Exhibit 99.1

IFRS USD Press Release

Industry-leading Sequential Growth of 2.6% in CC, Driven by Differentiated Value Proposition in Enterprise AI

Large Deal Wins at $3.8 Billion with 55% Net New; Demonstrating Deep Competitive Advantage in Consolidation Play

FY26 Revenue Guidance Revised to 1%-3% and Margin Guidance Retained at 20%-22%

Bengaluru, India – July 23, 2025: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $4,941 million in Q1 revenues, year on year growth of 3.8% and sequential growth of 2.6% in constant currency. Operating margin was at 20.8%. Free cash flow generation was strong at $884 million, 109.3% of net profit. TCV of large deal wins was $3.8 billion, with 55% net new. ROE improved by 140 bps to 30.4%.

"Our performance in Q1 demonstrates the strength of our enterprise AI capabilities, the success in client consolidation decisions, and the dedication of our over 300,000 employees”, said Salil Parekh, CEO and MD. “Our large deal wins of $3.8 billion reflect our distinct competitive positioning and deep client relationships”, he added.

 Guidance for FY26 :

Key highlights :

“Q1 performance is a clear reflection of our unwavering focus on multiple fronts resulting in strong growth at 2.6% QoQ, resilient margins at 20.8% and EPS increase of 8.6% YoY. We continue to leverage Project Maximus to make investments in strategic priorities to drive profitable growth and enhance shareholder value”, said Jayesh Sanghrajka, CFO. “Cash flow conversion was well above 100% for the fifth consecutive quarter. The impact of currency volatility was effectively managed through our proactive hedging strategy”, he added.

Client wins & Testimonials

Recognitions & Awards

Brand & Corporate

Digital, AI and Cloud Services

Industry & Solutions

Read more about our Awards & Recognitions here.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 320,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in 59 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 cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

.

Safe Harbor

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, and the outcome of the government investigation. 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, 2025. 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

Industry-leading Sequential Growth of 2.6% in CC, Driven by Differentiated Value Proposition in Enterprise AI

Large Deal Wins at $3.8 Billion with 55% Net New; Demonstrating Deep Competitive Advantage in Consolidation Play

FY26 Revenue Guidance Revised to 1%-3% and Margin Guidance Retained at 20%-22%

Bengaluru, India – July 23, 2025: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $4,941 million in Q1 revenues, year on year growth of 3.8% and sequential growth of 2.6% in constant currency. Operating margin was at 20.8%. Free cash flow generation was strong at $884 million, 109.3% of net profit. TCV of large deal wins was $3.8 billion, with 55% net new. ROE improved by 140 bps to 30.4%.

"Our performance in Q1 demonstrates the strength of our enterprise AI capabilities, the success in client consolidation decisions, and the dedication of our over 300,000 employees”, said Salil Parekh, CEO and MD. “Our large deal wins of $3.8 billion reflect our distinct competitive positioning and deep client relationships”, he added.

 Guidance for FY26 :

Key highlights :

“Q1 performance is a clear reflection of our unwavering focus on multiple fronts resulting in strong growth at 2.6% QoQ, resilient margins at 20.8% and EPS increase of 8.6% YoY. We continue to leverage Project Maximus to make investments in strategic priorities to drive profitable growth and enhance shareholder value”, said Jayesh Sanghrajka, CFO. “Cash flow conversion was well above 100% for the fifth consecutive quarter. The impact of currency volatility was effectively managed through our proactive hedging strategy”, he added.

Client wins & Testimonials

Recognitions & Awards

Brand & Corporate

Digital, AI and Cloud Services

Industry & Solutions

Read more about our Awards & Recognitions here.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 320,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in 59 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 cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

.

Safe Harbor

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, and the outcome of the government investigation. 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, 2025. 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 June 30, 2025	3 months ended June 30, 2024
Revenues	42,279	39,315
Cost of sales	29,224	27,177
Gross profit	13,055	12,138
Operating expenses:
Selling and marketing expenses	2,208	1,937
Administrative expenses	2,044	1,913
Total operating expenses	4,252	3,850
Operating profit	8,803	8,288
Other income, net (3)	937	733
Profit before income taxes	9,740	9,021
Income tax expense	2,816	2,647
Net profit (before non-controlling interest)	6,924	6,374
Net profit (after non-controlling interest)	6,921	6,368
Basic EPS ()	16.70	15.38
Diluted EPS ()	16.68	15.35

NOTES:

Exhibit 99.3
Press Conference

"Infosys Limited

Q1 FY26 Media Conference Call" 

July 23, 2025

CORPORATE PARTICIPANTS:

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Rishi Basu

Associate Vice President and Global Head - Corporate Communications

JOURNALISTS

Ritu Singh

CNBC TV18

Haripriya Suresh

Reuters News

Beena Parmar

The Economic Times

Reshab Shaw

Jas Bardia

The Mint

Veena Mani

The Times of India

Avik Das

Business Standard

Sanjana B.

The Hindu Businessline

Ayanti Bera

The Financial Express

Rishi Basu
A very good evening, everyone, and thank you for joining Infosys' first quarter financial results. 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 all of you over the next 45 minutes or so. 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 and thank you all for joining us. We had a strong start to our financial year. Our revenues grew 2.6% sequentially and 3.8% year-on-year in constant currency terms. Growth was broad-based with our large 5 industry groups and our large geographies, growing year-on-year in constant currency.

Our large deals were at $3.8 bn. The main drivers of our growth were, leadership in enterprise AI and continued success in client selecting us for consolidations. We are seeing good demand for AI agents. We have built 300 agents across business operations and IT areas and they are now deployed within our clients. Horizontal and vertical agents are helping our clients drive faster decisions, improve customer experience and improve operational efficiency.

Based on our performance in Q1 and our current outlook, our guidance for growth for financial year 2026 is revised from where it was 0% to 3%, now it will be 1% to 3% in constant currency terms. Our margin guidance remains unchanged at 20% to 22%.

With that, Rishi, let us open it up for questions.

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

Ritu Singh
Hi, gentlemen. Thanks very much for the question. We are talking about how the numbers have been very strong. The performance has been good. The first quarter revenue is above what the Street had factored in. Two questions on this; if the numbers are so good, why have you not raised the upper end of your guidance? Why just the marginal revision from 0-3% to 1% to 3%? And how much of this upward revision that we are seeing, and including the kind of constant currency growth, 2.6% in this quarter, has come from your inorganic, from your acquisitions that you have made? That is one part of the question.

Also, how would you guide the Street to look at these numbers? Would you really say, this is a turn around that you are seeing in the current macro-environment that going ahead this kind of performance would be sustained?

And a word, last time, we did not hear much from you on the whole tariff conundrum and how that is impacting discretionary spend, specifically in sectors like Manufacturing, Retail, what is your sense on the clients, and if you could also add a word on your hiring plans for the year? Thanks very much.

Salil Parekh
Thanks. So first, on the guidance, what we have seen this quarter is a strong performance in terms of where we have delivered the 2.6% growth, as you pointed out. With that and with the current outlook where we have seen a lot of the discussions on the economy worldwide having come to more stable situations, but still seeing that it is not fully settled.

Given that, we have increased the lower end of our guidance as we go closer, progress into the year, closer towards the end of the year, we typically narrow our guidance. And that is the first part of what we have done, which is increase the lower end, but we still see things within our guidance where we look at some things which will give us good traction. For example, what we have seen in the consolidations, we have seen very strong work that we have done on AI with agents and we see that and we also see the economy globally, both in Europe, U.S. going through changes. So, keeping that in mind, we have narrowed the guidance and increased the lower end.

On the inorganic part, I will let Jayesh mention how much of it is inorganic.

Jayesh Sanghrajka
Yes. So inorganic in this quarter has been around 40 basis points, within our 2.6% that we reported. And for the full year also, it will be a similar number.

Salil Parekh
And then back on the sort of economy, we talked about it last quarter and also in addressing it today. There are overall changes in the economic environment and we mentioned last quarter, we shared that again. We see some of that impact, for example, in Logistics. We see some in Consumer products and some in Manufacturing.

But equally, we have seen benefits, especially because we have seen good traction with the work we are doing with agents in AI and a benefit from consolidation that we have looked at, that the clients have looked at us and been positive, and that has given us some of the positive growth that we have seen in this quarter.

Ritu Singh
(Editors remark: Question inaudible)

Salil Parekh
So there, on the acquisition, as Jayesh shared, it is a small part of it, even if you keep that aside, we are well over 2%, 2.2% in terms of constant currency growth, in the quarter. The way I would look at it is, it is very differentiated performance because we have what we believe to be one of the best ways that we are deploying AI, enterprise AI into our clients.

So these are active projects where we are using agents, different types of agents that clients are leveraging, whether it is in their supply chains, in their customer experience, where they are getting productivity benefits, where they are getting improved customer service, that is one aspect of it.

And the other aspect is, we are seeing clients are selecting us more and more when they are looking at consolidation because inherently, we see clients see, Infosys' delivery as very strong and stable and also providing new ideas, especially on AI for improvements into their business. So that is the differentiated performance that we are seeing in the way that we see it.

Ritu Singh
Hiring?

Jayesh Sanghrajka
So if you look at our hiring numbers, our overall headcount has remained constant at this point in time. Our utilization is at its peak at 85%. So, we will continue hiring, and we expect to continue hiring in line with what we have announced at the beginning of the year, there is no change there.

Rishi Basu
Thank you, Ritu. The next question is from Haripriya Suresh from Reuters News.

Haripriya Suresh
Good evening, gentlemen. One quick, I wanted to understand, Americas growth has been flattish, but Europe has done really well. Just some color on the specific markets. Is Europe client-specific, what is happening on that end?

And in terms of the employee headcount, like you mentioned, I know it is been flat. I know there is a lot of talk about how Infosys is using AI, do you see -- if utilization at its peak, do you see productivity increasing where you do not need to hire as much going forward? And will this sort of be the level that we will see it at? And I wanted to get some color on what the wage hike scenario will be for this quarter as well? Thank you.

Jayesh Sanghrajka
So, coming to your second question on headcount, as I said earlier, headcount has remained flat. Despite that, we have been able to deliver 2.6% on growth. Large part of that came from the RPP increase or the pricing increase that we got and the seasonality benefit that we got. 40 bps came from the acquisition and the balance came from the volume increases, which we have been able to manage within our current headcount through utilization.

Now that we are at a peak, any further volume increase will need to come from the hiring. So that is where we are.

In terms of U.S. and Europe, I think Europe has been strong footing for us for many quarters in the past, that is on the back of the investment that we made a few years back in Europe. We had identified Europe as a geography to invest into. And all of that, I think, is working well across sectors.

Haripriya Suresh
(Editors remark: Question inaudible)

Jayesh Sanghrajka
Because Europe is growing faster versus America, to that extent, it is changing, but still U.S. remains the largest sector for us, largest geography for us.

We did a wage hike already, first part of that was effective January, the second part already rolled out effective April. First, the impact of that is already baked in, in the margin of this quarter. We had 100 basis points of impact on account of wage hike as well as the higher variable pay that we paid to our employees this quarter, so that is already done. Having done the wage hike very recently, next one, we will have to decide when.

Rishi Basu
Thank you, Haripriya. Next question is from Beena Parmar from The Economic Times.

Beena Parmar
Hi, Salil. You mentioned about the revenue being stronger. Some of your peers have pointed out that there has been some revenue cannibalization that they are seeing, are you also witnessing it? And are you seeing some productivity gains, benefits that you are passing on to your customers? And is that also leading to change in pricing? I think we spoke about it briefly, but has there been any change in the first quarter?

And secondly, is that also impacting your margins? What were the factors that led to the margins, because I think it has declined.

Salil Parekh
Let me start on the revenue one. I think we are seeing, with AI a lot of productivity benefits. We also saw productivity benefits that we were already working on from automation and lean, which were coming through. Typically all productivity benefits, a part of that is shared with clients and a part of that is shared with us. We see, if you look at the overall level, what Jayesh was sharing, we have seen our productivity of our revenue, the way our own pricing is working, at a macro level improving.

And this is more because we are doing work, which is creating more impact in addition to the productivity, which is making some of that benefit being shared with client. So, these are two different factors. But on balance, we see an impact into the quality of the revenue that we are seeing now.

Beena Parmar
So, what kind of productivity gains you have been passing on?

Salil Parekh
So there, we are not discussing the amounts we are passing on. But in terms of what we are seeing as a benefit, we are seeing between 5% and 15% through AI programs where we are working with clients, where typically there are disparate systems. Internally, there are some things we have done, which are slightly higher than that. But those are all internal. Like, if you look at our Finacle product, it is one uniform sort of a code base in which we can get better productivity.

Jayesh Sanghrajka
Yes. And on the margin walk, the 20 basis points of decline, the puts and takes of that, 100 basis points of headwind came from compensation related factors, in hike that we gave in April, as well as the higher variable pay that we pay to our employees or we will pay to our employees for this quarter. 30 basis points was a headwind on account of currency and 20 basis points for other factors.

This was offset by 70 basis points of pricing benefit that we got from both seasonality, as well as the benefit that Salil was talking about from productivity and everything that we have been doing under Project Maximus. 40 basis points came because of the acquisition related impairment that we did in the last quarter, that was a one-off in the last quarter, so that was a benefit this quarter, and 20 basis points because our third-party cost was lower. So just to highlight, our 2.6% of growth was despite the fact that our third-party revenue and costs were lower by 60 basis points.

Beena Parmar
Just one last question. Your conversations with the clients, has it improved in terms of the business demand? And are you seeing that tariff-related uncertainty or the caution is now over?

Salil Parekh
So, on a macro basis, what we see is, all clients are quite focused on enterprise AI, where we can show what is working, where it is working, especially with agents. Then there are industries, specifically Logistics, Consumer product goods, Manufacturing, where we see the impact of the changes in the economic situation.

Where we were at this time last quarter, there has also been several things which have been done, which gives more view and focus into what is going on. And yet, there is still some open items which are going on. So we see, for example, from clients, there is quite a lot of attention on cost and efficiency of their own operations, even if they are not impacted by the changes in the economy.

So that is all going on, including some of the benefits that we are seeing from AI. And then finally, on a macro level, at this quarter, in our large deals, we have seen a lot of deals where we benefited from clients making consolidation decisions.

Rishi Basu
Thanks, Beena. The next question is from Reshab Shaw from Moneycontrol.

Reshab Shaw
Hi, gentlemen. Congratulations on a good set of numbers in a difficult quarter, in a difficult macroeconomic environment. I have a couple of questions. First, on Financial Services, 2 fiscals back, you were close to 28%, now it is down to 27%, so is this a new normal? Is this a change in composition or are you losing market share?

Second, your active number of clients has reduced in the last 2 fiscals. And this comes on the back of revenue growth in this quarter. So, is there a pricing change? What are the benefits? What is driving this? And also, we have seen in the last 2 quarters that you have added in 3-digit numbers. So, is this a beginning of moving from pyramid to IP-led businesses? Thank you.

Salil Parekh
So let me start with some of that, Jayesh will add in. I think Financial Services, we are seeing a very strong traction. So, one of the things we have benefited from in Financial Services is, if you look at, let us say, our large 20 clients, in half of them, we are the AI partner of choice with those clients. In many of those clients, we see benefits from consolidation. In many of those clients, we are in the forefront when there is regulatory change or big transformation, which includes tech and Op. So, one sense is we are well positioned in financial services. We are starting to gain much more traction, and we have a broad set of coverage both in geography and in capabilities within financial services.

Jayesh Sanghrajka
So, on the active clients, you always have a long tail and they come for small projects and some of them eventually become larger projects, some of them eventually fall out and after a few quarters, a few months, they come back in a way. So, I do not think the active client is a big metric. Of course, it is a metric to track, but more important in our mind is, the $100 mn, $50 mn clients, how they grow and how we mine that, once they become a sizable client.

Salil Parekh
On the IP, so there what we are seeing is there is definitely a growth focus in what we are driving. What Jayesh mentioned earlier, we have a clear plan of recruiting people into this year, in this financial year into the company, both from college, both laterally. But we are also seeing some of our programs, for example, what we are doing in our insurance platform, what we are doing in our Financial Services banking platform in Finacle, those are definitely areas where we see more and more IP.

Then we are also seeing places where, for example, in some of our work that we do in BPM, these are not IP but they are more outcome-driven. And so there, there is a difference between what happens in the rest of the company, which is much more headcount than outcome. But we do not see that there is a huge change in that. We still see that we have a plan of recruiting for this year, and we are on track with that.

Rishi Basu
Thank you. The next question is from Jas Bardia from Mint.

Jas Bardia
Good evening. I have a couple of questions. One is, has there been some sort of revenue cannibalization or probably a reshuffling of employees because of AI? Second is more on a macro scale. If you look at 8 years of your tenure and purely on Infosys, Infosys under you has performed better than the peers. And third consecutive year where the industry has started to slow, including Infosys. Now considering there is been a dearth of mega deals for the company, has the company run out of steam? If so, what is it because of? macro uncertainty, client-specific issues or just AI in general?

Salil Parekh
So thank you. That is good to know. The large deals are working very well. So, I think for us, the $3.8 bn is incredible. We have so many deals in there, one mega deal. We have deals which are focused on AI, deals which are focused on transformation, deals which are focused on consolidation. So, my sense is that whole approach is in good shape. We remain, I would say, at the forefront with clients on that.

A part of where we see some of the changes is the overall economic environment. And my sense is that when that is in a place where we see more and more of the AI movement, which is happening well and more of other work, which is digital transformation, cloud, we are seeing, for example, tremendous traction on enterprise applications and how they are being driven in new changes. Those are the ones that will support the future, the next stages.

AI itself, there is a whole piece which is around enterprise AI and productivity. But we are also seeing there are new things that we can do with enterprise AI with clients. For example, much deeper level of analytics, much deeper level of assessments, much deeper work on how they can optimize the business, not just for productivity, but for growth. And those will give us new revenue streams.

So, there is a view that we have seen from the analysis internally, where some of the addressable market in those areas is growing and quite good. So we feel quite positive that over this approach that has worked, as you described for the last several years for Infosys, will continue to work for the next several years.

Rishi Basu
Thank you. The next question is from Veena Mani from The Times of India.

Veena Mani
Good evening, gentlemen. A couple of questions here. We have heard reports at the end of April and through May that there were more freshers fired from the Mysore campus. Were these from the 2022 batch, if there is any merit to that? And also, does it say anything about the quality of freshers coming out of colleges in the last couple of years?

Also, the second question is, Infosys moved to a hybrid form of interview process. Is that also related to how talent is being fleshed out from the market, lateral and freshers? Does it also have to do with the fact that because of virtual interviews, there have been people who misused that format?

Now TCS has made its bench policy a lot more stringent by saying that people can be on the bench only up to 35 days. Is Infosys heading there given that the market is not all that great?

Also, your ESG report had mentioned capability quotient, that Infosys is moving from a digital quotient to capability quotient to mark the progress of its employees. How will that have an impact on the appraisal, on the hikes and also the movement, through maybe IJPs, also taking up projects on Accelerate and other things, if you could help me with some of these?

And again, TCS, we have reported recently that there have been onboarding delays for laterals. Is that something that we see even at Infosys given that the market is not all that great?

Salil Parekh
Thanks. So, there are several, I would like to get through them. The first one was on the Mysore. I think there, we have a rigorous process for hiring college graduates. They then go through a very focused foundational training at the campus. And then we expect that they meet the internal assessment standards. So, all of the people who join us, they get three attempts to meet those standards. After the third attempt, if they do not meet, they do not continue with the company.

This is a process that has been in use for the last 20 years, and it is something that is important because we want to make sure that the quality that we are providing to our clients is based on these internal assessment standards that we have set. And that is the approach that we have followed there.

On the bench point, I think, was one of your other ones, we have no comment on the other company bench. At Infosys, the way we have looked at this is, employees are provided opportunities for training and learning projects and then they are deployed on to client projects when they are ready, and that is the process we follow all through, and we have been following for a long time now.

Rishi Basu
Hybrid interview

Salil Parekh
There, I think we want to make sure that we put in place an approach that works well for the prospective employee and for the company. And that is in part why we made some of the changes keeping in mind. Even on our employee side, we have a very flexible approach with respect to where employees are coming in.

Every quarter, for the last many quarters, we have seen an increase in the number of employees on campus. But overall, at a company level, we have a flexible approach and that is one of the elements of that.

Jayesh Sanghrajka
So on the ESG report, the digital versus the capabilities metrics that we have been using, I do not think that is something that we use for the IJPs, etc. That is a metric that is important from the ESG perspective, that is why we have started publishing that, but that is not necessarily imposing on the IJPs, etc., internally. The last question that you had was on the lateral hires. We have not stopped any of the laterals hires or deferred any of the lateral hires.

Rishi Basu
Thank you, Veena. The next question is from Avik Das from The Business Standard.

Avik Das
Hi, Salil, two questions and one for Jayesh. So Manufacturing seems to have really stood out in terms of the growth and you did point out that Manufacturing, Logistics as well as Consumer packaged goods seem to be under stress for all the obvious reasons. Now I just wanted to understand what really worked in your favor? Was it client specific? and what really went your way?

And if you can also provide some outlook on North America. Well, the growth has been nothing compared to Europe, but just wanted to get your feedback on the biggest market, how is it performing, especially from the BFSI side? And on the margins front, while the guidance has been narrowed, the margins still remain the same. So are you anticipating any margin constraint or pressure going ahead? Thank you.

Salil Parekh
So let me take the first question and Jayesh will also comment a little bit more on the industry, let me start with the industry and North America. So Financial Services and North America, we see very good traction across all businesses in Financial Services in all geographies.

And then just in North America, if you look across all industries, while we have shown the growth where it is, we see that market, which is the largest for Infosys in a very strong position. So yes, there are changes in the economic situation. But equally, there is good traction that we have.

We have several other industries outside of Logistics, outside of Consumer product, where we see good activity. For example, in Energy, Utilities, for example, some of the work we are seeing in telco and so on. So, the market is quite strong. We see good traction with enterprise AI there as well and good traction in some of the consolidation wins that we have seen on the large deals which have come from that market.

Maybe on Manufacturing and margin

Jayesh Sanghrajka
Yes. So, on Manufacturing, while we have called out softness in some parts of the Manufacturing, especially the auto, industrial and Europe, I think we have benefited from the consolidation, and we have benefited from the large deals that we have won in the past. But we continue seeing softness or the concerns in terms of client spending in the areas that we have identified within Manufacturing.

On the margins, I did give a walk earlier in terms of the puts and takes of 20 basis point decline this quarter, 100 basis points was on account of comp and variable pay, 30 basis points was currency, 20 basis points was on account of investment that we made in sales, that was offset by the benefits that we got from Maximus, 70 basis points because of the pricing increase and the seasonality benefit, 40 basis points was one-off in the Q4 last quarter and 20 basis points was lower third party.

As we go forward, the Project Maximus is still running. The proof of that was you saw last year, we delivered 50 basis point expansion despite multiple headwinds. We still see the Project Maximus delivering on multiple counts. That will be offset by the headwinds like lower growth. We are now talking about 1% to 3% growth, so the fixed cost will play out, the fixed cost of the growth areas will play out.

The compensation-related things will play out because now we will have a full year impact of the compensation, etc. Some of the large deals will start ramping up, and there will be transition effort, etc., where we incur costs, but we do not get revenue in the first few months or weeks when the transition happens. So, all of that will be the puts and takes, we still aspire to increase margins from where we are.

Rishi Basu
Thanks Avik. The next question is from Sanjana from the Hindu Businessline.

Sanjana B.
Good evening gentlemen. Do you see any change in projects either ramping up or ramping down due to the geopolitical uncertainties or any reassessment on the clients’ end? And also, do you think that in FY26 third-party costs and revenues will be lower than in FY25 because I think it contributed to a significant decline, at least in the last fiscal or last quarter? And coming to hiring, I can see that the headcount has increased marginally between Q4 and Q1 this year. So, do you at all see any impact of AI and automation on hiring? Yeah, just these, thank you.

Salil Parekh
So, on the first one, I think we see the changes in the economic outlook, with all of the changes going on in U.S. and Europe, we have not seen any change in a specific client or a specific project situation. It is more overall what we were sharing earlier. First, there is more emphasis on cost and efficiency across, there is some impact at an industry level, if you look at Logistics or Consumer products or some parts of Manufacturing like auto. And then we see a lot of benefits in this like a cost or consolidation discussion quite a bit when clients have made some of those decisions. So there, we are okay from the overall perspective, which has partially helped us with the growth.

I think on the hiring, recruiting and people, so we first have a plan for recruitment for this year for college and lateral avenue. With AI there has been benefits that we see in terms of productivity. We see with AI, especially enterprise AI, that there is more things that we are doing with clients, even things like the cloud transitions get accelerated or data and analytics foundations get accelerated. And those programs are fundamental to making enterprise AI successful with clients.

So those things give us more newer work and on balance, we see that overall continues to be supporting our growth activity now, plus the consolidation side, the cost efficiency side. So we will continue with our hiring plan for this year.

Rishi Basu
Thank you. The next question is from Ayanti Bera from the Financial Express.

Ayanti Bera
Hello hi, I don’t know if this has been talked about already. Just give us the underlying reasons that encouraged you to increase the lower end of your revenue growth guidance?

Jayesh Sanghrajka
Yes. So if you look at last guidance, we had clearly called out that at the lower end of our guidance, we are expecting heightened uncertainty, in the environment. And at the upper end of the guidance, we are expecting steady to marginally improving environment.

One quarter gone by, we have strong quarter, we have strong deal wins, that is the reason why we have increased our lower end from 0% to 1%. At the same time, on the upper end, we still see possible uncertainty on the back of tariff and on the whole of macro environment. But at the lower end, the quarter performance and the deals that we have won gives us better confidence at this point in time.

Rishi Basu
Thank you. With that, we come to the end of this press conference. We thank our friends from media for being here today. Thank you, Salil, and thank you, Jayesh. 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, and please join us for some high tea outside.

Exhibit 99.4

Fact Sheet

Revenue Growth- Q1 26

Revenues by Business Segments

(in %)

Revenues by Client Geography

(in %)

Client Data

Effort & Utilization – Consolidated IT Services

(in %)

Employee Metrics

(Nos.)

Cash Flow

In US $ million

In crore

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 three months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Jun 30, 2025	Jun 30, 2024	Growth % YoY	Mar 31, 2025	Growth % QoQ
Revenues	42,279	39,315	7.5%	40,925	3.3%
Cost of sales	29,224	27,177	7.5%	28,575	2.3%
Gross Profit	13,055	12,138	7.6%	12,350	5.7%
Operating Expenses:
Selling and marketing expenses	2,208	1,937	14.0%	1,957	12.8%
Administrative expenses	2,044	1,913	6.8%	1,818	12.4%
Total Operating Expenses	4,252	3,850	10.4%	3,775	12.6%
Operating Profit	8,803	8,288	6.2%	8,575	2.7%
Operating Margin %	20.8	21.1	-0.3%	21.0	-0.2%
Other Income, net(1)(2)	937	733	27.8%	1,088	-13.9%
Profit before income taxes	9,740	9,021	8.0%	9,663	0.8%
Income tax expense(2)	2,816	2,647	6.4%	2,625	7.3%
Net Profit (before non-controlling interests)	6,924	6,374	8.6%	7,038	-1.6%
Net Profit (after non-controlling interests)	6,921	6,368	8.7%	7,033	-1.6%
Basic EPS ()(2)	16.70	15.38	8.6%	16.98	-1.6%
Diluted EPS ()(2)	16.68	15.35	8.6%	16.94	-1.6%
Dividend Per Share ()	–	–	–	22.00	–

(2)

Includes interest income (pre-tax) of $38Mn (327 crore) with reversal of net tax provisions amounting to $12Mn (101 crore) in Q4 FY’25 on account of orders received under section 250 of the Income Tax Act, 1961, from the Income Tax Authorities in India for certain assessment years. This has resulted in a positive impact on the consolidated Basic and Diluted EPS by approximately $0.01 (1.03) for the quarter ended March 31, 2025

Exhibit 99.5
Earnings Conference Call

Infosys Limited
Q1 FY26 Earnings Conference Call

July 23, 2025

CORPORATE PARTICIPANTS

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Sandeep Mahindroo

Financial Controller and Head of Investor Relations

ANALYSTS

Ankur Rudra

Kumar Rakesh

BNP Paribas

Abhishek Kumar

JM Financial

Bryan Bergin

TD Cowen

Jonathan Lee

Guggenheim Partners

Surendra Goyal

Rishi Jhunjhunwala

Sandeep Shah

Equirus Securities

Vibhor Singhal

Nuvama Institutional Equities

Apurva Prasad

Franklin Templeton

Ashwin Mehta

Ambit Capital

Abhishek Pathak

Motilal Oswal

Keith Bachman

BMO Capital

Moderator

Ladies and gentlemen, good day, and welcome to Infosys Limited Q1 FY26 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, Mr. Mahindroo.

Sandeep Mahindroo

Hello, everyone. Welcome to Infosys earnings call for the first quarter of FY26. Joining us on this call is CEO and MD, Mr. Salil Parekh; CFO, Mr. Jayesh Sanghrajka, and other members of the leadership team. We will start the call with some remarks on the performance of the company, subsequent to which we will open up the call for questions.

Please note that anything we say that 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 complete statement explanation of these risks is available in our filings with the SEC, which can be found on www.sec.gov.

I would now like to pass on the call to Salil.

Salil Parekh

Thanks, Sandeep. Good evening, and good morning to all of you. Thank you for joining us. We had a strong start to our financial year. Our revenues grew 2.6% sequentially and 3.8% year-on-year in constant currency terms.

Growth was broad-based with our large five industry groups and our large geographies growing year-on-year in constant currency. Our large deals were at $3.8 bn. Our operating margin was 20.8% and our free cash flow was at $884 mn.

The main drivers of our growth were our leadership in enterprise AI and our continued success in clients selecting us for consolidation. We are seeing good demand for AI agents. We built 300 agents across business operations and IT areas. Our horizontal and vertical agents are helping our clients drive faster decisions, improve customer experience and improve operational efficiency.

Let me share with you some examples of where we are doing project work on enterprise AI for our clients.

An oil and gas major is using Infosys AI agents to enhance production quality in their refinery, orchestrate dynamic pricing in their retail stores and automate their contract management system for efficient trading.

A leading global manufacturing company is using Infosys AI agents across their supply chain to unlock productivity and cost benefits and using Infosys AI agents to efficiently resolve issues related to malfunctioning equipment.

A logistic company is using Infosys AI agents to transform customer care, operations and logistics and finance and accounting to become more efficient.

For a leading North American retailer, we are transforming in-store shopping into a frictionless data-driven experience, boosting customer satisfaction, loyalty and operational efficiency. This is being done by integrating physical AI, through intelligent automation and edge-based computing vision.

A global financial services company is using Infosys Enterprise AI Solution with a fine-tuned large language model. This system translates code and automates documentation. The solution increased developer productivity by 25% and automated 50% of business requirement creation and support of the modernization plan.

Building on 19 leadership ratings we received in financial year 2025, we are now positioned additionally as leaders in Gartner's first Generative AI Consulting and implementation services quadrant. We are the only large India-based technology services company to be positioned as a leader.

Based on our performance in Q1 and our current outlook, our guidance for growth for financial year 2026 is revised. From the earlier guidance of 0% to 3%, now it is 1% to 3% growth in constant currency terms. Our margin guidance remains unchanged at 20% to 22%.

With that, I would like to invite Jayesh to share his comments.

Jayesh Sanghrajka

Thank you, Salil. Good morning, good evening, everyone, and thank you for joining the call today.

We have been able to successfully navigate a quarter of global uncertainty, which is reflected in our holistic business performance. We delivered market-leading sequential growth, robust large deal wins with strong net new, resilient operating margins, high single-digit EPS growth, and another quarter of free cash flow to net profit of over 100%.

Let me cover the key aspects of the results.

Operating margin for Q1 was at 20.8%, decline of 20 basis points sequentially. The major components of sequential margin change for the quarter are as follows:

Headwinds of 

Partly offset by tailwinds of

leading to 20 basis point drop in operating margin sequentially.

ETR for the quarter was at 28.9%. We expect the effective ETR rate for the financial year'26 to be in the range of 29% to 30%.

While Q1 was steady, business environment remains uncertain due to lack of resolution on tariffs and geopolitical situation. Clients continue to be cautious in their discretionary spending decisions reflecting in delayed decision making.

Near-term visibility remains good, and we expect stronger H1 compared to H2 on account of normal seasonality, as highlighted earlier.

Coming to verticals,

Financial Services saw good momentum this quarter in U.S. with capital markets, commercial banking and wealth management seeing a lot of transformation opportunities. Agentic AI is playing a pivotal role with focus on areas like KYC, onboarding and portfolio management. We are now the preferred AI partner for 10 of the top 20 clients in Financial Services with many initiatives getting from POC to production, especially in Agentic AI. We are partnering with GCCs, both in setup and growth-led deals. While pipeline is strong with new opportunities in vendor consolidation, cost optimization and simplification, clients are cautious about decision-making due to a volatile environment.

Manufacturing segment continues to face challenges in automotive, industrial and Europe with decision-making delays and soft discretionary spends. While clients are re-evaluating their supply chains due to tariff uncertainty, we are helping them leverage technology across end-to-end lifecycle from Design to Manufacturing to Sales. Pipeline remains healthy with focus on cost takeout opportunities. We won a large deal in this vertical in Q1 to help a client set up a GCC. In Auto, we are helping clients in rationalizing their footprints and in Industrial, we are helping them in cost optimization.

EURS vertical outlook remains mixed due to economic uncertainties. Pipeline for both large and mega deals remain strong. Our investment in Industry Cloud, Energy Transition and AI-driven operational efficiency are driving growth and differentiating us in large deals. In Energy, high-cost pressures due to oil price volatility are prompting clients to consolidate vendors for savings. In Utilities, advancement in renewable energy, smart grid technology, and sustainability regulations are reshaping the market. In Services, clients remain cautious about spending across capex and opex.

In Retail, uncertainty around tariffs has led to muted spending in large geographies, supply chain impact and procurement disruptions. Budgets remain tight and decision cycles elongated. There is a slowdown amongst clients on discretionary spend though our pipeline is strong. We are seeing strong commitment from clients to engage us as trusted partners for AI first, outsourcing, and transformation deals in both IT and BPM services. Enhanced interest in AI is resulting in budget reallocation with discretionary spend expected to be self-funded through AI-led productivity benefits. Deals in the sector continue to leverage Topaz and AI Next platform capabilities.

Communications is facing growth challenges and increased opex pressures amidst volatile macroeconomic and political landscape. Clients are focusing on cost takeouts and vendor consolidation. There is strong focus on AI and customization to monetize 5G use cases, though ROI concerns are delaying newer investments. OEMs are aiming for profitable growth and are exploring all levers, including tighter and reduced IT budgets, and leveraging AI and automation. Growth for us is led by ramp-up of previously won large deals.

Clients in Hi-Tech remain cautious due to macro headwinds and geopolitical tensions, leading to cost pressures and budget cuts. Discretionary programs are paused because of significant investments in Gen AI GPU and AI.

Driven by our Q1 performance and our current assessment of the rest of the year, we have revised our FY26 revenue guidance to 1% to 3% in constant currency terms. This continues to assume a reduction in third-party revenues versus FY25 based on existing deals and new deals in the pipeline. Our operating margin guidance for the year is 20% to 22%.

We will continue to keep a close watch in economic environment and its impact on client budgets and reassess our guidance as we progress during the year.

With that, we can open the floor for questions.

 Moderator

Thank you very much. We will now begin the question-and-answer session. The first question is from Ankur Rudra from JP Morgan. Please go ahead.

Ankur Rudra

Hi, thank you. So I mean, clearly, good to see a refreshing revenue print here. Key question is on your organic growth momentum. On a year-over-year basis for the quarter, it is quite strong, probably 3.5%, 3.4%. Overall growth was about 5% last quarter.

So the question is, why are you still guiding for like 2% at the midpoint? What is it that you are seeing that makes you feel that the year-over-year growth trajectory on constant currency will weaken, given the solid signings you have had? Or asked another way, why you dropped the upper end of the guide here? Thank you.

Jayesh Sanghrajka

Hi Ankur, this is Jayesh here. As we had said at the beginning of the year, at the lower end of the guidance, we had baked in heightened uncertainty. At the higher end of the guidance, we had baked in steady to improving environment. While Q1 was strong, if you look at the environment, underlying has not really changed. Q2, we are not really seeing signs of significant environment changes. Tariff situation still remains escalated. The geopolitical situation has not really changed. And this is the part of the year, Q1 and Q2 put together, is the strongest part of our year seasonally, right? So looking into all of that, our current guidance at the bottom end expects continuing or elevated uncertainty, and the upper end bakes in a steady environment at this point in time. This is based on what we see today.

Ankur Rudra

Okay. Appreciate it. Maybe a couple of questions on AI. Are there any kind of margin or pricing trade-offs you see when you engage with clients on renewals or maybe even out of turn where the expectation is some of the benefits of AI is baked into their contracts? Are you also proactively taking this to clients? That is part number one.

Part number two is, there seems to be a lot of significant increase in vendor consolidation, and I think AI is part of those contracts as well. Do you think that is potentially increasing the replaceability of vendors such as yourselves because of more use of Generative AI? Thank you.

Salil Parekh

Hi, Ankur. This is Salil. I think on the first part, what we see with enterprise AI now is, there are areas where there is good productivity benefits and especially as we are deploying agents or setting up whole enterprise AI platforms for clients using foundation models. And then there are some areas where we are seeing new opportunities for revenue.

So on the first part, typically, there are productivity gains, and those are shared between clients and ourselves. In many cases, those are situations where either the clients are seeking it themselves or we are bringing it to clients in a view to make things more efficient. And in doing so, we typically get an ability because I think our enterprise AI work is quite solid to do other things, both in enterprise AI, but in other areas with the clients. So that is how we are seeing that piece of the work going on.

Ankur Rudra

The other question, Salil, do you think there is any kind of increase in replaceability of vendors because we hear a lot more of vendor consolidation now? And is that helped by AI in any way?

Salil Parekh

So there, what we are seeing is, at least in the ones that we have benefited from, of which Jayesh mentioned, a good number of them are in the Q1 large deals. And just looking at those as a sample set, we see that clients have looked at where they have seen companies are not bringing them good AI solutions in the recent past, solid delivery or where they are looking at some of the smaller companies coming out.

So those are the areas where, because of our strength of delivery, we feel quite positive that we, on net, are benefiting from it. I do not think it is making it easier or more difficult. But that track record, whether you brought that AI innovation to the client, whether you have delivered in a way that has worked for them over the past, and whether you have scale to do a lot of different things because clients are looking at multiservice capability. That is helping with the large clients for us.

Ankur Rudra

Thank you. Appreciate it. Best of luck.

Moderator

Thank you. Next question is from Kumar Rakesh, BNP Paribas. Please go ahead.

Kumar Rakesh

Hi, good evening and thank you for taking my question. Before I get to the question, just a clarification on the guidance part, which you spoke about, Jayesh, just now. So your revision of guidance, especially the top end of the organic growth, it is just a reflection of change in the macroeconomic environment assumptions and not necessarily how you look at the deals ramping up or the impact of third party or any of the operational related issues, right?

Jayesh Sanghrajka

Yes. I mean, see, at the beginning of the year, we had already called out lower third party. So that factor does not change. As we had also called out, at the top end of the guidance, we expect steady to marginally improving environment. Now we have not seen the environment improving in Q1. Almost one month of Q2 is gone.

The challenges with respect to tariffs, the challenges with respect to geopolitical environment continue. Clients still remain on a wait and watch with respect to discretionary spend or whether it comes through deal signing, the cycles remain elongated. So I think from all of that perspective, what we are seeing now is at the upper end of the guidance, we are expecting a steady environment, and that is what is baked in the guidance.

Having said that, just to clarify, if you look at Q1 and YoY on Q1, the third-party cost on a YoY basis was flattish. So when you compare a YoY growth and then extrapolate that for the full year, there would be a headwind from that perspective when you look at a full-year basis growth on the third-party part.

Kumar Rakesh

Got it. Thanks. And just the first question around the revenue piece. So in this quarter, you spoke about that there has been pricing and productivity benefit of about 70 bps in the first quarter. Can you just give some details around that? Where are we getting that? And through the year, you spoke about that the third party will come down on a full-year basis further. But from first quarter level, will it further come down from these levels?

Jayesh Sanghrajka

So if you look at the pricing, we have spoken about it earlier in terms of the Project Maximus, the value-based selling within Project Maximus. There are multiple tracks within Project Maximus. And I think they have helped. The 70 basis points is a combination of both the benefit on back of Project Maximus as well as some part of seasonality because in this quarter, you have higher working calendar days, given some part of furlough flush back also happens. So you do get that benefit also.

So partly, it is on account of seasonality. Partly, it is on account of the Project Maximus that has helped. But when you look at a full-year basis, last year, we did talk about 3.5% on terms of pricing benefit that we got. Of course, there were also low-hanging fruits that we captured. But in my mind, the Project Maximus is continuing contribution on this side.

On the third party, I do not think we are giving quarterly color on this. All we have said is looking at the deals we have signed and the deals in the pipeline, we expect FY '26 third party to be lower than FY'25 third party.

Kumar Rakesh

Thanks for that. My second question was on Europe performance. For the last four or five quarters, Europe has been constantly outperforming your overall growth. So, what is driving that? And, how sustainable do you think this outperformance could be or just a strong growth could be?

Jayesh Sanghrajka

So, I think the growth in Europe in last multiple quarters and years is on back of a few things. We are one of the first companies a few years back to call out Europe as an opportunity. We have made, on back of that hypothesis, investments in Europe. And that has helped us win some of the very, very large and mega deals in Europe. So that has definitely helped from the growth in Europe perspective.

There are consolidation deals that we have won as well in Europe. So that has helped. And over a period of time, Europe is also opening up from outsourcing perspective. So that is also helping in growth perspective.

Kumar Rakesh

And going forward, sustainability of this strong growth in Europe, do you remain confident on that?

Jayesh Sanghrajka

I think there are enough opportunities in Europe. Now whether it will continue growing beyond the company growth or not, I do not think we are giving a guide on that. But where we are standing today, we are seeing opportunity in Europe. And many of the large deals are sitting in Europe as well as the pipeline contain a good amount of large deals in Europe.

Kumar Rakesh

Great. Thanks a lot.

Moderator

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

Abhishek Kumar

Yes. Good evening. Thanks for taking my question. I have a question on vendor consolidation. This has been going on for last at least a couple of years now. Do you think there has been a shift in the vendors we are competing with? Maybe earlier, it was the longer tail of small vendors, which these enterprises had added post-COVID. And you think now it has shifted to more larger, like, peers, and therefore, the fight to hold on to your turf and add more becomes a bit more challenging and kind of puts pressure on our margins?

Salil Parekh

Hi. this is Salil. I think first on vendor consolidation, what we are seeing is, there is a range of options that clients have. And in that sense, it is something that is been ongoing for some time even beyond the last two or three years. But now, what we are seeing is Infosys is benefiting from this from a perspective of the type of work we are bringing to clients and especially what we have done in the last couple of years in enterprise AI and the consistent delivery that we have shown across all of our other offerings over that time frame. That, in the past, we have talked about.

We also have today Automation and Lean. All of those elements come together, and that is where we see clients selecting us. And these are with respect to some large other companies and some midsized, small other companies as well.

In terms of pricing, we see that there is usual approach, which is focused on productivity. So it is not any different when there is a consolidation or where there is something new. But over time, there is an expectation of productivity improvement, and we are in that discussion quite mindful of what are the benefits we can provide through Automation, Lean and all the enterprise AI work we are doing.

Abhishek Kumar

My second question is on your seasonality. You are probably the only company who is saying that H2 will be weaker than H1. Most of the others are hopeful of a rebound in second half. So is it just seasonality that is driving this kind of a view? Or do you think some of the large deals, which are helping us in sectors like Communication, they kind of get into steady state and therefore, the visibility, given the large deals last year were weaker than the year before, the visibility from deals ramping up in the second half is lower?

Jayesh Sanghrajka

So Abhishek, it is also a factor of what you deliver in H1. So if your H1 is relatively in line with what you are expecting, then the usual seasonality will come in. If you have seen a higher pressure on H1, then your hope on H2 is better. So, I think you will have to see all of those commentary in line of the performance of H1 and H2. I think our Q1 has been strong. If you look at compared to all the results in the market, I think we have delivered strong performance. And that makes us believe that we would have a usual seasonality in the model.

Abhishek Kumar

Thank you, and all the best.

Moderator

Thank you. Next question is from the line of Bryan from TD Cowen. Please go ahead.

Bryan Bergin

Hi. Thank you for taking the question. I wanted to ask on geographies. So Europe obviously, very strong, while North America was up slightly. Can you comment on North America? Do you have visibility to an improvement in growth there?

Jayesh Sanghrajka

Bryan, I think North America remains an important part of our business. It is the largest geography for us. At this point in time, we are seeing opportunity in pockets, especially in the Financial Services in North America, etc. But there are pockets of geographies of Manufacturing, Retail, etc., which all remain challenging.

At the same time, when you look at the large deal wins that we signed this quarter, 20 of them came from North America, 6 in Europe and 2 in ROW. We do see opportunities, both in terms of large deals, cost takeout as well as consolidation in North America.

Bryan Bergin

Okay. And then as it relates to the smaller deals, in the past, you have commented on small deal activity. Can you just give some comments on how that progressed during the quarter?

Jayesh Sanghrajka

We do not comment on small deals on a regular basis. There was one quarter where we saw a heightened activity in the small deals. That is why we did call that out because we thought it was relevant information from an investor perspective. At this point in time, our overall pipeline continues to remain strong. Within that, the large deal pipeline is also strong. We have delivered $3.8 bn, which is 44% increase on a sequential basis, 55% net new. So, I think all of those are positive aspects of the deals and pipeline.

Bryan Bergin

Okay, understood. Thank you.

Moderator

Thank you. Next question is from the line of Jonathan Lee from Guggenheim Partners. Please go ahead.

Jonathan Lee

Great. Thanks for taking our questions. Just a clarification on what you had called out earlier in terms of what is contemplated in the range of outcomes. Is it fair to assume that the midpoint of your outlook contemplates a slight deterioration in demand environment?

Jayesh Sanghrajka

So Jonathan, as I said earlier, we build multiple models that lead us to multiple ends of the guidance, right? These models are not built to converge on a midpoint of the guidance. That is an outcome of it. At the lower end of the guidance, we have baked in higher uncertainty from where we are today. At the upper end of the guidance, we have baked in a stable environment. And there will be multiple models that will lead us to various middle points of the guidance in between. And that is how the guidance band has arrived as always. The midpoint just becomes an outcome of the two ends of the guidance.

Jonathan Lee

Thank you for that color. And just as a follow up, can you help decompose what you saw in terms of client demand as you progressed from April through June and whether any of those trends have continued into July?

Salil Parekh

Hi. This is Salil. I think on client demand, what we see is huge interest in AI and especially what we are providing as agents and what we are able to do with large enterprise AI platforms, what we are doing with small language models. Those are places where there is discussions and then actual project work everywhere as part of larger programs. Then we saw more and more interest in the consolidation that we have already discussed. We have seen good attention on cost and efficiency.

We have seen strong interest, for example, in the foundations of enterprise AI, on cloud and data and analytics type of areas, especially some of the newer areas on the new SaaS data platforms. Then we have seen very good traction on enterprise application areas where there is movement to new generations of SaaS platforms on enterprise scale.

So those are the things where we are seeing some interest. And then because of the economic environment, especially if you look at logistics or consumer products or some aspects of manufacturing, auto and so on, we see some constraints that have come in, in this current environment. So, it is been a mix of those sorts of things.

Jonathan Lee

Thanks for the color, Salil.

Moderator

Thank you. Next question is from the line of Surendra Goyal from Citi. Please go ahead.

Surendra Goyal

Yes. Hi, Salil, Jayesh, good evening. Just one question, and sorry to kind of focus on the same point. So the slight lowering of the upper end of the organic guidance, is it due to taking a more conservative view of the environment or something that you actually saw on the business ramp down, slower ramp-ups, discretionary declining faster, not picking up, something on the business, or is just taking a more cautious conservative view of the environment? Thank you.

Jayesh Sanghrajka

No, Suren, I think it goes back to the commentary I gave in the beginning of Q1. We did say that the upper end of the guidance does bake in a slightly improving environment. Having had a benefit of one quarter gone and a stronger visibility of Q2, we do not see the environment changing significantly. And that is also visible from all other results. So all of that is baked in, in the upper end of the guidance today.

Today, what we have baked in at the upper end of the guidance is a steady environment. And as I said earlier, the H1 is stronger for us than H2. So once the stronger part of the period is gone, in an uncertain environment, our ability to change the guidance in a positive manner at the upper end gets much more restrained.

Surendra Goyal

Yeah. No, so I understand that, but it is a lowering that I am talking of. Like how did you kind of arrive at that conclusion? What did you see which tells you that the environment is not improving? I am just trying to understand the data points behind that.

Jayesh Sanghrajka

Yeah. So same thing, right? The client behaviour in terms of decision-making, the discretionary spends that is happening on the various accounts. So all of those are anecdote data points that we get when we do a ground-up model in terms of where we stand.

Surendra Goyal

Understood. Thank you.

Moderator

Thank you. Next question is from the line of Rishi Jhunjhunwala from IIFL. Please go ahead.

Rishi Jhunjhunwala

Yeah, thanks for the opportunity. Two questions here. Firstly, if you look at the overall wage hike impact that has played out over the past two quarters, almost 240 basis points, it seems like it is relatively higher than where the industry has been. And of course, the growth has been fairly muted for us and for the industry as well. So I just wanted to understand the thought process behind that kind of wage hike. And is it fair to assume that with that, we would not see any other action in FY26?

Jayesh Sanghrajka

So Rishi, the wage hike has been phased out, as you know, and it is as you mentioned into two phases. Large part of our organization up to middle level of the employees got a wage hike in January and the rest of the employees got the wage hike effective April 1. What I called out, 100 basis points in this quarter is a combination of wage hikes as well as the higher variable pay that we paid to our employees. So that is a combination of both of those factors.

We have not really split that out, but that is the overall wage hike. The wage hike, as we said at the beginning of the year, are relatively similar to the wage hikes that we have done in the earlier years in terms of percentages, etc.

And coming to the second part of your question, I think too early. We just have begun the year. We have had the wage hike effective this quarter. We have not really decided ‘when’ about the next wage hike at this point in time.

We take multiple factors when we consider the wage hikes, including market scenario, inflation, peer practices, etc., etc. We will take a call at the appropriate time.

Rishi Jhunjhunwala

Fair enough. And the second question is, some of these vendor consolidation and GCC kind of deals that we have won, just wanted to understand, are these any different in nature when it comes to the kind of upfront investments that are required either on the P&L side or on the balance sheet side versus, say, some of the large deals we have done a few years ago?

Jayesh Sanghrajka

See, if you look at the commentary that I gave in terms of cash flows, we are still continuing to believe that we will generate 100% plus conversion of our free cash flow to net profit. We have already had five very strong quarters of cash generation, and we are still expecting to that continue for the rest of the year. So obviously, these are not impacting our balance sheet or cash flow from that perspective. We expect these to be the regular deals with the regular contours of the deals. So these are not significantly different from that perspective.

Rishi Jhunjhunwala

Understood. All right. Thank you so much.

Moderator

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

Sandeep Shah

Yeah. Thanks for the opportunity and congratulations on a very solid quarter. Salil, wanted to understand the commentary about vendor consolidation deals, it has been bullish, not by just you or others. And it seems that INFY is winning higher share versus some of the peers. So, considering that, and this may continue going forward, one can assume that TCV can continue to remain healthier in the coming quarter as well because vendor consolidation deals are larger in size?

Salil Parekh

Hi. This is Salil. I think typically, we do not give a comment on the large deals value in the future quarters. As Jayesh was sharing earlier, the pipeline for large deals is in a good place. We see that we are benefiting from, as you were describing, on consolidation and then some of the other areas on AI, enterprise AI. So, we do not have like a view on what that value will be for the next three quarters, by quarter. But overall, we feel good in where the pipeline is. We see mega deals in that pipeline. But that is where we would leave it.

Sandeep Shah

Okay. Fair enough. What will change for clients to start spending on discretionary apart from improving macro? Any discussion with the clients implies or gives you any hope for green shoots possible on the discretionary side, may not be near term, but maybe by the fag end of FY26?

Salil Parekh

So there, again, we have not, in that sense, have a view on where or when that would happen. What we do see is clients are quite comfortable in working with us on enterprise AI programs, on cloud, on data analytics, on enterprise applications, and what we have discussed a little bit in more depth, on the consolidation programs. There is still quite a lot of attention on cost and efficiency. So we will see how and when the clients change their thinking on some of the other points you mentioned.

Sandeep Shah

Okay. And the last question is, I think in the press, you also mentioned that the aspiration to improve EBIT margin in this year over last year continues to remain. With the 1Q being lower than 21.1%, which was the margin in FY25, is it fair to assume we can still aspire to improve margin QoQ in the rest of the three quarters that will take us to better margin on a YoY in FY26? So what would be the levers apart from likely decline in the third-party equipment for service delivery?

Jayesh Sanghrajka

So, Sandeep, it is only one-fourth of the year which has gone behind. This is a part of the quarter or part of the year where we also have rolled out a compensation increase. So that is a large headwind that we have absorbed in the quarter as we got into the year. As we go further down, there are multiple tailwinds in terms of Project Maximus, value-based selling, etc. So that will help for sure. The third party as it reduces, will help on margins.

At the same time, there will be headwinds from the mega deals or the deals that will ramp up, in terms of transition activities that we will incur, where we do not get revenue, but we incur costs, etc. So these are factors that one will have to balance as we go through the year. At this point in time, as I said earlier, in the press also, our aspiration remains to improve margin from where we are.

Sandeep Shah

Okay. Thanks, and all the best.

Moderator

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

Vibhor Singhal

Thanks for taking my question and congrats again for a solid growth in this quarter. So Salil, my question was on basically the outlook that you provided, that we have not seen much things improving, and that is why the guidance stands where it is. Now, in your conversation with the clients, what is the deduction that we have that, look, the tariff was probably one of the most important reasons that we had in the guidance when we gave at the end of Q4?

But July 9 deadline has come and passed, now we are looking at the August 1 deadline. We have a trade deal with Japan. Do you think that over the next few months or quarters, maybe if these trade deals get finalized, the client spending could come back quickly, and basically, they might look at restarting the discretionary spend also or do you think it is more structural in nature?

It will also be weighed down upon how the U.S. economy growth picks up, how basically clients are looking to spend on all the other factors? Is it a mix of all? Or do you think an improvement in the tariff scenario could restart the spend that have been put on hold?

Salil Parekh

I think those are sort of important questions. What we see is, there is an interest with clients across industries to essentially leverage massively the new enterprise AI technology. A lot of that for productivity, a lot of that for new ways of doing business, which will spur their own growth and spur and expand revenue for us. The foundation of that is much more attention to be on the cloud, much more attention to have a strong sort of data infrastructure, and then much more attention to have even enterprise apps onto the cloud environments.

So all that, like interest is there. And then there is also the view of various GDP growth and economic activity go. And so our view is to make sure that there is an interest in cost and efficiency. We see some benefits of consolidation. We play that as an activity because we have strength there in addition to enterprise AI and the other areas. And we try to make sure that we are well positioned for that.

The other points in terms of timelines, we look at it for this year based on what we see. And at the end of next quarter and so on, every quarter as we see things which are different or the same. So we then update what we are looking at in terms of the overall activity.

Vibhor Singhal

Got it. Just one last one bit from my side since you touched upon the interest in AI. Is the current AI cycle very similar in nature to the digital adoption cycle that we saw in 2015-16? Do you think the level of interest of clients is pretty much the same?

The trajectory that the industry took at that point of time, in the sense that initially, the industry's IMS and other revenues were cannibalized by the cloud adoption, and then gradually, it picked up momentum. Do you think the AI cycle could also play out in a similar manner? Any thoughts on that would be really helpful.

Salil Parekh

So there, my view is, every big technology shift has a way for enterprise clients making decisions in different ways. So, whether it is that cycle or the one before that, with everything on the internet or the one before that, each tech cycle has had a way of playing out. So one of the factors we see, because large enterprises have already a landscape of different technologies. So for anything to make a big impact, it needs the technology to be distinctive, which we think enterprise AI is. And it has to then work with the ecosystem and then make an impact there.

So I do not have a view on, will that be looking like the one in the past or how similar or different it is. But what we do have a view on is we see a tremendous interest in enterprise AI from clients. We see foundational capabilities that they need, which we are good at, cloud, data, etc., which we think will help. And we are also pretty good in enterprise AI. So we are more prepared as that plays out.

Now like the timeline of that and the scale, at the end, the enterprise tech, let us say, landscape is much larger today than it was in 10 year ago period. So there is a lot more things, which need a change. So generally speaking, that gives me a good sort of feeling about the future. But to try to put that as it is similar or different is more difficult for me.

Vibhor Singhal

Got it. Thank you so much for that comprehensive answer, and I wish you all the best.

Moderator

Thank you. Next question is from the line of Apurva Prasad from Franklin Templeton. Please go ahead.

Apurva Prasad

So Salil, I am asking if the implied outlook for the remaining part of the year, is this more a function of macro and client tech overall spend related uncertainty that you are referring to? Or is it more of the structural AI-related productivity pass back? You did share some numbers of 5% to 15% related benefits that are being passed in, through AI programs.

Jayesh Sanghrajka

Hi. This is Jayesh here. This is more about the macro uncertainty that we are seeing. As I talked earlier, we have not really seen the environment improving from where we were at the beginning of the year. The tariff-related uncertainties still continue. The geopolitical uncertainty is still there. The client behaviour has not changed.

Many of the clients are still in a wait and watch mode when it comes to discretionary spending, etc. So, we have not really seen the environment changing, in the most strong part of the period, seasonally strong part of our business.

Apurva Prasad

All right. And if I still want to understand the AI-related productivity - the impact that you are facing already. Is there any geo or vertical specific trend that you see here, perhaps more maybe on North America and Hi-Tech? Is there any such trend across geographies and verticals?

Salil Parekh

On the AI, we see good adoption in many places. So there is not like one thing which will stand out. But one of the sort of comments we shared earlier was in Financial Services. If you look at our largest clients, half of them now, we have become the AI strategic partner. It is a key, I would say, positional advantage that I think Infosys has.

Apurva Prasad

All right.

Moderator

Thank you. Next question is from Ashwin Mehta from Ambit Capital. Please go ahead.

Ashwin Mehta

Hi. Thanks for the opportunity. Two questions. One, Jayesh, in terms of the depreciation and amortization going down to almost 50 bps, what has been the driver of that? And the second is in terms of SG&A bump up that we have seen, which is almost 90 bps this quarter. So is it more sales addition that is driving it? Or are there any, say, one-off events which possibly led to a material bump up?

Jayesh Sanghrajka

Yes. On the depreciation and amortization, if you recollect last quarter, we had a one-off on account of amortization of intangibles with respect to one of our acquisitions that is impacted by 40 basis points. Not the reversal of it, but the lack of it this quarter-on-quarter walk, shows up as 40 bps delta. And the balance has some part of the currency impact as well.

On the SG&A, it is multiple factors. Comp increase that we did in Q1 has an impact. The variable pay that we did has an impact. The hiring for the S&M mainly to improve our growth trajectory, which is what I called out as 20 basis point sales investment in the margin walk. So that has an impact. The investment that we have done in terms of brand building, and we had some events this quarter. So that also had an impact. So I think all of that is reflected in SG&A.

Ashwin Mehta

Okay, thanks sir, and all the best for the next quarter.

Moderator

Thank you. Next question is from the line of Abhishek Pathak from Motilal Oswal. Please go ahead.

Abhishek Pathak

Yes, hi, team. Morning, and congrats on a good quarter. A couple of questions. Just firstly, on the inorganic contribution. So the 40 bps impact that you are referring to, is this entirely from the acquisitions consolidated in this quarter? Because if I were to assume some residual impact from in-tech, the full year inorganic number comes out to be slightly higher? So just that clarification will be helpful.

And the second question is, there was a commentary around how discretionary spends are being kind of bank rolled entirely by the savings made by AI. So just wondering, is this going to be sort of a structural trend where there is going to be a cannibalization going forward regardless of how the demand improves? Will the clients expect us to just keep self-funding the discretionary initiatives based on these gains or is there sort of a more structural demand recovery built in, let us say, post the next 12 to 18 months, where the clients do need a serious amount of investment in their data and their tech stack to basically modernize? So those are two questions. Thank you.

Jayesh Sanghrajka

So Abhishek, the 40 basis points that I talked about is sequential. So 2.6% includes 40 basis points of on account of acquisitions. These are the acquisitions that we made in this quarter, the MRE and The Missing Link in Australia. So that has contributed around 40 basis points out of the 2.6%.

Abhishek Pathak

Right. I think I was just referring to your comment on the press conference that you said, even the full-year impact will be 40 bps and hence, the confusion.

Jayesh Sanghrajka

Yes. So in-tech was pretty much 9 out of the 12 months in the last year. So if you look at full-year basis, it is not significant. So that is the reason I said it is similar impact on a full-year basis. If you add 3.5 months of in-tech and 11 months of MRE and Missing Link.

Abhishek Pathak

Yes, got it. Thanks.

Moderator

Thank you. Next question is from the line of Bachman from BMO. Please go ahead.

Keith Bachman

Hi, thank you. This is Keith Bachman from Bank of Montreal. My first question is, your headcount was relatively flat quarter-on-quarter, including software professionals. How do you think about headcount trends through the year?

Jayesh Sanghrajka

So Keith, we were able to increase our utilization this quarter by 30 basis points. So that helped. Part of our growth, as I mentioned earlier, came on back of the pricing increase, including the seasonality in the business. So that has helped as well.

But as we go forward, whatever volume growth will come in, considering that we are operating at a peak headcount, that would need additional head count either through subcontractors or our own employees in terms of efforts.

Keith Bachman

Okay. Perfect. And then my second question is, the reason I said headcount, I just did not know if you had been able to break the cycle a little bit on growing headcount faster than effort because AI might help you, but it sounds like in the next couple of quarter interest, no.

The second question is related to your delivery model. How do you think about your delivery model changing over the next year or so in terms of having, A) FTE base versus B), more success base or more fixed price contracts? Do you think your delivery model may change, enabled by or may be caused by the advent of more AI capabilities?

Jayesh Sanghrajka

So Keith, if you look at the delivery model, I do not think delivery model will change in a short period of a couple of quarters. Over a longer period of time, on the back of AI, etc., we may expect some part of newer pricing models emerging. It could be outcome-based pricing model. It could be pod-based or studio-based pricing model, etc. So there are various new pricing models that are emerging as we speak, I do not think over the next year or so, the entire model is going to change. The change will happen gradually in my mind.

Keith Bachman

Okay. Many thanks. Best of luck.

Moderator

Thank you very much. Ladies and gentlemen, we will take that as the last question. I will now hand the conference over to the management for closing comments.

Salil Parekh

Thank you, everyone, for joining us. It is been a fantastic quarter for us, strong growth, large deals, a very good focus on enterprise AI consolidation, but also good on cloud and data work. We see this as a differentiated performance with what we have done, which is helping positioning Infosys in that leadership area. And we look forward to a good rest of financial year'26 and connecting with you through the quarter and at the end of this quarter as well.

Thanks, everyone. Take care. Bye.

Moderator

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

Exhibit 99.6
Form of Release to Stock Exchanges

INDEPENDENT AUDITOR’S REPORTON AUDIT OF QUARTERLY 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 ended June 30, 2025 (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 “LODR 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 ended June 30, 2025 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 and Board of Directors’ Responsibilities for the Statement

The Statement, which includes the Consolidated Financial Results is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed consolidated financial statements for the three months ended June 30, 2025. This responsibility includes the preparation and presentation of the Statement 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 Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and 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 this Statement by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board 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 Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board 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 for the quarter ended June 30, 2025

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter ended June 30, 2025, 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 skepticism throughout the audit. We also:

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement 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 Statement.

We communicate with those charged with governance of the Company and such other entities included in the Statement 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 REPORTON THE AUDIT OF QUARTERLY 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 ended June 30, 2025 (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 “LODR 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 ended June 30, 2025 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 and Board of Directors’ Responsibilities for the Statement

The Statement, which includes the Standalone Financial Results is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed standalone financial statements for the three months ended June 30, 2025. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter ended June 30, 2025 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 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 LODR 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 Statements that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are 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 are also responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for audit of the Standalone Financial Results for the quarter ended June 30, 2025

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 skepticism throughout the audit. We also:

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement 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 Statement.

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 ended June 30, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2025	2025	2024	2025
	Audited	Audited	Audited	Audited
Revenue from operations	42,279	40,925	39,315	162,990
Other income, net	1,042	1,190	838	3,600
Total Income	43,321	42,115	40,153	166,590
Expenses
Employee benefit expenses	22,847	22,015	20,934	85,950
Cost of technical sub-contractors	3,497	3,276	3,169	12,937
Travel expenses	516	520	478	1,894
Cost of software packages and others	3,746	3,899	3,455	15,911
Communication expenses	144	147	147	620
Consultancy and professional charges	464	301	445	1,655
Depreciation and amortisation expenses	1,140	1,299	1,149	4,812
Finance cost	105	102	105	416
Other expenses	1,122	893	1,250	4,787
Total expenses	33,581	32,452	31,132	128,982
Profit before tax	9,740	9,663	9,021	37,608
Tax expense:
Current tax	3,053	2,784	2,998	12,130
Deferred tax	(237)	(159)	(351)	(1,272)
Profit for the period	6,924	7,038	6,374	26,750
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	(70)	(145)	20	(92)
Equity instruments through other comprehensive income, net	35	29	14	19
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	6	(56)	(3)	(24)
Exchange differences on translation of foreign operations	1,019	384	(104)	357
Fair value changes on investments, net	123	63	40	199
Total other comprehensive income/(loss), net of tax	1,113	275	(33)	459
Total comprehensive income for the period	8,037	7,313	6,341	27,209
Profit attributable to:
Owners of the company	6,921	7,033	6,368	26,713
Non-controlling interests	3	5	6	37
	6,924	7,038	6,374	26,750
Total comprehensive income attributable to:
Owners of the company	8,024	7,304	6,337	27,167
Non-controlling interests	13	9	4	42
	8,037	7,313	6,341	27,209
Paid up share capital (par value 5/- each, fully paid)	2,074	2,073	2,072	2,073
Other equity *#	93,745	93,745	86,045	93,745
Earnings per equity share (par value 5/- each)**
Basic (in per share)	16.70	16.98	15.38	64.50
Diluted (in per share)	16.68	16.94	15.35	64.34

a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2025 have been taken on record by the Board of Directors at its meeting held on July 23, 2025. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) On April 30, 2025, Infosys Nova Holdings LLC acquired 100% partnership interests in MRE Consulting Ltd, a leading Energy and business consulting services company, headquartered in USA, for a consideration including earnouts amounting up to $36 million (306 crore).

c) On April 30, 2025, Infosys Singapore Pte Ltd. acquired 100% voting interests in The Missing Link Security Pty. Ltd., The Missing Link Security Limited and The Missing Link Automation Pty. Ltd. (collectively known as "The Missing Link"), a leading Cybersecurity service provider headquartered in Australia, for a consideration including earnouts amounting up to AUD 93 million (505 crore).

d) The U.S. Department of Justice (“DOJ”) is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities.  The Company is engaged in discussions with the DOJ regarding its ongoing investigation and has commenced its own inquiry regarding the matter.  At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company’s business and results of operations.

2. Information on dividends for the quarter ended June 30, 2025

For financial year 2025, the Board recommended a final dividend of 22/- (par value of 5/- each) per equity share. The same was approved by the shareholders in the Annual General Meeting (AGM) of the Company held on June 25, 2025 and paid on June 30, 2025.

(in )

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2025	2025	2024	2025
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	21.00
Final dividend	–	22.00	–	22.00

3. Segment reporting (Consolidated - Audited)

(in crore)    

Notes on segment information

Business segments

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

Segmental capital employed

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

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

(in crore)

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

The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2025, 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, our future financial or operating performance, and the McCamish cybersecurity incident are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, and the outcome of the government investigation. 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, 2025. 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 ended June 30, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2025	2025	2024	2025
	Audited	Audited	Audited	Audited
Revenue from operations	35,275	34,136	33,283	136,592
Other income, net	882	1,323	721	4,782
Total income	36,157	35,459	34,004	141,374
Expenses
Employee benefit expenses	17,673	17,259	16,495	67,466
Cost of technical sub-contractors	5,208	4,941	4,831	19,353
Travel expenses	392	413	371	1,467
Cost of software packages and others	2,217	2,142	2,117	9,617
Communication expenses	99	104	105	448
Consultancy and professional charges	392	358	266	1,245
Depreciation and amortisation expense	613	590	698	2,619
Finance cost	55	51	59	221
Other expenses	848	540	934	3,497
Total expenses	27,497	26,398	25,876	105,933
Profit before tax	8,660	9,061	8,128	35,441
Tax expense:
Current tax	2,761	2,408	2,686	10,836
Deferred tax	(215)	25	(326)	(963)
Profit for the period	6,114	6,628	5,768	25,568
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net	(61)	(144)	19	(81)
Equity instruments through other comprehensive income, net	35	30	14	19
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	6	(57)	(3)	(24)
Fair value changes on investments, net	122	63	36	191
Total other comprehensive income/ (loss), net of tax	102	(108)	66	105
Total comprehensive income for the period	6,216	6,520	5,834	25,673
Paid-up share capital (par value 5/- each fully paid)	2,077	2,076	2,076	2,076
Other Equity*	85,256	85,256	79,101	85,256
Earnings per equity share ( par value 5 /- each)**
Basic (in per share)	14.72	15.96	13.90	61.58
Diluted (in per share)	14.70	15.93	13.87	61.46

a) The audited interim condensed standalone financial statements for the quarter ended June 30, 2025 have been taken on record by the Board of Directors at its meeting held on July 23, 2025. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed standalone financial statements. Those 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) The U.S. Department of Justice (“DOJ”) is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities.  The Company is engaged in discussions with the DOJ regarding its ongoing investigation and has commenced its own inquiry regarding the matter.  At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company’s business and results of operations.

2. Information on dividends for the quarter ended June 30, 2025

For financial year 2025, the Board recommended a final dividend of 22/- (par value of 5/- each) per equity share. The same was approved by the shareholders in the Annual General Meeting (AGM) of the Company held on June 25, 2025 and paid on June 30, 2025.

(in )

Particulars	Quarter ended June 30,	Quarter ended March 31,	Quarter ended June 30,	Year ended March 31,
	2025	2025	2024	2025
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	21.00
Final dividend	–	22.00	–	22.00

3. 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 consolidated financial statements. Accordingly, the segment information is given in the audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2025.

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, and the McCamish cybersecurity incident are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, and the outcome of the government investigation. 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, 2025. 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 ended June 30, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS)

( in crore, except per equity share data)

Particulars	Quarter ended June 30,	Year ended March 31,	Quarter ended June 30,
	2025	2025	2024
Revenue from operations	42,279	162,990	39,315
Profit before tax	9,740	37,608	9,021
Profit for the period	6,924	26,750	6,374
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax)	8,037	27,209	6,341
Profit attributable to:
Owners of the company	6,921	26,713	6,368
Non-controlling interests	3	37	6
	6,924	26,750	6,374
Total comprehensive income attributable to:
Owners of the company	8,024	27,167	6,337
Non-controlling interest	13	42	4
	8,037	27,209	6,341
Paid-up share capital (par value 5/- each fully paid)	2,074	2,073	2,072
Other equity *#	93,745	93,745	86,045
Earnings per share (par value 5/- each)**
Basic (in per share)	16.70	64.50	15.38
Diluted (in per share)	16.68	64.34	15.35

a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2025 have been taken on record by the Board of Directors at its meeting held on July 23, 2025. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) On April 30, 2025, Infosys Nova Holdings LLC acquired 100% partnership interests in MRE Consulting Ltd, a leading Energy and business consulting services company, headquartered in USA, for a consideration including earnouts amounting up to $36 million (306 crore).

c) On April 30, 2025, Infosys Singapore Pte Ltd. acquired 100% voting interests in The Missing Link Security Pty. Ltd., The Missing Link Security Limited and The Missing Link Automation Pty. Ltd. (collectively known as "The Missing Link"), a leading Cybersecurity service provider headquartered in Australia, for a consideration including earnouts amounting up to AUD 93 million (505 crore).

d) The U.S. Department of Justice (“DOJ”) is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities.  The Company is engaged in discussions with the DOJ regarding its ongoing investigation and has commenced its own inquiry regarding the matter.  At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company’s business and results of operations.

2. Information on dividends for the quarter ended June 30, 2025

For financial year 2025, the Board recommended a final dividend of 22/- (par value of 5/- each) per equity share. The same was approved by the shareholders in the Annual General Meeting (AGM) of the Company held on June 25, 2025 and paid on June 30, 2025.

(in )

Particulars	Quarter ended June 30,	Year ended March 31,	Quarter ended June 30,
	2025	2025	2024
Dividend per share (par value 5/- each)
Interim dividend	–	21.00	–
Final dividend	–	22.00	–

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, our future financial or operating performance, and the McCamish cybersecurity incident are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, and the outcome of the government investigation. 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, 2025. 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 June 30, 2025, the Condensed Consolidated Statement of Comprehensive Income, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the three months ended on that date, and notes to the financial statements, including a summary of material 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 June 30, 2025, its consolidated profit and its consolidated total comprehensive income, its consolidated changes in equity and its consolidated cash flows for the three 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 (“SAs”) 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 Board of Directors 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 entities 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 respective interim 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 entities 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 entities included in the Group are also 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 financial controls 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 ended June 30, 2025

Infosys Limited and subsidiaries

(Dollars in millions except equity share data)

Condensed Consolidated Balance Sheet as at	Note	June 30, 2025	March 31, 2025
ASSETS
Current assets
Cash and cash equivalents	2.1	3,202	2,861
Current investments	2.2	887	1,460
Trade receivables		3,780	3,645
Unbilled revenue	2.17	1,588	1,503
Prepayments and other current assets	2.4	1,432	1,519
Income tax assets	2.12	347	348
Derivative financial instruments	2.3	8	23
Total current assets		11,244	11,359
Non-current assets
Property, plant and equipment	2.7	1,484	1,497
Right-of-use assets	2.8	739	738
Goodwill	2.9	1,296	1,182
Intangible assets		370	323
Non-current investments	2.2	1,241	1,294
Unbilled revenue	2.17	262	261
Deferred income tax assets	2.12	148	130
Income tax assets	2.12	195	190
Other non-current assets	2.4	468	445
Total Non-current assets		6,203	6,060
Total assets		17,447	17,419
LIABILITIES AND EQUITY
Current liabilities
Trade payables		422	487
Lease liabilities	2.8	296	287
Derivative financial instruments	2.3	34	7
Current income tax liabilities	2.12	707	567
Unearned revenue		994	994
Employee benefit obligations		385	340
Provisions	2.6	167	173
Other current liabilities	2.5	2,149	2,157
Total current liabilities		5,154	5,012
Non-current liabilities
Lease liabilities	2.8	693	675
Deferred income tax liabilities	2.12	204	202
Employee benefit obligations		12	11
Other non-current liabilities	2.5	264	264
Total Non-current liabilities		1,173	1,152
Total liabilities		6,327	6,164
Equity
Share capital - 5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,145,174,219 (4,143,607,528) equity shares fully paid up, net of 9,098,409 (9,655,927) treasury shares as at June 30, 2025 (March 31, 2025)	2.18	325	325
Share premium		521	500
Retained earnings		13,763	13,766
Cash flow hedge reserves		(1)	(2)
Other reserves		927	1,171
Capital redemption reserve		24	24
Other components of equity		(4,490)	(4,579)
Total equity attributable to equity holders of the Company		11,069	11,205
Non-controlling interests		51	50
Total equity		11,120	11,255
Total liabilities and equity		17,447	17,419

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)

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

As per our report of even date attached

Condensed Consolidated Statement of Changes in Equity

(Dollars in millions except equity share data)

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

As per our report of even date attached

Condensed Consolidated Statement of Cash Flows

Accounting Policy

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

(Dollars in millions)

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

As per our report of even date attached

Overview and Notes to the Interim Condensed Consolidated Financial Statements

1. Overview

1.1 Company overview

Infosys Limited ('the Company' or Infosys) provides consulting, technology, outsourcing and next-generation digital services, to enable clients to execute strategies for their digital transformation. Infosys strategic objective is to build a sustainable organization that remains relevant to the agenda of clients, while creating growth opportunities for employees and generating profitable returns for investors. Infosys strategy is to be a navigator for our clients as they ideate, plan and execute on their journey to a digital future.

Infosys together with its subsidiaries and controlled trusts is herein after referred to as the "Group".

The company is a public limited company incorporated and domiciled in India and has its registered office at Electronics city, Hosur Road, Bengaluru 560100, Karnataka, India. The company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The company’s American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the company's Board of Directors on July 23, 2025.

1.2 Basis of preparation of financial statements

The interim condensed consolidated financial statements have been prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values, defined benefit liability/(asset) which is recognized at the present value of defined benefit obligation less fair value of plan assets. Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the company’s Annual Report on Form 20-F for the year ended March 31, 2025. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The material accounting policy information used in preparation of the audited interim condensed consolidated financial statements have been discussed in the respective notes.

1.3 Basis of consolidation

Infosys consolidates entities which it owns or controls. The interim condensed consolidated financial statements comprise the financial statements of the company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded.

1.4 Use of estimates and judgments

The preparation of the Interim condensed consolidated financial statements in conformity with IFRS requires Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

1.5 Critical accounting estimates and judgments

a. Revenue recognition

The Group’s contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group’s costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

b. Income taxes

The Group's two major tax jurisdictions are India and the United States, though the company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, Management believes that the group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.12)

c. Business combinations and intangible assets

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by Management. (Refer to note 2.10 and 2.9.2)

d. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology (Refer to note 2.7)

e. Impairment of Goodwill

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than it’s carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins. (Refer to note 2.9.1)

1.6 Recent accounting pronouncements

New and revised IFRS Standards in issue but not yet effective:

IFRS 18 – Presentation and Disclosures in Financial Statements

On April 9, 2024, IASB has issued IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Statements from its effective date. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The new requirements are focused on the statement of profit or loss. IFRS 18 introduces three categories for income and expenses, that is, operating, investing and financing to improve the structure of the income statement. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, although early adoption is permitted. The Group is yet to evaluate the impact of the amendment.

Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures

On May 30, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, which clarifies the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, derecognition of financial liability settled through electronic payment systems and also introduces additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features.

The effective date for adoption of these amendments is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group is yet to evaluate the impact of these amendments.

On December 18, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, relating to factors an entity is required to consider in assessing the own-use requirements for contracts to buy and take delivery of nature-dependent renewable electricity; hedge accounting treatment for nature-dependent renewable electricity and related disclosures.

The effective date for adoption of these amendments is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements.

2. Notes to the Interim Condensed Consolidated Financial Statements

2.1 Cash and cash equivalents

Cash and cash equivalents consist of the following:

(Dollars in millions)

Cash and cash equivalents as at June 30, 2025 and March 31, 2025 include restricted cash and bank balances of $48 million and $50 million, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

The deposits maintained by the Group with banks comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

2.2 Investments

The carrying value of the investments are as follows:

(Dollars in millions)

Refer to note 2.3 for accounting policies on financial instruments.

Method of fair valuation:

(Dollars in millions)

Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

2.3 Financial instruments

Accounting Policy

2.3.1 Initial recognition

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

2.3.2 Subsequent measurement

a. Non-derivative financial instruments

(i) Financial assets carried at amortized cost

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

(iii) Financial assets carried at fair value through profit or loss (FVTPL)

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

(iv) Financial liabilities

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which is subsequently measured at fair value through profit or loss.

b. Derivative financial instruments

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

(i) Financial assets or financial liabilities, carried at fair value through profit or loss

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under IFRS 9, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per IFRS 9, is categorized as a financial asset or financial liability carried at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the statement of comprehensive income when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the balance sheet date.

(ii) Cash flow hedge

Primarily the Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transaction.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the statement of comprehensive income. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the net profit in the statement of comprehensive income upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified to net profit in the interim condensed consolidated statement of comprehensive income.

2.3.3 Derecognition of financial instruments

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. A financial liability (or a part of a financial liability) is derecognized from the group's balance sheet when the obligation specified in the contract is discharged or cancelled or expires.

2.3.4 Fair value of financial instruments

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table ‘Financial instruments by category’ below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

2.3.5 Impairment

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates.

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in interim condensed consolidated statement of comprehensive income.

Financial instruments by category

The carrying value and fair value of financial instruments by categories as at June 30, 2025 were as follows:

(Dollars in millions)

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

(Dollars in millions)