Company: INFY
Filing Date: 2025-07-01
Form Type: 20-F
Source: 0000950170-25-091925
Chunk: 99

Company: Infosys Ltd
Filing Date: 2025-07-01
Form: 20-F
Item: Item 5
Chunk 99
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 domestic credit rating agencies. Investments made in non-convertible debentures represent debt instruments issued by government aided institutions and financial institutions with high credit rating.

A significant portion of our investments, along with our cash and cash equivalents, are fully liquid at any point in time. In addition, our investments are well-diversified in terms of their maturities as well as from a counter-party perspective. Thus, we do not perceive any liquidity risk from our investment portfolio perspective.
The following table sets forth our cash flows for fiscal 2025 and 2024:

                                            (Dollars in millions)                          
                                            Fiscal 2025                  Fiscal 2024       
Net cash provided by operating activities            4,351                        3,148    
Net cash (used) in investing activities               (361   )                     (708   )
Net cash (used) in financing activities             (2,875   )                   (2,116   )

Net cash provided by operating activities:
Our cash flows are robust. Our operating cash flows have increased by $1,203 million in fiscal 2025 primarily on account of an increase in net profits adjusted for non-cash items, better working capital management and lower net income tax payments on account of higher tax refunds received during fiscal 2025.

Trade receivables as a percentage of last 12 months’ revenues were 18.9% and 19.6% as of March 31, 2025, and 2024, respectively. Days Sales Outstanding (DSO) based on last 12 months’ revenues were 69 days and 71 days as of March 31, 2025, and 2024, respectively. Days Sales Outstanding has decreased in the current year due to robust collection.

In fiscal 2025, income tax paid under protest, consequent to demand from tax authorities in major tax jurisdictions was $90 million, relating to fiscal 2018 to fiscal 2022. Further, in fiscal 2025, refunds received from tax authorities was $821 million relating primarily to fiscal 2007 to fiscal 2018, fiscal 2020 to fiscal 2024.

In fiscal 2024, income tax paid under protest, consequent to demand from tax authorities in major tax jurisdictions was $161 million, relating to fiscal 2012 to fiscal 2013, fiscal 2016 to fiscal 2018 and fiscal 2020 to fiscal 2022. Further, in fiscal 2024, refunds received from tax authorities was $