6-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

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

For the month of October 2022

Commission File Number 001-35754

Infosys Limited

(Exact name of Registrant as specified in its charter)

Not Applicable.

(Translation of Registrant's name into English)

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

(Address of principal executive offices)

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

Form 20-F þ Form 40-F o

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

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

TABLE OF CONTENTS

EXHIBIT 99.1

EXHIBIT 99.2

EXHIBIT 99.3

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

Infosys Limited (“we” or “the Company”) hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter ended September 30, 2022.

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

On October 13, 2022, we announced our results of operations for the quarter ended September 30, 2022. We issued press releases announcing our results under International Financial Reporting Standards ("IFRS"), copies of which are attached to this Form 6-K as Exhibit 99.2.

We have placed the form of release to stock exchanges concerning our results of operations for the quarter ended September 30, 2022 under Ind-AS. A copy of the release to stock exchanges is attached to this Form 6-K as Exhibit 99.3.

The Board of Directors of the Company amongst other matters, declared an interim dividend of 16.50/- per equity share and fixed October 28, 2022 as record date for interim dividend and November 10, 2022 as payout date.

The Board of Directors of the Company amongst other matters, also approved a proposal for the Company to buyback its own fully paid-up equity shares of face value of 5/- each (“Equity Shares”) from the equity shareholders of the Company (other than the promoters, the promoters group and persons in control of the Company), being 14.84% and 13.31% of its total paid-up capital and free reserves as on September 30, 2022 (on a standalone and consolidated basis, respectively) for an amount, payable in cash, aggregating up to 9,300 crore (Rupees Nine Thousand Three Hundred crore only) (“Maximum Buyback Size”) which is less than 15% of the aggregate of the total paid-up share capital and free reserves of the Company, based on the latest audited financial statements of the Company as at September 30, 2022 (on a standalone and consolidated basis), for a price not exceeding 1,850/- (Rupees One Thousand Eight Hundred and Fifty only) per Equity Share ("Maximum Buyback Price"), through the open market route through the Indian stock exchanges, in accordance with the provisions of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (as amended) ("Buyback Regulations”) and the Companies Act, 2013 and the rules made thereunder (“Buyback”).

A copy of the outcome of the board meeting is attached to this Form 6-K as Exhibit 99.1.

SIGNATURES

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

	Infosys Limited
Date: October 13, 2022	Inderpreet Sawhney General Counsel and Chief Compliance Officer

INDEX TO EXHIBITS

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

EX-99.1 CHARTER

 Exhibit 99.1
Outcome of the Board meeting

 

EX-99.2 BYLAWS

 Exhibit 99.2
IFRS USD Press Release

Broad based growth in H1 of 20.1% in constant currency; Q2 margins expand 150 bps sequentially

Highest large deal TCV of $2.7 bn in last 7 quarters; quarterly attrition declined for 3rd quarter in a row

Share buyback of 9,300 crores ($1.13 bn) and interim dividend of 6,940 crores ($0.85 bn) announced

Bengaluru, India – October 13, 2022: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, reported strong Q2 performance with year-on-year growth at 18.8% and sequential growth at 4.0% in constant currency. Year on year growth was in double digits across all business segments in constant currency terms. Digital comprised 61.8% of overall revenues and grew at 31.2% in constant currency. Operating margin for the quarter increased sequentially by 150 bps to 21.5%. Large deal TCV for the quarter was robust at $2.7 bn, highest in last 7 quarters. FY 23 revenue guidance is revised to 15%-16%; operating margin guidance is also revised to 21%-22%.

Our strong large deal wins and steady all-round growth in Q2 reflect the deep relevance and differentiation of our digital and cloud solutions for clients as they navigate their business transformation”, said Salil Parekh, CEO and MD. “While concerns around the economic outlook persist, our demand pipeline is strong as clients remain confident in our ability to deliver the value they seek, both on the growth and efficiency of their businesses. This is reflected in our revised revenue guidance of 15%-16% for FY 23”, he added.

 

1. Key highlights:

For the quarter ended September 30, 2022 ·Revenues in CC terms grew by 18.8% YoY and 4.0% QoQ ·Reported revenues at $4,555 million, growth of 13.9% YoY ·Digital revenues at 61.8% of total revenues, YoY CC growth of 31.2% ·Operating margin at 21.5%, decline of 2.1% YoY and increase of 1.5% QoQ ·Basic EPS at $0.18, growth of 2.5% YoY ·FCF at $589 million, decline of 17.3% YoY; FCF conversion at 78.6% of net profit For six months ended September 30, 2022 ·Revenues in CC terms grew by 20.1% YoY ·Reported revenues at $8,999 million, growth of 15.7% YoY ·Digital revenues at 61.4% of total revenues, YoY CC growth of 34.5% ·Operating margin at 20.7%, decline of 2.9% YoY ·Basic EPS at $0.34, growth of 0.8% YoY ·FCF at $1,245 million, decline of 21.0% YoY; FCF conversion at 86.6% of net profit

“Operating margins in Q2 expanded sequentially by 150 bps, helped by our operational rigor. While supply side challenges are gradually abating as reflected in the reducing attrition rates, they continue to exert pressure on our cost structure.”, said Nilanjan Roy, Chief Financial Officer. “In line with the capital allocation policy, the Board has announced an interim dividend of 16.50 per share, an increase of 10% over FY 22 interim dividend and an open market share buyback of 9,300 crores”, he added.

2. Capital allocation

The Board in its meeting held today approved the following:

• Buyback of Equity Shares, from the open market route through the Indian stock exchanges, amounting to 9,300 crore (Maximum Buyback Size, excluding buyback tax) (app. $1.13 bn*) at a price not exceeding 1,850 per share (Maximum Buyback Price), subject to shareholders' approval.

• Interim dividend of 16.50 per share (app. $0.20 per ADS*) vs. FY 22 interim dividend of 15. The total amount of interim dividend will be app. 6,940 crores (app. $0.85 bn*).

*USD-INR rate of 82.00

3. Client wins & Testimonials

• Currys plc entered into a strategic collaboration with Infosys for technology and business process services, to help accelerate profitable growth of their business across key UK and European markets. "As part of our ongoing transformation, Infosys will help us design and deliver a next-generation Group Business Services capability. This collaboration will give us access to world-class digital operations across UK, Europe and India, benefitting our colleagues and customers with best-in-class technology, systems, and processes; and new sources of competitive advantage for our core business,” said Bruce Marsh, Group CFO, Currys plc.

• Infosys Cyber Next platform and Palo Alto Networks strengthened Bpost’s security posture as part of the cloud transformation journey. Rony Monnaie, CISO, Bpost, said, “While we embarked on our cloud transformation journey, Infosys drove several well-considered cybersecurity initiatives to protect our environment and improve Bpost’s overall security posture. Today, both our employees and customers benefit from the secure foundation we now have to deliver and track both mail and parcels.

• Spirit AeroSystems entered into a five-year collaboration with Infosys to co-innovate Aerostructure and Systems Engineering Services by leveraging Infosys’ next-gen technologies. “At Spirit AeroSystems, we believe our ability to continuously advance our offering at design and engineering levels is one of our competitive differentiators. Our longstanding collaboration with Infosys means we are well-positioned to co-innovate on critical stages of product development, ensuring we continue to pursue the highest standards in quality and airworthiness. This strategic agreement further reinforces our strengths and will leverage mutual synergies to accelerate the development of world-class, sustainable aerostructures and services across our commercial and aftermarket business segments,” said, Dr. Sean Black, Senior Vice President and Chief Engineer, Engineering and Technology, Spirit AeroSystems.

• Infosys collaborated with Telenor Norway to accelerate their IT modernization and establish Telenor as a product-based organization through a co-managed model. Commenting on this collaboration, Birgitte Engebretsen, CEO, Telenor Norway, said, “In current times, it is imperative for an organization like Telenor Norway to stay ahead of the curve and ensure that our customers are provided with superior service. To do this, we have to be future-ready. Staying true to our strategy of ‘Beyond Connectivity’, combined with our powerful collaboration with Infosys, we are excited to embark on this modernization journey that will empower us to serve our customers better.”

• “Infosys has been our technology partner for more than 5 years. Infosys has helped us transform not only our technology landscape, but also how we engage with students and colleagues helping us to develop new digital solutions and build new data platforms to gain real value and insights to better inform our decision-making,” said Judi Turnbull, Director for Information Technology at Open University.

4. Recognitions

• Infosys won the ‘Most Outstanding Company in India – IT Services Sector’ in Asia’s Outstanding Companies Poll 2022. Asiamoney has designed this poll to acknowledge the listed companies that have excelled in areas such as financial performance, management team excellence, investor relations activities, and CSR initiatives

• Recognized as India’s Best Workplaces™ for Women 2022 by Great Place to Work®

• Recognized as UK’s Best Workplaces™ in Tech 2022 by Great Place to Work®

• Recognized among Mexico’s Best HR leaders of 2022 by Great Place to Work®

• Positioned as a leader in Power & Utilities Industry - Services and Solutions 2022 by ISG Provider lens study in the US

• Ranked as a leader in HFS Top 10: Sustainability Services, 2022

• Positioned as a leader in HFS Top 10: Capital Markets Services, 2022

• Positioned as a leader in End-to-End Cloud Infrastructure Management Services 2022 by NelsonHall

• Ranked as a leader in IDC MarketScape: Asia/Pacific SAP Implementation Services Vendor Assessment, 2022

• Recognized as a leader in EMEA Service Providers for Energy Transition and New Business Models for Oil and Gas Companies 2022 Vendor Assessment by IDC

• Positioned as a leader by NelsonHall in Supply Chain Transformation 2022

• Ranked as a leader by NelsonHall in Mortgage & Loan Services 2022

• Ranked as a leader in Data and Analytics (D&A) Services PEAK Matrix® Assessment 2022 by Everest

• Recognized as a leader in System Integration (SI) Capabilities on Amazon Web Services (AWS) PEAK Matrix® Assessment 2022 by Everest

• Recognized as a leader in ServiceNow Services PEAK Matrix® Assessment 2022 by Everest

• Positioned as a leader in System Integration (SI) Capabilities on Microsoft Azure PEAK Matrix® Assessment 2022 by Everest

• Ranked as a leader in Avasant’s Digital Master’s 2022 RadarViewTM

• Positioned as a leader in Avasant’s Freight and Logistics Digital Services 2022-23 RadarViewTM

• Recognized as a leader in Avasant’s Life Sciences Digital services 2022-23 RadarViewTM

• Ranked as a leader in Constellation ShortList™ Blockchain Technology Services

• Positioned as a leader in Constellation ShortList™ Campaign to Commerce: Best-of-Breed Commerce Platforms

• Ranked as a leader in Constellation ShortList™ Digital Transformation Services (DTX): Global

• Positioned as a leader in Constellation ShortList™ Public Cloud Transformation Services: Global

• Ranked as a leader in Constellation ShortList™ AI-Driven Cognitive Applications

• Recognized as a leader in Constellation ShortList™ Customer Experience (CX) Operations Services: Global

• Recognized as a leader in Constellation ShortList™ Metaverse Design and Services

• Infosys BPM recognized as LEADER in Everest Group Financial Crime & Compliance Operations – Services PEAK Matrix® Assessment 2022

• Infosys BPM ranked as LEADER in Nelson Hall NEAT: Supply Chain Transformation 2022

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States, and corporate actions including timely completion of the proposed buy-back of our equity shares. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Contact

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

Infosys Limited and subsidiaries

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

(Dollars in millions)

	September 30, 2022	March 31, 2022
ASSETS
Current assets
Cash and cash equivalents	1,828	2,305
Current investments	1,448	880
Trade receivables	3,122	2,995
Unbilled revenue	1,635	1,526
Other Current assets	1,178	1,159
Total current assets	9,211	8,865
Non-current assets
Property, plant and equipment and Right-of-use assets	2,339	2,429
Goodwill and other Intangible assets	1,072	1,042
Non-current investments	1,557	1,801
Unbilled revenue	174	124
Other non-current assets	1,287	1,294
Total non-current assets	6,429	6,690
Total assets	15,640	15,555
LIABILITIES AND EQUITY
Current liabilities
Trade payables	512	545
Unearned revenue	855	834
Employee benefit obligations	276	288
Other current liabilities and provisions	2,946	2,766
Total current liabilities	4,589	4,433
Non-current liabilities
Lease liabilities	685	607
Other non-current liabilities	489	521
Total non-current liabilities	1,174	1,128
Total liabilities	5,763	5,561
Total equity attributable to equity holders of the company	9,828	9,941
Non-controlling interests	49	53
Total equity	9,877	9,994
Total liabilities and equity	15,640	15,555

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

(Dollars in millions except per equity share data)

	3 months ended September 30, 2022	3 months ended September 30, 2021	6 months ended September 30, 2022	6 months ended September 30, 2021
Revenues	4,555	3,998	8,999	7,780
Cost of sales	3,170	2,675	6,315	5,184
Gross profit	1,385	1,323	2,684	2,596
Operating expenses:
Selling and marketing expenses	185	167	378	336
Administrative expenses	221	215	439	423
Total operating expenses	406	382	817	759
Operating profit	979	941	1,867	1,837
Other income, net (3)	65	65	145	142
Profit before income taxes	1,044	1,006	2,012	1,979
Income tax expense	295	272	574	540
Net profit (before minority interest)	749	734	1,438	1,439
Net profit (after minority interest)	748	733	1,437	1,437
Basic EPS ($)	0.18	0.17	0.34	0.34
Diluted EPS ($)	0.18	0.17	0.34	0.34

NOTES:

1. The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and six months ended September 30, 2022, which have been taken on record at the Board meeting held on October 13, 2022.

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

3. Other Income includes Finance Cost.

4. As the quarter and six months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarter might not always add up to the six months ended figures reported in this statement.

EX-99.3 VOTING TRUST

Exhibit 99.3
Form of Release to Stock Exchanges

Infosys Limited Regd. office: Electronics City, Hosur Road, Bengaluru – 560 100, India CIN : L85110KA1981PLC013115 Website: www.infosys.com email: investors@infosys.com T: 91 80 2852 0261, F: 91 80 2852 0362

Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2022 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2022	2022	2021	2022	2021	2022
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	36,538	34,470	29,602	71,008	57,498	121,641
Other income, net	584	676	524	1,260	1,146	2,295
Total Income	37,122	35,146	30,126	72,268	58,644	123,936
Expenses
Employee benefit expenses	19,438	18,337	15,743	37,776	30,973	63,986
Cost of technical sub-contractors	3,694	3,909	3,054	7,603	5,508	12,606
Travel expenses	363	376	163	739	296	827
Cost of software packages and others	2,512	2,420	1,393	4,932	2,682	6,811
Communication expenses	189	170	146	359	294	611
Consultancy and professional charges	439	456	449	895	844	1,885
Depreciation and amortisation expenses	1,029	950	859	1,979	1,687	3,476
Finance cost	66	56	48	121	98	200
Other expenses	1,001	938	823	1,939	1,639	3,424
Total expenses	28,731	27,612	22,678	56,343	44,021	93,826
Profit before tax	8,391	7,534	7,448	15,925	14,623	30,110
Tax expense:
Current tax	2,482	2,350	1,987	4,832	3,923	7,811
Deferred tax	(117)	(178)	33	(295)	71	153
Profit for the period	6,026	5,362	5,428	11,388	10,629	22,146
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	40	(86)	14	(46)	(19)	(85)
Equity instruments through other comprehensive income, net	4	3	40	7	41	96
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	(12)	26	6	14	11	(8)
Exchange differences on translation of foreign operations	(14)	53	(166)	39	124	228
Fair value changes on investments, net	26	(372)	55	(346)	93	(49)
Total other comprehensive income/(loss), net of tax	44	(376)	(51)	(332)	250	182
Total comprehensive income for the period	6,070	4,986	5,377	11,056	10,879	22,328
Profit attributable to:
Owners of the company	6,021	5,360	5,421	11,381	10,616	22,110
Non-controlling interest	5	2	7	7	13	36
	6,026	5,362	5,428	11,388	10,629	22,146
Total comprehensive income attributable to:
Owners of the company	6,068	4,986	5,375	11,054	10,866	22,293
Non-controlling interest	2	–	2	2	13	35
	6,070	4,986	5,377	11,056	10,879	22,328
Paid up share capital (par value 5/- each, fully paid)	2,099	2,098	2,097	2,099	2,097	2,098
Other equity *#	73,252	73,252	74,227	73,252	74,227	73,252
Earnings per equity share (par value 5/- each)**
Basic ()	14.35	12.78	12.88	27.13	25.11	52.52
Diluted ()	14.34	12.76	12.85	27.10	25.06	52.41

* Balances for the quarter and half year ended September 30, 2022 and quarter ended June 30, 2022 represents balances as per the audited Balance Sheet for the year ended March 31, 2022 and balances for the quarter and half year ended September 30, 2021 represents balances as per the audited Balance Sheet for the year ended March 31, 2021 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015

** EPS is not annualized for the quarter and half year ended September 30, 2022, quarter ended June 30, 2022 and quarter and half year ended September 30, 2021.

# Excludes non-controlling interest

1. Notes pertaining to the current quarter

a) The audited interim condensed consolidated financial statements for the quarter and half-year ended September 30, 2022 have been taken on record by the Board of Directors at its meeting held on October 13, 2022. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Acquisition of BASE life science A/S

On September 01, 2022, Infosys Consulting Pte. Ltd (a wholly-owned subsidiary of Infosys Limited) acquired 100% voting interests in BASE life science A/S, a consulting and technology firm in the life sciences industry in Europe for a total consideration of EUR 110 million (approximately 906 crore) comprising cash, management incentive, bonuses and retention.

c) Buyback of equity shares

In line with the capital allocation policy, the Board, at its meeting held on October 13, 2022, approved the buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to 9,300 crore (Maximum Buyback Size, excluding buyback tax) at a price not exceeding 1,850 per share (Maximum Buyback Price), subject to shareholders' approval by way of Postal Ballot.

d) Management change

Ravi Kumar S, President resigned from the Company effective October 11, 2022. The Board placed on record its deep sense of appreciation for the services rendered by him.

e) Update on employee stock grants

On recommendation of the Nomination and Remuneration Committee, the Board on October 13, 2022 approved the grant of 48,050 Restricted Stock Units to three eligible employees under the 2015 Stock Incentive Plan (2015 Plan). The RSUs will be granted w.e.f November 1, 2022 and would vest over a period of three to four years.

On recommendation of the Nomination and Remuneration Committee, the Board on October 13, 2022 approved the grant of annual performance based stock incentives in the form of Restricted Stock units (RSU's) having a market value of 60 lacs to an eligible employee under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan). The RSUs will be granted w.e.f November 1, 2022 and the number of RSUs will be calculated based on the market price at the close of trading on November 1, 2022. The RSUs would vest equally over a period of three years subject to the Company’s achievement of certain performance criteria as laid out in the 2019 Plan.

2. Information on dividends for the quarter and half year ended September 30, 2022

The Board of Directors declared an interim dividend of 16.50 /- per equity share. The record date for the payment is October 28, 2022.The interim dividend will be paid on November 10, 2022. The interim dividend declared in the previous year was 15/- per equity share

(in )

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2022	2022	2021	2022	2021	2022
Dividend per share (par value 5/- each)
Interim dividend	16.50	–	15.00	16.50	15.00	15.00
Final dividend	–	–	–	–	–	16.00

3. Audited Consolidated Balance Sheet

(in crore)

Particulars	As at
	September 30, 2022	March 31, 2022
ASSETS
Non-current assets
Property, plant and equipment	12,919	13,075
Right of use assets	5,625	4,823
Capital work-in-progress	402	416
Goodwill	6,892	6,195
Other Intangible assets	1,828	1,707
Financial assets
Investments	12,670	13,651
Loans	47	34
Other financial assets	2,015	1,460
Deferred tax assets (net)	1,377	1,212
Income tax assets (net)	6,160	6,098
Other non-current assets	2,365	2,029
Total non-current assets	52,300	50,700
Current assets
Financial assets
Investments	11,778	6,673
Trade receivables	25,397	22,698
Cash and cash equivalents	14,869	17,472
Loans	279	248
Other financial assets	9,810	8,727
Income tax assets (net)	–	54
Other current assets	12,798	11,313
Total current assets	74,931	67,185
Total Assets	127,231	117,885
EQUITY AND LIABILITIES
Equity
Equity share capital	2,099	2,098
Other equity	77,882	73,252
Total equity attributable to equity holders of the Company	79,981	75,350
Non-controlling interests	366	386
Total equity	80,347	75,736
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities	5,572	4,602
Other financial liabilities	2,297	2,337
Deferred tax liabilities (net)	1,120	1,156
Other non-current liabilities	560	451
Total non-current liabilities	9,549	8,546
Current liabilities
Financial liabilities
Lease liabilities	950	872
Trade payables	4,162	4,134
Other financial liabilities	17,418	15,837
Other Current Liabilities	10,440	9,178
Provisions	1,141	975
Income tax liabilities (net)	3,224	2,607
Total current liabilities	37,335	33,603
Total equity and liabilities	127,231	117,885

The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30, 2022 and March 31, 2022 prepared in compliance with the Indian Accounting Standards (Ind-AS).

4. Audited Consolidated Statement of Cash Flows

(in crore)

Particulars	Half-year ended September 30,
	2022	2021
Cash flow from operating activities
Profit for the period	11,388	10,629
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense	4,537	3,994
Depreciation and amortization	1,979	1,687
Interest and dividend income	(947)	(885)
Finance cost	121	98
Impairment loss recognized / (reversed) under expected credit loss model	91	87
Exchange differences on translation of assets and liabilities, net	131	54
Stock compensation expense	269	209
Other adjustments	283	36
Changes in assets and liabilities
Trade receivables and unbilled revenue	(4,864)	(2,963)
Loans, other financial assets and other assets	(1,205)	(406)
Trade payables	(9)	349
Other financial liabilities, other liabilities and provisions	3,213	2,754
Cash generated from operations	14,987	15,643
Income taxes paid	(4,227)	(3,574)
Net cash generated by operating activities	10,760	12,069
Cash flows from investing activities
Expenditure on property, plant and equipment and intangibles	(1,234)	(1,030)
Deposits placed with corporation	(564)	(516)
Redemption of deposits placed with corporation	384	343
Interest and dividend received	846	1,017
Payment towards acquisition of business, net of cash acquired	(904)	–
Payment of contingent consideration pertaining to acquisition of business	(60)	(53)
Escrow and other deposits pertaining to Buyback	–	(420)
Redemption of escrow and other deposits pertaining to Buyback	–	420
Other receipts	40	35
Other payments	–	(22)
Payments to acquire Investments
Liquid mutual funds and fixed maturity plan securities	(36,310)	(25,411)
Certificates of deposit	(5,024)	(498)
Commercial Paper	(482)	–
Non-convertible debentures	(249)	(154)
Tax free bonds	(13)	–
Government securities	(1,569)	(653)
Others	(18)	(13)
Proceeds on sale of Investments
Equity and preference securities	99	–
Non-convertible debentures	295	1,299
Government securities	1,332	1,336
Certificates of deposit	3,138	500
Commercial Paper	200	–
Liquid mutual funds	34,336	22,928
Others	–	1
Net cash (used in) / generated from investing activities	(5,757)	(891)
Cash flows from financing activities:
Payment of lease liabilities	(527)	(421)
Payment of dividends	(6,711)	(6,369)
Payment of dividend to non-controlling interest of subsidiary	(22)	(2)
Shares issued on exercise of employee stock options	7	9
Other receipts	84	117
Other payments	(220)	(15)
Buyback of equity shares including transaction cost and tax on buyback	–	(11,125)
Net cash used in financing activities	(7,389)	(17,806)
Net increase / (decrease) in cash and cash equivalents	(2,386)	(6,628)
Effect of exchange rate changes on cash and cash equivalents	(217)	(30)
Cash and cash equivalents at the beginning of the period	17,472	24,714
Cash and cash equivalents at the end of the period	14,869	18,056
Supplementary information:
Restricted cash balance	465	526

The disclosure is an extract of the audited Consolidated Statement of Cash flows for the half year ended September 30, 2022 and September 30, 2021 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.

5. Segment reporting (Consolidated - Audited)

(in crore)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2022	2022	2021	2022	2021	2022
Revenue by business segment
Financial Services (1)	11,148	10,562	9,566	21,710	18,783	38,902
Retail (2)	5,183	5,004	4,330	10,187	8,505	17,734
Communication (3)	4,501	4,464	3,668	8,965	7,071	15,182
Energy, Utilities, Resources and Services	4,498	4,259	3,501	8,757	6,871	14,484
Manufacturing	4,686	4,172	3,219	8,858	5,922	13,336
Hi-Tech	2,971	2,812	2,511	5,783	4,821	10,036
Life Sciences (4)	2,452	2,257	2,103	4,709	3,994	8,517
All other segments (5)	1,099	940	704	2,039	1,531	3,450
Total	36,538	34,470	29,602	71,008	57,498	121,641
Less: Inter-segment revenue	–	–	–	–	–	–
Net revenue from operations	36,538	34,470	29,602	71,008	57,498	121,641
Segment profit before tax, depreciation and non-controlling interests:
Financial Services (1)	2,811	2,754	2,644	5,565	5,002	10,314
Retail (2)	1,578	1,538	1,503	3,115	2,985	6,130
Communication (3)	965	794	816	1,759	1,523	3,372
Energy, Utilities , Resources and Services	1,251	1,145	1,017	2,396	2,038	4,225
Manufacturing	792	385	724	1,177	1,350	2,408
Hi-Tech	724	672	619	1,396	1,186	2,495
Life Sciences (4)	642	535	588	1,177	1,159	2,380
All other segments (5)	139	41	(80)	180	19	167
Total	8,902	7,864	7,831	16,765	15,262	31,491
Less: Other Unallocable expenditure	1,029	950	859	1,979	1,687	3,476
Add: Unallocable other income	584	676	524	1,260	1,146	2,295
Less: Finance cost	66	56	48	121	98	200
Profit before tax and non-controlling interests	8,391	7,534	7,448	15,925	14,623	30,110

⁽¹⁾ Financial Services include enterprises in Financial Services and Insurance

⁽²⁾ Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics

⁽³⁾ Communication includes enterprises in Communication, Telecom OEM and Media

⁽⁴⁾ Life Sciences includes enterprises in Life sciences and Health care

⁽⁵⁾ All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services

Notes on segment information

Business segments

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

Segmental capital employed

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

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

(in crore)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2022	2022	2021	2022	2021	2022
Revenue from operations	31,567	29,527	25,462	61,094	49,176	103,940
Profit before tax	8,488	6,902	7,303	15,391	13,796	28,495
Profit for the period	6,253	4,901	5,463	11,154	10,186	21,235

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

	By order of the Board
	for Infosys Limited
Bengaluru, India	Salil Parekh
October 13, 2022	Chief Executive Officer and Managing Director

The Board has also taken on record the condensed consolidated results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2022, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:

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

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2022	2022	2021	2022	2021	2022
	Audited	Audited	Audited	Audited	Audited	Audited
Revenues	4,555	4,444	3,998	8,999	7,780	16,311
Cost of sales	3,170	3,144	2,675	6,315	5,184	10,996
Gross profit	1,385	1,300	1,323	2,684	2,596	5,315
Operating expenses	406	412	382	817	759	1,560
Operating profit	979	888	941	1,867	1,837	3,755
Other income, net	73	87	71	160	155	308
Finance cost	8	7	6	15	13	27
Profit before income taxes	1,044	968	1,006	2,012	1,979	4,036
Income tax expense	295	279	272	574	540	1,068
Net profit	749	689	734	1,438	1,439	2,968
Earnings per equity share *
Basic	0.18	0.16	0.17	0.34	0.34	0.70
Diluted	0.18	0.16	0.17	0.34	0.34	0.70
Total assets	15,640	15,193	14,295	15,640	14,295	15,555
Cash and cash equivalents and current investments	3,276	2,798	3,103	3,276	3,103	3,185

* EPS is not annualized for the quarter and half year ended September 30, 2022, quarter ended June 30, 2022 and quarter and half year ended September 30, 2021.

This Release contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as ‘may’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘continue’, ‘intend’, ‘will’, ‘project’, ‘seek’, ‘could’, ‘would’, ‘should’ and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States, and corporate actions including timely completion of the proposed buy-back of our equity shares. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. 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.