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Infosys Ltd

BSE Code : 500209 | NSE Symbol : INFY | ISIN:INE009A01021| SECTOR : IT - Software |

NSE BSE
 
SMC up arrow

1,715.75

6.55 (0.38%) Volume 280564

14-Oct-2021 EOD

Prev. Close

1,709.20

Open Price

1,754.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

1,715.75(7783)

 

Today’s High/Low 1,783.60 - 1,698.20

52 wk High/Low 1,788.00 - 1,051.10

Key Stats

MARKET CAP (RS CR) 721455.44
P/E 36.57
BOOK VALUE (RS) 153.4504448
DIV (%) 540
MARKET LOT 1
EPS (TTM) 46.91
PRICE/BOOK 11.1795049029405
DIV YIELD.(%) 1.59
FACE VALUE (RS) 5
DELIVERABLES (%) 31.37
4

News & Announcements

14-Oct-2021

Board of Infosys recommends Interim Dividend

14-Oct-2021

Infosys to pay interim dividend

14-Oct-2021

Infosys jumps after Q2 PAT rises 4.4% QoQ to Rs 5,421 cr

13-Oct-2021

Board of Infosys approves restructuring of subsidiaries

14-Oct-2021

Board of Infosys recommends Interim Dividend

07-Oct-2021

Infosys partners with ATP Tour to launch new statistical insights

04-Oct-2021

Infosys to declare Q2 results on 13 Oct

28-Sep-2021

Infosys launches the Leads and Proposals Solution for professional services industry

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Capgemini Technology Services India Ltd 532337 IGS
EIT Services India Pvt Ltd 500121 DIGITALEQP
HCL Technologies Ltd 532281 HCLTECH
Larsen & Toubro Infotech Ltd 540005 LTI
Mindtree Ltd 532819 MINDTREE
Satyam Computer Services Ltd(Merged) 500376 SATYAMCOMP
Tata Consultancy Services Ltd 532540 TCS
Tech Mahindra Ltd 532755 TECHM
Wipro Ltd 507685 WIPRO

Share Holding

Category No. of shares Percentage
Total Foreign 2190928968 51.44
Total Institutions 936020448 21.98
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 37702710 0.89
Total Promoters 551682338 12.95
Total Public & others 542751299 12.75
Total 4259085763 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Infosys Ltd

Infosys Ltd is a global technology services firm that defines, designs and delivers information technology (IT)-enabled business solutions to their clients. The company provides end-to-end business solutions that leverage technology for their clients, including technical consulting, design, development, product engineering, maintenance, systems integration, package-enabled consulting, and implementation and infrastructure management services. The Company has presence in 220 locations across 46 countries as on 31 March 2020. The company also provides software products to the banking industry. They have developed Finacle, a universal banking solution to large and medium size banks across India and overseas. Infosys BPO is a majority owned subsidiary. Through Infosys BPO, the company provides business process management services, such as offsite customer relationship management, finance and accounting, and administration and sales order processing. The company is having marketing and technical alliance with FileNet, IBM, Intel, Microsoft, Oracle and System Application Products. Infosys Ltd is a public limited and India's second largest software exporter company was incorporated in the year 1981 as Infosys Consultants Pvt. Ltd. by Mr.N.R.Narayana Murthy at Karnataka. The Company was started by seven people with the investment of USD 250. The company became a public limited company in the year 1992. The company was the first Indian company to be listed on the NASDAQ in the year 1999. Infosys also forms a part of the NASDAQ-100 index. Continuously in the year 2001, 2002 and 2003, the company wins the National Award for Excellence in corporate governance conferred by the Government of India. In April 2002, Infosys BPO Ltd was incorporated in India to address opportunities in business process management. In the year 2004, the company acquired 100% equity in Expert Information Services Pty Ltd, Australia for USD 24.3 million. The acquired company was renamed as Infosys Technologies (Australia) Pty Ltd. In October 2, 2004, they set up a wholly owned subsidiary in People's Republic of China named Infosys Technologies (China) Co Ltd. In the year 2005, the company established Infosys Consulting Inc, a wholly owned subsidiary in Texas, US to add high-end consulting capabilities to their Global Delivery Model. The company was selected as 'Best Outsourcing Partner' by the readers of Waters, a publication covering the needs of chief information officers in the capital market firms. In the year 2007, the company increased the stake value in Progeon to 98.9% after acquiring shares from Citicorp International Financial Company. Infosys had taken over Philips' finance and administration business process outsourcing (BPO) centers spread across India, Poland and Thailand for USD 28 million. Infosys set up various Special Economic Zone that for the company has an additional tax benefit. They set up another Special Economic Zone unit in Chandigarh, which will be eligible for 100% deduction of profit from exports tax calculation for the first five years followed by 50% deduction for next five years. Infosys has been pursuing their expansion plans over the past few years. The future enhancement of the company is to emerge the developing economies changing the business landscape with help of accessible talent pools and the adoption of non-linear growth model. It is a long term strategy. Infosys Technologies Ltd has partnered with ACDI/VOCA for promotes broad-based economic growth and to develop information and communication technology-enabled application to improve efficiencies in the agro supply chain in India. In the year 2008, the company established their first Latin American subsidiary, namely Infosys Technologies S de R L de C V in Mexico to improve proximity to their North American clients. They also opened a development center and office for the region in Monterrey, Mexico. As of April 2008, the company acquired Internet Protocol (IP) from an Australian company to add more functionality to Finacle. The IP, that provides a comprehensive set of financial tools to company's existing product line. In July 2008, the company launched ShoppingTrip360 to help retailers and consumer packaged goods (CPG) companies achieve visibility into in-store activity. ShoppingTrip360 is a platform that enables a suite of managed-information services to create a 360-degree view of real time in store shopper and shelf activity. The company was ranked among the top 50 most respected companies in the world by Reputation Institute's Global Reputation Pulse 2009. They have been voted the 'Most Admired Indian Company' in The Wall Street Journal Asia 200 for 10 years in a row since 2000. The company was also listed in the Most Admired Knowledge Enterprises (MAKE) 2008 study and Forbes' Asian Fabulous 50 for the fourth consecutive year. In March 2009, the company incorporated a wholly owned subsidiary in Sweden, namely Infosys Technologies (Sweden) AB. In November 2009, the company opened their second Latin America IT Development Center in Mexico offering global, near-shore, and Latin American clients a full range of information technology (I.T.) services including Business and I.T. Consulting, Business Process Outsourcing (BPO), Packaged Solutions Implementation and Infrastructure Management. In November 12, 2009, the company and NVIDIA Corp. entered into a partnership to develop Nvidia Cuda to compute unified device architecture and technology-enabled software solutions. Also, the company signed a contract with Georgia-Pacific LLC (Georgia-Pacific), a forest and consumer products company, to implement its Supply Chain Visibility and Collaboration Suite. In December 2009, the company has set up a wholly owned unit in the U.S. to tap the multibillion-dollar opportunities from government projects. The subsidiary, called Infosys Technologies Inc will be headquartered in Dallas, Texas, where the company has most of their operations. In December 14, 2009, the company launched Flypp, an application platform which will empower mobile service providers to delight digital consumers through a host of ready-to-use experiential applications across the universe of devices and in December 15, 2009, they launched Finacle Advisor, an integrated platform which helps banks to deliver products and services through a fully assisted self-service channel using existing Internet banking capabilities. Also, the company incorporated a wholly owned Brazilian subsidiary, namely Infosys Technologia Do Brasil Ltda. During the year 2009-10, Infosys Consulting Inc incorporated a wholly owned subsidiary, Infosys Consulting India Ltd and invested Rs 1 crore in the subsidiary. SETLabs' IP Cell filed 31 patent applications in the United States Patent and Trademark Office (USPTO) and Indian Patent Office. In December 2009, Infosys BPO acquired 100% voting interests in McCamish Systems LLC (McCamish), a business process solution provider based at Atlanta, US. The business acquisition was conducted entering into Membership Interest Purchase Agreement for a cash consideration of Rs 173 crore and a contingent consideration of Rs 67 crore. In March 2010, the company launched Finacle Treasury-in-a-Box, a rapid implementation framework for an integrated front, middle and back office treasury system. During the year 2010-11, the company formally launched their new corporate strategy, Building Tomorrow's Enterprise to showcase its plan for leading the services industry into the new era as the next generation global consulting and services company. Infosys Labs' IP Cell filed 91 patent applications in the United States Patent and Trademark Office (USPTO) and the Indian Patent Office. In February 2011, the company incorporated a wholly owned subsidiary, Infosys (Shanghai) Company Ltd. Also, they inaugurated their first Software Development Block (I) at their Technopark Campus II (SEZ) in Thiruvanthapuram, Kerala. The name of the company was changed from Infosys Technologies Ltd to Infosys Ltd with effect from June 16, 2011. In November 2011, Atlas Copco AB entered into an agreement with the company to handle parts of its financial processes, such as accounting to reporting and processing of supplier invoices. The project will affect approximately 230 positions within Atlas Copco, and of these Infosys will offer employment to around 70 staff working in the Czech Republic. In December 2011, the company signed a multi-year Transformation and Business IT services contract with Syngenta AG. In a landmark contract that will provide consistency and predictability of service delivery, Infosys will consolidate Syngenta's Global Business IT services landscape under a single shared services engagement. In February 2012, Bharti Airtel selected the company as its partner for Airtel Money mobile wallet service. Under this partnership, Infosys WalletEdge, the mobile commerce platform will enable the ubiquitous mobile wallet service to support cashless payments and settlements needs of diverse customer segments. In 2013 Infosys begins trading on NYSE Euronext London and Paris markets. Infosys Edge wins the NASSCOM Business Innovation Award for 2013. Infosys presented with 2013 Environmental Tracking Carbon Ranking Leader' award In 2014 Infosys announced bonus in the ratio of 1:1. In 2015 Infosys Public Services implements financial management solution for L.A. Care Health Plan to Improve Healthcare Access. Infosys and Cornell University's Center of Hospitality Research Collaborate to Design Industry Research. Infosys wins a contract from Sweden-based ICA Gruppen to manage its IT operations. ABN AMRO Selects Infosys as One of the Strategic Partners to Drive its Business Transformation Program. Infosys signs 5-year agreement with Dutch firm TNT. Infosys received Daimler Supplier Award 2014. Infosys Innovation Fund invests in Air Quality Monitoring Pioneer, Airviz. Infosys also signs a multi-year IT infrastructure deal with UK-based department store company, House of Fraser. Infosys launches Preventive Maintenance Offering 'Finacle Assure'. On 5 March 2015, Infosys announced that it has completed the acquisition of Panaya, Inc., a leading provider of automation technology for large-scale enterprise software management. On 16 February 2015, Infosys announced a definitive agreement to fully acquire Panaya, Inc. for an enterprise value of USD 200 million. On 4 June 2015, Infosys announced that it has completed the acquisition of Kallidus Inc. (d.b.a Skava) and its affiliate, a leading provider of digital experience solutions, including mobile commerce and in-store shopping experiences to large retail clients. On 24 April 2015, Infosys announced a definitive agreement to acquire Kallidus Inc. (d.b.a Skava) and its affiliate in an all-cash deal for an aggregate purchase consideration of $120 million including retention bonus and a deferred component. On 19 June 2015, Infosys announced that Sharjah Islamic Bank (SIB), a leading Sharia-compliant bank in the Middle East, has selected Finacle e-Banking and Mobile Banking solutions to enhance customer service and deliver new-age channel banking experiences. On the same day, Infosys announced that it has won a five-year contract from NBTY Inc., a global manufacturer, marketer, distributor and retailer of market-leading vitamins and nutritional supplements. As part of this agreement, Infosys will provide development and support services for NBTY's IT systems. On 3 July 2015, Infosys announced that it won an order from Allied Irish Banks, p.l.c. (AIB), a financial services group operating predominantly in the Republic of Ireland and the UK. As a strategic partner to AIB, Infosys will provide application development and management, and transformation and innovation services. On 8 July 2015, Infosys announced that it has won a multi-year contract from Deutsche Bank. On 20 August 2015, Infosys announced the launch of enhanced service offerings in Design Thinking, Platforms and Knowledge-Based IT (KBIT). These services are aimed at helping clients address three key aspects of their business: a non-disruptive renewal and simplification of their existing landscapes; introduction of new offerings and business models in a dynamic business environment, and creating a culture of innovation in their organizations. On 2 September 2015, Infosys announced the launch of its Finacle Payments Bank and Finacle Small Finance Bank solutions for the India market. With these solutions, licensees can set up the required technology backbone and become operational quickly. On 10 September 2015, Infosys and ATP, the governing body of men's professional tennis, announced a strategic partnership to leverage the latest technological advances in mobility, cloud and analytics to transform the experience of tennis fans and players the world over. On 16 September 2015, Infosys announced that Qantas Credit Union, a top Australian Credit Union, has chosen Infosys Finacle to improve its customer's digital experience as part of a business transformation strategy. Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. On 21 September 2015, Infosys announced that it has bagged a three-year contract from TOMS Shoes to maintain and develop its digital platform. On 30 September 2015, Infosys announced that it has collaborated with GE, a digital industrial company, and others to develop new Internet of Things (IoT) solutions designed to help manufacturers and other industrial enterprises improve asset efficiency and build more intelligent linkages between design, production and field-testing. On 20 October 2015, Infosys announced that Openreach, the infrastructure division of BT Group, has expanded its Seamless Desktop project to an additional 1,000 users. This expansion brings the number of front office and back office call center agents, who benefit from this award-winning platform, to over 5,000. On 19 November 2015, Infosys announced that it has completed the acquisition of Noah Consulting, LLC, a leading provider of advanced information management consulting services for the oil and gas industry. On 19 October 2015, Infosys announced a definitive agreement to acquire Noah Consulting, LLC in an all-cash deal for an aggregate purchase consideration of US$70 million. On 9 December 2015, Infosys announced that it has made an investment of USD 4 million in CloudEndure, a startup that provides Cloud Migration and Cloud-based Disaster Recovery (DR) software. On 10 December 2015, Infosys announced that it has won a contract to transform the application landscape of DNB Bank of Norway. On 14 December 2015, Infosys announced that it has made an investment of USD 3 million in WHOOP, an early stage company offering a performance optimization system for elite professional sports teams. On 15 December 2015, Infosys announced that Fubon Bank (Hong Kong) Limited, a wholly owned subsidiary of Fubon Financial Holding Co. Ltd., has selected Infosys' Finacle core banking solution to accelerate growth. On 28 January 2016, Infosys announced that it has made an investment of USD 4 million in Waterline Data Science, a leading provider of data discovery and data governance software. On 10 February 2016, Infosys announced that M Financial Group has extended its BPO contract with the company by 10 years. On 25 February 2016, Infosys Finacle, part of EdgeVerve Systems, announced an agreement with Bank Leumi (UK) PLC, one of the leading foreign-owned banks in London and part of the international Bank Leumi Group., to replace its existing e-banking system with Finacle Corporate e-banking solution. On 2 March 2016, Infosys, announced that Al Ahli Bank of Kuwait (ABK), a leading retail bank in Kuwait, has selected Finacle to drive its technology transformation. On 21 April 2016, Infosys announced it has been selected by Welsh Water to manage substantial elements of its IT estate in a transformative deal lasting up to 10 years, one of the largest IT deals in the UK water utility sector. On 27 April 2016, Infosys announced that it has made an investment in Trifacta, a leading provider of data wrangling software that enables non-technical users to easily transform data for analysis. On 28 April 2016, Infosys announced an expanded relationship with Microsoft Corp., a global leader in platform and productivity solutions, in driving industry-led solutions, to simplify and automate migration to Microsoft products and to accelerate Microsoft Azure-based and other digital transformations for clients. On the same day, Infosys announced the launch of Infosys Mana, a platform that brings machine learning together with the deep knowledge of an organization, to drive automation and innovation - enabling businesses to continuously reinvent their system landscapes. On 23 May 2016, Infosys announced that it has won a five-year contract from Commerzbank, the second largest bank in Germany. As part of this agreement, Infosys will remodel the bank's investment banking IT architecture, optimize IT processes, and evaluate a potential Post-Trade Processing Utility. On 8 June 2016, Infosys announced that Paytm, India's largest mobile payments and commerce platform, has selected Infosys' Finacle Core Banking solution to power its payments bank business. On 14 September 2016, Infosys announced that it has bagged an order to provide engineering services to Ansaldo Energia, a producer of thermoelectric power plants. To support Ansaldo Energia, Infosys will expand its global service delivery network into Eastern Europe and Russia's established heavy engineering sector by creating two development centers - in Croatia and Moscow in Russia. On 11 November 2016, Infosys announced that it has made an investment in TidalScale, a pioneer in Software-Defined Servers that simplify the way companies can apply computing resources to tackle big problems. On 18 November 2016, Infosys announced that it has made an investment of DKK 14,920,000 from its Innovation Fund in UNSILO, a Danish artificial intelligence startup focused on advanced text analysis. UNSILO uses a unique combination of machine-learning and natural language processing to analyze large quantities of text and improve the speed and effectiveness of knowledge workers across many industries. On 23 November 2016, Infosys announced that it has signed a definitive agreement for a Limited Partner investment of Rs 31.6 crore from its Innovation Fund in Stellaris Venture Partners, an India-based early stage venture fund. This investment is towards the first close of Stellaris' fund. On 14 December 2016, Infosys announced that it has made an investment from its Innovation Fund in ideaForge, an Indian startup focused on Unmanned Aerial Vehicle (UAV) solutions. On 8 March 2017, Infosys' US-based subsidiary Infosys Public Services Inc. announced a partnership with the Texas Department of Family & Protective Services (DFPS) to modernize the agency's IMPACT (Information Management Protecting Adults and Children of Texas) system. IMPACT is the primary case management and administrative system used by DFPS to deliver child welfare related services. On 24 April 2017, Infosys announced the opening its first office and delivery center (DC) in Karlovac, Croatia, thereby strengthening its engineering footprint in Eastern Europe. On 26 April 2017, Infosys announced the launch of Infosys Nia, the next-generation Artificial Intelligence Platform building on the success of the company's first-generation AI platform, Infosys Mana, and its Robotic Process Automation (RPA) solution, AssistEdge. On 15 May 2017, Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and MauBank, a leading bank in the Republic of Mauritius, announced the bank's successful adoption of Finacle's Leasing Solution for its strategic leasing services business. Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. On 25 May 2017, Infosys announced a strategic alliance with HP Inc. to help businesses accelerate digital transformation as part of the HP Global System Integrator (GSI) Alliance Program. On 30 June 2017, Infosys announced that it has signed an agreement for divestment of its entire investment in Cloudyn for a total consideration of approximately USD 4,400,000. The divestment is due to Microsoft signing a definitive agreement for the acquisition of Cloudyn. On 11 July 2017, Infosys' wholly-owned subsidiary EdgeVerve Systems announced the availability of its Finacle suite of solutions on Amazon Web Services (AWS). The Board of Directors of Infosys at its meeting held on 19 August 2017 approved buyback of its fully paid equity shares of Rs 5 each for an amount not exceeding Rs 13000 crore. The buyback offer size is 20.51% of the total paid up equity capital and free reserves of the company as on 30 June 2017. The buyback offer will comprise a purchase of up to 11.30 crores equity shares aggregating up to 4.92% of the paid up capital of the company at a price of Rs 1,150 per equity share through the tender offer route. On 6 September 2017, Infosys announced the opening of a new state-of-the-art office space in Amsterdam, Netherlands. On 11 September 2017, Infosys announced that it has completed the acquisition of Brilliant Basics, a London-based product design and customer experience (CX) innovator known for its world-class design thinking-led approach and experience in executing global programs. On 12 September 2017, Infosys announced that it would open its North Carolina Technology and Innovation Hub in Raleigh. This innovation hub is expected to hire 2,000 American workers by 2021. On 18 September 2017, Infosys announced that it had won a contract from the CMA CGM Group, a world leader in container shipping, which will simplify and transform CMA CGM's IT applications and improve customer service experience. As part of the agreement, and at the request of CMA CGM, Infosys will open a Delivery Center (DC) in Marseille, which will become a key hub attracting and enhancing local expertise. Infosys will also acquire CMA CGM's Innovation and Delivery Center in Dubai, UAE, expanding its footprint in the Middle East. On 19 September 2017, Infosys Finacle announced its partnership with Niki.ai, a FinTech start-up that offers chat based commerce solutions. With this partnership, Finacle solution suite will be available with Niki.ai's chat-based virtual assistant - Niki. This offering will enable banks to offer its customers a virtual banking assistant for shopping products and services. On 22 September 2017, Infosys Finacle announced a partnership with ToneTag, a provider of near-field communications, payment and location based services using sound waves. Through this partnership, Finacle and ToneTag will offer a joint solution that would leverage the latter's sound wave technology to enable proximity payments and interactions. On 25 September 2017, Infosys announced the launch of a private cloud solution in collaboration with Micro Focus SUSE, a pioneer in open source software, providing software-defined data center infrastructure and application delivery solutions. This solution will help businesses significantly accelerate their digital transformation journey by being hardware agnostic, enabling faster time to market through rapid adoption, providing faster delivery of services, and greater infrastructure agility and control. On 4 October 2017, Infosys announced that it has won an order from KONE, a global leader in the elevator and escalator industry, to support its IT transformation. On 16 November 2017, Infosys and ATP, the governing body of men's professional tennis, announced the launch of Second Screen, a new feature providing player performance insights within seconds of a point being played. The Second Screen capability offers valuable information on the strengths and weaknesses of players, enabling them and their coaches to review strategies and improve performance. On 27 November 2017, Infosys announced a partnership with Hewlett Packard Enterprise (HPE) to offer a joint end-to-end mainframe modernization solution, which will provide global enterprise customers robust hardware and advanced software architecture. On 29 November 2017, Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, announced the global availability of Finacle Trade Connect, a blockchain based trade finance solution for banks. The solution will help digitize the trade finance business process, including validation of ownership, certifying documents and making payments, while working on a distributed, trusted and shared network. On 19 December 2017, the name of Infosys' Business Process Outsourcing (BPO) subsidiary Infosys BPO was changed to Infosys BPM Limited to reflect the paradigm shift in the nature of services that the company offers through its holistic approach of end-to-end transformative BPM (Business Process Management). Infosys BPM, the business process management subsidiary of Infosys, was set up in April 2002. On 29 December 2017, Infosys announced that it has signed an agreement for divestment of its entire investment in ANSR Consulting Holdings, Inc., a Delaware corporation, for a total consideration of USD 1,000,000. On 4 January 2018, Infosys announced a new partnership with paperless validation company ValGenesis that will bring even stronger compliance and quality management for its customers in the healthcare and life sciences sectors. Under the partnership, Infosys will integrate ValGenesis' Validation Lifecycle Management System (VLMS) within its suite of services for the pharmaceutical and biotech industry, which will be delivered in a rapidly deployable, highly secure cloud environment. On 5 January 2018, Infosys announced that it had won a contract from Proximus, the largest telecommunications company in Belgium, to implement Excite - a business transformation program aimed at delivering superior digital customer experiences for its enterprise clients. The multi-year program will strengthen Proximus' leadership in the professional services market by replacing legacy IT systems, streamlining processes and deploying advanced tools for quoting, selling, ordering, billing, invoicing and more. On 9 January 2018, Infosys announced the successful conclusion of an Advance Pricing Agreement (APA) with the U.S. Internal Revenue Service (IRS). Under the APA, Infosys and the IRS have agreed on the methodology to allocate revenues and compute the taxable income of the company's US operations. This agreement covers financial years from 2011 to 2021. The APA will enhance predictability of the company's tax obligations in respect of its US operations. On May 22, 2018, Infosys acquired 100% of the voting interests in WongDoody Holding Company Inc., an US-based, full-service creative and consumer insights agency. The business acquisition was conducted by entering into a share purchase agreement for a total consideration of up to USD 75 million (approximately Rs. 514 crore on acquisition date). On October 11, 2018, Infosys Consulting Pte Limited (a wholly-owned subsidiary of Infosys Limited) acquired 100% voting interests in Fluido Oy (Fluido), a Nordic-based Salesforce advisor and consulting partner in cloud consulting, implementation and training services, for a total consideration of up to EUR 65 million (approximately Rs. 560 crore). On November 16, 2018, Infosys Consulting Pte Limited (a wholly-owned subsidiary of Infosys Limited) acquired 60% stake in Infosys Compaz Pte. Ltd, a Singapore-based IT services company. The business acquisition was conducted by entering into a share purchase agreement for a total consideration of up to SGD 17 million (approximately Rs. 91 crore on acquisition date). During the year ended March 2018, the Company had initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava and Panaya, collectively referred to as 'the disposal group'. The Board, at its meeting held on 13 July 2018, approved and recommended the issue of bonus shares and increase the liquidity of its shares. The shareholders approved the issue of bonus shares (vide postal ballot concluded on August 22, 2018). The Company had allotted 218,41,91,490 fully paid up equity shares of face value Rs. 5 each. A bonus share of one equity share for every equity share held, and a bonus issue, viz., a stock dividend of one American Depositary Share (ADS) for every ADS held have been allotted. The bonus shares were credited to the eligible shareholders as on the record date, i.e. September 5, 2018. In July 2018, the Company voluntarily delisted its ADSs from the Euronext Paris and Euronext London exchanges. The primary reason for delisting is the low average daily trading volume of Infosys ADSs on these exchanges, which was not commensurate with the related administrative requirements. During the five-year period of the Company's listing on Euronext Paris and Euronext London, the average daily trading volume of the Company's ADSs was significantly lower than its average daily trading volume on the NYSE. There was no change in the Infosys share / ADS count, capital structure and float as a result of the delisting from above exchanges. Infosys ADSs continues to be listed on the NYSE under the symbol INFY' and investors can continue to trade their ADSs on the NYSE as before. The Board at its meeting on 11 January 2019 approved the buyback of equity shares through the open market route through the Indian stock exchanges, amounting to Rs. 8,260 crore (maximum buyback size) at a price not exceeding Rs. 800 per equity share (maximum buyback price), subject to the shareholders' approval by way of a postal ballot. The shareholders approved the proposal of buyback of equity shares through the postal ballot that concluded on March 12, 2019. During the year ended March 31, 2019, 1,26,52,000 equity shares were bought back from the Indian stock exchanges. Subsequent to the year-end, the Company has purchased 81,31,000 shares till the date of the Board's report. On April 1, 2019, Infosys Consulting Pte Limited (a wholly-owned subsidiary of Infosys Limited) acquired 81% of voting interests in Hitachi Procurement Service Co., Ltd. (HIPUS), Japan, a wholly-owned subsidiary of Hitachi Ltd, Japan for a total cash consideration of JPY3.29 billion (approximately Rs. 206 crore), on fulfilment of closing conditions. The Company had paid an advance of JPY3.29 billion (approximately Rs. 206 crore) to Hitachi towards cash consideration on March 29, 2019. HIPUS handles indirect materials purchasing functions for Hitachi Group. The name of Company - Hitachi Procurement Service Co., Ltd. - has been changed to HIPUS Co., Ltd. with effect from 01 April 2019. The Company has allotted 218,41,91,490 fully-paid-up equity shares (including treasury shares) of face value Rs 5 each during the three months ended 30 September 2018 pursuant to a bonus issue approved by the shareholders through a postal ballot. In line with the Capital Allocation Policy announced in April 2018, the Board, at its meeting on 11 January 2019, approved the buyback of equity shares under the open market route through the Indian stock exchanges, amounting to Rs 8,260 crore (maximum buyback size) at a price not exceeding Rs 800 per share (maximum buyback price), subject to shareholders' approval by way of a postal ballot. During the FY 2019, 1,26,52,000 equity shares were bought back from Indian stock exchanges, which includes 18,18,000 shares which have been purchased but not extinguished as of 31 March 2019 and 36,36,000 shares which have been purchased but have not been settled and therefore not extinguished as of 31 March 2019. Subsequent to the year end, the Company has purchased 81,31,000 shares till 12 April 2019. On 16 November 2018, the company through its subsidiary Infosys Consulting Pte Ltd,has acquired 60% stake in Infosys Compaz Pte. Ltd, a Singapore-based IT services company. The business acquisition was conducted by entering into a share purchase agreement for a total consideration of up to SGD 17 million (approximately Rs 91 crore on acquisition date), which includes a cash consideration of SGD 10 million (approximately Rs 54 crore) and a contingent consideration of up to SGD 7 million (approximately Rs 37 crore on acquisition date). On 01 April 2019, the acquired 81% voting interests in Hitachi Procurement Service Co., Ltd., (HIPUS), Japan, a wholly-owned subsidiary of Hitachi Ltd, Japan for a total cash consideration of JPY 3.29 billion (approximately Rs 206 crore) on fulfilment of closing conditions. The Company has paid an advance of JPY 3.29 billion (approximately Rs 206 crore) to Hitachi towards cash consideration on 29 March 2019. HIPUS handles indirect materials purchasing functions for the Hitachi Group. On 28 March 2019, Infosys Consulting Pte Limited (a wholly-owned subsidiary of Infosys Limited) entered into a definitive agreement to acquire 75% of the shareholding in Stater N.V., a wholly-owned subsidiary of ABN AMRO Bank N.V., Netherlands, for a consideration including base purchase price of up to EURO 127.5 million (approximately Rs 990 crore) and customary closing adjustments, subject to regulatory approvals and fulfilment of closing conditions. As on 31 March 2019, the company has operations spread across 191 locations in 46 countries. As on March 2019,the company have 25 direct subsidiaries and 34 step-down subsidiaries. The company have presence in 46 countries across 220 locations as on 31March 2020. As on 31 March 2020, the company have 23 direct subsidiaries and 52 step-down subsidiaries. On 01 April 2019, Infosys Consulting Pte Ltd. acquired 81% of voting interests in HIPUS Co., Ltd. (HIPUS), a whollyowned subsidiary of Hitachi Ltd, Japan, for a total cash consideration of JPY 3.29 billion (approximately Rs 206 crore). HIPUS handles indirect materials purchasing functions for the Hitachi Group. On 23 May 2019, Infosys Consulting Pte Ltd., a whollyowned subsidiary of Infosys Limited, acquired 75% of voting interests in Stater N.V. (Stater), a wholly-owned subsidiary of ABN AMRO Bank N.V., Netherlands, for a total cash consideration of EURO 154 million (approximately Rs 1,195 crore). Stater brings European mortgage expertise and a robust digital platform to drive superior customer experience. Infosys Tecnologia do Brasil Ltda, a wholly-owned subsidiary of Infosys Limited, merged into Infosys Consulting Ltda, a wholly-owned subsidiary of Infosys Limited, effective 01 October 2019. Panaya Japan Co. Ltd, a wholly-owned subsidiary of Panaya Inc., has been liquidated effective 31 October 2019. Infosys Technologies (Australia) Pty. Limited (Infosys Australia) has been liquidated effective 17 November 2019. On 20 February 2020, Infosys Poland, Sp z.o.o, a whollyowned subsidiary of Infosys BPM Limited, acquired 100% of the voting interests in Infosys Consulting Sp. z.o.o, a whollyowned subsidiary of Infosys Consulting Holding AG. On 13 March 2020, Infosys Nova Holdings LLC, a whollyowned subsidiary of Infosys Limited, acquired 100% of voting interests in Outbox Systems Inc. dba Simplus, a US-based Salesforce advisor and consulting partner in cloud consulting, implementation and training services for a total consideration of up to USD 250 million (approximately Rs 1,892 crore). During the FY2020, the company has won Asia IP Elite Award 2019, for developing innovative Intellectual Property (IP) functions and creating IP value. The company also adjudged Best Investor Relations, in the FinanceAsia Best Managed Companies poll, 2020. Also received ET Now Business Leader of the Year Award for Finance Transformation and Best Financial Reporting. Further, the company also won IT Legal Team of the Year Award at the annual flagship event of Legal Era Gennext Business & Law Congress 2020. The company has been recognized and awarded Top Employers Global 2021 certification in 20 countries across Europe, Middle East, Asia Pacific and North America. On 08 February 2021, the company announced a strategic collaboration with Sprit Aerosystems, a leading aero structures manufacturer. Spirit has chosen Infosys as its lead technology integration partner to help drive and set up the end-to-end applications and infrastructure integration of a few of Bombardier's former aerostructures and aftermarket services assets, which have been recently acquired by Spirit.

Infosys Ltd Chairman Speech

Letter to the Shareholder

Dear Shareholder,

My sincere wishes that each of you is safe and well in these times.

Over this past year, we were extremely focused to ensure the safety and wellbeing of our over 250,000 employees. Our efforts have been wide-ranging, holistic, and global. In India, we have set up vaccination centers at our campuses, COVID-19 care centers across several locations, collaborated with hospitals, ambulance services, providing oxygen supply, medicines, and support for our employees and their families. We have expanded our financial commitment towards COVID-19 relief efforts to Rs200_crore, supporting the communities around us. As I write this, we are starting to see a decline in active cases and a gradual increase in vaccinations in India.

Globally, to support our employees during this challenging period, we have implemented wellbeing initiatives that range from expert help for mental health to prioritizing better work-life balance. We have virtually engaged with our employees through 900 initiatives, as employees continue to work remotely. In this current business environment, the Company delivered exceptional results. Our clients have been expanding their work with us, especially in the areas of digital and cloud. The capabilities that we have built over the past three years, including differentiated offerings like Infosys CobaltTM, are what large enterprises are looking for. Our market-leading capabilities in data and analytics, cybersecurity, AI, automation, and IoT are enabling us to be a critical partner for our clients. Our acquisitions in the past year – GuideVision, Blue Acorn, Kaleidoscope, and Carter Digital – have helped further strengthen our digital portfolio. We are rapidly becoming an integral part of the digital and cloud transformation journeys of our clients. As a result, we had industry-leading growth in the past financial year, at 5% in constant currency. Our digital business grew by 29% and now accounts for 52% of the overall Company revenues in the fourth quarter. We had over US$ 14 billion of large deals in the past year, the highest in our history. We have continued to gain market share. Our operating margins were at 24.5%, an expansion of three points over the previous year. We generated approximately US$ 3 billion of free cash flow. Our earnings per share grew by 17% over the previous year in rupee terms. We have awarded dividend of US$ 1.5 billion for the full year and announced a share buyback of US$ 1.2 billion. Our total shareholder return, over the past three years, is the highest among our peer group.

Our leadership team came together as One Infosys and has been united and focused on ensuring we were delivering what our clients need. Our cross-functional teams have brought the best of all our capabilities together by working in unison, to support and drive the digital transformation journeys of our clients. Demonstrating client relevance has become one of our main differentiators.

We turned carbon-neutral in the past year, thirty years ahead of the global guidelines. We have enhanced our ESG commitments by outlining Infosys ESG Vision 2030 to continue our focus on shaping and sharing solutions that serve businesses and communities. For me, it is a matter of pride to see the commitment and dedication that our employees displayed during this year to serve our clients. I am extremely grateful to them, our clients, the leadership team, our Board members, and all our well-wishers, who have supported us with their trust and guidance through this most challenging year. As I look ahead, I am more optimistic than ever of the enormous opportunity ahead of us. Technology, especially digital and cloud, continue to be at the center of change for large enterprises globally. We are among the best-positioned companies to partner with these enterprises and help them accelerate their digital journey to realize their objectives. Thank you for your support and guidance. Take care and stay safe.

With warm regards,
Sd/-
Salil Parekh
Bengaluru Chief Executive Officer and Managing Director
May 16, 2021

   

Infosys Ltd Company History

Infosys Ltd is a global technology services firm that defines, designs and delivers information technology (IT)-enabled business solutions to their clients. The company provides end-to-end business solutions that leverage technology for their clients, including technical consulting, design, development, product engineering, maintenance, systems integration, package-enabled consulting, and implementation and infrastructure management services. The Company has presence in 220 locations across 46 countries as on 31 March 2020. The company also provides software products to the banking industry. They have developed Finacle, a universal banking solution to large and medium size banks across India and overseas. Infosys BPO is a majority owned subsidiary. Through Infosys BPO, the company provides business process management services, such as offsite customer relationship management, finance and accounting, and administration and sales order processing. The company is having marketing and technical alliance with FileNet, IBM, Intel, Microsoft, Oracle and System Application Products. Infosys Ltd is a public limited and India's second largest software exporter company was incorporated in the year 1981 as Infosys Consultants Pvt. Ltd. by Mr.N.R.Narayana Murthy at Karnataka. The Company was started by seven people with the investment of USD 250. The company became a public limited company in the year 1992. The company was the first Indian company to be listed on the NASDAQ in the year 1999. Infosys also forms a part of the NASDAQ-100 index. Continuously in the year 2001, 2002 and 2003, the company wins the National Award for Excellence in corporate governance conferred by the Government of India. In April 2002, Infosys BPO Ltd was incorporated in India to address opportunities in business process management. In the year 2004, the company acquired 100% equity in Expert Information Services Pty Ltd, Australia for USD 24.3 million. The acquired company was renamed as Infosys Technologies (Australia) Pty Ltd. In October 2, 2004, they set up a wholly owned subsidiary in People's Republic of China named Infosys Technologies (China) Co Ltd. In the year 2005, the company established Infosys Consulting Inc, a wholly owned subsidiary in Texas, US to add high-end consulting capabilities to their Global Delivery Model. The company was selected as 'Best Outsourcing Partner' by the readers of Waters, a publication covering the needs of chief information officers in the capital market firms. In the year 2007, the company increased the stake value in Progeon to 98.9% after acquiring shares from Citicorp International Financial Company. Infosys had taken over Philips' finance and administration business process outsourcing (BPO) centers spread across India, Poland and Thailand for USD 28 million. Infosys set up various Special Economic Zone that for the company has an additional tax benefit. They set up another Special Economic Zone unit in Chandigarh, which will be eligible for 100% deduction of profit from exports tax calculation for the first five years followed by 50% deduction for next five years. Infosys has been pursuing their expansion plans over the past few years. The future enhancement of the company is to emerge the developing economies changing the business landscape with help of accessible talent pools and the adoption of non-linear growth model. It is a long term strategy. Infosys Technologies Ltd has partnered with ACDI/VOCA for promotes broad-based economic growth and to develop information and communication technology-enabled application to improve efficiencies in the agro supply chain in India. In the year 2008, the company established their first Latin American subsidiary, namely Infosys Technologies S de R L de C V in Mexico to improve proximity to their North American clients. They also opened a development center and office for the region in Monterrey, Mexico. As of April 2008, the company acquired Internet Protocol (IP) from an Australian company to add more functionality to Finacle. The IP, that provides a comprehensive set of financial tools to company's existing product line. In July 2008, the company launched ShoppingTrip360 to help retailers and consumer packaged goods (CPG) companies achieve visibility into in-store activity. ShoppingTrip360 is a platform that enables a suite of managed-information services to create a 360-degree view of real time in store shopper and shelf activity. The company was ranked among the top 50 most respected companies in the world by Reputation Institute's Global Reputation Pulse 2009. They have been voted the 'Most Admired Indian Company' in The Wall Street Journal Asia 200 for 10 years in a row since 2000. The company was also listed in the Most Admired Knowledge Enterprises (MAKE) 2008 study and Forbes' Asian Fabulous 50 for the fourth consecutive year. In March 2009, the company incorporated a wholly owned subsidiary in Sweden, namely Infosys Technologies (Sweden) AB. In November 2009, the company opened their second Latin America IT Development Center in Mexico offering global, near-shore, and Latin American clients a full range of information technology (I.T.) services including Business and I.T. Consulting, Business Process Outsourcing (BPO), Packaged Solutions Implementation and Infrastructure Management. In November 12, 2009, the company and NVIDIA Corp. entered into a partnership to develop Nvidia Cuda to compute unified device architecture and technology-enabled software solutions. Also, the company signed a contract with Georgia-Pacific LLC (Georgia-Pacific), a forest and consumer products company, to implement its Supply Chain Visibility and Collaboration Suite. In December 2009, the company has set up a wholly owned unit in the U.S. to tap the multibillion-dollar opportunities from government projects. The subsidiary, called Infosys Technologies Inc will be headquartered in Dallas, Texas, where the company has most of their operations. In December 14, 2009, the company launched Flypp, an application platform which will empower mobile service providers to delight digital consumers through a host of ready-to-use experiential applications across the universe of devices and in December 15, 2009, they launched Finacle Advisor, an integrated platform which helps banks to deliver products and services through a fully assisted self-service channel using existing Internet banking capabilities. Also, the company incorporated a wholly owned Brazilian subsidiary, namely Infosys Technologia Do Brasil Ltda. During the year 2009-10, Infosys Consulting Inc incorporated a wholly owned subsidiary, Infosys Consulting India Ltd and invested Rs 1 crore in the subsidiary. SETLabs' IP Cell filed 31 patent applications in the United States Patent and Trademark Office (USPTO) and Indian Patent Office. In December 2009, Infosys BPO acquired 100% voting interests in McCamish Systems LLC (McCamish), a business process solution provider based at Atlanta, US. The business acquisition was conducted entering into Membership Interest Purchase Agreement for a cash consideration of Rs 173 crore and a contingent consideration of Rs 67 crore. In March 2010, the company launched Finacle Treasury-in-a-Box, a rapid implementation framework for an integrated front, middle and back office treasury system. During the year 2010-11, the company formally launched their new corporate strategy, Building Tomorrow's Enterprise to showcase its plan for leading the services industry into the new era as the next generation global consulting and services company. Infosys Labs' IP Cell filed 91 patent applications in the United States Patent and Trademark Office (USPTO) and the Indian Patent Office. In February 2011, the company incorporated a wholly owned subsidiary, Infosys (Shanghai) Company Ltd. Also, they inaugurated their first Software Development Block (I) at their Technopark Campus II (SEZ) in Thiruvanthapuram, Kerala. The name of the company was changed from Infosys Technologies Ltd to Infosys Ltd with effect from June 16, 2011. In November 2011, Atlas Copco AB entered into an agreement with the company to handle parts of its financial processes, such as accounting to reporting and processing of supplier invoices. The project will affect approximately 230 positions within Atlas Copco, and of these Infosys will offer employment to around 70 staff working in the Czech Republic. In December 2011, the company signed a multi-year Transformation and Business IT services contract with Syngenta AG. In a landmark contract that will provide consistency and predictability of service delivery, Infosys will consolidate Syngenta's Global Business IT services landscape under a single shared services engagement. In February 2012, Bharti Airtel selected the company as its partner for Airtel Money mobile wallet service. Under this partnership, Infosys WalletEdge, the mobile commerce platform will enable the ubiquitous mobile wallet service to support cashless payments and settlements needs of diverse customer segments. In 2013 Infosys begins trading on NYSE Euronext London and Paris markets. Infosys Edge wins the NASSCOM Business Innovation Award for 2013. Infosys presented with 2013 Environmental Tracking Carbon Ranking Leader' award In 2014 Infosys announced bonus in the ratio of 1:1. In 2015 Infosys Public Services implements financial management solution for L.A. Care Health Plan to Improve Healthcare Access. Infosys and Cornell University's Center of Hospitality Research Collaborate to Design Industry Research. Infosys wins a contract from Sweden-based ICA Gruppen to manage its IT operations. ABN AMRO Selects Infosys as One of the Strategic Partners to Drive its Business Transformation Program. Infosys signs 5-year agreement with Dutch firm TNT. Infosys received Daimler Supplier Award 2014. Infosys Innovation Fund invests in Air Quality Monitoring Pioneer, Airviz. Infosys also signs a multi-year IT infrastructure deal with UK-based department store company, House of Fraser. Infosys launches Preventive Maintenance Offering 'Finacle Assure'. On 5 March 2015, Infosys announced that it has completed the acquisition of Panaya, Inc., a leading provider of automation technology for large-scale enterprise software management. On 16 February 2015, Infosys announced a definitive agreement to fully acquire Panaya, Inc. for an enterprise value of USD 200 million. On 4 June 2015, Infosys announced that it has completed the acquisition of Kallidus Inc. (d.b.a Skava) and its affiliate, a leading provider of digital experience solutions, including mobile commerce and in-store shopping experiences to large retail clients. On 24 April 2015, Infosys announced a definitive agreement to acquire Kallidus Inc. (d.b.a Skava) and its affiliate in an all-cash deal for an aggregate purchase consideration of $120 million including retention bonus and a deferred component. On 19 June 2015, Infosys announced that Sharjah Islamic Bank (SIB), a leading Sharia-compliant bank in the Middle East, has selected Finacle e-Banking and Mobile Banking solutions to enhance customer service and deliver new-age channel banking experiences. On the same day, Infosys announced that it has won a five-year contract from NBTY Inc., a global manufacturer, marketer, distributor and retailer of market-leading vitamins and nutritional supplements. As part of this agreement, Infosys will provide development and support services for NBTY's IT systems. On 3 July 2015, Infosys announced that it won an order from Allied Irish Banks, p.l.c. (AIB), a financial services group operating predominantly in the Republic of Ireland and the UK. As a strategic partner to AIB, Infosys will provide application development and management, and transformation and innovation services. On 8 July 2015, Infosys announced that it has won a multi-year contract from Deutsche Bank. On 20 August 2015, Infosys announced the launch of enhanced service offerings in Design Thinking, Platforms and Knowledge-Based IT (KBIT). These services are aimed at helping clients address three key aspects of their business: a non-disruptive renewal and simplification of their existing landscapes; introduction of new offerings and business models in a dynamic business environment, and creating a culture of innovation in their organizations. On 2 September 2015, Infosys announced the launch of its Finacle Payments Bank and Finacle Small Finance Bank solutions for the India market. With these solutions, licensees can set up the required technology backbone and become operational quickly. On 10 September 2015, Infosys and ATP, the governing body of men's professional tennis, announced a strategic partnership to leverage the latest technological advances in mobility, cloud and analytics to transform the experience of tennis fans and players the world over. On 16 September 2015, Infosys announced that Qantas Credit Union, a top Australian Credit Union, has chosen Infosys Finacle to improve its customer's digital experience as part of a business transformation strategy. Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. On 21 September 2015, Infosys announced that it has bagged a three-year contract from TOMS Shoes to maintain and develop its digital platform. On 30 September 2015, Infosys announced that it has collaborated with GE, a digital industrial company, and others to develop new Internet of Things (IoT) solutions designed to help manufacturers and other industrial enterprises improve asset efficiency and build more intelligent linkages between design, production and field-testing. On 20 October 2015, Infosys announced that Openreach, the infrastructure division of BT Group, has expanded its Seamless Desktop project to an additional 1,000 users. This expansion brings the number of front office and back office call center agents, who benefit from this award-winning platform, to over 5,000. On 19 November 2015, Infosys announced that it has completed the acquisition of Noah Consulting, LLC, a leading provider of advanced information management consulting services for the oil and gas industry. On 19 October 2015, Infosys announced a definitive agreement to acquire Noah Consulting, LLC in an all-cash deal for an aggregate purchase consideration of US$70 million. On 9 December 2015, Infosys announced that it has made an investment of USD 4 million in CloudEndure, a startup that provides Cloud Migration and Cloud-based Disaster Recovery (DR) software. On 10 December 2015, Infosys announced that it has won a contract to transform the application landscape of DNB Bank of Norway. On 14 December 2015, Infosys announced that it has made an investment of USD 3 million in WHOOP, an early stage company offering a performance optimization system for elite professional sports teams. On 15 December 2015, Infosys announced that Fubon Bank (Hong Kong) Limited, a wholly owned subsidiary of Fubon Financial Holding Co. Ltd., has selected Infosys' Finacle core banking solution to accelerate growth. On 28 January 2016, Infosys announced that it has made an investment of USD 4 million in Waterline Data Science, a leading provider of data discovery and data governance software. On 10 February 2016, Infosys announced that M Financial Group has extended its BPO contract with the company by 10 years. On 25 February 2016, Infosys Finacle, part of EdgeVerve Systems, announced an agreement with Bank Leumi (UK) PLC, one of the leading foreign-owned banks in London and part of the international Bank Leumi Group., to replace its existing e-banking system with Finacle Corporate e-banking solution. On 2 March 2016, Infosys, announced that Al Ahli Bank of Kuwait (ABK), a leading retail bank in Kuwait, has selected Finacle to drive its technology transformation. On 21 April 2016, Infosys announced it has been selected by Welsh Water to manage substantial elements of its IT estate in a transformative deal lasting up to 10 years, one of the largest IT deals in the UK water utility sector. On 27 April 2016, Infosys announced that it has made an investment in Trifacta, a leading provider of data wrangling software that enables non-technical users to easily transform data for analysis. On 28 April 2016, Infosys announced an expanded relationship with Microsoft Corp., a global leader in platform and productivity solutions, in driving industry-led solutions, to simplify and automate migration to Microsoft products and to accelerate Microsoft Azure-based and other digital transformations for clients. On the same day, Infosys announced the launch of Infosys Mana, a platform that brings machine learning together with the deep knowledge of an organization, to drive automation and innovation - enabling businesses to continuously reinvent their system landscapes. On 23 May 2016, Infosys announced that it has won a five-year contract from Commerzbank, the second largest bank in Germany. As part of this agreement, Infosys will remodel the bank's investment banking IT architecture, optimize IT processes, and evaluate a potential Post-Trade Processing Utility. On 8 June 2016, Infosys announced that Paytm, India's largest mobile payments and commerce platform, has selected Infosys' Finacle Core Banking solution to power its payments bank business. On 14 September 2016, Infosys announced that it has bagged an order to provide engineering services to Ansaldo Energia, a producer of thermoelectric power plants. To support Ansaldo Energia, Infosys will expand its global service delivery network into Eastern Europe and Russia's established heavy engineering sector by creating two development centers - in Croatia and Moscow in Russia. On 11 November 2016, Infosys announced that it has made an investment in TidalScale, a pioneer in Software-Defined Servers that simplify the way companies can apply computing resources to tackle big problems. On 18 November 2016, Infosys announced that it has made an investment of DKK 14,920,000 from its Innovation Fund in UNSILO, a Danish artificial intelligence startup focused on advanced text analysis. UNSILO uses a unique combination of machine-learning and natural language processing to analyze large quantities of text and improve the speed and effectiveness of knowledge workers across many industries. On 23 November 2016, Infosys announced that it has signed a definitive agreement for a Limited Partner investment of Rs 31.6 crore from its Innovation Fund in Stellaris Venture Partners, an India-based early stage venture fund. This investment is towards the first close of Stellaris' fund. On 14 December 2016, Infosys announced that it has made an investment from its Innovation Fund in ideaForge, an Indian startup focused on Unmanned Aerial Vehicle (UAV) solutions. On 8 March 2017, Infosys' US-based subsidiary Infosys Public Services Inc. announced a partnership with the Texas Department of Family & Protective Services (DFPS) to modernize the agency's IMPACT (Information Management Protecting Adults and Children of Texas) system. IMPACT is the primary case management and administrative system used by DFPS to deliver child welfare related services. On 24 April 2017, Infosys announced the opening its first office and delivery center (DC) in Karlovac, Croatia, thereby strengthening its engineering footprint in Eastern Europe. On 26 April 2017, Infosys announced the launch of Infosys Nia, the next-generation Artificial Intelligence Platform building on the success of the company's first-generation AI platform, Infosys Mana, and its Robotic Process Automation (RPA) solution, AssistEdge. On 15 May 2017, Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, and MauBank, a leading bank in the Republic of Mauritius, announced the bank's successful adoption of Finacle's Leasing Solution for its strategic leasing services business. Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned product subsidiary of Infosys. On 25 May 2017, Infosys announced a strategic alliance with HP Inc. to help businesses accelerate digital transformation as part of the HP Global System Integrator (GSI) Alliance Program. On 30 June 2017, Infosys announced that it has signed an agreement for divestment of its entire investment in Cloudyn for a total consideration of approximately USD 4,400,000. The divestment is due to Microsoft signing a definitive agreement for the acquisition of Cloudyn. On 11 July 2017, Infosys' wholly-owned subsidiary EdgeVerve Systems announced the availability of its Finacle suite of solutions on Amazon Web Services (AWS). The Board of Directors of Infosys at its meeting held on 19 August 2017 approved buyback of its fully paid equity shares of Rs 5 each for an amount not exceeding Rs 13000 crore. The buyback offer size is 20.51% of the total paid up equity capital and free reserves of the company as on 30 June 2017. The buyback offer will comprise a purchase of up to 11.30 crores equity shares aggregating up to 4.92% of the paid up capital of the company at a price of Rs 1,150 per equity share through the tender offer route. On 6 September 2017, Infosys announced the opening of a new state-of-the-art office space in Amsterdam, Netherlands. On 11 September 2017, Infosys announced that it has completed the acquisition of Brilliant Basics, a London-based product design and customer experience (CX) innovator known for its world-class design thinking-led approach and experience in executing global programs. On 12 September 2017, Infosys announced that it would open its North Carolina Technology and Innovation Hub in Raleigh. This innovation hub is expected to hire 2,000 American workers by 2021. On 18 September 2017, Infosys announced that it had won a contract from the CMA CGM Group, a world leader in container shipping, which will simplify and transform CMA CGM's IT applications and improve customer service experience. As part of the agreement, and at the request of CMA CGM, Infosys will open a Delivery Center (DC) in Marseille, which will become a key hub attracting and enhancing local expertise. Infosys will also acquire CMA CGM's Innovation and Delivery Center in Dubai, UAE, expanding its footprint in the Middle East. On 19 September 2017, Infosys Finacle announced its partnership with Niki.ai, a FinTech start-up that offers chat based commerce solutions. With this partnership, Finacle solution suite will be available with Niki.ai's chat-based virtual assistant - Niki. This offering will enable banks to offer its customers a virtual banking assistant for shopping products and services. On 22 September 2017, Infosys Finacle announced a partnership with ToneTag, a provider of near-field communications, payment and location based services using sound waves. Through this partnership, Finacle and ToneTag will offer a joint solution that would leverage the latter's sound wave technology to enable proximity payments and interactions. On 25 September 2017, Infosys announced the launch of a private cloud solution in collaboration with Micro Focus SUSE, a pioneer in open source software, providing software-defined data center infrastructure and application delivery solutions. This solution will help businesses significantly accelerate their digital transformation journey by being hardware agnostic, enabling faster time to market through rapid adoption, providing faster delivery of services, and greater infrastructure agility and control. On 4 October 2017, Infosys announced that it has won an order from KONE, a global leader in the elevator and escalator industry, to support its IT transformation. On 16 November 2017, Infosys and ATP, the governing body of men's professional tennis, announced the launch of Second Screen, a new feature providing player performance insights within seconds of a point being played. The Second Screen capability offers valuable information on the strengths and weaknesses of players, enabling them and their coaches to review strategies and improve performance. On 27 November 2017, Infosys announced a partnership with Hewlett Packard Enterprise (HPE) to offer a joint end-to-end mainframe modernization solution, which will provide global enterprise customers robust hardware and advanced software architecture. On 29 November 2017, Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, announced the global availability of Finacle Trade Connect, a blockchain based trade finance solution for banks. The solution will help digitize the trade finance business process, including validation of ownership, certifying documents and making payments, while working on a distributed, trusted and shared network. On 19 December 2017, the name of Infosys' Business Process Outsourcing (BPO) subsidiary Infosys BPO was changed to Infosys BPM Limited to reflect the paradigm shift in the nature of services that the company offers through its holistic approach of end-to-end transformative BPM (Business Process Management). Infosys BPM, the business process management subsidiary of Infosys, was set up in April 2002. On 29 December 2017, Infosys announced that it has signed an agreement for divestment of its entire investment in ANSR Consulting Holdings, Inc., a Delaware corporation, for a total consideration of USD 1,000,000. On 4 January 2018, Infosys announced a new partnership with paperless validation company ValGenesis that will bring even stronger compliance and quality management for its customers in the healthcare and life sciences sectors. Under the partnership, Infosys will integrate ValGenesis' Validation Lifecycle Management System (VLMS) within its suite of services for the pharmaceutical and biotech industry, which will be delivered in a rapidly deployable, highly secure cloud environment. On 5 January 2018, Infosys announced that it had won a contract from Proximus, the largest telecommunications company in Belgium, to implement Excite - a business transformation program aimed at delivering superior digital customer experiences for its enterprise clients. The multi-year program will strengthen Proximus' leadership in the professional services market by replacing legacy IT systems, streamlining processes and deploying advanced tools for quoting, selling, ordering, billing, invoicing and more. On 9 January 2018, Infosys announced the successful conclusion of an Advance Pricing Agreement (APA) with the U.S. Internal Revenue Service (IRS). Under the APA, Infosys and the IRS have agreed on the methodology to allocate revenues and compute the taxable income of the company's US operations. This agreement covers financial years from 2011 to 2021. The APA will enhance predictability of the company's tax obligations in respect of its US operations. On May 22, 2018, Infosys acquired 100% of the voting interests in WongDoody Holding Company Inc., an US-based, full-service creative and consumer insights agency. The business acquisition was conducted by entering into a share purchase agreement for a total consideration of up to USD 75 million (approximately Rs. 514 crore on acquisition date). On October 11, 2018, Infosys Consulting Pte Limited (a wholly-owned subsidiary of Infosys Limited) acquired 100% voting interests in Fluido Oy (Fluido), a Nordic-based Salesforce advisor and consulting partner in cloud consulting, implementation and training services, for a total consideration of up to EUR 65 million (approximately Rs. 560 crore). On November 16, 2018, Infosys Consulting Pte Limited (a wholly-owned subsidiary of Infosys Limited) acquired 60% stake in Infosys Compaz Pte. Ltd, a Singapore-based IT services company. The business acquisition was conducted by entering into a share purchase agreement for a total consideration of up to SGD 17 million (approximately Rs. 91 crore on acquisition date). During the year ended March 2018, the Company had initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava and Panaya, collectively referred to as 'the disposal group'. The Board, at its meeting held on 13 July 2018, approved and recommended the issue of bonus shares and increase the liquidity of its shares. The shareholders approved the issue of bonus shares (vide postal ballot concluded on August 22, 2018). The Company had allotted 218,41,91,490 fully paid up equity shares of face value Rs. 5 each. A bonus share of one equity share for every equity share held, and a bonus issue, viz., a stock dividend of one American Depositary Share (ADS) for every ADS held have been allotted. The bonus shares were credited to the eligible shareholders as on the record date, i.e. September 5, 2018. In July 2018, the Company voluntarily delisted its ADSs from the Euronext Paris and Euronext London exchanges. The primary reason for delisting is the low average daily trading volume of Infosys ADSs on these exchanges, which was not commensurate with the related administrative requirements. During the five-year period of the Company's listing on Euronext Paris and Euronext London, the average daily trading volume of the Company's ADSs was significantly lower than its average daily trading volume on the NYSE. There was no change in the Infosys share / ADS count, capital structure and float as a result of the delisting from above exchanges. Infosys ADSs continues to be listed on the NYSE under the symbol INFY' and investors can continue to trade their ADSs on the NYSE as before. The Board at its meeting on 11 January 2019 approved the buyback of equity shares through the open market route through the Indian stock exchanges, amounting to Rs. 8,260 crore (maximum buyback size) at a price not exceeding Rs. 800 per equity share (maximum buyback price), subject to the shareholders' approval by way of a postal ballot. The shareholders approved the proposal of buyback of equity shares through the postal ballot that concluded on March 12, 2019. During the year ended March 31, 2019, 1,26,52,000 equity shares were bought back from the Indian stock exchanges. Subsequent to the year-end, the Company has purchased 81,31,000 shares till the date of the Board's report. On April 1, 2019, Infosys Consulting Pte Limited (a wholly-owned subsidiary of Infosys Limited) acquired 81% of voting interests in Hitachi Procurement Service Co., Ltd. (HIPUS), Japan, a wholly-owned subsidiary of Hitachi Ltd, Japan for a total cash consideration of JPY3.29 billion (approximately Rs. 206 crore), on fulfilment of closing conditions. The Company had paid an advance of JPY3.29 billion (approximately Rs. 206 crore) to Hitachi towards cash consideration on March 29, 2019. HIPUS handles indirect materials purchasing functions for Hitachi Group. The name of Company - Hitachi Procurement Service Co., Ltd. - has been changed to HIPUS Co., Ltd. with effect from 01 April 2019. The Company has allotted 218,41,91,490 fully-paid-up equity shares (including treasury shares) of face value Rs 5 each during the three months ended 30 September 2018 pursuant to a bonus issue approved by the shareholders through a postal ballot. In line with the Capital Allocation Policy announced in April 2018, the Board, at its meeting on 11 January 2019, approved the buyback of equity shares under the open market route through the Indian stock exchanges, amounting to Rs 8,260 crore (maximum buyback size) at a price not exceeding Rs 800 per share (maximum buyback price), subject to shareholders' approval by way of a postal ballot. During the FY 2019, 1,26,52,000 equity shares were bought back from Indian stock exchanges, which includes 18,18,000 shares which have been purchased but not extinguished as of 31 March 2019 and 36,36,000 shares which have been purchased but have not been settled and therefore not extinguished as of 31 March 2019. Subsequent to the year end, the Company has purchased 81,31,000 shares till 12 April 2019. On 16 November 2018, the company through its subsidiary Infosys Consulting Pte Ltd,has acquired 60% stake in Infosys Compaz Pte. Ltd, a Singapore-based IT services company. The business acquisition was conducted by entering into a share purchase agreement for a total consideration of up to SGD 17 million (approximately Rs 91 crore on acquisition date), which includes a cash consideration of SGD 10 million (approximately Rs 54 crore) and a contingent consideration of up to SGD 7 million (approximately Rs 37 crore on acquisition date). On 01 April 2019, the acquired 81% voting interests in Hitachi Procurement Service Co., Ltd., (HIPUS), Japan, a wholly-owned subsidiary of Hitachi Ltd, Japan for a total cash consideration of JPY 3.29 billion (approximately Rs 206 crore) on fulfilment of closing conditions. The Company has paid an advance of JPY 3.29 billion (approximately Rs 206 crore) to Hitachi towards cash consideration on 29 March 2019. HIPUS handles indirect materials purchasing functions for the Hitachi Group. On 28 March 2019, Infosys Consulting Pte Limited (a wholly-owned subsidiary of Infosys Limited) entered into a definitive agreement to acquire 75% of the shareholding in Stater N.V., a wholly-owned subsidiary of ABN AMRO Bank N.V., Netherlands, for a consideration including base purchase price of up to EURO 127.5 million (approximately Rs 990 crore) and customary closing adjustments, subject to regulatory approvals and fulfilment of closing conditions. As on 31 March 2019, the company has operations spread across 191 locations in 46 countries. As on March 2019,the company have 25 direct subsidiaries and 34 step-down subsidiaries. The company have presence in 46 countries across 220 locations as on 31March 2020. As on 31 March 2020, the company have 23 direct subsidiaries and 52 step-down subsidiaries. On 01 April 2019, Infosys Consulting Pte Ltd. acquired 81% of voting interests in HIPUS Co., Ltd. (HIPUS), a whollyowned subsidiary of Hitachi Ltd, Japan, for a total cash consideration of JPY 3.29 billion (approximately Rs 206 crore). HIPUS handles indirect materials purchasing functions for the Hitachi Group. On 23 May 2019, Infosys Consulting Pte Ltd., a whollyowned subsidiary of Infosys Limited, acquired 75% of voting interests in Stater N.V. (Stater), a wholly-owned subsidiary of ABN AMRO Bank N.V., Netherlands, for a total cash consideration of EURO 154 million (approximately Rs 1,195 crore). Stater brings European mortgage expertise and a robust digital platform to drive superior customer experience. Infosys Tecnologia do Brasil Ltda, a wholly-owned subsidiary of Infosys Limited, merged into Infosys Consulting Ltda, a wholly-owned subsidiary of Infosys Limited, effective 01 October 2019. Panaya Japan Co. Ltd, a wholly-owned subsidiary of Panaya Inc., has been liquidated effective 31 October 2019. Infosys Technologies (Australia) Pty. Limited (Infosys Australia) has been liquidated effective 17 November 2019. On 20 February 2020, Infosys Poland, Sp z.o.o, a whollyowned subsidiary of Infosys BPM Limited, acquired 100% of the voting interests in Infosys Consulting Sp. z.o.o, a whollyowned subsidiary of Infosys Consulting Holding AG. On 13 March 2020, Infosys Nova Holdings LLC, a whollyowned subsidiary of Infosys Limited, acquired 100% of voting interests in Outbox Systems Inc. dba Simplus, a US-based Salesforce advisor and consulting partner in cloud consulting, implementation and training services for a total consideration of up to USD 250 million (approximately Rs 1,892 crore). During the FY2020, the company has won Asia IP Elite Award 2019, for developing innovative Intellectual Property (IP) functions and creating IP value. The company also adjudged Best Investor Relations, in the FinanceAsia Best Managed Companies poll, 2020. Also received ET Now Business Leader of the Year Award for Finance Transformation and Best Financial Reporting. Further, the company also won IT Legal Team of the Year Award at the annual flagship event of Legal Era Gennext Business & Law Congress 2020. The company has been recognized and awarded Top Employers Global 2021 certification in 20 countries across Europe, Middle East, Asia Pacific and North America. On 08 February 2021, the company announced a strategic collaboration with Sprit Aerosystems, a leading aero structures manufacturer. Spirit has chosen Infosys as its lead technology integration partner to help drive and set up the end-to-end applications and infrastructure integration of a few of Bombardier's former aerostructures and aftermarket services assets, which have been recently acquired by Spirit.

Infosys Ltd Directors Reports

Dear members,

The Board of Directors hereby submits the report of the business and operations of your Company ("the Company" or "Infosys"), along with the audited financial statements, for the financial year ended March 31, 2021. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

1. Results of our operations and state of affairs

in Rs crore, except per equity share data

Particulars

Standalone For the year ended March 31,

Consolidated For the year ended March 31,

2021 2020 2021 2020
Revenue from operations 85,912 79,047 1,00,472 90,791
Cost of sales 55,541 52,816 65,413 60,732
Gross profit 30,371 26,231 35,059 30,059
Operating expenses
Selling and marketing expenses 3,676 3,814 4,627 4,711
General and administration expenses(1) 4,559 4,526 5,810 5,974
Total operating expenses 8,235 8,340 10,437 10,685
Operating profit 22,136 17,891 24,622 19,374
Finance cost 126 114 195 170
Other income, net 2,467 2,700 2,201 2,803
Profit before tax 24,477 20,477 26,628 22,007
Tax expense 6,429 4,934 7,205 5,368
Profit after tax 18,048 15,543 19,423 16,639
Profit attributable to owners of the Company 18,048 15,543 19,351 16,594
Non-controlling interests 72 45
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss 268 (215) 253 (213)
Items that will be reclassified subsequently to profit or loss (77) (19) 53 364
Total other comprehensive income / (loss), net of tax 191 (234) 306 151
Total comprehensive income for the year attributable to the owners of the Company 18,239 15,309 19,651 16,732
Non-controlling interest 78 58
Earnings per share (EPS)(2)
Basic 42.37 36.34 45.61 38.97
Diluted 42.33 36.32 45.52 38.91

1 crore = 10 million

Notes: The above figures are extracted from the audited standalone and consolidated financial statements as per Indian Accounting Standards (Ind AS). (1) Includes impairment of capital asset of Rs 283 crore under CSR expense in the Standalone financial statements of the Company, as the Company intends to transfer its CSR capital assets created prior to January 2021 to a controlled subsidiary consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021.

The recoverable amount of capital asset is expected to exceed the carrying amount including in the period subsequent to the transfer to a controlled subsidiary, hence no impairment charge has been recorded in the Consolidated financial statements.

(2) Equity shares are at par value of Rs 5 per share.

Financial position

in Rs crore, except equity share data

Particulars Standalone Consolidated
As at March 31, As at March 31,
2021 2020 2021 2020
Cash and cash equivalents 17,612 13,562 24,714 18,649
Current investments 2,037 4,006 2,342 4,655
Net current assets 30,660 28,600 36,868 33,720
Property, plant and equipment
(including capital work-in-progress) 11,836 12,037 13,482 13,389
Right-of-use assets 3,435 2,805 4,794 4,168
Goodwill 167 29 6,079 5,286
Other intangible assets 67 48 2,072 1,900
Other non-current assets 30,152 22,302 21,226 13,449
Total assets 93,939 81,041 1,08,386 92,768
Non-current lease liabilities 3,367 2,775 4,587 4,014
Other non-current liabilities 1,419 812 3,152 2,054
Retained earnings – opening balance 52,419 54,070 56,309 57,566
Add:
Profit for the year 18,048 15,543 19,351 16,594
Transfer from Special Economic Zone Re-investment
Reserve on utilization 967 1,036 1,039 1,080
Less:
Impact of adoption of Ind AS 116 (17) (40)
Dividends (including dividend distribution tax if any) (9,158) (9,553) (9,120) (9,517)
Buyback of equity shares (4,717) (4,717)
Effect of modification of equity-settled share-based
payment awards to cash-settled awards (9) (9)
Transfer to general reserve (1,554) (1,470) (1,554) (1,470)
Transfer to Special Economic Zone Re-investment
Reserve (3,204) (2,464) (3,354) (2,580)
Financial liability under option arrangements (598)
Payment towards acquisition of minority interest (28)
Retained earnings – closing balance 57,518 52,419 62,643 56,309
Equity share capital 2,130 2,129 2,124 2,122
Other reserves and surplus(1) 11,831 7,825 10,243 5,978
Other comprehensive income 52 (139) 1,341 1,041
Non-controlling interest 431 394
Total equity 71,531 62,234 76,782 65,844
Total equity and liabilities 93,939 81,041 1,08,386 92,768
Number of equity shares 426,06,60,846 425,89,92,566 424,51,46,114 424,07,53,210

(1) Excluding retained earnings

Summary Profit and Loss – standalone

in Rs crore, except per equity share data

Particulars Year ended March 31,
2021 % of revenue 2020 % of revenue YoY growth (%)
Revenue from operations 85,912 100.0 79,047 100.0 8.7
Gross profit 30,371 35.4 26,231 33.2 15.8
Selling and marketing expenses 3,676 4.3 3,814 4.8 (3.6)
General and administration expenses 4,559 5.3 4,526 5.7 0.7
Operating profit 22,136 25.8 17,891 22.6 23.7
Profit before tax 24,477 28.5 20,477 25.9 19.5
Net profit 18,048 21.0 15,543 19.7 16.1
Earnings per equity share
Basic 42.37 36.34 16.6

Summary Profit and Loss – consolidated

in Rs crore, except per equity share data

Particulars Year ended March 31,
2021 % of revenue 2020 % of revenue YoY growth (%)
Revenue from operations 1,00,472 100.0 90,791 100.0 10.7
Gross profit 35,059 34.9 30,059 33.1 16.6
Selling and marketing expenses 4,627 4.6 4,711 5.2 (1.8)
General and administration expenses 5,810 5.8 5,974 6.6 (2.7)
Operating profit 24,622 24.5 19,374 21.3 27.1
Profit before tax 26,628 26.5 22,007 24.2 21.0
Net profit 19,423 19.3 16,639 18.3 16.7
Profit attributable to owners of the Company 19,351 19.3 16,594 18.3 16.6
Earnings per equity share
Basic 45.61 38.97 17.0

Refer to the notes under the table, ‘Results of our operations and state of affairs', for factors impacting net profit and basic EPS.

Based on Ind AS consolidated financial statements

(4) EURS – Includes enterprises in Energy, Utilities, Resources and Services (5) MFG – Includes enterprises in Manufacturing (6) Hi-Tech – Includes enterprises in Hi-Tech (7) LS – Includes enterprises in Life Sciences and Healthcare

(8) Others – Includes segments of businesses in India, Japan, China, Infosys Public Services and other enterprises in public services

Global health pandemic from COVID-19

In fiscal 2020, when the COVID-19 pandemic first broke, Infosys swiftly reacted by providing the required support to the workforce, clients and the community. From setting up a core team to monitor the situation closely and staying in constant touch with the local authorities, sharing timely updates with the global employee base, to enabling the near-seamless transition to the remote mode of work – the Company scaled up its efforts quickly and restored normalcy of operations. Central to these efforts was the need to ensure the physical safety and mental wellbeing of our global workforce. In the early months of the pandemic, through its employee repatriation effort, Infosys managed the evacuation of 1,865 employees and 1,165 members of their families, from 35 countries – a one-of-its-kind operation by a company. Fiscal 2021 has seen the health crisis deepen, and the world's attention is focused on India's response to it. With so many global businesses relying on India's technology services sector to run their core operations, the industry's resilience has wide-ranging global impact. Corporations, along with delivering business continuity for clients, must, with renewed vigor, ensure the wellbeing of their employees and the communities in which they operate.

Today, 96.5% of Infosys employees continue to work from home. With a more virulent surge of the pandemic in India, Infosys has ramped up its efforts significantly to mitigate the impact of the virus. We have set up exclusive COVID-19 care centers across seven Development Center (DC) locations, including Bengaluru, Pune, NCR, Chennai, and Hyderabad, and similar centers are on the anvil in the coming weeks across all other Infosys locations. We plan to, subject to approvals, set up similar centers in other Indian cities where we have campuses. We tied up with COVID-19 testing laboratories across India, collaborated with emergency ambulance providers in major cities, and partnered with 1,500+ hospitals, in 240 cities in India, to enable treatment for employees and their families. All medical treatments for COVID-19 are covered under employee insurance, and employees who have contracted it are allowed 21 days of additional paid leave to recuperate. Employee wellbeing checks are conducted frequently. In the event of an unfortunate turn, Infosys offers support to the grieving family, including financial support through insurance.

Comprehending the importance of the role played by vaccines in our fight against the virus, we have been working very closely with government authorities and medical experts to put together various frameworks for the immunization drive to encourage employees and their family members to get vaccinated. We have created COVID-19 vaccination centers across Infosys campuses. Operations have commenced across seven DCs already and work is in progress in other DCs. We have also collaborated with 130+ hospitals in India where employees and their families can be vaccinated. Committed as always to holistic employee wellbeing, we have rolled out over 900+ employee initiatives across locations, centered on mental health, self-care, and prioritizing work-life balance. Infosys' helping hand extends beyond business. We have honored the commitment of Rs 100 crore for COVID-19 relief in India that we made in March 2020, through the Infosys Foundation. This will help expand the capacity of COVID-care hospital beds, increase the supply of oxygen concentrators and ventilators, as well as provide food and funds to migrant laborers impacted by the lockdowns. We also leveraged our technological expertise, creating mobile applications like ‘Crush Covid RI' and ‘Apthamitra' to help local governments in their fight against COVID-19.

Our focus on our client commitments remained unwavering through this period, reflecting in the record number of large deals we secured even while working remotely. With our operations teams ensuring smooth work-from-home processes and remote collaboration for our 2,60,000+ global workforce, we were able to ensure that client service-level agreements (SLAs) were met and project milestones delivered on time. However, remote working conditions also implied multiplied cybersecurity risks, not just for us but for clients as well. Having been an early adopter of advanced cybersecurity strategies, including the setting up of seven Cyber Defence Centers in India, US and Europe, we were in a position to minimize threats to our operations as well as offer cybersecurity solutions to our clients. We continued to provide critical support to clients in essential services sectors such as banking, healthcare and communications around the world. Although travel was ruled out for most of this fiscal, we leveraged cloud and other digital transformation offerings to bring in new business, ensuring maximization of benefits to our shareholders.

As an organization, our external communication has had to transition to the new virtual models as well. Events such as the quarterly results, analyst meetings and the Annual General Meeting have all been executed successfully leveraging our in-house platforms such as Infosys Meridian. All recruitment drives have also been conducted virtually. Our online learning platform, Lex, and virtual classes allow our training programs to continue unaffected, with 2,40,000 employees using the platform in fiscal 2021. Leveraging initiatives like Skill Tags and Digital Quotient has enabled learning and reskilling of talent to proceed at an incredible pace. Digital Quotient acts as a guide-on-the-go to ensure digital preparedness for our talent, while Skill Tags allow employees to move beyond learning to establish their skill expertise in new-age / niche technology spaces. Thanks to structured learning paths made available through Lex, there has been a threefold increase in reskilled talent over the last fiscal.

At Infosys, even amid an unprecedented global crisis, we continue to balance success as a business with exemplary governance and responsiveness to the needs of all our stakeholders.

Capital Allocation Policy

Effective fiscal 2020, the Company expects to return approximately 85% of the free cash flow cumulatively over a five-year period through a combination of semi-annual dividends and / or share buyback and / or special dividends, subject to applicable laws and requisite approvals, if any. Free cash flow is defined as net cash provided by operating activities less capital expenditure, as per the Consolidated Statement of Cash Flows prepared under IFRS. Dividend and buyback include applicable taxes.

In line with the Capital Allocation Policy, the Board, at its meeting held on April 14, 2021, approved the buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to Rs 9,200 crore (Maximum Buyback Size, excluding buyback tax) at a price not exceeding Rs 1,750 per share (Maximum Buyback Price), subject to shareholders' approval in the ensuing Annual General Meeting (AGM). During the year, the Company paid an interim dividend of Rs 12 per share and announced a final dividend of Rs 15 per share, subject to shareholders' approval in the ensuing AGM. After returning the above amounts, the Company would have returned approximately 83% of the free cash flow for fiscal 2020 and fiscal 2021 through dividends and buybacks, in line with the Capital Allocation Policy announced in July 2019.

The Capital Allocation Policy is available on our website, at https://www.infosys.com/investors/corporate-governance/ documents/capital-allocation-policy.pdf.

Liquidity

Our principal sources of liquidity are cash and cash equivalents, investments and the cash flow that we generate from our operations. We continue to be debt-free and maintain sufficient cash to meet our strategic and operational requirements. We understand that liquidity in the Balance Sheet has to balance between earning adequate returns and the need to cover financial and business requirements. Liquidity enables us to be agile and ready for meeting unforeseen strategic and business needs. As of March 31, 2021, we had Rs 30,660 crore in working capital on a standalone basis, and Rs 36,868 crore on a consolidated basis.

Consolidated cash and investments stand at Rs 30,764 crore on a standalone basis and Rs 38,660 crore on a consolidated basis as at March 31, 2021, as against Rs 21,321 crore on a standalone basis, and Rs 27,276 crore on a consolidated basis as on March 31, 2020.

Consolidated cash and investments, on both standalone and consolidated basis, include deposits with banks and financial institutions with high credit ratings by international and domestic credit rating agencies. As a result, liquidity risk of cash and cash equivalents is limited. Ratings are monitored periodically, and we have considered the latest available credit information to the extent available in view of COVID-19 as at the date of approval of the financial statements. Liquid assets also include investments in liquid mutual fund units, fixed maturity plan securities, certificates of deposit (CDs), commercial paper, quoted bonds issued by government and quasi-government organizations, and non-convertible debentures. CDs represent marketable securities of banks and eligible financial institutions for a specified time period with high credit rating given by domestic credit rating agencies. Investments made in non-convertible debentures are issued by government-owned institutions and financial institutions with high credit rating. We invest after considering counterparty risks based on multiple criteria including Tier I capital, capital adequacy ratio, credit rating, profitability, NPA levels and deposit base of banks and financial institutions. The details of these investments are disclosed under the ‘non-current and current investments' section in the Standalone and Consolidated financial statements in this Annual Report.

Capital expenditure on tangible assets – standalone

This year, on a standalone basis, additions to tangible assets was Rs 2,015 crore. This comprises Rs 1,039 crore in infrastructure, Rs 975 crore for investment in computer equipment, and Rs 1 crore in vehicles.

In the previous year, we had additions to tangible assets of

Rs 3,035 crore. This comprised Rs 2,263 crore in infrastructure,

Rs 765 crore for investment in computer equipment, and

Rs 7 crore in vehicles.

Capital expenditure on tangible assets – consolidated

This year, on a consolidated basis, additions to tangible assets was Rs 2,231 crore. This comprises Rs 1,071 crore in infrastructure, Rs 1,159 crore in computer equipment and

Rs 1 crore in vehicles.

In the previous year, we had additions to tangible assets of

Rs 3,437 crore. This comprised Rs 2,500 crore in infrastructure,

Rs 930 crore for investment in computer equipment and

Rs 7 crore in vehicles.

Leases

This year, on a standalone basis, additions to right-of-use (ROU) assets was Rs 1,109 crore. This comprises Rs 1,017 crore in land and buildings, and Rs 92 crore in computer equipment. In the previous year, we had additions to ROU assets of Rs 787 crore. This comprised Rs 738 crore in land and buildings, and

Rs 49 crore in computer equipment.

This year, on a consolidated basis, additions to ROU assets was Rs 1,394 crore. This comprises Rs 1,241 crore in land and buildings, Rs 140 crore in computer equipment and

Rs 13 crore in vehicles.

In the previous year, we had additions to ROU assets of

Rs 1,120 crore. This comprised Rs 1,065 crore in land and buildings, Rs 49 crore for investment in computer equipment and Rs 6 crore in vehicles.

Dividend

The Company recommended / declared dividend as under:

Fiscal 2021 Fiscal 2020
Dividend per Dividend payout Dividend per Dividend payout
share (in Rs) (in Rs crore) share (in Rs) (in Rs crore)
Interim dividend 12.00 5,112 8.00 4,107
Final dividend (1) 15.00 6,391 9.50 4,046
Total dividend 27.00 17.50
Payout ratio (interim and final dividend) (2) 52.2% (2) 53.5%

Note: Interim dividend payout for fiscal 2020 includes dividend distribution tax.

(1) Recommended by the Board of Directors at its meeting held on April 14, 2021. The payment is subject to the approval of the shareholders at the ensuing AGM of the Company to be held on June 19, 2021. The record date for the purposes of the final dividend will be June 01, 2021 and will be paid on June 25, 2021.

(2) Our present Capital Allocation Policy is to pay approximately 85% of the free cash flow cumulatively over a five-year period through a combination of semi-annual dividends and / or share buyback and / or special dividends, subject to applicable laws and requisite approvals, if any. Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the Consolidated Statement of Cash Flows prepared under IFRS.

Particulars of loans, guarantees or investments

Loans, guarantees and investments covered under Section 186 of the Companies Act, 2013 form part of the Notes to the financial statements provided in this Annual Report.

Transfer to reserves

We do not propose to transfer any amount to general reserve on declaration of dividend.

Fixed deposits

We have not accepted any fixed deposits, including from the public, and, as such, no amount of principal or interest was outstanding as of the Balance Sheet date.

Particulars of contracts or arrangements made with related parties

There were no contracts, arrangements or transactions entered into during fiscal 2021. As required under the Companies Act, 2013, the prescribed Form AOC-2 is appended as Annexure 2 to the Board's report.

Management's discussion and analysis

In terms of the provisions of Regulation 34 of the Listing Regulations, the Management's discussion and analysis is set out in this Annual Report.

Risk management report

In terms of the provisions of Section 134 of the Companies Act, 2013, a Risk management report is set out in this Annual Report.

Board policies

The details of the policies approved and adopted by the Board as required under the Companies Act, 2013 and SEBI regulations are provided in Annexure 8 to the Board's report.

Material changes and commitments affecting financial position between the end of the financial year and date of the report

The Board, at its meeting held on April 14, 2021, approved the proposal of buyback of equity shares. The details of the buyback, together with its implications on the Company's financial position, are explained under the ‘Capital Allocation Policy' section of this report and the financial statements for the year ended March 31, 2021.

There have been no other material changes and commitments which affect the financial position of the Company that have occurred between the end of the financial year to which the financial statements relate and the date of this report.

2. Business description

Strategy

Our strategic objective is to build a sustainable and resilient organization that remains relevant to the agenda of our clients, while creating growth opportunities for our employees, generating profitable returns for our investors and contributing to the communities that we operate in. Our clients and prospective clients are faced with transformative business opportunities due to advances in software and computing technology. These organizations are dealing with the challenge of having to reinvent their core offerings, processes and systems rapidly and position themselves as ‘digitally enabled'. The current economic climate and volatility, resulting from the COVID-19 pandemic, in their operations has accelerated their adoption of digital technologies – to enhance organizational resilience, get competitive advantage and optimize cost structures. The journey to the digital future requires not just an understanding of new technologies and new ways of working, but a deep appreciation of existing technology landscapes, business processes and practices. Our strategy is to be a navigator for our clients as they ideate, plan and execute on their journey to a digital future. In fiscal 2021, we continued to execute our four-pronged strategy to strengthen our relevance to clients and drive accelerated value creation. We believe the investments we have made, and continue to make, in our strategy will enable us to advise and help our clients as they tackle these market conditions, especially in the areas of digitization of processes, migration to cloud-based technologies, workplace transformation, business model transformation, data analytics, enhanced cybersecurity controls and cost structure optimization in IT. Further, we have successfully enabled our employees worldwide to work remotely and securely – thus achieving the operational stability to deliver on client commitments and ensuring our own business continuity.

In fiscal 2021, we launched our integrated cloud offering, Infosys CobaltTM, bringing together 14,000+ cloud assets, 200+ solution blueprints and an array of ecosystem alliances. Infosys CobaltTM is helping enterprises to securely access cloud capabilities with the assurance of single-point accountability for outcomes. We also launched Infosys Applied AI to help enterprises adopt a comprehensive approach and roadmap to scaling enterprise-grade AI for their businesses.

For details of our continued investments and outcomes of our strategic initiatives, please refer to the Management's Discussion and Analysis section of this Annual Report.

Organization

Our go-to-market business units are organized as:

• Financial Services and Insurance

• Life Sciences and Healthcare

• Retail, Consumer Packaged Goods and Logistics

• Communications, Telecom OEM and Media

• Energy, Utilities, Resources and Services

• Manufacturing

• Hi-tech

• Others, which includes India, Japan, China, Infosys Public Services and other Public Service enterprises

Our solutions have been primarily classified as digital and core.

Digital:

• Experience

• Insight

• Innovate

• Accelerate

• Assure Core:

• Application management services

• Proprietary application development services

• Independent validation solutions

• Product engineering and management

• Infrastructure management services

• Traditional enterprise application implementation

• Support and integration services

Our products and platforms include:

• Finacle

• Edge Suite

• Infosys NIA

• Infosys McCamish

• Panaya

• Skava

• Stater Mortgage Servicing Platform

• Wingspan

• Infosys Meridian

• CyberNext

• LEAP

Infrastructure

We added 0.86 million sq. ft. of physical infrastructure space during the year. The total available space as on March 31, 2021 stands at 52.83 million sq. ft. We have presence in more than 50 countries across 234 locations as on March 31, 2021.

Mergers and acquisitions

Infosys has a systematic M&A approach aimed to strengthen digital services capabilities, deepen industry expertise, and expand geographical footprint. Focused on executing Infosys' Agile Digital strategy, during the year, the Company completed three acquisitions:

• GuideVision, s.r.o. a leading ServiceNow Elite Partner in Europe augmenting Infosys CobaltTM portfolio of cloud services and strengthening nearshore delivery presence on October 1, 2020

• Kaleidoscope Animations, Inc., a US-based product design and development firm strengthening presence in Medical devices, Consumer and Industrial markets on October 9, 2020

• Beringer Commerce Inc. and Beringer Capital Digital Group Inc., collectively known as Blue Acorn iCi, an award-winning, Adobe Platinum partner in the US, and a leader in digital customer experience, commerce and analytics on October 27, 2020 These acquisitions through Infy Consulting Company Ltd (a_ wholly-owned subsidiary of Infosys Consulting Holding AG) and Infosys Nova Holdings LLC (a wholly-owned subsidiary of Infosys Limited) were made for a total consideration of Rs 1,407_ crore, comprising a cash consideration of Rs 1,307_crore and contingent consideration with an estimated fair value of Rs 100 crore as on the date of acquisition. Refer to Note 2.1 of the Consolidated financial statements for further details of these acquisitions.

Subsidiaries

We, along with our subsidiaries, provide consulting, technology, outsourcing and next-generation digital services. At the beginning of the year, we had 23 direct subsidiaries and 52 step-down subsidiaries. As on March 31, 2021, we have 24 direct subsidiaries and 62 step-down subsidiaries. The changes in subsidiaries during the year is included in the

Standalone financial statements of the Company.

During the year, the Board of Directors reviewed the affairs of the subsidiaries. In accordance with Section 129(3) of the Companies Act, 2013, we have prepared the Consolidated financial statements of the Company, which form part of this Annual Report. Further, a statement containing the salient features of the financial statements of our subsidiaries in the prescribed format AOC-1 is appended as Annexure 1 to the Board's report. The statement also provides details of the performance and financial position of each of the subsidiaries, along with the changes that occurred, during fiscal 2021. In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including the Consolidated financial statements and related information of the Company and audited accounts of each of its subsidiaries, are available on our website, www.infosys.com.

3. Human resources management

Our professionals are our most important assets. We are committed to hiring and retaining the best talent and being among the industry's leading employers. For this, we focus on promoting a collaborative, transparent and participative organization culture, and rewarding merit and sustained high performance. Our human resource management focuses on allowing our employees to develop their skills, grow in their career and navigate their next.

Internal complaints committee

Infosys' goal has always been to create an open and safe workplace for every employee to feel empowered, irrespective of gender, sexual preferences, and other factors, and contribute to the best of their abilities. Towards this, the Company has set up the Anti-Sexual Harassment Initiative (ASHI), which proudly completes 21 years of enabling a positive and safe work environment for our employees. Our ASHI practices have set an industry benchmark as it ranked first among 300+ companies that participated in an external survey on the best anti-sexual harassment initiatives in 2017, 2019 and 2020. Infosys has constituted an Internal Committee (IC) in all the development centers of the Company across India to consider and resolve all sexual harassment complaints reported by women. The IC has been constituted as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, and the committee includes external members from NGOs or with relevant experience. Investigations are conducted and decisions made by the IC at the respective locations, and a senior woman employee is the presiding officer over every case. Half of the total members of the IC are women. The role of the IC is not restricted to mere redressal of complaints but also encompasses prevention and prohibition of sexual harassment. In the last one year, the IC has worked extensively on creating awareness on relevance of sexual harassment issues in the new normal by using brand-new and innovative measures to help employees understand the forms of sexual harassment while working remotely. The details of sexual harassment complaints that were filed, disposed of and pending during the financial year are provided in the Business Responsibility Report of this Annual report.

Particulars of employees

The Company had 2,04,396 employees on standalone basis and 2,59,619 employees on consolidated basis as of March 31, 2021. The percentage increase in remuneration, ratio of remuneration of each director and key managerial personnel (KMP) (as required under the Companies Act, 2013) to the median of employees' remuneration, and the list of top 10 employees in terms of remuneration drawn, as required under

Section 197(12) of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, form part of Annexure 3 to this Board's report. The statement containing particulars of employees employed throughout the year and in receipt of remuneration of Rs 1.02 crore or more per annum and employees employed for part of the year and in receipt of remuneration of Rs 8.5 lakh or more per month, as required under Section 197(12) of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate exhibit forming part of this report and is available on the website of the Company,fiat https://www.infosys.com/investors/ reports-filings/Documents/exhibitboards-report2021.pdf. The Annual Report and accounts are being sent to the shareholders excluding the aforesaid exhibit. Shareholders interested in obtaining this information may access the same from the Company website. In accordance with Section 136 of the Companies Act, 2013, this exhibit is available for inspection by shareholders through electronic mode.

Notes:

1 The employees mentioned in the aforesaid exhibit have / had permanent employment contracts with the Company.

2. The employees are neither relatives of any directors of the Company, nor hold 2% or more of the paid-up equity share capital of the Company as per Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

3. The details of employees posted outside India and in receipt of a remuneration of Rs 60 lakh or more per annum or Rs 5 lakh or more a month can be made available on specific request.

Employee stock options / Restricted Stock Units (RSUs)

The Company grants share-based benefits to eligible employees with a view to attracting and retaining the best talent, encouraging employees to align individual performances with Company objectives, and promoting increased participation by them in the growth of the Company.

Infosys Expanded Stock Ownership Program 2019 ("the 2019 Plan")

On June 22, 2019, pursuant to approval by the shareholders in the AGM, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 Plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by the Infosys Expanded Stock Ownership Trust. The RSUs granted under the 2019 Plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (the nomination and remuneration committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the Company as decided by the administrator. Each of the above performance parameters will be distinct for the purposes of calculation of the quantity of shares to vest based on performance. These instruments will generally vest between a minimum of one to a maximum of three years from the grant date.

2015 Stock Incentive Compensation Plan ("the_2015_Plan")

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 Plan shall not exceed 2,40,38,883 equity shares (not adjusted for bonus issue). These instruments will generally vest over a period of four years and the Company expects to grant the instruments under the 2015 Plan over the period of four to seven years. These RSUs and stock options shall be exercisable within the period as approved by the nomination and remuneration committee. The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options would be the market price as on the date of grant.

Consequent to the September 2018 bonus issue, all the then outstanding options granted under the stock option plan have been adjusted for bonus shares. The total number of equity shares and American Depositary Receipts (ADRs) to be allotted to the employees of the Company and its subsidiaries under the 2015 Plan does not cumulatively exceed 1% of the issued capital. For the shares and ADRs issued under the 2019 Plan, the cumulative amount does not exceed 1.15% of the issued capital. The 2019 Plan and 2015 Plan are in compliance with SEBI (Share Based Employee Benefits) Regulations, 2014, as amended from time to time, and there has been no material change to the plans during the fiscal.

The details of the 2019 Plan and 2015 Plan, including terms of reference, and the requirement specified under Regulation 14 of the SEBI (Share Based Employee Benefits) Regulations, 2014, are available on the Company's website, at https://www.infosys.com/investors/reports-filings/ Documents/disclosures-pursuant-SEBI-regulations2021.pdf. The details of the 2019 Plan and 2015 Plan form part of the Notes to accounts of the financial statements in this Annual Report.

4. Corporate governance

Our corporate governance philosophy

Our corporate governance practices are a reflection of our value system encompassing our culture, policies, and relationships with our stakeholders. Integrity and transparency are key to our corporate governance practices to ensure that we gain and retain the trust of our stakeholders at all times. Corporate governance is about maximizing shareholder value legally, ethically and sustainably. At Infosys, the Board exercises its fiduciary responsibilities in the widest sense of the term. Our disclosures seek to attain the best practices in international corporate governance. We also endeavor to enhance long-term shareholder value and respect minority rights in all our business decisions.

Our Corporate governance report for fiscal 2021 forms part of this Annual Report.

Board diversity

The Company recognizes and embraces the importance of a diverse board in its success. We believe that a truly diverse board will leverage differences in thought, perspective, knowledge, skill, regional and industry experience, cultural and geographical backgrounds, age, ethnicity, race and gender, that will help us retain our competitive advantage. The Board Diversity Policy adopted by the Board sets out its approach to diversity. The policy is available on our website, at https://www.infosys.com/investors/corporate-governance/ documents/board-diversity-policy.pdf. Additional details on Board diversity are available in the Corporate governance report that forms part of this Annual Report.

Number of meetings of the Board

The Board met seven times during the financial year. The meeting details are provided in the Corporate governance report that forms part of this Annual Report. The maximum interval between any two meetings did not exceed 120 days, as prescribed by the Companies Act, 2013.

Policy on directors' appointment and remuneration

The current policy is to have an appropriate mix of executive, non-executive and independent directors to maintain the independence of the Board, and separate its functions of governance and management. As of March 31, 2021, the Board had nine members, two of whom are executive directors, a non-executive and non-independent director and six independent directors. Two of the independent directors of the Board are women. The details of Board and committee composition, tenure of directors, areas of expertise and other details are available in the Corporate governance report that forms part of this Annual Report. The policy of the Company on directors' appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a director and other matters, as required under Sub-section (3) of Section 178 of the Companies Act, 2013, is available on our website, at https://www.infosys.com/investors/corporate-governance/documents/nomination-remuneration-policy.pdf. We affirm that the remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration Policy of the Company.

Declaration by independent directors

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013, that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 25 of the Listing Regulations.

Board evaluation

The nomination and remuneration committee engaged Egon Zehnder, external consultants, to conduct Board evaluation for the year. The evaluation of all the directors, committees, Chairman of the Board, and the Board as a whole was conducted based on the criteria and framework adopted by the Board. The Board evaluation process was completed during fiscal 2021. The evaluation parameters and the process have been explained in the Corporate governance report.

Familiarization program for independent directors

All new independent directors inducted into the Board attend an orientation program. The details of the training and familiarization program are provided in the Corporate governance report. Further, at the time of the appointment of an independent director, the Company issues a formal letter of appointment outlining his / her role, function, duties and responsibilities. The format of the letter of appointment is available on our website, at https://www.infosys.com/ investors/corporate-governance/Documents/appointment-independent-director.pdf.

Directors and KMP

Inductions

Uri Levine was appointed to the Board as an independent director effective April 20, 2020 for a period of three years and the same was approved by the shareholders at the 39th AGM held on June 27, 2020. Bobby Parikh was appointed to the Board as an additional and independent director effective July 15, 2020 for a period of three years subject to the approval of shareholders. In the opinion of the Board, he is a well-respected business leader who brings a wealth of experience and financial acumen to the Infosys Board. His vast experience in the realm of corporate governance will greatly benefit the Company. Further, he possesses integrity and relevant proficiency which will bring tremendous value to the Board and to the Company. The Board recommends his appointment to the shareholders. The notice convening the 40th AGM to be held on June 19, 2021 sets out the details. Chitra Nayak was appointed to the Board as an additional and independent director effective March 25, 2021 for a period of three years subject to the approval of shareholders. In the opinion of the Board, she brings Silicon Valley experience expertise, integrity and proficiency that will provide valuable insights as Infosys pivots its service offerings in consulting and digital solutions to help businesses in their strategic intent of digital transformation. The Board recommends her appointment to the shareholders. The notice convening the 40th AGM to be held on June 19, 2021 sets out the details.

Reappointments

Director liable to retire by rotation

As per the provisions of the Companies Act, 2013, U.B. Pravin Rao, COO and Whole-time Director, whose office is liable to retire at the ensuing AGM, being eligible, seeks reappointment. Based on performance evaluation and the recommendation of the nomination and remuneration committee, the Board recommends his reappointment. U.B Pravin Rao will be superannuating on December 12, 2021 as per the Company's policy. The notice convening the 40th AGM to be held on June 19, 2021 sets out the details.

Reappointment of independent director

Michael Gibbs was appointed as an independent director for the first term of three years effective July 13, 2018. His office of directorship is due for retirement on July 12, 2021. Based on the recommendation of the nomination and remuneration committee and after taking into account the performance evaluation of his first term of three years and considering the knowledge, acumen, expertise, experience and the substantial contribution, the committee has recommended the appointment of Michael Gibbs to the Board for a second term of five years. The Board, at its meeting held on April 14, 2021, approved the reappointment of Michael Gibbs as an independent director of the Company with effect from July 13, 2021 to July 12, 2026, whose office shall not be liable to retire by rotation. The Board recommends his reappointment to the shareholders. The notice convening the 40th AGM to be held on June 19, 2021 sets out the details.

Retirements and resignations

D.N. Prahlad, an independent director, resigned as a member of the Board effective April 20, 2020 to devote more time to his other business commitments. The disclosure in this regard is available at https://www.infosys.com/newsroom/ press-releases/2020/independent-director-stepping-down-20april2020.html.

Dr. Punita Kumar-Sinha, an independent director, on completion of her tenure, retired as a member of the Board effective January 13, 2021. The disclosure in this regard is available at https://www.infosys.com/investors/documents/ retirement-independent-director-13jan2021.pdf.

Committees of the Board

As on March 31, 2021, the Board had five committees: the audit committee, the corporate social responsibility committee, the nomination and remuneration committee, the risk management committee, and the stakeholders relationship committee. A majority of the committees consists entirely of independent directors. The Board, at its meeting held on April 14, 2021, instituted the Environment, Social and Governance (ESG) committee. The committee consists entirely of independent directors. During the year, all recommendations made by the committees were approved by the Board.

A detailed note on the composition of the Board and its committees is provided in the Corporate governance report.

Internal financial control and its adequacy

The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of fraud, error reporting mechanisms, accuracy and completeness of the accounting records, and timely preparation of reliable financial disclosures. For more details, refer to the ‘Internal control systems and their adequacy' section in the Management's discussion and analysis, which forms part of this Annual Report.

Cybersecurity

In the light of the COVID-19 pandemic, fiscal 2021 was a challenging year for businesses globally. At Infosys, while our employees operated efficiently as a remote workforce, we continue to keep a close tab on our cybersecurity posture. We continued our efforts to keep ourselves up to date with cybersecurity events globally so as to achieve higher compliance and its continued sustenance. We continue to be certified against the Information Security Management

System (ISMS) Standard ISO 27001:2013. During the year, our focus on our cybersecurity personnel's training and reskilling went ahead as planned, together with our initiatives on improving cybersecurity processes and technologies. Our periodic stakeholder interactions ensured that we have sponsorship from the senior management and all critical stakeholders in a timely manner.

Significant and material orders

There are no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Company's operations in future.

Reporting of frauds by auditors

During the year under review, neither the statutory auditors nor the secretarial auditor has reported to the audit committee, under Section 143 (12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board's report.

Annual return

In accordance with the Companies Act, 2013, the annual return in the prescribed format is available at https://www.infosys.com/investors/reports-filings/annual-report/annual-reports.html.

Secretarial standards

The Company complies with all applicable secretarial standards issued by the Institute of Company Secretaries of India.

Listing on stock exchanges

The Company's shares are listed on BSE Limited and the National Stock Exchange of India Limited, and its ADSs are listed on the New York Stock Exchange (NYSE).

Investor Education and Protection Fund (IEPF)

During the year, the Company has transferred the unclaimed and un-encashed dividends of Rs 1,75,57,643. Further, 16,264 corresponding shares on which dividends were unclaimed for seven consecutive years were transferred as per the requirements of the IEPF Rules. The details of the resultant benefits arising out of shares already transferred to the IEPF, year-wise amounts of unclaimed / un-encashed dividends lying in the unpaid dividend account up to the year, and the corresponding shares, which are liable to be transferred, are provided in the Shareholder information section of the Corporate governance report and are also available on our website, at www.infosys.com/IEPF.

Directors' responsibility statement

The financial statements are prepared in accordance with the Indian Accounting Standards (Ind AS) under the historical cost convention on accrual basis except for certain financial instruments, which are measured at fair values, the provisions of the Companies Act, 2013 and guidelines issued by SEBI. The Ind AS are prescribed under Section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The directors confirm that:

• In preparation of the annual accounts for the financial year ended March 31, 2021, the applicable accounting standards have been followed and there are no material departures.

• They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period.

• They have taken proper and sufficient care towards the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

• They have prepared the annual accounts on a going concern basis.

• They have laid down internal financial controls, which are adequate and are operating effectively.

• They have devised proper systems to ensure compliance with the provisions of all applicable laws, and such systems are adequate and operating effectively.

5. Audit reports and auditors

Audit reports

• The Auditors' Report for fiscal 2021 does not contain any qualification, reservation or adverse remark. The Report is enclosed with the financial statements in this Annual Report.

• The Secretarial Auditors' Report for fiscal 2021 does not contain any qualification, reservation or adverse remark. The Secretarial Auditors' Report is enclosed as Annexure 5 to the Board's report.

• The Auditor's certificate confirming compliance with conditions of corporate governance as stipulated under Listing Regulations, for fiscal 2021 is enclosed as Annexure 4 to the Board's report.

• The auditor's certificate on the implementation of share-based schemes in accordance with SEBI (Share Based Employee Benefits) Regulations, 2014, will be made available at the AGM, electronically.

Auditors

Statutory auditors

Under Section 139 of the Companies Act, 2013 and the Rules made thereunder, it is mandatory to rotate the statutory auditors on completion of the maximum term permitted under the provisions of Companies Act, 2013. In line with the requirements of the Companies Act, 2013, Deloitte Haskins & Sells LLP, Chartered Accountants (Firm registration number 117366 W/W 100018) ("Deloitte") was appointed as the statutory auditors of the Company, to hold office for a period of five consecutive years from the conclusion of the 36th AGM of the Company held on June 24, 2017, till the conclusion of the 41st AGM to be held in 2022. The requirement for the annual ratification of auditors' appointment at the AGM has been omitted pursuant to Companies (Amendment) Act, 2017, notified on May 7, 2018.

During the year, the statutory auditors have confirmed that they satisfy the independence criteria required under the Companies Act, 2013, the Code of Ethics issued by the Institute of Chartered Accountants of India and the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board.

Secretarial auditor

Parameshwar G. Hegde of Hegde & Hegde, Practicing Company Secretaries, is appointed as secretarial auditor of the Company for fiscal 2022, as required under Section 204 of the Companies Act, 2013 and Rules thereunder.

Cost records and cost audit

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.

6. Corporate social responsibility (CSR)

Infosys has been an early adopter of CSR initiatives. The Company works primarily through the Infosys Foundation, towards supporting projects in the areas of protection of national heritage, restoration of historical sites, and promotion of art and culture; destitute care and rehabilitation; environmental sustainability and ecological balance; promoting education, and enhancing vocational skills; promoting healthcare including preventive healthcare, and rural development. In fiscal 2021, the Company's CSR efforts included COVID-19 relief in multiple states. The Company's CSR Policy is available on our website, at https://www.infosys.com/investors/corporate-governance/ Documents/corporate-social-responsibility-policy.pdf. The annual report on our CSR activities is appended as Annexure 6 to the Board's report. Infosys also undertakes CSR initiatives outside of India, in Australia and the US. The initiatives in the US are carried out through Infosys Foundation USA. The said initiatives are over and above the statutory requirement. The highlights of the initiatives undertaken by the Company, the Infosys Foundation, and Infosys Foundation USA form part of this Annual Report.

7. Conservation of energy, research and development, technology absorption, foreign exchange earnings and outgo

The particulars, as prescribed under Sub-section (3)(m) of Section 134 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, are enclosed as Annexure 7 to the Board's report.

Business Responsibility Report (BRR)

The Listing Regulations mandate the inclusion of the BRR as part of the Annual Report for the top 1,000 listed entities based on market capitalization. In compliance with the Listing Regulations, we have integrated BRR disclosures into our Annual Report. We also publish a GRI Standards-based Sustainability / ESG Report annually. The report is independently assured by DNV GL. Details are available on our website, at https://www.infosys.com/sustainability/documents/infosys-esg-report-2020-21.pdf.

Environmental, Social and Governance (ESG)

2020 marked a milestone year for the Company. We turned carbon-neutral 30 years ahead of the global targets, fulfilling the vision of our founders towards sustainable growth. In October 2020, we launched our ESG vision and ambitions for 2030, cementing our commitment to values-based progress. The ESG committee of the Board, formed in April 2021, is chaired by Lead Independent Director, Kiran Mazumdar-Shaw, and includes independent directors Chitra Nayak and Uri Levine as its members.

Acknowledgments

We thank our clients, vendors, investors, bankers, employee volunteers and trustees of the Infosys Foundation, Infosys Foundation USA and Infosys Science Foundation for their continued support during the year. We place on record our appreciation for the contribution made by our employees at all levels. Our consistent growth was made possible by their hard work, solidarity, cooperation and support. We thank the governments of various countries where we have our operations. We thank the Government of India, particularly the Ministry of Labour and Employment, the Ministry of Environment and Forests, the Ministry of New and Renewable Energy, the Ministry of Communications, the Ministry of Electronics and Information Technology (Dept of IT), the Ministry of Commerce and Industry, the Ministry of Finance, the Ministry of Corporate Affairs, the Central Board of Direct Taxes, the Central Board of Indirect Taxes and Customs, GST authorities, the Reserve Bank of India, Securities and Exchange Board of India (SEBI), various departments under the state governments and union territories, the Software Technology Parks (STPs) / Special Economic Zones (SEZs) – Bengaluru, Bhubaneswar, Chandigarh, Chennai, Gurugram, Hubballi, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mangaluru, Mohali, Mumbai, Mysuru, Nagpur, Noida, Pune, and Thiruvananthapuram – and other government agencies for their support, and look forward to their continued support in the future. We also thank the US federal government, the U.S. Securities and Exchange Commission, the Internal Revenue Service, and various state governments, especially those of Indiana, Rhode Island, Connecticut, Texas, Arizona and North Carolina.

for and on behalf of the Board of Directors

Sd/- Sd/-
Bengaluru Nandan M. Nilekani Salil Parekh
April 14, 2021 Chairman Chief Executive Officer and Managing Director

   

Infosys Ltd Company Background

Nandan M NilekaniSalil S Parekh
Incorporation Year1981
Registered OfficeElectronics City,Hosur Road
Bengaluru,Karnataka-560100
Telephone91-80-2852 0261,Managing Director
Fax91-80-2852 0362
Company SecretaryA G S MANIKANTHA
AuditorDeloitte Haskins & Sells LLP
Face Value5
Market Lot1
ListingBSE,MSEI ,New York,NSE,
RegistrarKFin Techologies Pvt Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Infosys Ltd Company Management

Director NameDirector DesignationYear
Nandan M Nilekani Chairman (Non-Executive) 2021
U B Pravin Rao Whole Time Director & COO 2021
Kiran Mazumdar Shaw Non-Exec. & Independent Dir. 2021
A G S MANIKANTHA Company Secretary 2021
D Sundaram Non-Exec. & Independent Dir. 2021
Salil S Parekh Managing Director & CEO 2021
Michael Gibbs Non-Exec. & Independent Dir. 2021
Uri Levine Non-Exec. & Independent Dir. 2021
Chitra Nayak Non-Exec. & Independent Dir. 2021
Bobby Parikh Non-Exec. & Independent Dir. 2021

Infosys Ltd Listing Information

Listing Information
BSE_SENSEX
NIFTY
BSE_500
BSE_IT
BSE_100
BSE_200
BSEDOLLEX
BSE_TECK
CNX500
CNX_IT
CNX100
CNXSERVICE
CNX200
CNXDIVIDEN
BSECARBONE
NIFTY50V20
NFT100EQWT
BSEALLCAP
BSELARGECA
NFTQULTY30
SENSEX50
ESG100
LMI250
BSEDSI
BSELVI
BSEMOI
BSEQUI
NFT50EQWT
NFT100LV30
BSE100LTMC
NFTY200Q30

Infosys Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Software Services NA 00085669
Software Products. NA 000243
Software Develop.Charge-ExportNA 0000
Software Develop.Chrg-DomesticNA 0000

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