmar

The Economic Times

Sai Ishwarbharath

The Economic Times

Haripriya Sureban

The Hindu BusinessLine

Uma Kannan

The New Indian Express

Sameer Ranjan Bakshi

Financial Express

Ayushman Baruah

Business Standard

Varun Vyas

Reuters

Reshab Shaw

Informist

Shakshi Jain

Deccan Herald

Rishi Basu

A Very good evening, everyone, and thank you for joining us today at our second quarter financial results press conference. My name is Rishi, and on behalf of Infosys, I would like to welcome you today. As always, we request one question from each media house so that we can accommodate everyone over the next hour.

With that, let me invite our Chief Executive Officer, Mr. Salil Parekh, for his opening remarks. Over to you, Salil.

Salil Parekh

Thanks, Rishi. Good afternoon. Thank you all for joining us and thank you for being here in person. Always good to see everyone here on the campus. We had a strong quarter in Q2. We had growth of 2.3% quarter-on-quarter and 2.5% year-on-year in constant currency. Our operating margin was at 21.2%. Large deals was the highest ever for us at $7.7 bn - 48% of this was net new. We see that with our large deal wins in the past two quarters, we are winning market share in the area of cost and efficiency.

As the economic environment changed, we pivoted from delivering transformation projects to also delivering productivity benefits and cost savings at scale. These large and mega deal wins help us build a strong foundation for our future.

We continue to see the overall environment where digital transformation programs and discretionary spends are low, and decision-making is slow. The adoption of Topaz, our Generative AI capability set, is helping us deliver more value and to increase market share. The program we have launched for margin expansion is being comprehensively driven across the company. We have five areas of focus in this program. And within those five areas we have 20 specific tracks, and these are starting to work across the company in a comprehensive way.

With that, let me open it up for questions.

Rishi Basu

Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Nilanjan Roy, Chief Financial Officer, Infosys. The first question is from Ritu Singh, from CNBC TV18.

Ritu Singh

Hi Salil, Hi Nilanjan. Salil, first, a couple of questions to you. On the guidance, as always, you yourself are saying this is the highest deal wins in the history that you have had at $7.7 bn. Numbers have been looking good for the last couple of quarters and yet we have seen the revenue guidance being reduced from 4% to 7% to 1% to 3.5% and now another 100-basis point reduction. What is the reason for that? And would that imply a de-growth in the second half?

And as far as the environment is concerned have you seen the bottom yet? Are there certain segments where you are seeing more concerns than the others, and what is the conversation with clients like? And Nilanjan, a couple of questions to you on the headcount and margins, perhaps after Salil answers.

Salil Parekh

So, thanks. I think first, in terms of the guidance itself, what we are seeing is, we are seeing the discretionary programs, the large transformation programs, they have reduced significantly. And we are seeing the decision-making continues to be slow. So, as we have looked at this quarter, the volumes are still under constraint. And keeping that in mind we have given the guidance for the full year.

The large and mega deal wins really are positioning us very well for the future. But as we see the ramp-ups, which will be towards the backend of year as we had shared. And even some of those, the ramp-ups and the starts will get pushed out. So that is where we are on the guidance.

On the sectors or industries, where we are seeing the impact, where we see the impact today is what we have shared in the past. We see the impact in telecom, in hi-tech, in areas of financial services that we had shared in the past, for example, payments, investment banking. We see some impact in the retail sector as well. So those are the ones where we are seeing the impact. Of course, we have other industries, manufacturing and life sciences which are continuing to do well.

Ritu Singh

But have you seen the bottom of it yet? Are you expecting a recovery in the second half? What is the sense? How far pushed will it be?

Salil Parekh

So there, we have just looked at what we have delivered in this quarter, which is a very strong quarter. We are going in that view as we see the information quarter-by-quarter. We don’t have a view on where the timing of that is.

Ritu Singh

Nilanjan, what’s the end goal of this margin improvement program that you’ve been on? You stated that you will start to see the benefits in six to eight quarters at the time you announced it. What would that look like because currently, you’re still at 20% to 22% guidance? Secondly, there has been a significant reduction in the headcount about 7,500 during the quarter. Any specific reason for that? And if you could share your hiring plans, and the wage hikes that have been deferred when are they expected? And how would that impact your margin trajectory going ahead?

Nilanjan Roy

Okay. I will take the last one first. So, the wage hikes have been announced as we speak. So, from November 1 (2023), this is going to be rolled out across all employees. So that's already in place. And in fact, Shaji, our new HR Head, has already issued necessary guidelines. So that's the easy one.

Coming back to the whole margin outlook. Of course, from a margin aspiration perspective, we know that we are carrying inefficiencies in our entire structure. For instance, in our pyramid structure, our utilization is at 81.8%. So, in fact, it leads to the same question about we had a headcount reduction of 7,000, but our utilization only went up 70 basis points, right?

So actually, we still have enough room for utilization improvement going ahead. So, as we continue to grow and, in the future, we can actually tighten utilization - 84% to 85% is something which we have worked in the past as well. That is actually a margin lever for us going ahead. So, we have five tracks which we have rolled out, as you know, under the Project Maximus name. This is being led by Jayesh personally, across all the leaders.

We have a track on value-based selling, including pricing. We have a track on, of course, lean automation now in fact injected with AI because that is something now new we are putting in. We have a track on our critical portfolio on an efficient pyramid, and on indirect cost. So they are the five areas we are focusing on, of course and our aspiration is from where we are around 21%. Over a period of time, we should see a margin improvement as these projects kick in.

Ritu Singh

Sorry, over a period of time...?

Nilanjan Roy

I mean you have already seen a benefit this quarter, right? So, I mean, in the margin at 21.2% versus 20.8% and from a margin walk perspective, about 50 basis points of this was a combination of the improvements on Maximus, including utilization, the pyramid etc. So that's all part of this – we are already seeing initial benefits of that.

Rishi Basu

Thank you Ritu. The next question is from Moneycontrol, Chandra.

Chandra Ranganathan

Hi Salil. Hi Nilanjan. I still don't get this dichotomy between – you have had a strong quarter. It is way above what people were estimating. I think people were expecting a flat quarter, you have come in at 2.5%. Your large deal TCV is $7.7 bn and yet you have narrowed your guidance range at the upper end.

And this is a pattern that we are seeing with other companies as well, wherein their TCVs are very healthy, but it is not getting converted to revenues. So why is that, where is the leakage or is it an overhang of certain projects that are transitioning from the COVID era, if you can give us some perspective on that?

Nilanjan, you gave an update on the wage hikes. If you can also give us an update on fresher onboarding and, I mean when are you planning to onboard them? And B, are you hitting the campuses at all for hiring because your headcount is also down as Ritu pointed out? Thank you.

Salil Parekh

So, thanks for that question. I think what we are seeing in the environment today is different things. One, on the digital programs and on the discretionary work there is a continuous attention by clients to reduce or to stop them. So that is where we see the impact on one side of the revenue.

On the other side, there is a tremendous interest in cost, efficiency, automation, where we happen to have a huge advantage in the market. Where we believe we are gaining market share by winning so many of these large and mega deals. Many of these deals have time as they start to ramp-up, the way that they are structured, the way the transitions happen. We see those ramp-ups, those scaling up of the large and mega deals more out into the future, backend of the year and as some of the new deals are coming on beyond that. So those are the two dynamics that we see. And then we combine that, we were fortunate, and we executed a very strong quarter, as you rightly point out and we will continue to execute. We are also aware, and we want to make sure that we communicate that or what the environment looks like. And things in that environment change in a dynamic basis, so we want to make sure that gives the range of what our guidance communicates. 

Nilanjan Roy

So on the freshers, I think when last year, we hired about 50,000 freshers. And in a way, we hired ahead of demand predicted which we had. Now with that slowing down over this year, our utilization, as you saw, actually had fallen, and now slowly quarter-on-quarter you are seeing an improvement. So we still have a significant fresher bench with us. We actually, of course, are training them on new skills like Gen AI, SAP, etc. But we still have way on utilization to go. So at the moment, we are not going to the campuses as yet. And we will monitor this every quarter looking at our future projections and then accordingly decide when do we go back.

Chandra Ranganathan

In terms of the ones you have already given the offers?

Nilanjan Roy

So, we are committed to whoever we have given offers. Whoever we have given offers, we will onboard them. And these are as soon as projects come up, timing, etc., and they will be on-boarded appropriately.

Haripriya Suresh

Hi, good evening. Yesterday, TCS said that they are calling all their employees back to office five days a week. What are your return-to-work plans like? Because we heard that employees have been asked to come, say, two days a week or something of that sort. What are your plans on that front? And what the variable pay will be like for this quarter? That is all.

Salil Parekh

So, on the variable pay, we do not disclose that. On the return to work or return to office, we have been consistent with the same approach for the last several quarters, almost two years. We are very clear that we want to remain flexible with our employees.

Having said that, every quarter, every week, we are seeing more and more employees back into the campus and we believe this will continue on. There are some instances, for example, with specific client work or specific type of engagement where we feel it is better that everyone is working together in the office and for that the employees are back anyway.

But in general, our view is we want to support this flexible approach. It is something that we believe is appropriate, given how we have set up the work-from-home infrastructure. And so, we will continue with it at this stage. But there will be specific areas, whether it is projects or type of work for clients, when the need is there the employees will be on campus.

Haripriya Suresh

What is the percentage of people who are now back-to-office?

Salil Parekh

So now, every week it is going up. Right now, we have for the individuals who are in the locations of our delivery centers, over 70% of them are on campus at some stage in the week.

Rishi Basu

Thank you. The next question is from The Economic Times, Beena and Sai.

Beena Parmar

Hi Salil, I just want to know, you have seen flattish growth overall in the revenues. And we have seen North America, which is one of the strongest regions, also growing flat. Europe has seen significant growth. Could you give us a sense on where it has grown in the regions? And if you could also give us a sense on overall why were the hikes not given in the previous year?

If you could just give a reason on what really went wrong? What are the reasons that you have given employees? And in terms of new clientele growth as well, if you could just give us a sense why has it been flat? And given that it's a strong quarter, what are the reasons that we have seen new clientele growth and even additional or existing renewals have not been as great as it should have been? Given that the next two quarters will also be kind of bleak, what is your sense or outlook on the same?

Salil Parekh

So, let me start. We saw good growth in the quarter overall. So, 2.3% quarter-on-quarter, 2.5% year-on-year, U.S. was positive but small, and Europe was at about 5% in constant currency year-on-year. We have seen consistently as you pointed out, over the last few quarters, the Europe growth has been stronger than what we have seen in the U.S., some of that is a function of what we are seeing in the industries.

So, we have seen good growth in manufacturing, for example, and we have seen that reflected. Some of the countries within Europe, we have seen stronger growth. We do not break it out by country, but we have seen some of the countries doing quite well. We have also seen, for example, life sciences have a good growth across the company, while we have seen some constraints in retail, the overall growth year-on-year for retail is still quite strong, and that is more distributed with the different geographies.

In terms of the salary changes, we follow our normal pattern of making the salary changes and this is what we have done. We do not consider that there was any constraint in the past. There have been years where we have done two salary increases in 18 months. So it is nothing where we think that what we did in the past was different from that sense.

Beena Parmar

What are the reasons that the hikes were not given?

Salil Parekh

There was nothing different. So there was no question of a reason in that sense.

Rishi Basu

Beena, just use the mic, please.

Beena Parmar

When you say breakup, could you give us a sense on which has been the highest growth in terms of European region?

Salil Parekh

So, there we do not share the breakup.

Beena Parmar

Not even the highest one if at all? Not even the highest region group?

Salil Parekh

We do not share.

Beena Parmar

Sure. Thank you.

Salil Parekh

Thank you.

Sai Ishwarbharath

Just a few quick follow-up. Salil, I just wanted to what are the client conversations like, what are they actually seeing? They are probably drawing up the new budgets from January. So any changes there?

And Nilanjan, I just wanted to know, has there been a change in the hike cycle now because now it will be awarded in November. So, is that cycle itself going to change? Thank you.

Salil Parekh

On the client conversations, I think there is a lot of discussions that clients are having much more on cost, on efficiency and they are becoming more cautious, certainly not launching new digital transformation programs. When they want to do that, some of that is getting funded by the cost and efficiency programs. And in the discretionary projects, they are being much more cautious if that is absolutely needed, they are looking at them.

So that is the sort of a tone that we are seeing. When we have a strong proposition as we do on automation, on efficiency, we get a lot of connects with the client today and that is where we are seeing some of these large or mega deals coming in.

Sai Ishwarbharath

Thank you.

Nilanjan Roy

So, I think we had a question on the hikes. I think we will take it every quarter; we have a look at overall environment, what is competition doing? So there is nothing decided in terms of when the next hike is getting.

Rishi Basu

The next question is from the Hindu Business Line, Haripriya.

Haripriya Sureban

Hi, guys. One, how are the pricing conversations changing given the macro environment? Have you had to budge to be competitive? Another, want some color on the kind of AI deals that you are signing? Do you think the revenue translation here will be faster and better than the other sort of deals?

Nilanjan Roy

So, the pricing is easy. I think it is largely been stable. Some quarters, we see some pressure, some quarter's there are some clients who come back with discounts, some clients, we are able to push a price rise, etc. But by and large, it is been quite steady. I do not think anything specific on a longer-term basis.

Salil Parekh

And on the projects, I think you said for AI projects?

Haripriya Sureban

Yes

Salil Parekh

For AI projects, I mean, those we are doing a tremendous amount of work on Generative AI. We are working with open-source and proprietary large language models. We are working in a way where we look at narrow datasets that promotes what is going on within a client. We have developed an extremely well thought through methodology of what clients can look at when they go into an AI transformation.

And with all of this is in Topaz, and with that we are seeing good resonance with our clients on Topaz. We are training large numbers of our employees on that. The revenue translation today, these are small projects. So we are not in that stage where this is becoming a big part of the revenue but we feel very good with the type of capability we have built, and we still have to see good traction whether you look at analyst ratings or how our clients are looking at what we are developing, we feel positive about that.

Haripriya Sureban

And in terms of the sectors that you have flagged caution for, which one do you think going forward would bounce back earlier? Where do you see more recovery happening first?

Salil Parekh

In terms of which sectors will come back?

Haripriya Sureban

Yes, bounce back.

Salil Parekh

So, we do not have a view on that at this stage. We know that the ones I had shared before within financial services, some of the elements, for example, payments or investment banking or in the hi-tech area or the telco area and parts of retail. We see weakness there right now.

Rishi Basu

Thank you. The next question is from The New Indian Express, Uma.

Uma Kannan

Good evening, gentlemen. Given the present macroeconomic uncertainties and war situation, how are you looking at the middle east market right now? And do you have any clients in Israel?

Salil Parekh

So, we have a business which is in Israel, in that part of the region. And with what is going on there, we are saddened by it. All of our employees are safe within that business.

Uma Kannan

Okay. How many employees are there or if you could give us?

Salil Parekh

We do not share that.

Uma Kannan

Okay. Talking about Gen AI, like how many employees have been trained so far? I think recently, you were seeing that 50,000 will be trained. So how many have been trained?

Salil Parekh

We are over that number in terms of the Generative AI training, but it is every week or every quarter, that number is expanding. We built, for example, 34 new courses, which our employees are getting trained on. So, in Generative AI, every few weeks, there is a new large language model or a new type of dataset which emerges.

We are working with many of the main players in terms of them being partners with us to build on that capability. And we have got our own datasets that we have built with these large language models, with the open source of proprietary platforms so that we can start to give benefit of that to our clients.

Uma Kannan

Thank you.

Rishi Basu

Thanks, Uma. The next question is from the Financial Express, Sameer.

Sameer Ranjan Bakshi

Hello, Sir. So, I know that you are not disclosing the number of employees in Israel. But can you put a color on whether a significant number of employees are locals there or Indians? And the other one is, we saw some marginal improvement in the margins. But what is your desired level of operating margins, let us say, like in one year or two years? Thank you.

Salil Parekh

Margin, Nilanjan will come back in a second. The employees that we have in Israel are from Israel itself, primarily.

Nilanjan Roy

So, on margins, I think that our aspiration is continue to grow our margins from where we are. We have already seen some benefits of the program we have launched between this quarter and next quarter. And of course, we have a number of these tracks, and we think they will start kicking in and deliver on us every quarter as we speak.

Sameer Ranjan Bakshi

Sure. Sir, you said most of the employees are locals there. So the Israeli government is calling them for duty. So, do you see any significant disruption if the employees go back to the military duty there?

Salil Parekh

So right now, we are working on a plan to help and support if that is something that happens over the course of the next days and weeks.

Rishi Basu

Thanks, Sameer. The next question is from Business Standard, Ayushman.

Ayushman Baruah

Hi, everyone. Yes, so despite weak macros and lower discretionary spending, the deal pipeline has been the highest. So, what is really driving these deals, I want to understand? And what percentage of these deals would be AI-led? Recently, you had a partnership with NVIDIA, to launch center of excellence. What is the status on that and the training of 50,000 employees? Have they all been trained?

Salil Parekh

So, on the reason why we are winning these large or mega deals, I think that was the first part of the question. What we are seeing is our clients are recognizing the distinctive approach we have with respect to cost or efficiency. And in cases where that saving can be used to fund transformation programs. We believe we have quite a specific approach in that. And that is the reason we think we are winning the market share by winning such a large number of these sorts of deals. That is the main reason for that.

AI is part of almost every one of these deals in small ways or larger ways, and Generative AI specifically starting to become a part of it. But broadly, AI is already very much part of it. There are parts of AI, which can also be used for automation and for productivity improvement, and we have been working on that for some time. And that becomes within these deals with our Topaz capability.

The partnership with NVIDIA is extremely strong. You saw the announcement. All of the work is progressing well. The training we have is already across all of the Generative AI, well in advance. And on the ones, we are working jointly with NVIDIA progressing as well. There, we are going to see, as the Generative AI market becomes larger, more-and-more enterprises coming into it, and that is where we are extremely excited. Among others, we have other partnerships also, but this partnership will be very exciting.

Ayushman Baruah

Okay. Just a quick doubt, with regards to the campus hiring. Did you say that you will not go to campuses this year?

Nilanjan Roy

So as we see it, I do not think it is likely that this year we are going to be going, but we will have to watch it every quarter.

Ayushman Baruah

Okay.

Rishi Basu

Thanks, Ayushman. The next question is from Reuters News, Varun.

Varun Vyas Hebbalalu

Hi. So, I was wondering if you could tell me what percentage of new deals that you saw are renewals vis-a-vis new ones and long-term deals. And if you are seeing more short-term deals now? And if there is any old projects that you are seeing get canceled, if you could talk about these?

Salil Parekh

So on the large or mega deals, we had 48% of those are net new. So their new deals, the rest are not. On the point about older projects, we see it where there is discretionary work. That is where clients are slowing down their spend and where there were transformation programs, that is where we are seeing slowing down of the spend.

Rishi Basu

Thanks, Varun. The next question is from the Informist, Reshab.

Reshab Shaw

Hi gentlemen. On large deals, I wanted to understand, are the price-to-win, are they margin dilutive? On two quarters earlier, you used to give a breakup of digital and core. So if you could clarify on that, if you could shed more light on that?

Salil Parekh

On the large deals, we do not disclose margin on specific deals. But as a comprehensive, if you look at our projects, whether we have large programs, small programs, our margin fits into the same profile as we see for the overall as an aggregate.

On digital and core, at the end of the last financial year, we had reached a level of about 62% as digital. And at that stage, a lot of the company was digital. So we chose to stop disclosing the break up because it was not that relevant. It was very relevant when we were going a few years ago from 20%, 25% all the way to about 60%. So, we stopped to share, it was not that relevant a data point to share.

Reshab Shaw

Understood. On BFSI, it is down in high single digits. Can you clarify on that?

Salil Parekh

On Financial Services, as I was sharing before, we see still constraints, both on transformation programs, on discretionary work. We see constraints in payments, in investment banking, in mortgages. So those are the subcomponents of financial services, where we see some of the constraints.

Rishi Basu

Thank you. The next question is from the Deccan Herald, Shakshi Jain.

Shakshi Jain

Good evening. So my first question is on the AI front.

Rishi Basu

Shakshi, could you just hold the mic a little closer, please.

Shakshi Jain

Okay. First question is on the AI front. Firstly, which stage of training are your employees on? Secondly, what are the kind of queries you are receiving from your clients on that front? And another question, for FY '25, industry experts do say it could very well be a washout year again. So what is your reading on that front, at least for the first half?

Salil Parekh 

On AI, so the training in terms of the stage, employees are getting trained on the new large language models, how to deploy them. We have also built a large library of assets within Topaz, which are proprietary, but on these large language models. So, the employees are getting trained on that. And then they get internally certified, they make sure that they go through testing internally, so that they are ready for this work on Generative AI.

On FY25, we do not have a view in terms of what that will look like. We have a guidance for this year.

Rishi Basu

Thank you.

Shakshi Jain

Thank you.

Rishi Basu

With that, we come to the end of this Q&A session. We thank our friends from media for joining us today. Thank you, Salil. Thank you, Nilanjan. Before we conclude, please note that the archived webcast of this press conference will be available on the Infosys website and on our YouTube channel later today. Thank you once again, and please join us high tea outside. Thanks.

Exhibit 99.4

Fact Sheet

Revenue Growth- Q2 24

Revenues by Business Segments

(in %)

Revenues by Client Geography

(in %)

Client Data

Effort and Utilization - Consolidated IT Services

(in %)

Employee Metrics

(Nos.)

Cash Flow

In US $ million

In crore

(3)

Cash balances excludes earmarked bank balances for dividend - $885 Mn ( 7,262 Crores). Payment date for the dividend was Jul 3, 2023.

Consolidated statement of Comprehensive Income for three months ended,

(Extracted from IFRS Financial Statement)

In US $ million, except per equity share data

Consolidated statement of Comprehensive Income for six months ended,

(Extracted from IFRS Financial Statement)

In US $ million, except per equity share data

Consolidated statement of Comprehensive Income for three months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Sep 30, 2023	Sep 30, 2022	Growth % Q2 24 over Q2 23	Jun 30, 2023	Growth % Q2 24 over Q1 24
Revenues	38,994	36,538	6.7	37,933	2.8
Cost of sales	27,031	25,412	6.4	26,382	2.5
Gross Profit	11,963	11,126	7.5	11,551	3.6
Operating Expenses:
Selling and marketing expenses	1,754	1,486	18.0	1,783	(1.6)
Administrative expenses	1,935	1,767	9.5	1,877	3.1
Total Operating Expenses	3,689	3,253	13.4	3,660	0.8
Operating Profit	8,274	7,873	5.1	7,891	4.8
Operating Margin %	21.2	21.5	(0.3)	20.8	0.4
Other Income, net(1)	494	518	(4.6)	471	4.9
Profit before income taxes	8,768	8,391	4.5	8,362	4.9
Income tax expense	2,553	2,365	7.9	2,417	5.6
Net Profit (before minority interest)	6,215	6,026	3.1	5,945	4.5
Net Profit (after minority interest)	6,212	6,021	3.2	5,945	4.5
Basic EPS ()	15.01	14.35	4.6	14.37	4.5
Diluted EPS ()	14.99	14.34	4.6	14.35	4.5
Dividend Per Share ()	18.00	16.50	9.1	–	–

Consolidated statement of Comprehensive Income for six months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Sep 30, 2023	Sep 30, 2022	Growth %
Revenues	76,927	71,008	8.3
Cost of sales	53,412	49,781	7.3
Gross Profit	23,515	21,227	10.8
Operating Expenses:
Selling and marketing expenses	3,538	2,979	18.8
Administrative expenses	3,812	3,462	10.1
Total Operating Expenses	7,350	6,441	14.1
Operating Profit	16,165	14,786	9.3
Operating Margin %	21.0	20.8	0.2
Other Income, net(1)	965	1,139	(15.3)
Profit before income taxes	17,130	15,925	7.6
Income tax expense	4,970	4,537	9.5
Net Profit (before minority interest)	12,160	11,388	6.8
Net Profit (after minority interest)	12,157	11,381	6.8
Basic EPS ()	29.38	27.13	8.3
Diluted EPS ()	29.34	27.10	8.3
Dividend Per Share ()	18.00	16.50	9.1

As the quarter and six 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 six months ended figures reported in this statement.

Exhibit 99.3

Press Conference

Infosys Limited
Q2 FY’24 Media Conference Call

October 12, 2023

CORPORATE PARTICIPANTS:

Salil Parekh

Chief Executive Officer & Managing Director

Nilanjan Roy

Chief Financial Officer

Sandeep Mahindroo

Senior Vice President, Financial Controller & Head of Investor Relations

ANALYSTS

Bryan Bergin

Cowen

Kawaljeet Saluja

Kotak

Moshe Katri

Wedbush Securities

Kumar Rakesh

BNP Paribas

Sandeep Shah

Equirus Securities

Nitin Padmanabhan

Investec

Vibhor Singhal

Nuvama Equities

Ashwin Mehta

Ambit Capital Private Limited

Gaurav Rateria

Morgan Stanley

Keith Bachman

BMO

Yogesh Agarwal

HSBC

Vivek Gedda

SBI Mutual Fund

Abhishek Kumar

JM Financial

Apurva Prasad

HDFC Securities

Moderator 

Ladies and gentlemen, good day, and welcome to the Infosys Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Sandeep Mahindroo. Thank you and over to you, sir.

Sandeep Mahindroo

Hello, everyone, and welcome to Infosys Earnings Call for Q2 FY '24. Joining us here on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Nilanjan Roy; and other members of the leadership team. We will start the call with some remarks on the performance of the company for Q2 followed by comments from Salil and Nilanjan, subsequent to which we will open up the call for questions.

Kindly note that anything we say which refers to our outlook for the future is a forward-looking statement, which must be read in conjunction with the risk that the company faces. A full statement and explanation of these risks is available in the filings with the SEC, which can be found on www.sec.gov. I would now like to pass it on to Salil.

Salil Parekh

Thanks, Sandeep. Good afternoon, good evening, good morning to everyone on the call. Thank you very much for joining us.

We have had a strong quarter in Q2. Our growth was 2.3% quarter-on-quarter and 2.5% year-on-year in constant currency. Our operating margin was at 21.2%. Large deal TCV was at the highest ever for us at $7.7 bn, and 48% of this was net new. Our Q2 large deals include four mega deals. It does not include the MoU we signed and announced for $1.5 bn.

We see that with our large deal wins in the past two quarters, we are winning market share in the area of cost, efficiency, automation and AI. This is a testament to our strong position as partner of choice for clients. With a clear focus on client relevance, as the economic environment changed, we rapidly pivoted from delivering transformation projects to also delivering productivity benefits and cost savings at scale.

These large and mega deal wins help us to build a strong foundation for our future. We continue to see the overall environment where digital transformation program and discretionary spends are low and decision-making is slow. This is impacting our volumes.

The adoption of Topaz, our Generative AI capability set is helping us deliver more value and to increase market share. We are currently working on over 90 Generative AI programs. Our work is with proprietary and open-source large language models. We continue to make investments in Generative AI as we look to help our clients navigate the way forward with deep capability. We have trained 57,000 employees in Generative AI.

We have announced the launch of our compensation review program for all employees effective November 1.

Our margin expansion program is being driven comprehensively across the company. We have five areas of focus: pyramid, automation, critical portfolio, indirect cost and value and it has 20 specific tracks within these five areas.

We are delighted to welcome Rafael Nadal and Iga Świątek as our brand ambassadors. We are thrilled to be recognized on Kantar's list of most valuable global brands at number 64.

With the continued reduction in digital transformation programs and discretionary spend and the ramp-up of our large and mega deals towards the end of our financial year, we are changing our growth guidance for this financial year to be growth of 1% to 2.5% in constant currency. Our operating margin guidance for the financial year remains unchanged at 20% to 22%.

With that, let me hand it over to Nilanjan.

Nilanjan Roy

Thanks, Salil. Good evening, everyone and thank you for joining the call.

Q2 revenue growth was 2.5% year-on-year in constant currency. Sequentially, revenues grew by 2.3% in constant currency and 2.2% in dollar terms. While we saw continued softness in underlying volumes, revenue for the quarter was supported by stronger growth in the balanced portfolio and improved realizations from one-timers.

H1 revenue growth was 3.3% in constant currency terms and operating margins were at 21%, which is the midpoint of our guidance range.

Highlight for Q2 was the large deal TCV of $7.7 bn of which a sizable 48% was net new. Consequently, our H1 large deal TCV is at $10 bn, which has already exceeded the total large deal signing for FY '23. I will talk about it in more details later.

As announced in the previous quarter, we have launched Project Maximus, which is a margin improvement plan across five pillars and over 20 tracks. This program has been well received across the organization, and we have been able to identify several new opportunities across the pillars. We have also seen some early benefits in some areas like utilization and optimization of overheads. We remain confident that this program will create a more meaningful impact on operating margins in the future.

Operating margins for Q2 were 21.2%, an increase of 40 bps sequentially, bringing H1 margins to 21%. Increase in operating margin sequentially was due to 0.5% from cost optimization benefits, comprising of higher utilization, pricing, etc., 0.3% from revenue one-timers, 0.1% from rupee depreciation, offset by 0.5% increase due to third-party cost, salary related and other items.

Client metrics remained strong with a number of $50 mn clients increasing to 80 and $100 mn clients at 39, reflecting our strong ability to mine top clients by providing them multiple relevant services.

We are rolling out FY '24 compensation hikes for employees effective November 1. Headcount at the end of the quarter stood at 328,000 employees, a decline of 2.2% from the previous quarter.

Our focus on improving operating efficiencies has resulted in an improvement of utilization, excluding trainees, from 81.1% to 81.8%, which we believe has further room for optimization. LTM attrition for Q2 reduced further to 14.6%, while quarterly annualized attrition was flat sequentially. Free cash flow for the quarter was robust at $670 mn and the conversion to net profit for Q2 was robust at 89%.

Our unbilled revenues dropped for the second consecutive quarter and consequently, this has partly led to an increase in DSO by four days sequentially to 67. Consolidated cash and equivalents stood at $4.2 bn at the end of the quarter. The Board announced an interim dividend of INR18, an increase of 9.1% when compared to last year.

EPS grew by 1.7% in dollar terms and 4.6% in rupee terms on a year-on-year basis.

Yield on cash balances was 6.7% in Q2. ROE was 30.9% an improvement of over 8% under the current capital allocation policy started in FY '20.

We had an excellent outcome in our large deal wins, thanks to our strong client relationships and the relevance of our service offerings. We signed 21 large deals in Q2, including four mega deals. As mentioned, the total large deal TCV was $7.7 bn with a strong 48% net new. We signed six large deals in retail, five in manufacturing, four in telecom, three in FS, two in life sciences and one in EURS vertical. Region-wise, we signed twelve in America, eight in Europe and one in ROW.

Coming to our vertical segment performance, Outlook continues to remain uncertain in financial services sector with slowdown in areas like mortgages, asset management, investment banking, cards and payments. Q2 growth was impacted by spend reduction in some large clients, which was partially offset by ramp-ups of large deal wins in areas like cost optimization and vendor consolidation. We remain cautiously optimistic about medium-term outlook due to the movement to cloud led by increased need for real-time insights and analytics.

Growth challenges in communication sector continues, coupled with increasing opex pressures, risk of inflation, high interest rates and supply/demand imbalances are creating near-term uncertainties. Delays in decision-making continues. Our strong large deal signings and pipeline will help support growth in medium term. The recent deal with Liberty Global restates our positioning as a leader in partnering with clients to provide significant savings, as well as innovative ways to transform their landscape.

EURS clients are taking a conservative approach to discretionary spend and the trend is likely to continue through the year. In energy, spending remains cautious due to the economic slowdown with focus on cost takeout and ROI. Utilities, especially in North America, continue to feel the pressure from high interest rates, resulting in delays in capital-intensive programs. European Utility players are continuing to make investments on legacy modernization.

While the external environment continues to be volatile, manufacturing sector continued to show double-digit growth year-on-year in Q2. Our capabilities in areas like digital transformation, cloud ERP, supply chain, smart factory, etc., are resonating well with clients resulting in benefits with vendor consolidation in turn leading to stronger deal signings. While pressure on discretionary spend continue, there are opportunities in areas like infra transformation, cost consolidation, etc., which is resulting into a stronger pipeline.

In the retail segment, budgets continue to remain tight with clients continue to focus on budget consolidation, cost and efficiency. Interest on Gen AI is growing and clients are evaluating our Topaz offerings to modernize enterprise and refactor, reengineer and deploy code.

While we had a very strong sequential growth in Q2, the underlying softness in volume and discretionary spends continue. We have revised our revenue growth guidance for FY '24 to 1% to 2.5% in constant currency terms. Our deal signing and strong pipelines lays the foundation for acceleration and growth beyond FY '24. We retain our margin guidance band for the year at 20% to 22%.

With that, we can open up the call for questions.

Moderator 

Thank you very much. We will now begin the question-and-answer-session. The first question is from the line of Bryan Bergin from Cowen. Please go ahead.

Bryan Bergin

Hi, good evening, thank you. So I wanted to just start with the growth guidance reduction. And I am trying to understand if the reduction is more due to the delay of the large deal ramps versus what you had expected three months ago? Or if it is more due to incremental volume cuts and other program efficiencies?

Salil Parekh

Hi, thanks for the question. This is Salil. I think it is a combination of those points. There is a way large programs start off, there is delays in starting them. The closing cycle was also a bit longer as we were signing these deals. So that had a bit of slowness. And we are seeing discretionary spend which is coming down and we saw that continuing on transformation programs being slow, that is also continuing on in this quarter. So, it was a combination of those points.

Bryan Bergin

Okay. I appreciate the color. And then just on margin, on an understanding you have the wage increments that you have just announced here but you also have margin tailwinds through Project Maximus, so, can you give us some color on where you are finding comfort within the margin range that you refer to here today? So I know you are roughly at the midpoint through the first half. Do you expect to be above or below that as you go through the second half?

Nilanjan Roy

Yes. So like I said, we had a good quarter 2. And as I explained in my margin walk, we nearly had a 50 basis points improvement from our project Maximus on cost optimization. And that gives us comfort for the rest of the year and of course a much longer program, which will take not only into this year into next year as well. We also realize that we have apparent inefficiencies. Our utilization is still low. So these will go and help us and, of course, offset the wage hikes, etc.

So we have a good program over the next 18 months to see where we end up. And of course, our aspirations continue to be that to improve margins from where we are presently.

Bryan Bergin

Thank you.

Moderator 

Thank you. The next question is from the line of Kawaljeet Saluja from Kotak. Please go ahead.

Kawaljeet Saluja

Hi, thank you. I have a couple of questions. My first question is that can you quantify the revenue one-timers? And are these revenue one-timers in third-party items bought for service delivery to clients or those are separate?

Nilanjan Roy

See, in the margin walk, we have talked about 30 basis points impact on margin from revenue one-timers. So it is going to be around that figure or slightly more than that. So, these are largely items that will fall through straight to margin. What is the second part, Kawal?

Kawaljeet Saluja

Okay. The second part of the question is that can you detail out the verticals to which the mega deals belong? And the other question related to the deals is that normally, you expect the direction of revenue growth and deal wins to synchronize, whereas actually, they are moving in the opposite direction. So what needs to change for the synchronization to happen again?

Nilanjan Roy

Yes. So Kawal, we do not give out which segments, the mega deals are falling under. The second part was you are saying where will revenue and the large deal announcement synchronize, is that the question?

Kawaljeet Saluja

Yes, yes, absolutely. I mean they seem to be moving in different directions. With the $7.7 bn mega/large deal wins, you would have expected a happier picture on growth outlook, whereas things seem to have changed there. So, what needs to change for the synchronization of growth and the deal wins to happen?

Nilanjan Roy

Sure. So I think one is, of course, mega deals. As you know, post signing, they have a runway in terms of, firstly, in some cases, they may have rebadging, so that is the time it takes, sometimes we have regulatory approval, so you cannot even do people transfer. And then, there is a transition period. And then, post transition, there is a transformation element or a run. So these are all steps in the process. And as you can imagine, being such large deals, these cannot be turned on and turned off, if we are taking over the entire landscape, etc, they have to be planned through entirely. Therefore, it takes a couple of quarters before they start building into the revenue figures. And like I said, this will set us up well for FY '25 fundamentally. And as Salil said, in the near term, in the quarter, there is, of course, the underlying volume sluggishness. And we have to recognize that part as we build in our forecast for this year.

Kawaljeet Saluja

Okay, what is the deal pipeline like after the recent conversion of pipeline into a mega deal? So how does the pipeline look like? I mean, is it significantly lighter, or does it stay remarkably strong?

Nilanjan Roy

It is a strong pipeline, with $7.7 bn this quarter, I think it cannot be higher than the previous quarter, but it is a very strong pipeline. And we will continue to have enough in the funnel to start refilling this.

Kawaljeet Saluja

Okay. Just a final question on deals. I think the past experience of mega deals and the transition of that into profitability has not been very encouraging. But if I look at your comments and Salil's comments, all of you have highlighted that your profitability aspiration is to improve your profit, you want to improve your profitability. Now at the same time, you have those mega deals as well. So how does the profitability dynamics play out, especially given the past context?

Nilanjan Roy

So Kawal, as you know better than anybody else, when we set out the large deal strategies more than five years back, we were close to about 21% margin. We have signed probably $50 bn plus of large deals. And today, we are at 21%, 21.2%. So, we have not seen any margin erosion because of the large deal strategy, right. We recognize over all these periods and this experience which we have, we will sign on these large deals. Of course, upfront, they will have margin pressures. And from a portfolio perspective, as you look in the deal tenures, we have our experience to say how we can improve the margin of the deal from day one versus, say, in year five.

And in a way, that is the portfolio we are able to rotate, go and get deals. At the same time, with our cost optimization programs, make these deals approach portfolio margins. And I mean, the proof of the pudding is in the eating, $50 bn of large deals later, our margins are where they were.

Clarification: Operating margin guidance for FY 19 when the large deal strategy was announced was 22-24%, as mentioned in earnings release on April 13, 2018

Kawaljeet Saluja

Okay, sure. Thanks, thanks a lot.

Moderator 

Thank you. The next question is from the line of Moshe Katri from Wedbush Securities. Please go ahead.

Moshe Katri

Hey, thanks and congrats on very strong TCV bookings for the quarter. So, if we are trying to kind of figure out the conversion pace of some of those large deals that I mean, I guess at this point, it seems that we have not seen a lot of that conversion happen, but when do we start seeing that reflected in better top line growth? Is the March quarter next year is the quarter or we could actually see better top line growth because of those conversions? Is that the right way looking at it?

Nilanjan Roy

Yes. So, there are a number of deals in this pipeline. Some will start in Q4, some which we signed last quarter have already started coming, a bit of that into Q3. So, it is not like one day, we suddenly have these 21 deals, which have rebids inside. So, they are phased. And in terms of even ramp-ups, you will see it is not that you hit the run rate on the day of the revenue booking, right, some of them take a longer period. So, it is a combination of all that.

Moshe Katri

Okay. And just to be clear, these are deals that are funded with the calendar '23 budget, you do not need calendar '24 budget to continue funding these deals. Is that the right way of looking at it as well?

Salil Parekh

Sorry, can you repeat that? I could not hear that, Moshe.

Moshe Katri

Yes. So, the deals that you have won this year are funded with calendar '23 budgets. I just want to confirm that. i.e., you do not really need the approval of Calendar '24 budgets to continue funding these deals, is that the right way of looking at it?

Nilanjan Roy

Yes. So, they have already come out of existing budgets, but many of these are actually cost takeout programs in this environment, right, vendor consolidation, cost takeout. So actually, we are giving money back in a way to the organization which is why in a way we are winning these deals.

Moshe Katri

Yes. Good. And then the final question. Do you have any view, maybe Salil can talk about that, about calendar '24 budget cycle that probably should start maybe by next month. Do we feel that the budget cycle is going to be on time? Do you think there is going to be budget delays, which is what happened earlier this year? What are you seeing at this point based on some of the client conversations that you are having? Thanks a lot.

Salil Parekh

Thanks. The way we are seeing the client conversations today, we do not see a change that has come about. There is a lot of constraints with clients, whether it is on transformation programs or discretionary projects, which are significantly reduced or slowed down. So that thinking is continuing on. As you pointed out, over the next few weeks, we will get a better sense if that is changing, either improving or not for the following year.

But at this stage, that is the mindset we are seeing. And there is an attention on cost and efficiency, which also continues as we are in discussion. So, the conversations that we have been having over the last few months is the same tone we see as they go into the end of the year for next year's budgeting. We do not see a change in that at this stage.

Moshe Katri

Understood. Thank you.

Moderator 

Thank you. The next question is from the line of Kumar Rakesh from BNP Paribas. Please go ahead.

Kumar Rakesh

Thank you. So Salil, my first question was around the volume performance during the quarter. You did talk about that it is under pressure in last quarter also, you had talked about it. So, during the quarter, how the volume performance you saw through the quarter? Was it further deteriorating since where we saw last quarter? And is your guidance implying that there would be further deterioration outside of the seasonality in coming two quarters?

Salil Parekh

So, I did not share the volume specifics, I mentioned that there was continued constraints or pressure on that. What is happening, if you step back a little bit is, there is impact on revenue, which is from slowing or stopping of discretionary work and the transformation programs. And then we have, on the other hand, with the large and mega deals, some of those starting off, that giving us a benefit on the revenue side.

So there we saw the volume constrained from the first part of that in this quarter. In the coming quarters, you know that, we will have in Q3, the usual seasonal impact with the end of the calendar year, holidays and so on. And typically, for us, for Infosys, Q3 and Q4 are softer quarters in any case. So, we anticipate that. We do not have a view which is different from that. That is how we are looking at it going in. But these things are changing as we go through each quarter.

So we were fortunate, we delivered a very strong quarter, but as we look out, we can see the pressures with the clients. And that is what gives us the reason to be watchful on both those sides.

Kumar Rakesh

Thanks for that. My second question was during the press conference, you did talk about that Infosys is working on proprietary large language models. So, clarification is, are these models that you are working on, Infosys’ own or these are for clients or your ecosystem partners? And what kind of models, use cases and dataset you are using for them?

Salil Parekh

So there, what I was referring to was proprietary models from our partners. So, we are not developing a large language model of our own. As you know, there are a large number of these models, which are already in the market. Some of them are proprietary, and some of them are open source. We are working with both types of those models.

Typically, we are working in what is called the narrow transformer approach, where we start to see datasets, which are a little bit more enterprise focused, which allow enterprise, large clients to take advantage of that dataset for their own activity. And the applications, again, you have probably seen that. We are seeing applications on software development, on text, on voice, on video. So, we are seeing applications today on all of these areas and are actually working on all of these areas. And that is for the clients. we are doing some work inside Infosys as well for our own activities.

Kumar Rakesh

Got it. Thanks. That is very helpful.

Moderator 

Thank you. The next question is from the line of Sandeep Shah from Equirus Securities. Please go ahead.

Sandeep Shah

Yes. Thanks for the opportunity. The first question is Nilanjan, in your opening remarks, you mentioned that the mega deal wins and the robust order book signing will help us to accelerate the growth beyond FY '24. So is it fair to say, most of the deal wins of this year will have a solid support in terms of the growth pick-up in FY '25?

Nilanjan Roy

Yes. I mean, these will translate into revenue one day. So, like I said, they will start in FY '25 and like somebody else also asked and we answered before, it is not like on one sudden day, they all start together. So, they will have a run up. But absolutely, some of them will start even sooner in FY '24 towards the fag end.

Moderator 

Sandeep, is your question answered? Thank you. We move to the next question. That is from the line of Nitin Padmanabhan from Investec. Please go ahead.

Nitin Padmanabhan

Yes. Hi, good evening and thank you for the opportunity. I had two questions. So, one is on discretionary spends. As yesterday, I think, your peer had mentioned that they do not think discretionary spends recover even in 2024. Just wanted your thoughts on how are you thinking about this, overall?

And in the context of this, well, we have seen very strong deal wins this time around. And obviously, those are deals that would have been under the hood for maybe the last 12 months, which have all closed. When you look at it going forward, do you think that deal activity per se, could sort of slow down, is there a risk there? Or if you could give some context in terms of pipeline versus how it was before these deals closed? And how is it today? Is there a lot of replenishment that needs to be done to reach back to the same level? That is the first question.

Salil Parekh

So, on the first part, we do not have a view on financial year '24 in terms of volume and so on. What we are sharing today is, what we have seen, for example, in Q2 and what we observed from that keeping in mind some of the seasonality of this coming quarter and the end of our financial year.

On the pipeline or deal activity, as Nilanjan was sharing, we see a good pipeline. Of course, the deals we have closed have come out of the pipeline. But it is still a good pipeline for us. There is a lot of interest from clients in cost and efficiency and automation, which is where many of these large and mega deals have come in. There is a good interest in consolidation, which is where some of those deals have come in. And we continue to gain market share in that. So, we feel good about it. And there is that continuing interest in that type of work.

Nitin Padmanabhan

Sure. The second question was the underlying assumption on the guidance, if I understand right, is that the revenue accretion from these large deals will be very miniscule this year, and you have headwinds on the discretionary side. The bigger accretion should really happen maybe next year. So this year is very miniscule. That is a very fair assumption?

Nilanjan Roy

Yes. The definition of miniscule can vary and can be quite different. But yes, I mean, it is more largely in FY '25, absolutely.

Nitin Padmanabhan

Yes. So, I meant on a quarterly run rate basis, would it be miniscule of that coming into the revenue versus what you originally thought? That was the context.

Nilanjan Roy

Yes 

Nitin Padmanabhan

Sure. Fair enough. And lastly, in terms of the headwinds on discretionary, which verticals really stand out in terms of where you are seeing the maximum pressure? That is the last question. Thank you.

Nilanjan Roy

Yes. I think, as we mentioned the three verticals, I think, you can see it both sequentially. You can see it year-on-year. You can see it with the peer group. It is financial services, it is mortgage, it is asset management, it is parts of retail, it is communication. And I do not think, we are any different from any of our peers. Everybody is calling out that these three verticals have been soft.

Nitin Padmanabhan

Sure. Fair enough. Thank you so much. All the very best.

Moderator 

Thank you. The next question is from the line of Vibhor Singhal from Nuvama Equities. Please go ahead.

Vibhor Singhal

Yes. Hi, thanks for taking my question. Salil, just two questions from my side. As we started the year with a guidance of 4% to 7% for FY '24, and we basically downgraded the guidance, second time this time around. So, in the last callyou had mentioned that, maybe in the first guidance, there were some assumptions which did not play out, and we had a fair bit of conservative numbers into the 1% to 3.5% guidance which we had given last time.

So, I just want to understand that we have been winning good deals all along, especially in this quarter, and as you mentioned that some of the deals are taking time, so, what has changed from the time that we gave the first guidance to this time, in terms of the projects that we have already there in existence. Is that discretionary part of that, which is being put on hold much longer than anticipated? Is there any one single or a couple of large projects which has kind of stopped contributing the amount that we had expected? Any color on that would be really helpful.

Salil Parekh

So, there is no one project or one specific client that is where this is coming from. I think, as we look at each quarter, we look at the combination of the two streams on discretionary work and on digital transformation and other programs. How that is slowing down, where it is slowing down, what the volume implications are. And then we look at how the large and mega deals are coming into the revenue stream.

As we look out, when we see changes in the discretionary work or we see some slowing down of decision-making for closing deals or slowing down in the start of ramp up, those are the factors that come into play as we look at the revenue outlook. And then as we come into this time of the year, especially, we look at the seasonality in Q3 and Q4 and how the thinking is in the client buying environment. So that is really the combination of things that we do. There is not any one activity which has led to that change for us.

Vibhor Singhal

Got it. Any specific pockets of weakness which you have seen deteriorate at a much sharper rate than anticipated? It could be maybe vertical-wise or maybe a specific domain, let us say, cloud adoption, or any other domain, or is it across the board?

Salil Parekh

So, the way we see in terms of industries, we have a similar sort of view from last quarter, the ones that Nilanjan outlined within financial services, mortgages, asset management, if you look at Hitech, telco, some parts of retail. So those are the ones. We have not seen any sort of dramatic changes in that, but those are the ones where we see the impact.

Vibhor Singhal

Got it. Sure, great. Thank you so much for taking my questions and wish you all the best.

Moderator 

Thank you. The next question is from the line of Ashwin Mehta from Ambit Capital Private Limited. Please go ahead.

Ashwin Mehta

Yes, thanks for the opportunity. Nilanjan, just one question in terms of the third-party bought-out items that seems to have added almost ~$75 mn this quarter. So do you see this item sustaining or it kind of falls off? And is this one of the reasons for your weak guidance?

Nilanjan Roy

So like I said, this is sometimes integral to our strategy as well because we are doing large-scale transformations and sometimes they have elements of licenses or software, hardware inside. And therefore, our guidance takes into account both volumes and any of non-headcount portfolio as well.

Ashwin Mehta

Okay, okay. And in terms of wage hikes next quarter, what is the impact on margins that you see or the quantum of wage hikes that you are giving out?

Nilanjan Roy

So, we have rolled it out. We cannot say what is going to be the impact, but it is like we said, it is effective 1st, of November.

Ashwin Mehta

Okay. Fair enough and all the best.

Moderator 

Thank you. The next question is from the line of Gaurav Rateria from Morgan Stanley. Please go ahead.

Gaurav Rateria

Hi, thanks for taking my question. First one is that, does your guidance factor in the current environment remaining similar in the next two quarters, or it further deteriorates from here because it is kind of implying a decline sequentially over the next two quarters? So just trying to understand, what is the underlying assumption on the current environment.

Salil Parekh

I think the way we are looking at the guidance is, typically, Q3 and Q4 are seasonally weaker quarters. So that is something we factored in, in addition to what I was sharing earlier, the slowing of discretionary transformation and with the large and mega deals, seeing how the ramp-up will look like as it converts. But we have looked at more, what we see seasonally weaker Q3 and Q4 from our historical perspective.

Gaurav Rateria

Secondly, you closed a couple of mega deals in the last few months. Now when you look at your large deal pipeline, how do you characterize this? Do you still have mega deals that you are pursuing, which can close in the coming months?

Salil Parekh

So there we have closed four of these mega deals that I referenced earlier. We have a good pipeline. We are not detailing beyond that, the type of deals. What we see is, the deals that we have closed have come off, but there is a huge appetite with clients for cost and efficiency. And those tend to be larger within even our large deals pipeline. So yes, we will see some of those larger deals going ahead there.

Gaurav Rateria

Got it. Last question to Nilanjan that the Project Maximus that you talked about. Is it fair to say that the full benefit would accrue to the company in fiscal '25 and it just started to kind of trickle into the numbers in recent quarter, but the full benefit will accrue in FY '25?

Nilanjan Roy

It is a very complex program. There are a number of tracks. So we have new ideas as we see each quarter. You will see an impact over maybe 18 months of this program and throughout as we are tracking it every quarter. Sometimes you will see a faster benefit like utilization, for instance, there is clearly something which is here and now. So you will see some of that impact even faster, but some of course, take longer to materialize.

Gaurav Rateria

Thank you.

Moderator 

Thank you. The next question is from the line of Keith from BMO. Please go ahead.

Keith Bachman

Yes, absolutely. So you have mentioned a few times that discretionary spend or discretionary projects are a reason for the revenue guidance and reporting. Can you tell us what percent of your revenues would you characterize as being sourced from discretionary areas? Is it 30% of total revenues, 40% of total revenues? Any rough estimate you could give us on how much of your revenues are generated from discretionary sources?

Nilanjan Roy

Yes. So we do not really give that number out in public domain. So I think that is where we are. Of course, generally, we have fixed price projects where we are more committed and T&M side of the house which will have a bit of variability into it. But we do not give the discretionary really.

Keith Bachman

Okay. The second question is the $7.7 bn large deal TCV, within that number, do the clients have the ability to cancel those contracts? And if it is yes, what is the cancellation rate been over the last few quarters versus historic norms?

Nilanjan Roy

These are largely signed contracts. They take time to ramp up. So we have not seen any real cancellations really. They may take longer to ramp up than originally envisaged, but there are no cancellations really.

Keith Bachman

Okay. Fair enough. Perfect. And then my last question is, as you think of Infosys, TCS and Accenture and other IT services organization are experiencing challenges with growth. So it is an industry-wide issue. Against that backdrop, when you think about pricing that your clients are willing to accept, have you seen any changes in like-for-like pricing, when you are negotiating with clients for large deals or otherwise, has that changed at all? Or is the like-for-like pricing remain fairly steady even in this weak macro backdrop?

Nilanjan Roy

Yes, I think you are right. I think largely, it has been stable. Of course, in some quarters, you can see few clients are coming back and asking for discounts. But I think, overall, even if I look back, it has been in terms of the annual renewals etc., I think pricing has been more stable over the last year or two years as a general trend, I would think, in the industry. Of course, deal-to-deal, yes, it gets competed hard. But overall, I do not see a deteriorating pricing environment.

Keith Bachman

Okay. That is it from me. Many thanks, cheers.

Moderator 

Thank you. The next question is from the line of Yogesh Agarwal from HSBC. Please go ahead.

Yogesh Agarwal

Yes. Hi guys. Just one question on large deals, which have been extraordinary, almost 2x, 3x of your past run rate. I was curious, what is the share of large deals from existing customers versus new? Can you just give some context there?

Salil Parekh

So there, again, we shared the net new amount, which is 48%, but we do not share what is from new client versus not new client.

Yogesh Agarwal

Okay. Sir, the reason I am asking is, it is very intriguing that clients are not spending on small discretionary projects, but awarding such mega contracts. So, is it possible, since this year, everyone is cautious, they are just clubbing a lot of smaller projects and awarding in larger deals, which means next year we will effectively have two years of catch-up on discretionary spend?

Salil Parekh

Some of these deals have been publicly announced. These large programs are many times a combination of cost or efficiency automation program, and sometimes there are programs, which take all of that, let us say, the saving that the client is likely to accrue and from that fund some transformation programs.

So, these do not appear from our interactions to be a consolidation of smaller discretionary work. These are large independent programs. And that is why we feel, that in that space, this cost efficiency space which is really more active today, we seem to be gaining market share and that those with the way they are being set up and what we see, give us a good foundation for our future.

Yogesh Agarwal

Fair enough. Thank you so much, sir.

Moderator 

Thank you. The next question is from the line of Vivek Gedda from SBI Mutual Fund. Please go ahead.

Vivek Gedda

Hi, thanks for the opportunity. Salil, in fact, just on your comments that you just made, I just wanted to get a sense of the market share gains that you have been talking about currently because of these large deal wins. Could you give us a sense of how these market share gains have been versus the past? Are you seeing quite a bit of acceleration out there and how to think about it?

Salil Parekh

So there, we are seeing more discussions on cost or consolidation. And for example, when you have a win as we have had over the last few quarters in consolidation of partners with a client, there is a significant change that changes the market dynamic within that client. And then we put all of these things together between some of the large programs you run on cost efficiency and then on consolidation, it looks like we seem to be gaining traction. We have a very good capability set on automation and clients are appreciating that. So that seems to be the reason, why we believe or we think that it looks like, we are gaining market share in those areas.

Vivek Gedda

But is there a way to quantify, from the sense that are you seeing that client budgets are actually not increasing while you potentially are getting more deals versus what your peer sets are?

Salil Parekh

Difficult for us to say on a sort of macro level, but I think generally speaking, the client budgets at least we do not see those increasing at that this stage.

Vivek Gedda

Got that. Secondly, I also wanted to get a sense of tenure of some of these large deals that you won and in the context of, how it has been historically. So -it is probably logical to expect that these are long tenure deals. But if you could give us a sense of how ACV growth has been versus let us say, TCV growth?

Salil Parekh

So there, some of them with the disclosures we have done have that information, but we do not generally speaking, share that information for the aggregate and certainly not vis-a-vis what was going on in the past. But for the specific ones where we have had the disclosures, we have shared that information.

Vivek Gedda

Got that. Just lastly from my side, I just wanted to also get a sense on this third-party items bought out which almost increased $75 mn. However, we called out that one-time revenue bump-up that we got was 30 basis points, which is relatively lesser than what we see here. Is that different items and how to think about that?

Nilanjan Roy

Absolutely. They are different items. And in a way, the margin walk, I also talked about the one-time having a positive impact and the license sales, etc., having a third-party cost having a downward impact on margins, they are different.

Vivek Gedda

Got it. Thanks a lot.

Moderator 

Thank you. The next question is from the line of Abhishek Kumar from JM Financial. Please go ahead.

Abhishek Kumar

Yes. Hi, good evening. Thanks for taking my question. I was also trying to deconstruct this quarter's growth. It seems to me there is a volume decline, just going by the headcount decline and small increase in utilization. So, is it the realization which has helped us or some of the one-time which you mentioned, and it has been asked in the previous questions also?

Or is it that some of the smaller deals, like less than $50 mn, which we do not disclose, the uptick in those deals or kind of inflow of those deals has kind of dried up significantly, which is basically resulting in mega deals needed to sustain the volume growth?

Nilanjan Roy

So in my opening remarks, I said that we are continuing to see softness in the underlying volumes and the revenue for the quarter was supported by stronger growth in the balanced portfolio and improved realization from one-timers.

Abhishek Kumar

Okay. So, my question also was, while I know we do not give the numbers out, but the contribution of less than $50 mn deals in our revenue contribution or pipeline how has that changed? The reason why I am asking is, it seems that without the mega deal or large deals ramping up, there is a sustained pressure on margins. And these deals could be difficult to time, when really these deals will ramp-up. So, in the absence of that, the contribution smaller deals, has that really kind of changed as a proportion of revenue over the last few quarters?

Nilanjan Roy

So, we do not give out this information.

Abhishek Kumar

Sure. Okay. Thank you and all the best.

Moderator 

Thank you. The next question is from the line of Apurva Prasad from HDFC Securities. Please go ahead.

Apurva Prasad

Thanks for taking my question. Salil, I had a question on the headcount, how should we really think about that progressing over the next few quarters? It is been down 5% over the past three quarters with utilizations that have been flat. So how should we expect that to play?

Nilanjan Roy

Yes. So, you have to triangulate across volume, attrition, new hiring and utilization. The broad message is that even with the utilization increase today to 81.8%, we still have headroom to improve the utilization further. So that should give you a sense of things to come. And of course, we continue to monitor overall volumes, etc., so there is enough headroom and this is helping us in margins, like I said at the beginning, right? This is a margin lever which we can use.

Apurva Prasad

Right. And secondly, any vertical call out in the one-timer in revenue that should affect volume?

Nilanjan Roy

No

Moderator 

Apurva, your line is muted, I guess. Do you have any other follow-up questions? Sir, there seems to be no response from the current participant.

Ladies and gentlemen, that would be our last question for today. I now hand the conference back to the management for their closing remarks. Thank you, and over to you.

Salil Parekh

So, thanks, everyone. This is Salil. Thank you for all your questions and the interactions. I just want to close on a few points.

First, we have had an incredible quarter on large and mega deals really with $7.7 bn, the largest we have seen in the company for a quarter and this gives us a good foundation for the future. The quarter itself was great in terms of sequential growth and operating margin.

We have got a comprehensive program on margin expansion, which is in place with several large components and tracks running across the company. And we continue to invest in Generative AI, where we are making great connects with clients, especially leveraging Topaz. So those really are the main points from us. And thanks, thanks very much again for joining in for the call.

Moderator 

Thank you very much, members of the management. Ladies and gentlemen, on behalf of Infosys, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.

Exhibit 99.6
Form of Release to Stock Exchanges

INDEPENDENT AUDITOR’S REPORT ON AUDIT OF CONSOLIDATED FINANCIAL RESULTS
TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of INFOSYS LIMITED (the “Company”) and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”) for the quarter and half year ended September 30, 2023, (the “Statement”) being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for audit of the consolidated financial results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the consolidated financial results for the quarter and half year ended September 30, 2023 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Consolidated Financial Results

The Statement which includes Consolidated financial results is the responsibility of the Company’s Board of Directors and has been approved by it for the issuance. The Statement has been compiled from the related audited interim condensed consolidated financial statements for the three and six months ended September 30, 2023. This responsibility includes the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Boards of Directors of the Companies included in the Group are responsible for maintenance of the adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Company, as aforesaid.

In preparing the consolidated financial results, the respective Boards of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for Audit of the Consolidated Financial Results

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

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Materiality is the magnitude of misstatements in the consolidated financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the consolidated financial results.

We communicate with those charged with governance of the Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Annexure to Auditor’s Report

List of Entities:

INDEPENDENT AUDITOR’S REPORT ON THE AUDIT OF THE STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Opinion

We have audited the accompanying Statement of Standalone Financial Results of INFOSYS LIMITED (the “Company”), for the quarter and half year ended September 30, 2023, (the “Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

Basis for Opinion

We conducted our audit of the Statement in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor’s Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter and half year ended September 30, 2023 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management’s Responsibilities for the Standalone Financial Results

The Statement, which includes the Standalone financial results is the responsibility of the Company’s Board of Directors, and has been approved by it for the issuance. The Statement has been compiled from the related audited interim condensed standalone financial statements for the three and six months ended September 30, 2023. This responsibility includes the preparation and presentation of the standalone financial results for the quarter and half year ended September 30, 2023 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Board of Directors is responsible for assessing the Company’s ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the financial reporting process of the Company.

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

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

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

 Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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 half-year ended September 30, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2023	2023	2022	2023	2022	2023
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	38,994	37,933	36,538	76,927	71,008	146,767
Other income, net	632	561	584	1,193	1,260	2,701
Total Income	39,626	38,494	37,122	78,120	72,268	149,468
Expenses
Employee benefit expenses	20,796	20,781	19,438	41,577	37,776	78,359
Cost of technical sub-contractors	3,074	3,124	3,694	6,198	7,603	14,062
Travel expenses	439	462	363	901	739	1,525
Cost of software packages and others	3,387	2,720	2,512	6,106	4,932	10,902
Communication expenses	179	182	189	361	359	713
Consultancy and professional charges	387	346	439	734	895	1,684
Depreciation and amortisation expenses	1,166	1,173	1,029	2,339	1,979	4,225
Finance cost	138	90	66	228	121	284
Other expenses	1,292	1,254	1,001	2,546	1,939	4,392
Total expenses	30,858	30,132	28,731	60,990	56,343	116,146
Profit before tax	8,768	8,362	8,391	17,130	15,925	33,322
Tax expense:
Current tax	2,491	2,307	2,482	4,798	4,832	9,287
Deferred tax	62	110	(117)	172	(295)	(73)
Profit for the period	6,215	5,945	6,026	12,160	11,388	24,108
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	(64)	87	40	23	(46)	8
Equity instruments through other comprehensive income, net	40	1	4	40	7	(7)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	23	6	(12)	29	14	(7)
Exchange differences on translation of foreign operations	5	15	(14)	21	39	776
Fair value changes on investments, net	(20)	75	26	55	(346)	(256)
Total other comprehensive income/(loss), net of tax	(16)	184	44	168	(332)	514
Total comprehensive income for the period	6,199	6,129	6,070	12,328	11,056	24,622
Profit attributable to:
Owners of the company	6,212	5,945	6,021	12,157	11,381	24,095
Non-controlling interest	3	-	5	3	7	13
	6,215	5,945	6,026	12,160	11,388	24,108
Total comprehensive income attributable to:
Owners of the company	6,196	6,132	6,068	12,328	11,054	24,598
Non-controlling interest	3	(3)	2	–	2	24
	6,199	6,129	6,070	12,328	11,056	24,622
Paid up share capital (par value 5/- each, fully paid)	2,070	2,070	2,099	2,070	2,099	2,069
Other equity *#	73,338	73,338	73,252	73,338	73,252	73,338
Earnings per equity share (par value 5/- each)**
Basic ( in per share)	15.01	14.37	14.35	29.38	27.13	57.63
Diluted (in per share)	14.99	14.35	14.34	29.34	27.10	57.54

Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the appointment of Nitin Paranjpe (DIN - 00045204), as an Additional & Independent Director effective January 1, 2024 for a period of 5 (Five) years, subject to the approval of the shareholders.

On September 1, 2023, Infosys entered into a share purchase agreement to acquire 100% of the voting interests in Danske IT and Support Services India Private Limited, which is Danske Bank's IT center in India. The estimated consideration is approximately DKK 63 million (approximately 77 crore) which may be subjected to a further adjustment on finalization of the opening net assets value as agreed in the Share Purchase Agreement.

The Board, on October 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved :One time grant of 1,231,260 RSUs under the 2015 Stock Incentive Compensation Plan (2015 Plan) and 500,250 PSUs under the Expanded Stock Ownership Program 2019 (2019 Plan) to Senior Management Personnel including Key management personnel as defined under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended and other Senior leaders.The grants made under the 2015 Plan would vest over a period of three years and the grants made under the 2019 Plan would vest over a period of three years subject to Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f November 1, 2023 and the exercise price will be equal to the par value of the share.Further, the Board on October 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved the grant of 34,390 RSUs to few new hires under the 2015 plan w.e.f November 1, 2023. The RSUs will vest over a period of three to four years.

2. Information on dividends for the quarter and half year ended September 30, 2023

The Board of Directors declared an interim dividend of 18/- per equity share. The record date for the payment is October 25, 2023.The interim dividend will be paid on November 6, 2023. The interim dividend declared in the previous year was 16.50/- per equity share.

(in )

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2023	2023	2022	2023	2022	2023
Dividend per share (par value 5/- each)
Interim dividend	18.00	–	16.50	18.00	16.50	16.50
Final dividend	–	–	–	–	–	17.50

3. Audited Consolidated Balance Sheet

(in crore)

The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30, 2023 and March 31, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS).

4. Audited Consolidated Statement of Cash Flows

(in crore)

The disclosure is an extract of the audited Consolidated Statement of Cash flows for the half year ended September 30, 2023 and September 30, 2022 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting. 

5. Segment reporting (Consolidated - Audited)

(in crore)

Notes on segment information

Business segments

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

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 not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

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

(in crore)

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 condensed financial statements as stated.

The Board has also taken on record the condensed consolidated results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2023, 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)

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance 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, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological 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, and our corporate actions including acquisitions. 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, 2023. 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 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 Audited results of Infosys Limited for the quarter and half-year ended September 30, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2023	2023	2022	2023	2022	2023
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	32,629	31,811	31,567	64,440	61,094	124,014
Other income, net	1,350	1,001	1,267	2,352	1,916	3,859
Total income	33,979	32,812	32,834	66,792	63,010	127,873
Expenses
Employee benefit expenses	16,435	16,353	15,873	32,788	30,787	62,764
Cost of technical sub-contractors	4,645	4,676	4,815	9,321	9,825	19,096
Travel expenses	345	359	293	705	608	1,227
Cost of software packages and others	1,809	1,174	1,428	2,982	2,611	5,214
Communication expenses	131	129	135	260	254	502
Consultancy and professional charges	275	215	333	490	696	1,236
Depreciation and amortisation expense	738	746	682	1,484	1,326	2,753
Finance cost	89	43	40	132	73	157
Other expenses	995	971	747	1,967	1,439	3,281
Total expenses	25,462	24,666	24,346	50,129	47,619	96,230
Profit before tax	8,517	8,146	8,488	16,663	15,391	31,643
Tax expense:
Current tax	2,180	2,065	2,312	4,245	4,345	8,167
Deferred tax	92	125	(77)	216	(108)	208
Profit for the period	6,245	5,956	6,253	12,202	11,154	23,268
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net	(68)	87	40	19	(56)	(19)
Equity instruments through other comprehensive income, net	40	1	4	40	7	(6)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	23	6	(12)	29	14	(7)
Fair value changes on investments, net	(22)	68	27	46	(317)	(236)
Total other comprehensive income/ (loss), net of tax	(27)	162	59	134	(352)	(268)
Total comprehensive income for the period	6,218	6,118	6,312	12,336	10,802	23,000
Paid-up share capital (par value 5/- each fully paid)	2,075	2,075	2,104	2,075	2,104	2,074
Other Equity*	65,671	65,671	67,203	65,671	67,203	65,671
Earnings per equity share ( par value 5 /- each)**
Basic (in per share)	15.05	14.36	14.86	29.40	26.51	55.48
Diluted (in per share)	15.04	14.34	14.85	29.38	26.49	55.42

1. Notes pertaining to the current quarter

a) The audited interim condensed standalone financial statements for the quarter and half-year ended September 30, 2023 have been taken on record by the Board of Directors at its meeting held on October 12, 2023. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed standalone financial statements. These interim condensed standalone 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) Appointment of Independent Director

Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the appointment of Nitin Paranjpe (DIN - 00045204), as an Additional & Independent Director effective January 1, 2024 for a period of 5 (Five) years, subject to the approval of the shareholders.

c) Update on Investment

On September 1, 2023, Infosys entered into a share purchase agreement to acquire 100% of the voting interests in Danske IT and Support Services India Private Limited, which is Danske Bank's IT center in India. The estimated consideration is approximately DKK 63 million (approximately 77 crore) which may be subjected to a further adjustment on finalization of the opening net assets value as agreed in the Share Purchase Agreement.

d) Update on employee stock grants

The Board, on October 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved :

One time grant of 1,231,260 RSUs under the 2015 Stock Incentive Compensation Plan (2015 Plan) and 500,250 PSUs under the Expanded Stock Ownership Program 2019 (2019 Plan) to Senior Management Personnel including Key management personnel as defined under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended and other Senior leaders.

The grants made under the 2015 Plan would vest over a period of three years and the grants made under the 2019 Plan would vest over a period of three years subject to Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f November 1, 2023 and the exercise price will be equal to the par value of the share.

Further, the Board on October 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved the grant of 34,390 RSUs to few new hires under the 2015 plan w.e.f November 1, 2023. The RSUs will vest over a period of three to four years.

2. Information on dividends for the quarter and half-year ended September 30, 2023

The Board of Directors declared an interim dividend of 18/- per equity share. The record date for the payment is October 25, 2023.The interim dividend will be paid on November 6, 2023. The interim dividend declared in the previous year was 16.50/- per equity share.

(in )

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2023	2023	2022	2023	2022	2023
Dividend per share (par value 5/- each)
Interim dividend	18.00	–	16.50	18.00	16.50	16.50
Final dividend	–	–	–	–	–	17.50

3. Audited Standalone Balance Sheet

(In crore)

The disclosure is an extract of the audited Balance Sheet as at September 30, 2023 and March 31, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS).

4. Audited Standalone Statement of Cash flows

(In crore)

The disclosure is an extract of the audited Statement of Cash flows for the half year ended September 30, 2023 and September 30, 2022 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.

5. Segment Reporting

The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the audited interim condensed consolidated financial statements. Accordingly, the segment information is given in the audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2023.

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance 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, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological 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, and our corporate actions including acquisitions. 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, 2023. 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 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

Extract of Consolidated Audited Financial Results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore except per equity share data)

Particulars	Quarter ended September 30,	Half-year ended September 30,	Quarter ended September 30,
	2023	2023	2022
Revenue from operations	38,994	76,927	36,538
Profit before tax	8,768	17,130	8,391
Profit for the period	6,215	12,160	6,026
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax)	6,199	12,328	6,070
Profit attributable to:
Owners of the company	6,212	12,157	6,021
Non-controlling interest	3	3	5
	6,215	12,160	6,026
Total comprehensive income attributable to:
Owners of the company	6,196	12,328	6,068
Non-controlling interest	3	–	2
	6,199	12,328	6,070
Paid-up share capital (par value 5/- each fully paid)	2,070	2,070	2,099
Other equity *#	73,338	73,338	73,252
Earnings per equity share (par value 5/- each)**
Basic (in per share)	15.01	29.38	14.35
Diluted (in per share)	14.99	29.34	14.34

1. Notes pertaining to the current quarter

a) The audited interim condensed consolidated financial statements for the quarter and half-year ended September 30, 2023 have been taken on record by the Board of Directors at its meeting held on October 12, 2023. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Appointment of Independent Director

Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the appointment of Nitin Paranjpe (DIN - 00045204), as an Additional & Independent Director effective January 1, 2024 for a period of 5 (Five) years, subject to the approval of the shareholders.

c) Update on Investment

On September 1, 2023, Infosys entered into a share purchase agreement to acquire 100% of the voting interests in Danske IT and Support Services India Private Limited, which is Danske Bank's IT center in India. The estimated consideration is approximately DKK 63 million (approximately 77 crore) which may be subjected to a further adjustment on finalization of the opening net assets value as agreed in the Share Purchase Agreement.

d) Update on employee stock grants

The Board, on October 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved :

One time grant of 1,231,260 RSUs under the 2015 Stock Incentive Compensation Plan (2015 Plan) and 500,250 PSUs under the Expanded Stock Ownership Program 2019 (2019 Plan) to Senior Management Personnel including Key management personnel as defined under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended and other Senior leaders.

The grants made under the 2015 Plan would vest over a period of three years and the grants made under the 2019 Plan would vest over a period of three years subject to Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f November 1, 2023 and the exercise price will be equal to the par value of the share.

Further, the Board on October 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved the grant of 34,390 RSUs to few new hires under the 2015 plan w.e.f November 1, 2023. The RSUs will vest over a period of three to four years.”

2. Information on dividends for the quarter and half-year ended September 30, 2023

The Board of Directors declared an interim dividend of 18/- per equity share. The record date for the payment is October 25, 2023.The interim dividend will be paid on November 6, 2023. The interim dividend declared in the previous year was 16.50/- per equity share.

(in )

Particulars	Quarter ended September 30,	Half-year ended September 30,	Quarter ended September 30,
	2023	2023	2022
Dividend per share (par value 5/- each)
Interim dividend	18.00	18.00	16.50
Final dividend	–	–	–

3. Audited financial results of Infosys Limited (Standalone information)

(in crore)

The above is an extract of the detailed format of Quarterly audited financial results filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Audited Financial Results are available on the Stock Exchange websites, www.nseindia.com and www.bseindia.com, and on the Company's website, www.infosys.com.

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance 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, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological 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, and our corporate actions including acquisitions. 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, 2023. 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

Exhibit 99.7
IFRS USD Earning Release

INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

Report on the Audit of the Interim Condensed Consolidated Financial Statements

Opinion

We have audited the accompanying interim condensed consolidated financial statements of INFOSYS LIMITED (the “Company”) and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”), which comprise the Condensed Consolidated Balance Sheet as at September 30, 2023, the Condensed Consolidated Statement of Comprehensive Income for the three months and six months ended on that date, the Condensed Consolidated Statement of Changes in Equity and the Condensed Consolidated Statement of Cash Flows for the six months ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as the “interim condensed consolidated financial statements”).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed consolidated financial statements give a true and fair view in conformity with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”), of the consolidated state of affairs of the Group as at September 30, 2023, their consolidated profit and their consolidated total comprehensive income for the three months and six months ended on that date, their consolidated changes in equity and their consolidated cash flows for the six months ended on that date.

Basis for Opinion

We conducted our audit of the interim condensed consolidated financial statements in accordance with the Standards on Auditing (“SA”s) issued by the Institute of Chartered Accountants of India (“ICAI”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the ICAI, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the interim condensed consolidated financial statements.

Responsibilities of Management and Those Charged with Governance for the Interim Condensed Consolidated Financial Statements

The Company’s Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated total comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with IAS 34 as issued by the IASB. The respective Boards of Directors of the companies included in the Group are responsible for maintenance of the adequate accounting records for safeguarding assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the interim condensed consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the interim condensed consolidated financial statements by the Directors of the Company, as aforesaid.

In preparing the interim condensed consolidated financial statements, the respective Boards of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Boards of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements

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

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Materiality is the magnitude of misstatements in the interim condensed consolidated financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the interim condensed consolidated financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the interim condensed consolidated financial statements.

We communicate with those charged with governance of the Company and such other entities included in the interim condensed consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

INFOSYS LIMITED AND SUBSIDIARIES

Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in US dollars for the three months and six months ended September 30, 2023

Infosys Limited and subsidiaries

(Dollars in millions except equity share data)

Condensed Consolidated Balance Sheet as at	Note	September 30, 2023	March 31, 2023
ASSETS
Current assets
Cash and cash equivalents	2.1	1,892	1,481
Current investments	2.2	913	841
Trade receivables		3,403	3,094
Unbilled revenue	2.17	1,692	1,861
Prepayments and other current assets	2.4	1,354	1,336
Income tax assets	2.12	5	1
Derivative financial instruments	2.3	20	12
Total current assets		9,279	8,626
Non-current assets
Property, plant and equipment	2.7	1,587	1,679
Right-of-use assets	2.8	837	837
Goodwill	2.9	872	882
Intangible assets		186	213
Non-current investments	2.2	1,414	1,530
Unbilled revenue	2.17	171	176
Deferred income tax assets	2.12	105	152
Income tax assets	2.12	836	785
Other non-current assets	2.4	402	432
Total non-current assets		6,410	6,686
Total assets		15,689	15,312
LIABILITIES AND EQUITY
Current liabilities
Trade payables		386	470
Lease liabilities	2.8	231	151
Derivative financial instruments	2.3	9	10
Current income tax liabilities	2.12	504	412
Unearned revenue		844	872
Employee benefit obligations		315	292
Provisions	2.6	205	159
Other current liabilities	2.5	2,185	2,403
Total current liabilities		4,679	4,769
Non-current liabilities
Lease liabilities	2.8	798	859
Deferred income tax liabilities	2.12	124	149
Employee benefit obligations		10	10
Other non-current liabilities	2.5	307	301
Total non-current liabilities		1,239	1,319
Total liabilities		5,918	6,088
Equity
Share capital - 5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,138,825,258 (4,136,387,925) equity shares fully paid up, net of 11,558,862 (12,172,119) treasury shares as at September 30, 2023 (March 31, 2023)	2.18	325	325
Share premium		398	366
Retained earnings		11,850	11,401
Cash flow hedge reserves		4	-
Other reserves		1,515	1,370
Capital redemption reserve		24	24
Other components of equity		(4,396)	(4,314)
Total equity attributable to equity holders of the Company		9,720	9,172
Non-controlling interests		51	52
Total equity		9,771	9,224
Total liabilities and equity		15,689	15,312

The accompanying notes form an integral part of the interim condensed consolidated financial statements.

As per our report of even date attached

(Dollars in millions except equity share and per equity share data)