Company: INFY
Filing Date: 2025-07-01
Form Type: 20-F
Source: 0000950170-25-091925
Chunk: 88

Company: Infosys Ltd
Filing Date: 2025-07-01
Form: 20-F
Item: Item 5
Chunk 88
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, such revisions have not, to date, had a material adverse effect on our operating results or financial condition.
We experience from time to time, pricing pressure from our clients. For example, clients often expect that as we do more business with them, they will receive volume discounts. Additionally, clients may ask for fixed-price, fixed-timeframe arrangements, or reduced rates. We attempt to use fixed-price arrangements for engagements where the specifications are complete.
The following table sets forth the growth in our revenues in fiscal 2025 from fiscal 2024:

           (Dollars in millions)                                                                  
           Fiscal 2025              Fiscal 2024              Change              Percentage       
                                                                                 Change           
Revenues           19,277                   18,562           715                 3.9             %

Revenue growth in fiscal 2025 was primarily attributable to an increase in realization on account of Value Based Selling (VBS), productivity benefit from Lean & Automation, acquisition and revenue mix partially offset by decline in volumes and currency impact.

Refer to the “Our Strategy” section under Item 4 of this Annual Report on Form 20-F for further details.

The following table sets forth our revenues by business segments for fiscal 2025 and fiscal 2024:

Business Segments                                              Percentage of Revenues    
                                              Fiscal 2025                 Fiscal 2024    
Financial Services                                   27.7     %                  27.4   %
Retail                                               13.5     %                  14.7   %
Communication                                        11.7     %                  11.7   %
Energy, Utilities, Resources and Services            13.3     %                  13.0   %
Manufacturing                                        15.5     %                  14.5   %
Hi-Tech                                               8.0     %                   8.1   %
Life Sciences                                         7.3     %                   7.5   %
All other Segments                                    3.0     %                   3.1   %

There were significant currency movements during fiscal 2025 as compared to fiscal 2024. The U.S. dollar depreciated by 1.6% against the United Kingdom Pound Sterling. The U.S. dollar appreciated by 1.5% against the Australian Dollar and by 0.9% against the Euro.
Constant currency (non-IFRS measure): We report revenue growth both in reported currency terms and in constant currency terms. Revenue growth in reported currency terms includes impact of currency fluctuations. We, therefore, additionally