Company: INFY
Filing Date: 2025-07-01
Form Type: 20-F
Source: 0000950170-25-091925
Chunk: 98

Company: Infosys Ltd
Filing Date: 2025-07-01
Form: 20-F
Item: Item 5
Chunk 98
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 assets at the end                        1,629                           1,416      
Funded Status – surplus /(deficit)                7                                         (8        )
Irrecoverable surplus - effect of asset ceiling             (7        )                     -          
Net defined benefit asset/ (liability)                      -                               (8        )

See Note 2.14.1, Gratuity and pensions, and 2.14.3 Provident Fund under Item 18 of this Annual Report on Form 20-F for disclosures on assumptions used, basis of determination of assumptions and sensitivity analysis for significant actuarial assumptions.

Liquidity and capital resources

Our principal sources of liquidity are cash and cash equivalents, investments, and the cash flow that we generate from operations. We have no outstanding borrowings. We believe that our working capital is sufficient to meet our current requirements. As of March 31, 2025 and 2024, we had $6,347 million and $6,071 million, respectively, in working capital. The working capital as of March 31, 2025, includes $2,861 million in cash and cash equivalents and $1,460 million in current investments. The working capital as of March 31, 2024 includes $1,773 million in cash and cash equivalents and $1,548 million in current investments. We believe that a sustained reduction in IT spending by clients, a longer sales cycle, or a continued economic downturn in any of the various geographic

locations or business segments in which we operate, could result in a decline in our revenue and negatively impact our liquidity and cash resources.

Our cash and cash equivalents are comprised of deposits with banks and financial institutions with high credit-ratings assigned by international and domestic credit-rating agencies which can be withdrawn at any point of time without prior notice or penalty on principal. Cash and cash equivalents are primarily held in Indian Rupees. These cash and cash equivalents included a restricted cash balance of $50 million and $42 million as of March 31, 2025 and 2024, respectively. These restrictions are primarily on account of bank balances held by irrevocable trusts controlled by us. Our investments comprise of liquid mutual fund units, Target maturity fund units and quoted debt securities (including investment in non-convertible debentures), certificates of deposit, commercial paper and government securities. Certificates of deposit and commercial papers represent marketable securities of banks, Non-Banking Financial Companies and eligible financial institutions for a specified time period with high credit rating by