Company: INFY
Filing Date: 2025-07-01
Form Type: 20-F
Source: 0000950170-25-091925
Chunk: 150

Company: Infosys Ltd
Filing Date: 2025-07-01
Form: 20-F
Item: Item 8
Chunk 150
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Item 8. Financial Information
CONSOLIDATED STATEMENTS AND OTHER FINANCIAL INFORMATION
The following financial statements and auditors’ report appear under Item 18 in this Annual Report on Form 20-F and are incorporated herein by reference:
▪Report of Independent Registered Public Accounting Firm.
▪Consolidated Balance Sheet as of March 31, 2025, and 2024.
▪Consolidated statements of comprehensive income for the years ended March 31, 2025, 2024 and 2023.
▪Consolidated statements of changes in equity for the years ended March 31, 2025, 2024 and 2023.
▪Consolidated statements of cash flows for the years ended March 31, 2025, 2024 and 2023.
▪Notes to the consolidated financial statements.
Export revenue
For fiscal 2025, 2024 and 2023, we generated $18,684 million, $18,093 million and $17,734 million, or 96.9%, 97.5% and 97.4% of our total revenues of $19,277 million, $18,562 million and $18,212 million, respectively, from the export of our products and rendering of services outside of India.
Legal proceedings
This information is set forth under Item 4 under the heading “Legal proceedings” and such information is incorporated herein by reference.
Capital allocation policy
The Company’s capital allocation policy effective fiscal 2020 was to pay approximately 85% of the free cash flow* cumulatively over a 5-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.
Effective from fiscal 2025, the Company expects to continue its policy of returning approximately 85% of the free cash flow* cumulatively over a 5-year period through a combination of semi-annual dividends and/or share buyback/ special dividends subject to applicable laws and requisite approvals, if any. Under this policy, the Company expects to progressively increase its annual dividend per share (excluding special dividend 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.

Dividends
Under Indian law, a corporation pays dividends upon a recommendation by the Board and approval by a majority of