EX-99.3 VOTING TRUST 4 exv99w03.htm FORM OF RELEASE TO STOCK EXCHANGES

Exhibit 99.3
Form of Release to Stock Exchanges

 

 

Infosys Logo

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, 2024 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,
  2024 2024 2023 2024 2023 2024
  Audited Audited Audited Audited Audited Audited
Revenue from operations  40,986  39,315  38,994  80,300  76,927  153,670
Other income, net  712  838  632  1,551  1,193  4,711
Total Income  41,698  40,153  39,626  81,851  78,120  158,381
Expenses            
Employee benefit expenses  21,564  20,934  20,796  42,498  41,577  82,620
Cost of technical sub-contractors  3,190  3,169  3,074  6,359  6,198  12,232
Travel expenses  458  478  439  936  901  1,759
Cost of software packages and others  3,949  3,455  3,387  7,404  6,106  13,515
Communication expenses  169  147  179  316  361  677
Consultancy and professional charges  451  445  387  895  734  1,726
Depreciation and amortization expenses  1,160  1,149  1,166  2,310  2,339  4,678
Finance cost  108  105  138  214  228  470
Other expenses  1,396  1,250  1,292  2,645  2,546  4,716
Total expenses  32,445  31,132  30,858  63,577  60,990  122,393
Profit before tax  9,253  9,021  8,768  18,274  17,130  35,988
Tax expense:            
Current tax  3,146  2,998  2,491  6,144  4,798  8,390
Deferred tax  (409)  (351)  62  (760)  172  1,350
Profit for the period  6,516  6,374  6,215  12,890  12,160  26,248
Other comprehensive income            
Items that will not be reclassified subsequently to profit or loss            
Remeasurement of the net defined benefit liability/asset, net  78  20  (64)  98  23  120
Equity instruments through other comprehensive income, net  (9)  14  40  5  40  19
Items that will be reclassified subsequently to profit or loss            
Fair value changes on derivatives designated as cash flow hedges, net  (21)  (3)  23  (24)  29  11
Exchange differences on translation of foreign operations  560  (104)  5  456  21  226
Fair value changes on investments, net  86  40  (20)  126  55  144
Total other comprehensive income/(loss), net of tax  694  (33)  (16)  661  168  520
Total comprehensive income for the period  7,210  6,341  6,199  13,551  12,328  26,768
Profit attributable to:            
Owners of the company  6,506  6,368  6,212  12,874  12,157  26,233
Non-controlling interests  10  6  3  16  3  15
   6,516  6,374  6,215  12,890  12,160  26,248
             
Total comprehensive income attributable to:            
Owners of the company  7,190  6,337  6,196  13,527  12,328  26,754
Non-controlling interests  20  4  3  24  –  14
   7,210  6,341  6,199  13,551  12,328  26,768
             
Paid up share capital (par value 5/- each, fully paid)  2,072  2,072  2,070  2,072  2,070  2,071
Other equity *#  86,045  86,045  73,338  86,045  73,338  86,045
Earnings per equity share (par value 5/- each)**            
Basic (in per share)  15.71  15.38  15.01  31.09  29.38  63.39
Diluted (in per share)  15.68  15.35  14.99  31.02  29.34  63.29

 

*Balances for the quarter and half year ended September 30, 2024 and quarter ended June 30, 2024 represent balances as per the audited Balance Sheet as at March 31, 2024 and balances for the quarter and half year ended September 30, 2023 represent balances as per the audited Balance Sheet as at March 31, 2023 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015

 

**EPS is not annualized for the quarter and half year ended September 30, 2024, quarter ended June 30, 2024 and quarter and half year ended September 30, 2023.
#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, 2024 have been taken on record by the Board of Directors at its meeting held on October 17, 2024. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

 

b) Update on employee stock grants

 

The Board, on October 17, 2024, based on the recommendations of the Nomination and Remuneration Committee, approved grant of 22,880 RSUs to six eligible employees under the 2015 Stock Incentive Compensation Plan w.e.f November 1, 2024. The RSUs would vest equally over a period of two to four years and the exercise price will be equal to the par value of the share.

 

c) Update on acquisition

 

On July 17, 2024, Infosys Germany GmBH acquired 100% voting interests in in-tech Holding GmbH, leading provider of Engineering R&D services headquartered in Germany, for a consideration of EUR 465 million (4,213 crore).

 

2. Information on dividends for the quarter and half year ended September 30, 2024

 

The Board of Directors declared an interim dividend of 21/- per equity share. The record date for the payment is October 29, 2024.The interim dividend will be paid on November 8, 2024. The interim dividend declared in the previous year was 18/- 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,
  2024 2024 2023 2024 2023 2024
Dividend per share (par value 5/- each)            
Interim dividend  21.00  –  18.00  21.00  18.00  18.00
Final dividend  –  –  –  –  –  20.00
Special dividend  –  –  –  –  –  8.00

 

3. Audited Consolidated Balance Sheet

 

(in crore)

Particulars As at
  September 30, 2024 March 31, 2024
ASSETS    
Non-current assets    
Property, plant and equipment  11,780  12,370
Right of use assets  6,692  6,552
Capital work-in-progress  505  293
Goodwill  10,191  7,303
Other Intangible assets  3,254  1,397
Financial assets    
Investments  9,962  11,708
Loans  25  34
Other financial assets  3,450  3,105
Deferred tax assets (net)  556  454
Income tax assets (net)  3,864  3,045
Other non-current assets  2,060  2,121
Total non-current assets  52,339  48,382
Current assets    
Financial assets    
Investments  7,432  12,915
Trade receivables  32,013  30,193
Cash and cash equivalents  21,799  14,786
Loans  255  248
Other financial assets  12,688  12,085
Income tax assets (net)  2,418  6,397
Other current assets  12,926  12,808
Total current assets  89,531  89,432
Total Assets  141,870  137,814
     
EQUITY AND LIABILITIES    
Equity    
Equity share capital  2,072  2,071
Other equity  88,391  86,045
Total equity attributable to equity holders of the Company  90,463  88,116
Non-controlling interests  367  345
Total equity  90,830  88,461
     
Liabilities    
Non-current liabilities    
Financial liabilities    
Lease liabilities  6,336  6,400
Other financial liabilities  2,011  2,130
Deferred tax liabilities (net)  1,686  1,794
Other non-current liabilities  177  235
Total non-current liabilities  10,210  10,559
     
Current liabilities    
Financial liabilities    
Lease liabilities  2,468  1,959
Trade payables  3,841  3,956
Other financial liabilities  17,988  16,959
Other Current Liabilities  10,706  10,539
Provisions  1,436  1,796
Income tax liabilities (net)  4,391  3,585
Total current liabilities  40,830  38,794
Total equity and liabilities  141,870  137,814

 

The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30, 2024 and March 31, 2024 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,
  2024 2023
Cash flow from operating activities    
Profit for the period  12,890  12,160
Adjustments to reconcile net profit to net cash provided by operating activities:    
Income tax expense  5,384  4,970
Depreciation and amortization  2,310  2,339
Interest and dividend income  (1,257)  (1,006)
Finance cost  214  228
Impairment loss recognized / (reversed) under expected credit loss model  95  206
Exchange differences on translation of assets and liabilities, net  (298)  (1)
Stock compensation expense  420  279
Provision for post sale client support  26  168
Other adjustments  876  732
Changes in assets and liabilities    
Trade receivables and unbilled revenue  (2,735)  (1,751)
Loans, other financial assets and other assets  (233)  (251)
Trade payables  (147)  (661)
Other financial liabilities, other liabilities and provisions  1,078  (768)
Cash generated from operations  18,623  16,644
Income taxes paid  (2,165)  (4,538)
Net cash generated by operating activities  16,458  12,106
Cash flows from investing activities    
Expenditure on property, plant and equipment and intangibles  (968)  (1,299)
Deposits placed with corporation  (579)  (636)
Redemption of deposits placed with corporation  357  439
Interest and dividend received  1,217  973
Payment towards acquisition of business, net of cash acquired  (3,155)  -
Payment of contingent consideration pertaining to acquisition of business  –  (59)
Other receipts  5  127
Payments to acquire Investments    
Tax free bonds and government bonds  (2)  –
Liquid mutual fund units  (33,517)  (33,038)
Certificates of deposit  (1,885)  (2,179)
Commercial Papers  (2,227)  (2,903)
Non-convertible debentures  (1,051)  (104)
Other Investments  (17)  (5)
Proceeds on sale of Investments    
Liquid mutual funds  34,012  31,292
Certificates of deposit  3,970  4,912
Commercial Papers  7,135  1,254
Non-convertible debentures  1,030  875
Government securities  200  299
Net cash generated / (used in) from investing activities  4,525  (52)
Cash flows from financing activities:    
Payment of lease liabilities  (1,190)  (920)
Payment of dividends  (11,592)  (7,246)
Loan repayment of in-tech Holding GmbH  (985)  –
Payment of dividend to non-controlling interest of subsidiary  (2)  (2)
Shares issued on exercise of employee stock options  3  3
Other receipts  –  20
Other payments  (265)  (334)
Net cash used in financing activities  (14,031)  (8,479)
Net increase / (decrease) in cash and cash equivalents  6,952  3,575
Effect of exchange rate changes on cash and cash equivalents  61  (35)
Cash and cash equivalents at the beginning of the period  14,786  12,173
Cash and cash equivalents at the end of the period  21,799  15,713
Supplementary information:    
Restricted cash balance  407  365

 

The disclosure is an extract of the audited Consolidated Statement of Cash flows for the half year ended September 30, 2024 and September 30, 2023 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,
  2024 2024 2023 2024 2023 2024
Revenue by business segment            
Financial Services (1)  11,156  10,816  10,705  21,971  21,366  42,158
Retail (2)  5,446  5,428  5,913  10,873  11,426  22,504
Communication (3)  4,879  4,744  4,463  9,622  8,904  17,991
Energy, Utilities, Resources and Services  5,546  5,220  4,957  10,767  9,846  20,035
Manufacturing  6,424  5,778  5,574  12,201  10,924  22,298
Hi-Tech  3,266  3,147  3,053  6,414  6,109  12,411
Life Sciences (4)  3,004  2,866  3,050  5,871  5,799  11,515
All other segments (5)  1,265  1,316  1,279  2,581  2,553  4,758
Total  40,986  39,315  38,994  80,300  76,927  153,670
Less: Inter-segment revenue  –  –  –  –  –  –
Net revenue from operations  40,986  39,315  38,994  80,300  76,927  153,670
Segment profit before tax, depreciation and non-controlling interests:            
Financial Services (1)  2,860  2,612  2,579  5,472  5,124  9,324
Retail (2)  1,768  1,751  1,674  3,519  3,303  6,882
Communication (3)  892  796  1,035  1,688  2,019  3,688
Energy, Utilities , Resources and Services  1,435  1,557  1,352  2,992  2,642  5,523
Manufacturing  1,297  1,006  1,033  2,303  2,005  4,197
Hi-Tech  794  814  788  1,608  1,590  3,153
Life Sciences (4)  614  611  799  1,226  1,501  2,898
All other segments (5)  149  290  180  439  320  760
Total  9,809  9,437  9,440  19,247  18,504  36,425
Less: Other Unallocable expenditure  1,160  1,149  1,166  2,310  2,339  4,678
Add: Unallocable other income  712  838  632  1,551  1,193  4,711
Less: Finance cost  108  105  138  214  228  470
Profit before tax and non-controlling interests  9,253  9,021  8,768  18,274  17,130  35,988

 

(1)Financial Services include enterprises in Financial Services and Insurance
(2)Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics
(3)Communication includes enterprises in Communication, Telecom OEM and Media
(4)Life Sciences includes enterprises in Life sciences and Health care
(5)All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services

 

Notes on segment information

 

Business segments

 

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

 

Segmental capital employed

 

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

 

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,
  2024 2024 2023 2024 2023 2024
Revenue from operations  34,257  33,283  32,629  67,540  64,440  128,933
Profit before tax  9,407  8,128  8,517  17,535  16,663  35,953
Profit for the period  6,813  5,768  6,245  12,581  12,202  27,234

 

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

 

 

By order of the Board
for Infosys Limited

 

Bengaluru, India Salil Parekh
October 17, 2024 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 half-year ended September 30, 2024, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:

 

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

Particulars  Quarter
ended
September 30,		  Quarter
ended
June 30,		  Quarter
ended
September 30,		 Half-year ended September 30, Year ended
March 31,
  2024 2024 2023 2024 2023 2024
  Audited Audited Audited Audited Audited Audited
Revenues  4,894  4,714  4,718  9,608  9,334  18,562
Cost of sales  3,400  3,259  3,271  6,659  6,481  12,975
Gross profit  1,494  1,455  1,447  2,949  2,853  5,587
Operating expenses  461  461  447  923  892  1,753
Operating profit  1,033  994  1,000  2,026  1,961  3,834
Other income, net  85  101  77  186  145  568
Finance cost  13  13  17  26  28  56
Profit before income taxes  1,105  1,082  1,060  2,186  2,078  4,346
Income tax expense  327  318  309  644  603  1,177
Net profit  778  764  751  1,542  1,475  3,169
Earnings per equity share *            
Basic (in $ per share)  0.19  0.18  0.18  0.37  0.36  0.77
Diluted (in $ per share)  0.19  0.18  0.18  0.37  0.36  0.76
Total assets  16,928  17,270  15,689  16,928  15,689  16,523
Cash and cash equivalents and current investments  3,488  3,022  2,805  3,488  2,805  3,321

 

*EPS is not annualized for the quarter and half year ended September 30, 2024, quarter ended June 30, 2024 and quarter and half year ended September 30, 2023.

 

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident and the related review and notification process are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of pending litigation. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.