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 April 2023

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 and year ended March 31, 2023.

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 April 13, 2023, we announced our results of operations for the quarter and year ended March 31, 2023. A copy of the outcome of the board meeting is attached to this Form 6-K as Exhibit 99.1.

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

We have placed the form of release to stock exchanges concerning our results of operations for the quarter and year ended March 31, 2023 under Indian Accounting Standards (Ind-AS). A copy of the release to stock exchanges is attached to this Form 6-K as Exhibit 99.3.

The Board of Directors of the Company amongst other matters, declared a final dividend of ₹17.5/- per equity share which will be paid on July 3, 2023 and announced that the 42nd Annual General Meeting of the members of the Company will be held on June 28, 2023. The record date for the purposes of the Annual General Meeting and final dividend is June 2, 2023.

The Board took note of Uri Levine’s retirement effective April 19, 2023 upon completion of his term. Uri Levine was appointed as an independent director for a period of three years from April 20, 2020 to April 19, 2023. The Board placed its sincere appreciation on record for his contributions to the Company.

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: April 13, 2023	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

Industry leading FY23 revenue growth of 15.4% with healthy 21.0% operating margins

Revenue growth guidance of 4%-7% and operating margin guidance of 20%-22% for FY24

Bengaluru, India – April 13, 2023: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $18.2 billion in FY23 revenues with industry-leading growth of 15.4% in constant currency and operating margins of 21.0%. Growth was broad-based across industry verticals and geographical regions. Digital comprised 62.2% of overall revenues and grew at 25.6% in constant currency.

Q4 year on year growth was 8.8% and sequential decline was 3.2% in constant currency terms. Operating margin for the quarter was 21.0%. Free cash flow conversion was 95.7% for Q4. Continuing the recent trend, attrition declined further in Q4.

“Our strong performance in FY23 is a testimony to the continued focus on digital, cloud and automation capabilities which resonated with our clients. We have launched exciting programs with our clients leveraging generative AI platforms" said Salil Parekh, CEO and MD. "As the environment has changed, we see strong interest from our clients for efficiency, cost and consolidation opportunities, resulting in a strong large deal pipeline. We have expanded our internal program on efficiency and cost to build a path to higher margins in the medium term. We continue to invest in our people and in supporting our clients“, he added.

Guidance for FY23:

· Revenue growth of 4%-7% in constant currency

· Operating margin of 20%-22%

1. Key highlights:

For the quarter ended March 31, 2023	For the year ended March 31, 2023
·Revenues in CC terms grew by 8.8% YoY and declined by 3.2% QoQ ·Reported revenues at $4,554 million, growth of 6.4% YoY ·Digital revenues at 62.9% of total revenues, YoY CC growth of 15.0% ·Operating margin at 21.0%, decline of 0.5% YoY and QoQ ·Basic EPS at $0.18, growth of 0.2% YoY ·FCF at $713 million, decline of 6.3% YoY; FCF conversion at 95.7% of net profit	·Revenues in CC terms grew by 15.4% YoY ·Reported revenues at $18,212 million, growth of 11.7% YoY ·Digital revenues at 62.2% of total revenues, YoY CC growth of 25.6% ·Operating margin at 21.1%, decline of 2.0% YoY ·Basic EPS at $0.71, growth of 1.3% YoY ·FCF at $2,534 million, decline of 17.1% YoY; FCF conversion at 85.0% of net profit

Our continued focus on cost optimization and operational efficiencies have helped in achieving operating margins of 21.0% in FY23, said Nilanjan Roy, Chief Financial Officer. “Free cash generation in Q4, led by robust collections, was strong. Executing on our capital allocation policy, we successfully completed the share buyback and have proposed a final dividend of 17.50 for FY23”, he added.

2. Capital Allocation

For FY23, the Board has recommended a final dividend of 17.50 per share ($0.21 per ADS*). Together with the interim dividend of 16.50 per share already paid, the total dividend per share for FY23 will amount to 34.00 (app. $0.41 per ADS*) which is a 9.7% increase over FY22. With this, the company has announced total dividend of approx. 14,200 crore (approx. $1.7 billion*) for FY23.

The company has completed the open market share buyback on February 13, at an average price of approx. 1,539 per share (compared to maximum Buyback Price of 1,850 per share). Consequently, the share capital of the company has reduced by 1.44%.

Including the recently concluded buyback and final dividend for FY23, the company has returned approx. 86% of Free Cash Flow to shareholders under the current capital allocation policy.

*USD-INR rate of 82.00

3. Client wins & Testimonials

• Infosys and bp collaborated to create 'Energy-as-a-Service' offering for holistic energy management that can enable energy savings, cost reduction, decarbonization and supply reliability. Sashi Mukundan, President, bp India and Senior Vice President, bp Group, said, “bp and Infosys have brought together their complementary capabilities, products, and services to create an integrated Energy-as-a-Service offering. This strategic collaboration builds on our energy transition goals where we can deliver secure, affordable, lower carbon energy the world increasingly needs, managed by AI/ML based digital platform to drive energy efficiency. With this engagement, we will aim to support our customers in achieving their sustainability goals faster.”

• Infosys extended its collaboration with Microsoft to accelerate industry adoption of cloud. Anant Maheshwari, President, Microsoft India, said, “This engagement with Infosys extends our trusted relationship over the past two decades and will accelerate the innovation and transformation journeys of businesses worldwide. As we continue to shape the future of the industry cloud, we are pleased to bring together our complementary strengths and serve our strategic customers better through Microsoft Azure-powered solutions with Infosys Cobalt.”

• Infosys rolled out its Private 5G-as-a-Service to accelerate business value for its enterprise clients worldwide. Mark Colaluca, Vice President/GM, Communication Technology Group, HPE, said, “Enterprises see Private 5G as an enabler for their digital transformation, and the Infosys approach of vertically aligned pre-integrated business solutions can accelerate 5G adoption. HPE and Infosys are working together by combining HPE’s Private 5G solutions with Infosys as-a-Service offering and pre-integrated vertical use-cases for faster customer value realization.”

• Infosys collaborated with ZF Friedrichshafen AG to revamp their multi-echelon supply chain with SAP Integrated Business Planning® and Infosys Cobalt. Rainer Scheuring, Vice President IT AC Market and Materials Management, ZF Friedrichshafen AG, said, “Based on the holistic IBP planning approach and the guidance of our implementation partner Infosys, we built the foundation for improved availabilities and reduced inventories within our multi-echelon supply chain.”

• Infosys Finacle implemented the Infosys Finacle Liquidity Management Solution for ABN AMRO’s corporate customers, to empower them with a wide range of services to better identify, manage, and enhance liquidity positions on the go. Xander van Heeringen, Director of Transaction Banking, ABN AMRO, said, “We are excited to announce this collaboration with Infosys Finacle, the market-leading provider of banking technology. The right technology investment for corporate banking customers is of great importance to ABN AMRO as smarter cash management is evolving as a key priority for our customers, pushing the need for driving resilience in treasury operations. Together with Infosys Finacle, we will further enable ABN AMRO to propel with its liquidity management business transformation.”

• United Nations Development Programme (UNDP) collaborated with Infosys Public Services (IPS) to deploy UNDP’s Quantum Global Digital Management System to provide a unified and seamless platform for all UNDP business functions. Sylvain St-Pierre, Chief Information Officer, UNDP, said, “Digital technology will allow us to rapidly evolve with the ever-changing development needs of people and our planet. Our previous systems were difficult to change and often made it challenging to adapt to changing global development needs and world events. This new digital core represents a quantum leap forward that enables UNDP with a modernized, integrated platform, allowing for truly transformative digital capabilities combined with a first-rate digital user experience. Quantum, our new digital corporate management system implemented with Infosys Public Services, underpins a #FutureSmart UNDP that leaves no one behind.”

• Infosys collaborated with GE Digital to accelerate grid transformation for the utilities sector. Together, GE Digital and Infosys will follow a joint go-to-market approach to deliver value added solutions for grid related products and services, for their new and existing clients. “With energy transition driving increasing complexity on the grid, alignment between IT and OT is becoming very important,” said, Mahesh Sudhakaran, General Manager, GE Digital Grid Software. “Our collaboration with Infosys will help accelerate adoption of grid software that bridges these disciplines, equipping the next generation of grid operators with the tools they need to keep the grid stable, resilient, and sustainable. The utility’s ability to not just manage but orchestrate the clean energy grid relies on a unique combination of software and partnership for strategy building, as well as execution of solutions. Infosys’ clear understanding of GE solutions and strong commitment to leadership will enable significant productivity and service level improvements, along with critical cost efficiencies.”

• Infosys Compaz collaborated with StarHub to enable their IT transformation to help boost the quality, performance, availability, responsiveness, and cost efficiency of StarHub’s foundational technology platform, while improving customer satisfaction and minimizing cyber risks. Kee Yaw Yee, CIO, StarHub, said, “We are excited to collaborate with Infosys Compaz to strengthen key components of our IT application and infrastructure landscape as we prepare for the future with a new IT operating model. StarHub’s technology leadership, coupled with Infosys’ deep domain competencies, local presence, and proven digital capabilities, will definitely strengthen and accelerate StarHub’s digital journey, which augurs well for our DARE+ strategy and promises to benefit our customers.”

4. Recognitions

• Recognized as one of the 2023 World’s Most Ethical Companies® by Ethisphere

• Positioned in the Leadership category of the Indian Corporate Governance Scorecard Assessment 2023

• Recognized as a Global Top Employer 2023 by the Top Employers Institute

• Won the Gold Award at the Brandon Hall Group Excellence in Technology Awards

• Won the Sustainability 100+ Award for Carbon Neutrality under Climate Action category

• Won the Asset Triple A ESG Awards 2022 for Diversity and Inclusion

• Won the ICAI Sustainability Reporting Awards 2021-22 for Gender Equality

• Won the Economic Times Best Organisations for Women Award, 2023

• Identified as a leader in 2022 ISG Provider Lens™ Digital Business Enablement and ESG Services in US, UK, Nordics, Germany, Australia and Brazil

• Positioned as a leader in Avasant’s CPG Digital Services 2022-23 RadarView™

• Positioned as a leader in Avasant’s Hybrid Enterprise Cloud Services 2022-23 RadarView™

• Rated as a leader in The Forrester Wave™: Multicloud-Managed Services Providers, Q1 2023

• Positioned as a leader in Everest Application and Digital Services (ADS) in Life and Annuity (L&A) Insurance PEAK Matrix® Assessment 2023

• Positioned as a leader in Everest Advanced Analytics and Insights (AA&I) Services PEAK Matrix® Assessment 2023

• Positioned as a leader in Everest Digital Transformation Consulting Services PEAK Matrix® Assessment 2023

• Rated as a leader in IDC Worldwide Manufacturing Intelligence Transformation 2023 Vendor Assessment

• Rated as a leader in IDC Worldwide Manufacturing Intelligence Transformation Strategic Consulting 2023 Vendor Assessment

• Rated as a leader in IDC MarketScape: Worldwide Professional Services Firms for Mining Operational Process Optimization 2023 Vendor Assessment

• Rated as a leader in IDC MarketScape: Asia/Pacific Intelligent Digital Workplace Services 2023 Vendor Assessment

• Ranked as a leader in HFS Horizons: The Best Service Providers for Retail Banking, 2023

• Ranked as a leader in HFS Horizons: Digital Engineering Service Providers, 2023

• Ranked as a leader in HFS Horizons: Metaverse Services Providers 2023

• Positioned as a leader in Constellation ShortList™ Innovation Services and Engineering

• Positioned as a leader in Constellation ShortList™ Learning Marketplaces

• Positioned as a leader in Constellation ShortList™ Microsoft End-to-End Service Providers

• Rated as a leader in NelsonHall Financial Services Cloud NEAT, BPaas NEAT, and SaaS NEAT 2023

• Recognized as the Top Service Provider Across Nordics in the Whitelane Research and PA Consulting IT Sourcing Study 2023

• Infosys Finacle won the ‘Best Core Banking System Initiative in partnership with Bank Raya’ and ‘Best Retail Bank in partnership with Axis Bank’ at the Retail Banker International Asia Trial blazer Awards 2023

• Infosys BPM recognized as a Leader & Star Performer in Everest Group Capital Markets Operations PEAK Matrix® Assessment 2023

• Infosys BPM recognized as a Leader in Everest Group Marketing Services PEAK Matrix® Assessment 2023

• Infosys BPM recognized as a Leader in the NelsonHall Financial Services Cloud, SaaS & BPaaS NEAT 2023

• Infosys BPM and Rio Tinto won the SSON North America Impact Award 2023, in the Business Resiliency category

• Infosys BPM won the Best CSR Impact Award at the Corporate Social Responsibility Summit & Awards 2023 by UBS Forum

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. 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	Mary-Ellen Harn +1 46999 63516 maryellen.harn@infosys.com

Infosys Limited and subsidiaries

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

(Dollars in millions)

	March 31, 2023	March 31, 2022
ASSETS
Current assets
Cash and cash equivalents	1,481	2,305
Current investments	841	880
Trade receivables	3,094	2,995
Unbilled revenue	1,861	1,526
Other Current assets	1,349	1,159
Total current assets	8,626	8,865
Non-current assets
Property, plant and equipment and Right-of-use assets	2,516	2,429
Goodwill and other Intangible assets	1,095	1,042
Non-current investments	1,530	1,801
Unbilled revenue	176	124
Other non-current assets	1,369	1,294
Total non-current assets	6,686	6,690
Total assets	15,312	15,555
LIABILITIES AND EQUITY
Current liabilities
Trade payables	470	545
Unearned revenue	872	834
Employee benefit obligations	292	288
Other current liabilities and provisions	3,135	2,766
Total current liabilities	4,769	4,433
Non-current liabilities
Lease liabilities	859	607
Other non-current liabilities	460	521
Total non-current liabilities	1,319	1,128
Total liabilities	6,088	5,561
Total equity attributable to equity holders of the company	9,172	9,941
Non-controlling interests	52	53
Total equity	9,224	9,994
Total liabilities and equity	15,312	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 March 31, 2023	3 months ended March 31, 2022	Year ended March 31, 2023	Year ended March 31, 2022
Revenues	4,554	4,280	18,212	16,311
Cost of sales	3,164	2,955	12,709	10,996
Gross profit	1,390	1,325	5,503	5,315
Operating expenses:
Selling and marketing expenses	202	179	776	692
Administrative expenses	231	226	902	868
Total operating expenses	433	405	1,678	1,560
Operating profit	957	920	3,825	3,755
Other income, net (3)	72	78	300	281
Profit before income taxes	1,029	998	4,125	4,036
Income tax expense	284	245	1,142	1,068
Net profit (before minority interest)	745	753	2,983	2,968
Net profit (after minority interest)	744	752	2,981	2,963
Basic EPS ($)	0.18	0.18	0.71	0.70
Diluted EPS ($)	0.18	0.18	0.71	0.70

NOTES:

1. The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and year ended March 31, 2023, which have been taken on record at the Board meeting held on April 13, 2023.

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

3. Other income is net of Finance Cost.

4. The quarter figures added up to the figures reported in previous quarters might not always add up to the year ended figures reported in this statement as all figures are taken from the source and rounded off to the nearest digits.

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 year ended March 31, 2023 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended March 31,	Quarter ended December 31,	Quarter ended March 31,	Year ended March 31,
	2023	2022	2022	2023	2022
	Audited	Audited	Audited	Audited	Audited
Revenue from operations	37,441	38,318	32,276	146,767	121,641
Other income, net	671	769	637	2,701	2,295
Total Income	38,112	39,087	32,913	149,468	123,936
Expenses
Employee benefit expenses	20,311	20,272	16,658	78,359	63,986
Cost of technical sub-contractors	3,116	3,343	3,588	14,062	12,606
Travel expenses	426	360	309	1,525	827
Cost of software packages and others	2,886	3,085	2,268	10,902	6,811
Communication expenses	171	183	170	713	611
Consultancy and professional charges	387	401	521	1,684	1,885
Depreciation and amortisation expenses	1,121	1,125	890	4,225	3,476
Finance cost	82	80	50	284	200
Other expenses	1,146	1,307	916	4,392	3,424
Total expenses	29,646	30,156	25,370	116,146	93,826
Profit before tax	8,466	8,931	7,543	33,322	30,110
Tax expense:
Current tax	2,260	2,195	1,825	9,287	7,811
Deferred tax	72	150	23	(73)	153
Profit for the period	6,134	6,586	5,695	24,108	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	25	29	(13)	8	(85)
Equity instruments through other comprehensive income, net	(15)	1	55	(7)	96
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	36	(57)	(12)	(7)	(8)
Exchange differences on translation of foreign operations	61	676	137	776	228
Fair value changes on investments, net	42	48	(65)	(256)	(49)
Total other comprehensive income/(loss), net of tax	149	697	102	514	182
Total comprehensive income for the period	6,283	7,283	5,797	24,622	22,328
Profit attributable to:
Owners of the company	6,128	6,586	5,686	24,095	22,110
Non-controlling interests	6	–	9	13	36
	6,134	6,586	5,695	24,108	22,146
Total comprehensive income attributable to:
Owners of the company	6,276	7,268	5,787	24,598	22,293
Non-controlling interests	7	15	10	24	35
	6,283	7,283	5,797	24,622	22,328
Paid up share capital (par value 5/- each, fully paid)	2,069	2,086	2,098	2,069	2,098
Other equity *#	73,338	73,252	73,252	73,338	73,252
Earnings per equity share (par value 5/- each)**
Basic ()	14.79	15.72	13.56	57.63	52.52
Diluted ()	14.77	15.70	13.54	57.54	52.41

* Balances for the quarter ended December 31, 2022 represent balances as per the audited Balance Sheet for the year ended March 31, 2022 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015

** EPS is not annualized for the quarter ended March 31, 2023, quarter ended December 31, 2022 and quarter ended March 31, 2022.

^# Excludes non-controlling interest

1. Notes pertaining to the current quarter

a) The audited interim consolidated financial statements for the quarter and year ended March 31, 2023 have been taken on record by the Board of Directors at its meeting held on April 13, 2023. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Buyback of equity shares

The shareholders approved the proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting on the postal ballot, the results of which were declared on December 3, 2022. The buyback was offered to all equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The buyback of equity shares through the stock exchange commenced on December 7, 2022 and was completed on February 13, 2023. During this buyback period the Company had purchased and extinguished a total of 60,426,348 equity shares from the stock exchange at a volume weighted average buyback price of 1,539.06/- per equity share comprising 1.44% of the pre buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of 9,300 crore (excluding transaction costs and tax on buyback). The Company funded the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013. In accordance with section 69 of the Companies Act, 2013, as at March 31, 2023, the Company has created ‘Capital Redemption Reserve’ of 30 crore equal to the nominal value of the shares bought back as an appropriation from general reserve and retained earnings.

c) Board and Management changes

Board changes

i) The Board appointed D. Sundaram as the Lead Independent Director of the Company, effective March 23, 2023 based on the recommendation of the Nomination and Remuneration Committee.

ii) Kiran Mazumdar-Shaw retired as Lead Independent Director of the Company effective March 22, 2023 upon completion of her tenure. The Board placed on record its appreciation for Ms. Shaw's invaluable contribution, guidance, and strategic vision, that has helped the Company build and execute a resilient growth strategy.

iii) The Board took note of Uri Levine’s retirement effective April 19, 2023 upon completion of his term. Uri Levine was appointed as an independent director for a period of three years from April 20, 2020 to April 19, 2023. The Board placed on record its appreciation for his contributions to the Company.

Other management changes

i) Shaji Mathew is appointed as the Group Head of Human Resources effective March 22, 2023

ii) Krishnamurthy Shankar retired as the Group Head of Human Resources effective March 21, 2023. The Board placed on record its appreciation for the services rendered by him.

iii) Mohit Joshi, President resigned from the Company. He is on leave from March 11, 2023 and will stay on leave till the last date with the Company i.e June 09, 2023. The Board placed on record its appreciation for the services rendered by him.

d) Update on employee stock grants

The Board, on April 13, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved :

i) The following annual grants to Salil Parekh, CEO and MD as per his employment agreement approved by shareholders:

a) The grant of annual performance-based stock incentives (Annual Performance Equity Grant) of Restricted Stock Units (RSU's) amounting to 34.75 crore for the financial year 2024 under the 2015 Stock Incentive Compensation Plan (2015 plan). These RSUs will vest 12 months from the date of grant subject to achievement of performance targets as determined by the Board. `

b) The grant of annual performance-based stock incentives (Annual performance equity ESG grant) in the form of RSU's covering Company’s equity shares having a market value of 2 crore as on the date of the grant under the 2015 Plan, which shall vest 12 months from the date of the grant subject to the Company’s achievement of certain environment, social and governance milestones as determined by the Board.

c) The grant of annual performance-based stock incentives (Annual performance Equity TSR grant) in the form of RSU's covering Company’s equity shares having a market value of 5 crore as on the date of the grant under the 2015 Plan, which shall vest after March 31, 2025 subject to the Company’s performance on cumulative relative TSR over the years and as determined by the Board.

d) The grant of annual performance-based stock incentives in the form of Restricted Stock Units (RSU's) covering Company’s equity shares having a market value of 10 crore as on the date of the grant under the Infosys Expanded Stock Ownership Program-2019 (2019 Plan), which shall vest 12 months from the date of the grant subject to the Company’s achievement of certain performance criteria as laid out in the 2019 Plan.

The above RSUs will be granted w.e.f May 2, 2023 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2023.

ii) The annual performance-based grant of RSUs amounting to 0.87 crore for the financial year 2024 under the 2015 plan to a Key Managerial Personnel (KMP). These RSUs will vest in line with the current employment agreement based on the achievement of certain performance targets. The RSUs will be granted w.e.f May 2, 2023 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2023.

iii) The grant of 4,500 one time RSUs to two eligible employees under the 2015 plan w.e.f May 2, 2023. These RSUs will vest over a period of three to four years.

2. Information on dividends for the quarter and year ended March 31, 2023

For financial year 2023, the Board recommended a final dividend of 17.50/- (par value of 5/- each) per equity share. This payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to be held on June 28, 2023. The record date for the purpose of the payment of final dividend is June 2, 2023. The dividend will be paid on July 3, 2023. For the financial year ended 2022, the Company declared a final dividend of 16/- per equity share.

The Board of Directors declared an interim dividend of 16.50/- (par value 5/- each) per equity share. The record date for the payment was October 28, 2022 and the same was paid on November 10, 2022. The interim dividend declared in the previous year was 15/- per equity share

(in )

Particulars	Quarter ended March 31,	Quarter ended December 31,	Quarter ended March 31,	Year ended March 31,
	2023	2022	2022	2023	2022
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	16.50	15.00
Final dividend	17.50	–	16.00	17.50	16.00

3. Audited Consolidated Balance Sheet

(in crore)

Particulars	As at
	March 31, 2023	March 31, 2022
ASSETS
Non-current assets
Property, plant and equipment	13,346	13,075
Right of use assets	6,882	4,823
Capital work-in-progress	288	416
Goodwill	7,248	6,195
Other Intangible assets	1,749	1,707
Financial assets
Investments	12,569	13,651
Loans	39	34
Other financial assets	2,798	1,460
Deferred tax assets (net)	1,245	1,212
Income tax assets (net)	6,453	6,098
Other non-current assets	2,318	2,029
Total non-current assets	54,935	50,700
Current assets
Financial assets
Investments	6,909	6,673
Trade receivables	25,424	22,698
Cash and cash equivalents	12,173	17,472
Loans	289	248
Other financial assets	11,604	8,727
Income tax assets (net)	6	54
Other current assets	14,476	11,313
Total current assets	70,881	67,185
Total Assets	125,816	117,885
EQUITY AND LIABILITIES
Equity
Equity share capital	2,069	2,098
Other equity	73,338	73,252
Total equity attributable to equity holders of the Company	75,407	75,350
Non-controlling interests	388	386
Total equity	75,795	75,736
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities	7,057	4,602
Other financial liabilities	2,058	2,337
Deferred tax liabilities (net)	1,220	1,156
Other non-current liabilities	500	451
Total non-current liabilities	10,835	8,546
Current liabilities
Financial liabilities
Lease liabilities	1,242	872
Trade payables	3,865	4,134
Other financial liabilities	18,558	15,837
Other Current Liabilities	10,830	9,178
Provisions	1,307	975
Income tax liabilities (net)	3,384	2,607
Total current liabilities	39,186	33,603
Total equity and liabilities	125,816	117,885

The disclosure is an extract of the audited Consolidated Balance Sheet as at March 31, 2023 and March 31, 2022 prepared in compliance with the Indian Accounting Standards (Ind-AS).

4. Audited Consolidated Statement of Cash Flows

(in crore)

Particulars	Year ended March 31,
	2023	2022
Cash flow from operating activities
Profit for the year	24,108	22,146
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense	9,214	7,964
Depreciation and amortization	4,225	3,476
Interest and dividend income	(1,817)	(1,645)
Finance cost	284	200
Impairment loss recognized / (reversed) under expected credit loss model	283	170
Exchange differences on translation of assets and liabilities, net	161	119
Stock compensation expense	519	415
Other adjustments	628	76
Changes in assets and liabilities
Trade receivables and unbilled revenue	(7,076)	(7,937)
Loans, other financial assets and other assets	(3,108)	(1,914)
Trade payables	(279)	1,489
Other financial liabilities, other liabilities and provisions	4,119	6,938
Cash generated from operations	31,261	31,497
Income taxes paid	(8,794)	(7,612)
Net cash generated by operating activities	22,467	23,885
Cash flows from investing activities
Expenditure on property, plant and equipment and intangibles	(2,579)	(2,161)
Deposits placed with corporation	(996)	(906)
Redemption of deposits placed with Corporation	762	753
Interest and dividend received	1,525	1,898
Payment towards acquisition of business, net of cash acquired	(910)	-
Payment of contingent consideration pertaining to acquisition of business	(60)	(53)
Escrow and other deposits pertaining to Buyback	(483)	(420)
Redemption of escrow and other deposits pertaining to Buyback	483	420
Other receipts	71	67
Other payments	–	(22)
Payments to acquire Investments
Tax free bonds and government bonds	(27)	–
Liquid mutual fund units	(70,631)	(54,064)
Target maturity fund	(400)	–
Certificates of deposit	(10,348)	(4,184)
Commercial paper	(3,003)	–
Non convertible debentures	(249)	(1,609)
Government securities	(1,569)	(4,254)
Others	(20)	(24)
Proceeds on sale of Investments
Tax free bonds and government bonds	221	20
Liquid mutual fund units	71,851	53,669
Certificates of deposit	10,404	787
Commercial paper	2,298	–
Non-convertible debentures	470	2,201
Government securities	1,882	1,457
Equity and preference securities	99	–
Others	–	9
Net cash (used in) / from investing activities	(1,209)	(6,416)
Cash flows from financing activities:
Payment of lease liabilities	(1,231)	(915)
Payment of dividends	(13,631)	(12,652)
Payment of dividend to non-controlling interest of subsidiary	(22)	(79)
Shares issued on exercise of employee stock options	35	21
Payment towards purchase of non-controlling interest	–	(2)
Other receipts	132	236
Other payments	(479)	(126)
Buyback of equity shares including transaction cost and tax on buyback	(11,499)	(11,125)
Net cash used in financing activities	(26,695)	(24,642)
Net increase / (decrease) in cash and cash equivalents	(5,437)	(7,173)
Effect of exchange rate changes on cash and cash equivalents	138	(69)
Cash and cash equivalents at the beginning of the period	17,472	24,714
Cash and cash equivalents at the end of the period	12,173	17,472
Supplementary information:
Restricted cash balance	362	471

The disclosure is an extract of the audited Consolidated Statement of Cash flows for the year ended March 31, 2023 and March 31, 2022 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.

5. Segment reporting (Consolidated - Audited)

(in crore)

Particulars	Quarter ended March 31,	Quarter ended December 31,	Quarter ended March 31,	Year ended March 31,
	2023	2022	2022	2023	2022
Revenue by business segment
Financial Services (1)	10,818	11,235	10,096	43,763	38,902
Retail (2)	5,537	5,480	4,617	21,204	17,734
Communication (3)	4,411	4,710	4,132	18,086	15,182
Energy, Utilities, Resources and Services	4,825	4,957	3,872	18,539	14,484
Manufacturing	5,078	5,099	3,816	19,035	13,336
Hi-Tech	2,989	3,095	2,649	11,867	10,036
Life Sciences (4)	2,681	2,695	2,140	10,085	8,517
All other segments (5)	1,102	1,047	954	4,188	3,450
Total	37,441	38,318	32,276	146,767	121,641
Less: Inter-segment revenue	–	–	–	–	–
Net revenue from operations	37,441	38,318	32,276	146,767	121,641
Segment profit before tax, depreciation and non-controlling interests:
Financial Services (1)	2,600	2,678	2,578	10,843	10,314
Retail (2)	1,634	1,646	1,516	6,396	6,130
Communication (3)	958	1,042	884	3,759	3,372
Energy, Utilities , Resources and Services	1,302	1,457	1,111	5,155	4,225
Manufacturing	902	1,035	426	3,113	2,408
Hi-Tech	750	813	672	2,959	2,495
Life Sciences (4)	705	684	583	2,566	2,380
All other segments (5)	147	12	76	339	167
Total	8,998	9,367	7,846	35,130	31,491
Less: Other Unallocable expenditure	1,121	1,125	890	4,225	3,476
Add: Unallocable other income	671	769	637	2,701	2,295
Less: Finance cost	82	80	50	284	200
Profit before tax and non-controlling interests	8,466	8,931	7,543	33,322	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 currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

(in crore)

Particulars	Quarter ended March 31,	Quarter ended December 31,	Quarter ended March 31,	Year ended March 31,
	2023	2022	2022	2023	2022
Revenue from operations	30,531	32,389	27,426	124,014	103,940
Profit before tax	7,957	8,295	6,908	31,643	28,495
Profit for the period	5,904	6,210	5,177	23,268	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 financial statements as stated.

	By order of the Board
	for Infosys Limited
Bengaluru, India April 13, 2023	Salil Parekh Chief Executive Officer and Managing Director

The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2023, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:

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

Particulars	Quarter ended March 31,	Quarter ended December 31,	Quarter ended March 31,	Year ended March 31,
	2023	2022	2022	2023	2022
	Audited	Audited	Audited	Audited	Audited
Revenues	4,554	4,659	4,280	18,212	16,311
Cost of sales	3,164	3,230	2,955	12,709	10,996
Gross profit	1,390	1,429	1,325	5,503	5,315
Operating expenses	433	428	405	1,678	1,560
Operating profit	957	1,001	920	3,825	3,755
Other income, net	82	94	84	335	308
Finance cost	10	10	6	35	27
Profit before income taxes	1,029	1,085	998	4,125	4,036
Income tax expense	284	285	245	1,142	1,068
Net profit	745	800	753	2,983	2,968
Earnings per equity share *
Basic	0.18	0.19	0.18	0.71	0.70
Diluted	0.18	0.19	0.18	0.71	0.70
Total assets	15,312	15,226	15,555	15,312	15,555
Cash and cash equivalents and current investments	2,322	2,456	3,185	2,322	3,185

* EPS is not annualized for the quarter ended March 31, 2023, quarter ended December 31, 2022 and quarter ended March 31, 2022.

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. 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.