# EDGAR Filing Document

**Accession Number:** 0001067491
**File Stem:** 0001067491-23-000004
**Filing Date:** 2023-1
**Character Count:** 45916
**Document Hash:** 2e6993ea15917032e496dc875c00e953
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001067491-23-000004.hdr.sgml**: 20230112

**ACCESSION NUMBER**: 0001067491-23-000004

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230112

**FILED AS OF DATE**: 20230112

**DATE AS OF CHANGE**: 20230112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Infosys Ltd
- **CENTRAL INDEX KEY:** 0001067491
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **IRS NUMBER:** 581760235
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35754
- **FILM NUMBER:** 23525300

**BUSINESS ADDRESS:**
- **STREET 1:** ELECTRONICS CITY HOSUR RD
- **STREET 2:** BANGALORE KARNATAKA INDIA
- **CITY:** BANGALORE
- **STATE:** K7
- **ZIP:** 560 100
- **BUSINESS PHONE:** 0119180852

**MAIL ADDRESS:**
- **STREET 1:** ELECTRONIC CITY HOSUR RD
- **STREET 2:** BANGALORE KARNATAKA INDIA
- **CITY:** BANGALORE
- **STATE:** K7
- **ZIP:** 560 100

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INFOSYS TECHNOLOGIES LTD
- **DATE OF NAME CHANGE:** 19980804

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934**

**For the month of January 2023**

**Commission File Number 001-35754**

**Infosys Limited**

*(Exact name of Registrant as specified in its charter)*

**Not Applicable.**

*(Translation of Registrant's name into English)*

**Electronics City, Hosur Road, Bengaluru - 560 100, Karnataka, India. +91-80-2852-0261**

*(Address of principal executive offices)*

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F 🗹 Form 40-F □

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): □

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): □

**TABLE OF CONTENTS**

---

| |
|:---|
| [DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION](#a_001) |
| [SIGNATURES](#a_002) |
| [INDEX TO EXHIBITS](#a_003) |
| [EXHIBIT 99.1](exv99w01.htm) |
| [EXHIBIT 99.2](exv99w02.htm) |
| [EXHIBIT 99.3](exv99w03.htm) |
| [EXHIBIT 99.4](exv99w04.htm) |

---

**DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION**

Infosys Limited ("we" or "the Company") hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter ended December 31, 2022.

The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On January 12, 2023, we announced our results of operations for the quarter ended December 31, 2022. A copy of the outcome of the board meeting is attached to this Form 6-K as Exhibit 99.1.

We issued press releases announcing our results under International Financial Reporting Standards ("IFRS"), copies of which are attached to this Form 6-K as Exhibit 99.2.

We have placed the form of release to stock exchanges concerning our results of operations for the quarter ended December 31, 2022 under Indian Accounting Standards (Ind-AS). A copy of the release to stock exchanges is attached to this Form 6-K as Exhibit 99.3.

The Board of Directors of the Company, based on the recommendation of the Nomination and Remuneration Committee, considered and approved the appointment of Govind Vaidiram Iyer (DIN - 00169343), as an additional & independent director effective January 12, 2023 for a period of 5 (Five) years, subject to the approval of shareholders. In this regard, a press release including his brief profile is attached to this Form 6-K as Exhibit 99.4

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Infosys Limited<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Date: January 12, 2023 | **Inderpreet Sawhney**<br> *General Counsel and Chief Compliance Officer* |

---

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Document** |
| 99.1 | Outcome of the Board Meeting |
| 99.2 | IFRS USD press release |
| 99.3 | Form of Release to Stock Exchanges |
| 99.4 | Press Release |

---

## Exhibit 99.1

**Exhibit 99.1**<br> **Outcome of the Board meeting**

![](p1.gif)

![](p2.gif)

## Exhibit 99.2

**Exhibit 99.2**<br> **IFRS USD Press Release**

**Strong growth of 13.7% in constant currency in a seasonally weak quarter**

**Strongest large deal wins in the last 8 quarters at $3.3 billion**

**Revenue guidance for FY23 revised to 16.0%-16.5%**

**Bengaluru, India – January 12, 2023:** Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, reported strong Q3 performance with year-on-year growth at 13.7% and sequential growth at 2.4% in constant currency. Year on year growth was in double digits for most business segments and geographical regions in constant currency terms. Large deal TCV for the quarter was the strongest in the last 8 quarters at $3.3 billion. Digital comprised 62.9% of overall revenues and grew at 21.7% in constant currency. Operating margin for the quarter remained resilient at 21.5%. FY23 revenue guidance revised to 16.0%-16.5%. FY23 operating margin guidance retained at 21%-22%.

"Our revenue growth was strong in the quarter, with both digital business and core services growing. This is a clear reflection of our deep client relevance, industry-leading digital, cloud, and automation capabilities, and the unrelenting dedication of our employees", said Salil Parekh, CEO and MD. "As reflected in the large deals momentum, we continue to gain market share as a trusted transformation and operational partner for our clients. Our end-to-end capabilities and global scale make us a preferred choice as clients look at consolidating vendors. We remain focused on helping businesses accelerate their digital agenda to uncover new value and growth, as well as improve operational and cost effectiveness", he added.

![growth percentage](growth-percentage.gif)

**1.** **Key highlights:** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**For the quarter ended December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**For nine months ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;· Revenues in CC terms grew by 13.7% YoY and 2.4% QoQ<br>&nbsp;&nbsp;&nbsp;&nbsp;· Reported revenues at $4,659 million, growth of 9.6% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;· Digital revenues at 62.9% of total revenues, YoY CC growth of 21.7%<br>&nbsp;&nbsp;&nbsp;&nbsp;· Operating margin at 21.5%, decline of 2.0% YoY and stable QoQ<br>&nbsp;&nbsp;&nbsp;&nbsp;· Basic EPS at $0.19, growth of 3.3% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;· FCF at $576 million, decline of 19.9% YoY;<br> FCF conversion at 72.0% of net profit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;· Revenues in CC terms grew by 17.8% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;· Reported revenues at $13,657 million, growth of 13.5% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;· Digital revenues at 61.9% of total revenues, YoY CC growth of 29.5%<br>&nbsp;&nbsp;&nbsp;&nbsp;· Operating margin at 21.0%, decline of 2.6% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;· Basic EPS at $0.53, growth of 1.7% YoY<br>&nbsp;&nbsp;&nbsp;&nbsp;· FCF at $1,821 million, decline of 20.6% YoY; FCF conversion at 81.4% of net profit |

---

"Operating margins in Q3 remained resilient due to cost optimization benefits which offset the impact of seasonal weakness in operating parameters", said **Nilanjan Roy, Chief Financial Officer.** "Attrition reduced meaningfully during the quarter and is expected to decline further in the near-term", he added.

**2.** **Capital Allocation** 

Pursuant to the Board recommendation and subsequent to shareholders' approval through postal ballot, the company has started share buyback program through open market route from December 7, 2022 and till date, has bought back 31.3 million shares worth ![](rupee-symbol.gif)4,790 crore (app. $0.6 billion\*) or 51.5% of total authorization of ![](rupee-symbol.gif)9,300 crore at an average price of approx. ![](rupee-symbol.gif)1,531 per share (compared to maximum Buyback Price of ![](rupee-symbol.gif)1,850 per share).

***\*USD-INR rate of 82.00***

**3.** **Client wins & Testimonials** 

&nbsp;&nbsp;&nbsp;&nbsp;• Centric Brands has selected Infosys
to be a strategic technology partner to provide a range of digital, IT, business operations and transformation services. Infosys will
leverage its cognitive first IT framework along with its industry leading digital, cognitive AI, cloud and retail industry solution accelerators
to improve and transform the technology landscape **. Anurup Pruthi, Global CFO, Centric Brands**, said, "By partnering with Infosys,
we will be able to standardize our internal processes, bring in the best practices and tools, and strengthen the skills needed for continued
success in the Retail B2B marketplace."

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys
helped develop a cloud-based platform to digitize and automate manual processes at Envision AESC, a world-leading battery technology company's
Electric Vehicle (EV) battery manufacturing plants. "At Envision AESC, we believe that advancements in battery technology will propel
the EV revolution to newer heights. The manufacturing processes of our breakthrough batteries need a robust digital foundation to accelerate
the speed and scale of innovation. We are confident that Infosys, with their trusted cloud technologies and deep expertise in the automotive
industry, will help us continue on our journey towards achieving our transformation goals," said, **Brian Sullivan, Executive Vice President of Global Manufacturing and Supply Chain at Envision AESC**.

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys and Microsoft modernized Spark New Zealand's corporate
functions to enhance business resilience, operational simplicity, workplace agility, and customer experience. **Mark Beder, Chief Operating Officer, Spark**, said, "As we embarked on a journey to revamp our business operations and step out of our legacy systems, we
were looking for partners that understand and provide strength to our vision for an ERP-driven business transformation. It has been great
working with Infosys and Microsoft as our transformation partners. The level of ERP implementation expertise and scale they bring to the
table in this endeavor underpinned by best-fit digital solutions and resources is helping us to unshackle legacy system constraints and
will help us improve operational simplicity, workplace agility and customer experience."

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys collaborated with CIRCOR, one of the world's leading
providers of mission critical flow control products and services for the Industrial, Aerospace & Defense markets, to help transform
its IT landscape and modernize its IT infrastructure. **Pete Sattler, Chief Information Officer, CIRCOR**, said, "The goal of
our alliance with Infosys is to offer all our customers – both internal and external – faster and more reliable service, enhance
our cybersecurity, and provide 24x7 monitoring for our global IT environment."

&nbsp;&nbsp;&nbsp;&nbsp;• Avon, part of Natura Group, entered a five-year strategic collaboration
with Infosys to advance its digital transformation journey, implement cognitive operations, drive continuous innovation, and help in better
serving its customers. **Karen McElhatton, CIO, Avon**, said, "Through this collaboration, Infosys will accelerate the realization
of our Digital vision, through a well-planned transformation roadmap to reduce opex spends, increase resilience and reliability of our
application landscape, and prepare us better for new digital capabilities. We are confident that Infosys, with its sound expertise in
Infrastructure Management Services, Cybersecurity, and Application Services, will enable us to continue to provide cutting-edge services
to our members and customers."

&nbsp;&nbsp;&nbsp;&nbsp;• Conagra has entered into a five-year strategic partnership with
Infosys to innovate its IT operations. Conagra and Infosys will be implementing product based cognitive-first delivery model, with focus
on improving operational excellence, drive continuous innovation, and most importantly improve the quality of service for Conagra's
customers. **Andy Xydakis, CTO, Conagra**, said, "We wanted to change the way we run our IT operations. Delivering in true agile
fashion where teams focus on value delivery. Our partnership with Infosys will help achieve the vision, given their deep Industry knowledge
and ability to align this new way of working to support our overarching business strategy. Through this collaboration, Infosys will help
accelerate the adoption of our product based continuous delivery operating model, by creating capacity to deliver features, increase resiliency
and reliability of our infrastructure and application landscape, thereby helping Conagra advance new digital capabilities."

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Recognitions** 

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys received the Great Place to Work® Certification across
five regions including India, Australia, United Kingdom, Germany, and Mexico. Infosys BPM received the Great Place to Work® Certification
in Philippines

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys recognized as the Champion of Inclusion in the Most Inclusive
Companies Index (MICI) and featured in the "100 Best – Hall of Fame" by Avtar & Seramount, 2022

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys secured a place in CDP's annual 'A List'
for its leadership in corporate transparency and performance on climate change

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys rated as "Most Noteworthy" Company by DiversityInc,
USA

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys recognized as a constituent of the Dow Jones Sustainability
World Index for 2022

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys InStep Ranked as the 'Best Internship Program'
in the 2023 Vault Internship Rankings

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys won the 2022 Marketing Excellence Gold Award from Information
Technology Services Marketing Association (ITSMA) for Infosys Cobalt

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys, along with client Lanxess recognized as a winner in the
"Workplace of the Future" category in 2022 ISG Paragon Awards™ EMEA

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys positioned as a leader in Gartner Magic Quadrant for IT
Services for Communications Service Providers, Worldwide

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys recognized as a leader in Forrester Wave™: Cloud Migration
and Managed Service Partners in Asia Pacific, Q4 2022

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys positioned as a leader in IDC MarketScape: Asia/Pacific
Salesforce Implementation Services 2022 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys recognized as a leader in Software Product Engineering Services
PEAK Matrix® Assessment 2023 by Everest

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys recognized as a leader in System Integration (SI) Capabilities
on Google Cloud Platform (GCP) PEAK Matrix® Assessment 2022 by Everest

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys recognized as a leader in HFS Horizons: Cloud Native Transformation,
2022

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys ranked as a leader in Next-Gen ADM Services 2022 ISG Provider
lens™ study in US

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys positioned as a leader in IDC Worldwide Manufacturing Service
Life-Cycle Management Strategic Consulting 2022

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys recognized as a leader in Workplace Communication and Collaboration
(WCC) Services PEAK Matrix® Assessment 2023 by Everest

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys positioned as a leader in IDC MarketScape: EMEA Industrial
Internet of Things Service Providers for Oil and Gas Companies 2022 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys recognized as a leader in Application and Digital Services
(ADS) in Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023 by Everest

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys recognized as a leader in Risk & Compliance in BFS IT
Services PEAK Matrix® Assessment 2023 by Everest

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys positioned as a leader in Avasant's Utilities Digital
Services 2022–2023 RadarView<sup>TM</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys positioned as a leader in Avasant's Manufacturing
Digital Services 2022–2023 RadarView<sup>TM</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys Finacle positioned as a Leader in The Everest Group PEAK
Matrix® for Wealth Management Products Provider 2023 report

&nbsp;&nbsp;&nbsp;&nbsp;• Infosys BPM ranked as Leader and Star Performer in Everest Group's
Finance and Accounting Outsourcing (FAO) PEAK Matrix® Assessment 2022

**About Infosys**
**Safe Harbor**

This Release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'may', 'anticipate', 'believe', 'estimate', 'expect', 'continue', 'intend', 'will', 'project', 'seek', 'could', 'would', 'should' and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States, and corporate actions including timely completion of the proposed buy-back of our equity shares. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

**Contact**

Investor Relations Sandeep Mahindroo <br>+91 80 3980 1018 <br>Sandeep_Mahindroo@infosys.com <br> <u>Media Relations</u> <u>Rishi Basu <br>+91 80 4156 3998 <br>Rajarshi.Basu@infosys.com</u> <u>Mary-Ellen Harn +1 704 359 7996 maryellen.harn@infosys.com</u>

**Infosys Limited and subsidiaries** 

**Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:**

(Dollars in millions)

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **March 31, 2022** |
| **ASSETS** | | |
| **Current assets** | | |
| Cash and cash equivalents | 1401 | 2305 |
| Current investments | 1055 | 880 |
| Trade receivables | 3343 | 2995 |
| Unbilled revenue | 1588 | 1526 |
| Other Current assets | 1366 | 1159 |
| **Total current assets** | **8753** | **8865** |
| **Non-current assets** |  |  |
| Property, plant and equipment and Right-of-use assets | 2405 | 2429 |
| Goodwill and other Intangible assets | 1098 | 1042 |
| Non-current investments | 1497 | 1801 |
| Unbilled revenue | 206 | 124 |
| Other non-current assets | 1267 | 1294 |
| **Total non-current assets** | **6473** | **6690** |
| **Total assets** | **15226** | **15555** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| Trade payables | 579 | 545 |
| Unearned revenue | 861 | 834 |
| Employee benefit obligations | 290 | 288 |
| Other current liabilities and provisions | 3251 | 2766 |
| **Total current liabilities** | **4981** | **4433** |
| **Non-current liabilities** |  |  |
| Lease liabilities | 795 | 607 |
| Other non-current liabilities | 424 | 521 |
| **Total non-current liabilities** | **1219** | **1128** |
| **Total liabilities** | **6200** | **5561** |
| **Total equity attributable to equity holders of the company** | **8975** | **9941** |
| Non-controlling interests | 51 | 53 |
| **Total equity** | **9026** | **9994** |
| **Total liabilities and equity** | **15226** | **15555** |

---

**Extracted from the Condensed Consolidated Statement of Comprehensive Income under IFRS for:**

(Dollars in millions except per equity share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **3 months ended December 31, 2022** | **3 months ended December 31, 2021** | **9 months ended December 31, 2022** | **9 months ended December 31, 2021** |
| **Revenues** | **4659** | **4250** | **13657** | **12031** |
| Cost of sales | 3230 | 2856 | 9544 | 8041 |
| **Gross profit** | **1429** | **1394** | **4113** | **3990** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling and marketing expenses | 196 | 177 | 574 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 232 | 219 | 671 | 642 |
| Total operating expenses | 428 | 396 | 1245 | 1155 |
| **Operating profit** | **1001** | **998** | **2868** | **2835** |
| **Other income, net <sup>(3)</sup>** | 84 | 61 | 229 | 203 |
| **Profit before income taxes** | **1085** | **1059** | **3097** | **3038** |
| Income tax expense | 285 | 283 | 859 | 823 |
| **Net profit (before minority interest)** | **800** | **776** | **2238** | **2215** |
| **Net profit (after minority interest)** | 800 | 774 | 2237 | 2211 |
| **Basic EPS ($)** | 0.19 | 0.18 | 0.53 | 0.52 |
| **Diluted EPS ($)** | 0.19 | 0.18 | 0.53 | 0.52 |

---

**<u>NOTES</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;1. The above information is extracted from the audited condensed consolidated
Balance sheet and Statement of Comprehensive Income for the quarter and nine months ended December 31, 2022, which have been taken on
record at the Board meeting held on January 12, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;2. A Fact Sheet providing the operating metrics of the Company
can be downloaded from www.infosys.com .

&nbsp;&nbsp;&nbsp;&nbsp;3. Other income is net of Finance Cost.

&nbsp;&nbsp;&nbsp;&nbsp;4. The quarter figures added up to the figures reported in previous quarters
might not always add up to the nine months ended figures reported in this statement as all figures are taken from the source and rounded
off to the nearest digits.

## Exhibit 99.3

**Exhibit 99.3**<br> **Form of Release to Stock Exchanges**

---

| | | |
|:---|:---|:---|
| ![](infosysnyn.gif) | &nbsp;&nbsp; Infosys Limited<br> Regd. office: Electronics City, Hosur Road, Bengaluru – 560 100, India | &nbsp;&nbsp; CIN : L85110KA1981PLC013115<br> Website: www.infosys.com<br> email: investors@infosys.com<br> T: 91 80 2852 0261, F: 91 80 2852 0362 |

---

**Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2022 prepared in compliance with the Indian Accounting Standards (Ind-AS)**

*(in ![](rupee-symbol.gif) crore, except per equity share data)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Quarter ended<br> December 31,** | **Quarter ended<br> September 30,** | **Quarter ended<br> December 31,** | **Nine months<br> ended**<br> **December 31,** | **Nine months<br> ended**<br> **December 31,** | **Year ended<br> March 31,** |
|  | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** |
|  | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** |
| **Revenue from operations** | 38318 | 36538 | 31867 | 109326 | 89365 | 121641 |
| Other income, net | 769 | 584 | 512 | 2030 | 1658 | 2295 |
| **Total Income** | **39087** | **37122** | **32379** | **111356** | **91023** | **123936** |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefit expenses | 20272 | 19438 | 16355 | 58048 | 47328 | 63986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of technical sub-contractors | 3343 | 3694 | 3511 | 10946 | 9019 | 12606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel expenses | 360 | 363 | 221 | 1099 | 518 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software packages and others | 3085 | 2512 | 1861 | 8017 | 4543 | 6811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication expenses | 183 | 189 | 147 | 542 | 441 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultancy and professional charges | 401 | 439 | 520 | 1296 | 1364 | 1885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortisation expenses | 1125 | 1029 | 899 | 3104 | 2586 | 3476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost | 80 | 66 | 53 | 202 | 150 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1307 | 1001 | 869 | 3246 | 2507 | 3424 |
| **Total expenses** | **30156** | **28731** | **24436** | **86500** | **68456** | **93826** |
| **Profit before tax** | **8931** | **8391** | **7943** | **24856** | **22567** | **30110** |
| Tax expense: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2195 | 2482 | 2063 | 7027 | 5986 | 7811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | 150 | (117) | 58 | (145) | 130 | 153 |
| **Profit for the period** | **6586** | **6026** | **5822** | **17974** | **16451** | **22146** |
| **Other comprehensive income** |  |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of the net defined benefit liability/asset, net | 29 | 40 | (53) | (17) | (72) | (85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity instruments through other comprehensive income, net | 1 | 4 |  | 8 | 41 | 96 |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value changes on derivatives designated as cash flow hedges, net | (57) | (12) | (7) | (43) | 4 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of foreign operations | 676 | (14) | (33) | 715 | 91 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value changes on investments, net | 48 | 26 | (77) | (298) | 16 | (49) |
| **Total other comprehensive income/(loss), net of tax** | **697** | **44** | **(170)** | **365** | **80** | **182** |
| **Total comprehensive income for the period** | **7283** | **6070** | **5652** | **18339** | **16531** | **22328** |
| **Profit attributable to:** |  |  |  |  |  |  |
| Owners of the company | 6586 | 6021 | 5809 | 17967 | 16425 | 22110 |
| Non-controlling interest |  | 5 | 13 | 7 | 26 | 36 |
|  | **6586** | **6026** | **5822** | **17974** | **16451** | **22146** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |  |
| Owners of the company | 7268 | 6068 | 5640 | 18322 | 16506 | 22293 |
| Non-controlling interest | 15 | 2 | 12 | 17 | 25 | 35 |
|  | **7283** | **6070** | **5652** | **18339** | **16531** | **22328** |
| Paid up share capital (par value ![](rupee-symbol.gif)5/- each, fully paid) | 2086 | 2099 | 2097 | 2086 | 2097 | 2098 |
| Other equity \*<sup>#</sup> | 73252 | 73252 | 74227 | 73252 | 74227 | 73252 |
| **Earnings per equity share (par value `5/- each)\*\*** |  |  |  |  |  |  |
| Basic (![](rupee-symbol.gif)) | 15.72 | 14.35 | 13.86 | 42.85 | 38.96 | 52.52 |
| Diluted (![](rupee-symbol.gif)) | 15.70 | 14.34 | 13.83 | 42.79 | 38.88 | 52.41 |

---

 

*\** *Balances for the quarter and nine months ended December 31, 2022 and quarter ended September 30, 2022 represents balances as per the audited Balance Sheet for the year ended March 31, 2022 and balances for the quarter and nine months ended December 31, 2021 represents balances as per the audited Balance Sheet for the year ended March 31, 2021 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015*

 

*\*\** *EPS is not annualized for the quarter and nine months ended December 31, 2022, quarter ended September 30, 2022 and quarter and nine months ended December 31, 2021.*

 

*<sup>#</sup>* *Excludes non-controlling interest*

**1. Notes pertaining to the current quarter**

**a)** The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2022 have been taken on record by the Board of Directors at its meeting held on January 12, 2023. **The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion**. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

**b) Appointment of Independent Director**

Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the appointment of Govind Vaidiram Iyer (DIN - 00169343), as an Additional & Independent Director effective January 12, 2023 for a period of 5 (five) years, subject to the approval of shareholders.

**c) Buyback of equity shares**

The shareholders approved the proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting on the postal ballot, the results of which were declared on December 3, 2022. At the Maximum buyback price of ![](rupee-symbol.gif)1,850/- per equity share and the Maximum buyback size of ![](rupee-symbol.gif)9,300 crore the indicative maximum number of equity shares bought back would be 50,270,270 Equity Shares (Maximum buyback shares) comprising approximately 1.19% of the paid-up equity share capital of the Company as of September 30, 2022 and as on December 5, 2022, the date of the Public Announcement for the buyback (on a standalone basis). The buyback was offered to all eligible equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The Company will fund the buyback from its free reserves including Securities Premium as explained in Section 68 of the Companies Act, 2013. The buyback of equity shares through the stock exchange commenced on December 7, 2022 and is expected to be completed on or before June 6, 2023.

During the quarter ended December 31, 2022, 25,164,000 equity shares were purchased from the stock exchange which includes 3,170,000 shares which have been purchased but have not been settled and therefore not extinguished as of December 31, 2022. In accordance with section 69 of the Companies Act, 2013, during the quarter ended December 31, 2022, the Company has created 'Capital Redemption Reserve' of ![](rupee-symbol.gif)11 crore equal to the nominal value of the shares bought back as an appropriation from general reserve and retained earnings. Subsequent to the quarter ended December 31, 2022, the Company additionally purchased 6,128,000 number of shares; total number of shares purchased till date is 31,292,000 amounting to ![](rupee-symbol.gif)4,790 crore excluding transactions costs and buyback tax.

**d) Update on employee stock grants**

The Board, on January 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved:

i) The annual time-based stock incentives in the form of Restricted Stock Units (RSUs) to Salil Parekh, CEO & MD having a market value of ![](rupee-symbol.gif)3 crore as on the date of grant under the 2015 Stock Incentive Compensation Plan (2015 Plan) in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share.

ii) The annual time-based RSUs to a KMP having a market value of ![](rupee-symbol.gif)1.75 crore as on date of grant under 2015 plan, in accordance with the terms of his employment agreement. The RSUs will vest in line with the employment agreement. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share.

iii) The annual performance-based grant of RSUs to a KMP having a market value of ![](rupee-symbol.gif)0.92 crore as on the date of grant under the 2015 plan. These RSUs will vest 12 months from the date of the grant based on the achievement of certain performance targets. The RSUs will be granted w.e.f February 1, 2023 and the number of RSUs will be calculated based on the market price at the close of trading on February 1, 2023. The exercise price of RSUs will be equal to the par value of the share.

iv) The grant of 11,39,550 RSUs under the 2015 Plan and grant of 21,40,000 PSUs under the Expanded Stock Ownership Program 2019 (2019 Plan) to eligible employees. The grants made under the 2015 Plan would vest over a period of four years and the grants made under the 2019 Plan would vest over a period of three years subject to Company's achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f February 1, 2023 and the exercise price will be equal to the par value of the share.

**e)** We have initiated the closure of our branch in Moscow and this will be completed as per local regulations.

**2. Information on dividends for the quarter and nine months ended December 31, 2022**

The Board of Directors (in the meeting held on October 13, 2022) declared an interim dividend of ![](rupee-symbol.gif) 16.50/- per equity share. The record date for the payment was October 28, 2022 and the same was paid on November 10, 2022. The interim dividend declared in the previous year was ![](rupee-symbol.gif)15/- per equity share

*(in ![](rupee-symbol.gif))*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended<br> December 31,** | **Quarter ended<br> September 30,** | **Quarter ended<br> December 31,** | **Nine months**<br> **ended**<br> **December 31,** | **Nine months**<br> **ended**<br> **December 31,** | **Year ended<br> March 31,** |
| **Particulars** | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** |
| **Dividend per share (par value ![](rupee-symbol.gif)5/- each)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividend |  | 16.50 |  | 16.50 | 15.00 | 15.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Final dividend | – | – | – | – | – | 16.00 |

---

**3. Segment reporting (Consolidated - Audited)**

*(in ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended<br> December 31,** | **Quarter ended<br> September 30,** | **Quarter ended<br> December 31,** | **Nine months**<br> **ended**<br> **December 31,** | **Nine months**<br> **ended**<br> **December 31,** | **Year ended<br> March 31,** |
| **Particulars** | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** |
| **Revenue by business segment** |  |  |  |  |  |  |
| Financial Services <sup>(1)</sup> | 11235 | 11148 | 10023 | 32945 | 28805 | 38902 |
| Retail <sup>(2)</sup> | 5480 | 5183 | 4612 | 15667 | 13118 | 17734 |
| Communication <sup>(3)</sup> | 4710 | 4501 | 3979 | 13675 | 11050 | 15182 |
| Energy, Utilities, Resources and Services | 4957 | 4498 | 3740 | 13714 | 10611 | 14484 |
| Manufacturing | 5099 | 4686 | 3598 | 13957 | 9520 | 13336 |
| Hi-Tech | 3095 | 2971 | 2567 | 8878 | 7388 | 10036 |
| Life Sciences <sup>(4)</sup> | 2695 | 2452 | 2383 | 7404 | 6377 | 8517 |
| All other segments <sup>(5)</sup> | 1047 | 1099 | 965 | 3086 | 2496 | 3450 |
| **Total** | **38318** | **36538** | **31867** | **109326** | **89365** | **121641** |
| **Less:** Inter-segment revenue |  |  |  |  |  |  |
| **Net revenue from operations** | **38318** | **36538** | **31867** | **109326** | **89365** | **121641** |
| **Segment profit before tax, depreciation and non-controlling interests:** |  |  |  |  |  |  |
| Financial Services <sup>(1)</sup> | 2678 | 2811 | 2734 | 8243 | 7736 | 10314 |
| Retail <sup>(2)</sup> | 1646 | 1578 | 1630 | 4761 | 4615 | 6130 |
| Communication <sup>(3)</sup> | 1042 | 965 | 963 | 2801 | 2486 | 3372 |
| Energy, Utilities, Resources and Services | 1457 | 1251 | 1075 | 3853 | 3113 | 4225 |
| Manufacturing | 1035 | 792 | 633 | 2212 | 1982 | 2408 |
| Hi-Tech | 813 | 724 | 636 | 2209 | 1823 | 2495 |
| Life Sciences <sup>(4)</sup> | 684 | 642 | 640 | 1861 | 1799 | 2380 |
| All other segments <sup>(5)</sup> | 12 | 139 | 72 | 192 | 91 | 167 |
| **Total** | **9367** | **8902** | **8383** | **26132** | **23645** | **31491** |
| **Less:** Other Unallocable expenditure | 1125 | 1029 | 899 | 3104 | 2586 | 3476 |
| **Add:** Unallocable other income | 769 | 584 | 512 | 2030 | 1658 | 2295 |
| **Less:** Finance cost | 80 | 66 | 53 | 202 | 150 | 200 |
| **Profit before tax and non-controlling interests** | **8931** | **8391** | **7943** | **24856** | **22567** | **30110** |

---

** 

*<sup>(1)</sup>* *Financial Services include enterprises in Financial Services and Insurance*

<sup>(2)</sup> *Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics*

*<sup>(3)</sup>* *Communication includes enterprises in Communication, Telecom OEM and Media*

*<sup>(4)</sup>* *Life Sciences includes enterprises in Life sciences and Health care*

*<sup>(5)</sup>* *All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services*

***Notes on segment information***

***Business segments***

Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.

***Segmental capital employed***

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

**4. Audited financial results of Infosys Limited (Standalone Information)**

*(in ![](rupee-symbol.gif) crore)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter ended<br> December 31,** | **Quarter ended<br> September 30,** | **Quarter ended<br> December 31,** | **Nine months**<br> **ended**<br> **December 31,** | **Nine months**<br> **ended**<br> **December 31,** | **Year ended<br> March 31,** |
| **Particulars** | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** |
| Revenue from operations | 32389 | 31567 | 27337 | 93483 | 76514 | 103940 |
| Profit before tax | 8295 | 8488 | 7789 | 23686 | 21585 | 28495 |
| Profit for the period | 6210 | 6253 | 5870 | 17364 | 16056 | 21235 |

---

The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the Stock Exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone condensed financial statements as stated.

---

| | |
|:---|:---|
|  | By order of the Board<br> for Infosys Limited |
| Bengaluru, India<br> January 12, 2023 | **Salil Parekh**<br> *Chief Executive Officer and Managing Director* |

---

**The Board has also taken on record the condensed consolidated results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2022, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:**

*(in US$ million, except per equity share data)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Quarter ended<br> December 31,** | **Quarter ended<br> September 30,** | **Quarter ended<br> December 31,** | **Nine months**<br> **ended**<br> **December 31,** | **Nine months**<br> **ended**<br> **December 31,** | **Year ended<br> March 31,** |
|  | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** |
|  | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** |
| Revenues | 4659 | 4555 | 4250 | 13657 | 12031 | 16311 |
| Cost of sales | 3230 | 3170 | 2856 | 9544 | 8041 | 10996 |
| **Gross profit** | **1429** | **1385** | **1394** | **4113** | **3990** | **5315** |
| Operating expenses | 428 | 406 | 396 | 1245 | 1155 | 1560 |
| **Operating profit** | **1001** | **979** | **998** | **2868** | **2835** | **3755** |
| Other income, net | 94 | 73 | 68 | 254 | 223 | 308 |
| Finance cost | 10 | 8 | 7 | 25 | 20 | 27 |
| **Profit before income taxes** | **1085** | **1044** | **1059** | **3097** | **3038** | **4036** |
| Income tax expense | 285 | 295 | 283 | 859 | 823 | 1068 |
| **Net profit** | **800** | **749** | **776** | **2238** | **2215** | **2968** |
| Earnings per equity share \* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 0.19 | 0.18 | 0.18 | 0.53 | 0.52 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 0.19 | 0.18 | 0.18 | 0.53 | 0.52 | 0.70 |
| Total assets | 15226 | 15640 | 14673 | 15226 | 14673 | 15555 |
| Cash and cash equivalents and current investments | 2456 | 3276 | 2703 | 2456 | 2703 | 3185 |

---

 

*\** *EPS is not annualized for the quarter and nine months ended December 31, 2022, quarter ended September 30, 2022 and quarter and nine months ended December 31, 2021.*

This Release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and that are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'may', 'anticipate', 'believe', 'estimate', 'expect', 'continue', 'intend', 'will', 'project', 'seek', 'could', 'would', 'should' and similar expressions. Those statements include, among other things, statements regarding our business strategy, our expectations concerning our market position, future operations, growth, margins, profitability, attrition, liquidity, and capital resources, our ESG vision, our capital allocation policy, the effects of COVID-19 on global economic conditions and our business and operations, wage increases, change in the regulations including immigration regulation and policies in the United States, and corporate actions including timely completion of the proposed buy-back of our equity shares. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2022. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

## Exhibit 99.4

**Exhibit 99.4**<br> **Press Release**

![](pr1.gif)

![](pr2.gif)